Hello, this might seem like a dumb question. A family member of mine gifted me $10,000 in a stable stock a few years back and I haven’t touched it since they gave it to me. It pays out a dividend every month and it’s nice to have a little extra spending cash.
I bought a car recently, and would like to have the lone paid off asap as I didn’t realize how much interest I have to pay alone. My fault I know but it was the first major purchase of my adult life and lesson is learned. At this point I would save more money having the $10,000 in the car rather then the dividend, and combined the Biden’s student aid relief, as soon as the car is paid off I’ll be dept free.
I’d like to sell the $10,000 in stock but I don’t want to make the decision until I know everything about it. It might be as simple as hitting the sell button but I doubt it. What should I (someone know absolutely nothing about buying/selling stock) take into consideration.
I’m hopeful that because I’ve owned the stock for over a year without touching it I won’t be taxed on the sell.
Is there a certain way I should go about it, is there anything I should expect?
I really appreciate any advice I can get. I just don’t want to make dumb choices with such a large amount of money.
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