Say you come into a chunk of money, around $20k, how do you use it?

Question

*Let me just add that the business is our family’s sole income.

Answer

It's not enough money to buy a house with.. if you're in debt then you should probably just pay off your debt so that you can put the money you do have towards your business. It'd be stupid to save if you do have debt.

Answer

Depends on a lot of factors. If you have high interest debt (like credit card debt), I'd pay that off.
Then, if you don't have an emergency savings fund of at least a couple of months of expenses, I'd  put money into a high yield savings account.
Then I'd look at paying off other debt like student loans or a car loan. If the interest rate is low, like 3% or less, I wouldn't pay it off but if it's say 6% or 8% I would.
Then I'd look at investing in the business if you expect a good return on your investment. This might actually come before paying down the more moderate interest rate loans depending on how much of a return you expect on the investment. Like if you expect a 10% return on the investment in your business, then make the investment rather than paying down a 6% interest rate loan.

Answer

Pay off debt, then use the money you were using to pay off debt to invest into your business

Say you come into a chunk of money, around $20k, how do you use it?

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