TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Aug 7, 2015 10:21:24 GMT -5
With a $10,000 windfall? In this article they asked 3 people what they would do with a $10,000 windfall and then a financial planner commented on it. www.dailyfinance.com/2015/08/07/10000-dollar-windfall-challenge-what-would-you-do/So YM: what would you do with $10,000 ? -> what changes would you make to someone else plan with their $10,000? -> Also what do you guys thinks about the people in the article? Made the right choices?
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Aug 7, 2015 10:23:49 GMT -5
I will start: -> I would take 2k to take my wife on vacation at the end of August for our 7th year wedding Anniversary
-> 5k would go towards our Emergency Fund
-> 3k would go towards our student loans that we are working on paying off in the next ~4 years.
|
|
Deleted
Joined: Sept 30, 2024 12:24:56 GMT -5
Posts: 0
|
Post by Deleted on Aug 7, 2015 10:25:17 GMT -5
My IRA/HSA 2016 fund is light. I'd probably just put it in there right now.
|
|
whoisjohngalt
Junior Associate
Joined: Dec 18, 2010 14:12:07 GMT -5
Posts: 9,140
|
Post by whoisjohngalt on Aug 7, 2015 10:28:25 GMT -5
$2K vacation $5K EF $3K house fund
|
|
Deleted
Joined: Sept 30, 2024 12:24:56 GMT -5
Posts: 0
|
Post by Deleted on Aug 7, 2015 10:30:47 GMT -5
I'd skim 2K off the top to splurge on some wants. We're short a bed, so that's kind of a need/want that would be about $1000. Then I'd set aside 5K for 2016 Roth and the last 3K I'd set aside for tuition fall of 2016 if we decide on private high school.
|
|
swamp
Community Leader
THEY’RE EATING THE DOGS!!!!!!!
Joined: Dec 19, 2010 16:03:22 GMT -5
Posts: 45,614
|
Post by swamp on Aug 7, 2015 10:30:58 GMT -5
$4k for taxes.
Put the rest towards the dock repairs.
|
|
The Captain
Junior Associate
Hugs are good...
Joined: Jan 4, 2011 16:21:23 GMT -5
Posts: 8,717
Location: State of confusion
Favorite Drink: Whinnnne
|
Post by The Captain on Aug 7, 2015 10:34:39 GMT -5
I'd put it toward a bath re-do so I can get a soaker tub.
Yea, I'm feeling kinda selfish today.
|
|
Opti
Community Leader
Joined: Dec 18, 2010 10:45:38 GMT -5
Posts: 42,237
Location: New Jersey
Mini-Profile Name Color: c28523
Mini-Profile Text Color: 990033
Member is Online
|
Post by Opti on Aug 7, 2015 10:36:58 GMT -5
$2K to the IRS for taxes on the $10K $2K to pay my IRS liability $5K to car repairs and car accessories such as cover cover, mats $1K for clothing,shoes, food, etc.
I need to win more.
|
|
Deleted
Joined: Sept 30, 2024 12:24:56 GMT -5
Posts: 0
|
Post by Deleted on Aug 7, 2015 10:38:56 GMT -5
$2K to the IRS for taxes on the $10K $2K to pay my IRS liability $5K to car repairs and car accessories such as cover cover, mats $1K for clothing,shoes, food, etc.
I need to win more. Nobody said it was taxable! Blow your 2K.
|
|
GRG a/k/a goldenrulegirl
Senior Associate
"How you win matters." Ender, Ender's Game
Joined: Jan 2, 2011 13:33:09 GMT -5
Posts: 11,291
|
Post by GRG a/k/a goldenrulegirl on Aug 7, 2015 10:39:30 GMT -5
I will start: -> I would take 2k to take my wife on vacation at the end of August for our 7th year wedding Anniversary -> 5k would go towards our Emergency Fund -> 3k would go towards our student loans that we are working on paying off in the next ~4 years. Nope. Nice try. You got iPhone 6s last week "for your 7th anniversary". You're done buying anniversary gifts. Put the $2k in the emergency fund. You will thank me later.
|
|
Wisconsin Beth
Distinguished Associate
No, we don't walk away. But when we're holding on to something precious, we run.
Joined: Dec 20, 2010 11:59:36 GMT -5
Posts: 30,626
|
Post by Wisconsin Beth on Aug 7, 2015 10:41:44 GMT -5
Probably a couple hundred to eat out and the rest towards house repairs.
|
|
nikiz628
Well-Known Member
Joined: Jun 11, 2013 17:25:59 GMT -5
Posts: 1,453
Mini-Profile Background: {"image":"","color":"4ee2dd"}
|
Post by nikiz628 on Aug 7, 2015 10:43:05 GMT -5
- 4k would go to almost eliminating our student loan debt
- 2 k would go to retirement
- 2 k would go to our E.F.
- 2 k would be fun money (vacation, etc).
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Aug 7, 2015 10:48:00 GMT -5
Also what do you guys thinks about the people in the article? Made the right choices?
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Aug 7, 2015 10:49:14 GMT -5
I will start: -> I would take 2k to take my wife on vacation at the end of August for our 7th year wedding Anniversary -> 5k would go towards our Emergency Fund -> 3k would go towards our student loans that we are working on paying off in the next ~4 years. Nope. Nice try. You got iPhone 6s last week "for your 7th anniversary". You're done buying anniversary gifts. Put the $2k in the emergency fund. You will thank me later. I didn't say it would be our only gifts and this is a windfall!!!! You are supposed to spend part of a windfall on something fun! It is a LAW!!!
|
|
yogiii
Junior Associate
Joined: Dec 20, 2010 19:38:00 GMT -5
Posts: 5,377
|
Post by yogiii on Aug 7, 2015 10:50:49 GMT -5
VTSAX
|
|
Ombud
Junior Associate
Joined: Jan 14, 2013 23:21:04 GMT -5
Posts: 7,600
|
Post by Ombud on Aug 7, 2015 10:53:31 GMT -5
DD's down payment
|
|
Knee Deep in Water Chloe
Senior Associate
Joined: Dec 27, 2010 21:04:44 GMT -5
Posts: 14,224
Mini-Profile Name Color: 1980e6
|
Post by Knee Deep in Water Chloe on Aug 7, 2015 10:54:10 GMT -5
No taxes, people!
On the article, I do think the pregnant lady gets to go to Disney. Silly financial adviser.
For me, if we're still dealing with the MFH, I'd set aside the cash for that .
If not, or once it's over, I'd send the whole thing to the 2nd mortgage on my house.
Nope, I'd keep $1K for us to do something fun. Then the rest for these stupid houses.
|
|
ArchietheDragon
Junior Associate
Joined: Jul 7, 2014 14:29:23 GMT -5
Posts: 6,379
Member is Online
|
Post by ArchietheDragon on Aug 7, 2015 10:54:33 GMT -5
Family vacation to Hawaii!
|
|
muttleynfelix
Junior Associate
Joined: Dec 20, 2010 15:32:52 GMT -5
Posts: 9,406
|
Post by muttleynfelix on Aug 7, 2015 10:56:25 GMT -5
Probably set aside $2k for some fun stuff and a vacation next year, $3k to pay off my car and the rest to our too low EF.
|
|
alinal
Established Member
Joined: Mar 27, 2013 11:46:12 GMT -5
Posts: 344
|
Post by alinal on Aug 7, 2015 10:57:11 GMT -5
It would go directly into taxable investments. Vacations for this year and next already planned/budgeted without a windfall.
|
|
emma1420
Senior Member
Joined: Jan 28, 2011 15:35:45 GMT -5
Posts: 2,430
|
Post by emma1420 on Aug 7, 2015 10:57:30 GMT -5
Half would go into savings and the other half would be used towards putting new siding on my house (which the last estimate had at about 4K), and new gutters.
|
|
TheHaitian
Senior Associate
Joined: Jul 27, 2014 19:39:10 GMT -5
Posts: 10,144
|
Post by TheHaitian on Aug 7, 2015 11:03:39 GMT -5
DD's down payment Best investment you could ever make!
|
|
snapdragon
Senior Member
Joined: Dec 20, 2010 14:56:55 GMT -5
Posts: 2,963
Mini-Profile Background: {"image":"","color":"e1f6f8"}
Mini-Profile Name Color: cd78d4
|
Post by snapdragon on Aug 7, 2015 11:13:32 GMT -5
Well I think I would set up that separate ROTH and fund 2016 into it that's $ 5000?
Put some into my vacation fund so $1500.
We will have a assessment on the repairs that we are doing on the condos so my portion will be about $3000
Than I will pick up the new iTouch with the huge amount of memory so I can listen to my music, audiobooks and podcasts in the car. $450 128GB
The last $50 I would use for gas/snacks to drive up into the mountains and get lost for a day or two.
|
|
GRG a/k/a goldenrulegirl
Senior Associate
"How you win matters." Ender, Ender's Game
Joined: Jan 2, 2011 13:33:09 GMT -5
Posts: 11,291
|
Post by GRG a/k/a goldenrulegirl on Aug 7, 2015 11:18:00 GMT -5
Nope. Nice try. You got iPhone 6s last week "for your 7th anniversary". You're done buying anniversary gifts. Put the $2k in the emergency fund. You will thank me later. I didn't say it would be our only gifts and this is a windfall!!!! You are supposed to spend part of a windfall on something fun! It is a LAW!!! Again, NOPE. The 7th anniversary is not a "$2,700 gift" anniversary. If you set an anniversary gift standard that high so early on, yours will be an expensive marriage. If you must, put the $2k toward your 25th anniversary.
|
|
WholeLottaNothin
Well-Known Member
Joined: Dec 23, 2010 15:19:25 GMT -5
Posts: 1,721
|
Post by WholeLottaNothin on Aug 7, 2015 11:19:55 GMT -5
$2k to the emergency fund The rest toward debt repayment.
I'm boring.
|
|
WholeLottaNothin
Well-Known Member
Joined: Dec 23, 2010 15:19:25 GMT -5
Posts: 1,721
|
Post by WholeLottaNothin on Aug 7, 2015 11:20:47 GMT -5
Theirs already is an expensive marriage
|
|
Deleted
Joined: Sept 30, 2024 12:24:56 GMT -5
Posts: 0
|
Post by Deleted on Aug 7, 2015 11:22:37 GMT -5
I changed my mind. I can always finish funding 2106 by moving money out of investments. I'll take my Mom to Hawaii instead. It's on her list.
|
|
Deleted
Joined: Sept 30, 2024 12:24:56 GMT -5
Posts: 0
|
Post by Deleted on Aug 7, 2015 11:23:05 GMT -5
In my current state: Taxable investing, 80% to the total world stock fund, 20% to a muni bond fund.
I would add to emergency fund if it wasn't at desired level
Then if I had debt I would pay it off.
Then I would max retirement funds.
Then I would pad vacation/entertainment fund if not already at desired level.
Then taxable investing
|
|
imawino
Junior Associate
Joined: Dec 17, 2010 22:58:16 GMT -5
Posts: 5,370
|
Post by imawino on Aug 7, 2015 11:30:28 GMT -5
Either remodeling my master bath or going on a pretty awesome vacation.
|
|
HoneyBBQ
Junior Associate
Joined: Dec 27, 2010 10:36:09 GMT -5
Posts: 5,395
Mini-Profile Background: {"image":"","color":"3b444e"}
|
Post by HoneyBBQ on Aug 7, 2015 11:44:59 GMT -5
Family vacation to Hawaii! It'd pay for life insurance for you for the rest of your life!
|
|