HoneyBBQ
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Post by HoneyBBQ on Aug 7, 2015 11:45:31 GMT -5
I'd just add it to my daughter's 529.
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flamingo
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Post by flamingo on Aug 7, 2015 11:47:58 GMT -5
I'd probably save half and use the other half for DH and I to go on vacation. And, the half I'd save would probably be used up in the next year on the dental work DH needs done. So, for sure taking a vacation with half of it, so I'd get some use out of the money too!
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quince
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Post by quince on Aug 7, 2015 11:52:02 GMT -5
Toss it in the bank. We already max out retirement (IRA only at this point. ) and we spend pretty much whatever we want.
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Cookies Galore
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Post by Cookies Galore on Aug 7, 2015 11:53:14 GMT -5
$7000 into the house savings fund $3000 toward a trip since we will probably not be traveling for a while once we buy a house!
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NancysSummerSip
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Post by NancysSummerSip on Aug 7, 2015 11:53:55 GMT -5
DH will have to make this decision in RL shortly; his mother left him a trust fund. Nice of her, but we wish she had lived longer and well and spent the money. We are fortunate to have all our needs and a lot of our wants met. He will have to pay some taxes on it, but once that is done, I've encouraged him to invest some of it in short-term, conservative investments, keep some of it liquid for medical expenses (he is 71, well-insured and in good health, but it's still something to consider) and use a little of it for some kind of personal bucket list trip that he wants, like a trip to a great motorsports event that he's always wanted to see, or a track driving school.
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Tiny
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Post by Tiny on Aug 7, 2015 12:02:59 GMT -5
Also what do you guys thinks about the people in the article? Made the right choices? I thought the people in the article had some pretty good plans for their windfall - except the woman with the small business... I thought the mixing of personal/business money wasn't such a good idea... I thought the planner's advice to keep things separate was a good plan (pay off the personal debt - but use the business income to pay down the business debt). Yeah, in the long run it's all the same... but I bet there's tax/business reasons to keep it separate on paper at least. The Planner was kind of the 'voice' of logic and reason... but I do think the people would be just fine doing what they planned with the 10K (even the woman with the business - she'd just deal with what ever mess it made IF/WHEN it became an issue). What I would I do with a windfall of 10K? Right now I'm focussing on after tax investments - so I'd plow the whole 10K into savings. My 'budget' pretty much fulfills my needs and wants.... so there isn't any kind of "I'm deprived! I need X" conversation going on in my head. If this money arrived a few years earlier I would have said I'd use it to purchase a 'nicer' slum - I would have been able to afford a slum that wasn't uninhabitable. basically, I would have added the 10K to my "investment property spending budget".
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cktc
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Post by cktc on Aug 7, 2015 12:13:23 GMT -5
$1500 to visit my sister in Hawaii and celebrate late honeymoon before the baby arrives.
$5000 to a Roth for house fund
$3500 to savings and as a back up if I don't get 0% debt paid off by the end of the year.
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kittensaver
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Post by kittensaver on Aug 7, 2015 12:29:28 GMT -5
It would go straight to the House Fund. I still have to facelift the kitchen and completely back-to-the-studs overhaul the second bathroom. These are the last two rooms in the house to fix in order to call it Finished.
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Urban Chicago
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Post by Urban Chicago on Aug 7, 2015 12:36:07 GMT -5
3k-Awesome vacation 2K-Awesome Christmas 5K-Small boat
Wait that's what I want to do. What I would actually do is kid's tuition for the year, or house repairs.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Aug 7, 2015 16:38:27 GMT -5
$5K to our EF
$2500 to start a ROTH as a back up EF
$3000 to take a family vacation somewhere other than the state fair.
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NastyWoman
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Post by NastyWoman on Aug 7, 2015 17:12:44 GMT -5
Either remodeling my master bath or going on a pretty awesome vacation. I just cash flowed my (minor) kitchen remodel and still need to decide how to finance my bathroom remodel, so I'd just put the money toward that.
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NastyWoman
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Post by NastyWoman on Aug 7, 2015 17:15:16 GMT -5
$5K to our EF $2500 to start a ROTH as a back up EF $3000 to take a family vacation somewhere other than the state fair. Ooooohhhhh, you cheated. You are not taking $500 of my money missy!
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NoNamePerson
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Post by NoNamePerson on Aug 7, 2015 17:26:18 GMT -5
Since I'm retired and doing Ok and not eating catfood, I would be booking travel plans.
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phil5185
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Post by phil5185 on Aug 7, 2015 18:34:30 GMT -5
I would put the $10k in the SP500 and grow it. According to my Phil Script, a lump sum investment of $10,000.00 bearing an annual return of 11% would grow to $228,922.97 in 30 years.
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Tired Tess
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Post by Tired Tess on Aug 7, 2015 19:07:59 GMT -5
A gift of $1,000 to each child and $7,000 to the HELOC.
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TheOtherMe
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Post by TheOtherMe on Aug 7, 2015 19:27:43 GMT -5
$5K to the CC debt
$4K to the funeral fund (that would complete it)
$1K for my November trip to Colorado
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lynnerself
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Post by lynnerself on Aug 7, 2015 19:38:26 GMT -5
I'd use it to pay for DDs wedding, so that the money doesn't have to come out of my retirement (probably Roth IRA) accounts.
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sarcasticgirl
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Post by sarcasticgirl on Aug 7, 2015 20:32:44 GMT -5
$1000 for spending (new clothes/shoes/weekend away)
The rest to bills *sigh*
Sent from my HTC One_M8 using proboards
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musicjenny
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Post by musicjenny on Aug 7, 2015 20:57:06 GMT -5
$1500 to pay off my only credit card. The rest would go to pay off about half of my student loans. Well, maybe I would take about $100 of that and take a few friends out for sushi and order the giant love boat.
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Deleted
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Post by Deleted on Aug 7, 2015 21:00:58 GMT -5
Give some away Save a little. Have a small home repair taken care of.
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Deleted
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Post by Deleted on Aug 7, 2015 21:07:18 GMT -5
Find another grand and pay off credit cards.
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dannylion
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Post by dannylion on Aug 7, 2015 21:51:29 GMT -5
I would probably invest it in index funds and Berkshire Hathaway so it could turn into more money.
Or I would buy shoes. And maybe a hat.
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tcu2003
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Post by tcu2003 on Aug 7, 2015 22:25:51 GMT -5
Maybe half to an awesome vacation, and the other half to the kid's college fund.
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Lizard Queen
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Post by Lizard Queen on Aug 8, 2015 20:09:11 GMT -5
As a matter of fact, i did inherit $9,900 from my godfather. I saved it for a couple of years, then used it to help pay for my unicorn Honda. I may have used some to fund my first Roth too. Can't remember exactly.
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Bonny
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Post by Bonny on Aug 8, 2015 20:41:51 GMT -5
$1,000 for taxes
$9,000 for a truly awesome week at a hotel after hiking 211 miles of the John Muir Trail.
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Ombud
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Post by Ombud on Aug 11, 2015 22:26:28 GMT -5
DD's down payment Here's how the 2nd 20k will go: 3000 repaint interior (her xH is giving me a price break for having his kids) 250 for replacing 1 pocket door with barn door: door = 125 / labor 100 Recarpet bedrooms / hall / livingroom dining room combo Would like to hardwood or bamboo kitchen - breakfast nook - great room. It's kinda all 1 room about 546 Sq ft -- wonder what that'll cost
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cael
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Post by cael on Aug 12, 2015 7:33:25 GMT -5
Much as I'd like to use it to go back to Greece , I'd probably use $5k for cc/SLs and the other $5k would go into the house fund.
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Cookies Galore
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Post by Cookies Galore on Aug 12, 2015 8:34:04 GMT -5
$1,000 for taxes
$9,000 for a truly awesome week at a hotel after hiking 211 miles of the John Muir Trail. There are no taxes in Fantasyland! Keep that grand. :-)
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cael
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Post by cael on Aug 12, 2015 8:50:03 GMT -5
So when's my anonymous benefactor coming out of the woodwork with this $10k?
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MJ2.0
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Post by MJ2.0 on Aug 12, 2015 8:54:13 GMT -5
Family vacation to Hawaii! they said $10k - not $20k! $800 on a fun vacation/week of excursions with DS $9200 to pay off ccs
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