Carrie and Danielle - Latest Comments in If you suddenly inherited $10,000, what would you do with it?

Re: If you suddenly inherited $10,000, what would you do with it?

Ellen — Sun, 07 Sep 2008 15:40:19 -0000

I'd pay off debt. 10k would be very helpful right now.

Re: If you suddenly inherited $10,000, what would you do with it?

WNKenney — Sat, 06 Sep 2008 11:24:14 -0000

I recently had this happen to me. I took some of the money to go on a "Dream Vacation" to NYC to see Yankee stadium. The rest went to retirement savings. I am always excited to watch my savings increase and I get closer to my goal of financial freedom.

Re: If you suddenly inherited $10,000, what would you do with it?

Pam — Fri, 05 Sep 2008 02:22:52 -0000

That would be an ammzing asset that I would want to see grow. That would become a down payment on a house. Or if that were covered I would put a lot of it into Prosper the website where individuals lend or borrow money from other individuals.

Re: If you suddenly inherited $10,000, what would you do with it?

Packy — Thu, 04 Sep 2008 19:32:01 -0000

My fiancee actually DID get $10K from a relative, and she went the pseudo-boring route: she stuck it in a CD. Every year, when the CD matures, she takes the interest she earned and transfers it into her checking account, and then she rolls the principal over into a new CD.

Re: If you suddenly inherited $10,000, what would you do with it?

Greg — Thu, 04 Sep 2008 14:46:31 -0000

Chalk me up as one of the boring ones too! I'd probably just use it to knock $10k off my mortgage.

Re: If you suddenly inherited $10,000, what would you do with it?

Marie Leona — Thu, 04 Sep 2008 08:25:06 -0000

I would most definitely invest it in our home. We are slowly renovating it room by room so $10,000 would be a welcomed windfall... and this would free some of our savings to take a great trip to Tuscany or Venice!!!!

Re: If you suddenly inherited $10,000, what would you do with it?

Colleen Overman — Thu, 04 Sep 2008 01:08:41 -0000

Five thousand dollars paying off the car, fifteen hundred on amazing clothes (purse, boots, jacket, dresses, sweaters, jewelry), three grand to invest, and five hundred dollars for a later extravagance or rainy day. I love questions like these. So fun. Thanks guys!

Re: If you suddenly inherited $10,000, what would you do with it?

Debbie — Thu, 04 Sep 2008 00:32:08 -0000

I'd use it to pay down whatever debt I might have (although I'm pretty careful to pay down credit card bills as soon as I receive them), hubby and I would each spend a bit on fun stuff (maybe $500 each) and the rest would go in a saving account of some type of investment account.

Re: If you suddenly inherited $10,000, what would you do with it?

Connie — Wed, 03 Sep 2008 23:50:56 -0000

I'd get the hell out of Seattle come holiday season and go visit my kids and friends on the east coast and spend a good deal of time eating and watching plays with all of them in NYC. I'd also buy some clothes for me, my daughters and grandson.

Re: If you suddenly inherited $10,000, what would you do with it?

Beth C. — Wed, 03 Sep 2008 22:49:38 -0000

I would probably buy an outrageously expensive purse with some of the money, donate some of the money to my favorite charities (Junior League and local ballet company) and then invest the rest.

Re: If you suddenly inherited $10,000, what would you do with it?

shiny dandelions — Wed, 03 Sep 2008 22:08:48 -0000

I'd give 10% ($1,000) as tithe. Put $8000 in a high-interest savings, and spend $1,000 on me!

Re: If you suddenly inherited $10,000, what would you do with it?

Christina — Wed, 03 Sep 2008 22:04:14 -0000

When my Grandfather passed away 5 years ago, I inherited $10,000. So here's what my husband and I did with it:

We put half of it into our emergency fund, and used the other half to pay down our mortgage. That move helped us position ourselves to eventually sell our home for a nice profit and build our dream home.

But I'd give all that money back in a heartbeat if I could just talk to my Grandpa again.

Re: If you suddenly inherited $10,000, what would you do with it?

Steven — Wed, 03 Sep 2008 21:25:39 -0000

I'd reinvest the money right away.

Re: If you suddenly inherited $10,000, what would you do with it?

SRead — Wed, 03 Sep 2008 21:04:44 -0000

The world needs more people like you!

Re: If you suddenly inherited $10,000, what would you do with it?

sabrina — Wed, 03 Sep 2008 20:45:21 -0000

I'm very boring. I have a set windfall strategy... 20% is mad money that I can do whatever I like with, 10% to charity, 10% to short-term savings (saving up for a new mattress set), 10% to long-term savings, 10% to my mortgage, 10% to investment, and the rest split among whichever of those categories (other than mad money) I like. So, after taxes, that's how I spend it. I have a job where I get bonuses every so often (but I can live on my salary) and just having a set strategy helped me deal with all the over-spending and subsequent guilt that resulted from having money lying around that I didn't know what to do with.

Re: If you suddenly inherited $10,000, what would you do with it?

Joyful Abode: Domesticity by T — Wed, 03 Sep 2008 20:39:14 -0000

We only have about 13,000 dollars left to pay on our ONE loan (the only debt we have), so I'd put it toward that and be finished with debt in a couple of months, freeing up $800 a month to put toward savings each month.

Re: If you suddenly inherited $10,000, what would you do with it?

Rainy — Wed, 03 Sep 2008 20:37:32 -0000

Oh, easy. And boring. I'd put 1/3 of it in a short term savings account earmarked for tuition and books, 1/3 of it in a long term CD or my IRA, and I'd use the rest to pad my emergency fund.

Ok, and I'd probably take my kids out to dinner at their favorite restaurant, and buy enough yarn to knit a new sweater.

Re: If you suddenly inherited $10,000, what would you do with it?

jana — Wed, 03 Sep 2008 20:04:09 -0000

I'm saving for the next car! I'd stick it somewhere where i couldn't get to it. 10% would go to charity first though....okay and maybe a couple hundred for a new outfit!

Re: If you suddenly inherited $10,000, what would you do with it?

kazari — Wed, 03 Sep 2008 20:03:27 -0000

- clear out credit card (too many airline tickets)
- new computer (ours is 7 years old)
- pad the emergency account (which happens to be an offset account for an investment property)

Gosh I'm boring.

Re: If you suddenly inherited $10,000, what would you do with it?

Danette — Wed, 03 Sep 2008 19:12:40 -0000

oh yes! Theatre subscriptions, that would be perfect.

Re: If you suddenly inherited $10,000, what would you do with it?

Danette — Wed, 03 Sep 2008 19:11:30 -0000

I would put it into our ongoing home renovation, and push us into some changes we can really SEE that will boost our spirits and excite us about our vision. (y'know, not in the electrical or plumbing).

I would plan a vacation with my sweetheart, maybe to Amsterdam.

I would pay the tuition for my Expressive Arts Therapy course in full.

Re: If you suddenly inherited $10,000, what would you do with it?

Lori_from_Texas — Wed, 03 Sep 2008 19:02:34 -0000

I would spend a portion on a wonderful 20th wedding anniversary celebration, A $500 splurge would be on season tickets for local theatre productions, and the rest for savings.

Re: If you suddenly inherited $10,000, what would you do with it?

Kat the Drumming Diva — Wed, 03 Sep 2008 18:57:42 -0000

i was debt-free for a little while (sigh...)
hoping to be there again someday.
it was ... very liberating.
i couldn't believe how much of a difference it made not having to pay 1) interest, and 2) monthly payments.
while i don't regret the choices i made that led me back into having debt, i realize now that the simple truth is that 'the rich get richer' sometimes because they aren't paying all of those monthly payments with interest on top. ('the rich' in this case being those who are debt free.) this leaves them with money that other people (in debt) don't have. so the money in savings (or wherever they put it) keeps growing and growing, almost despite anything else.
just like debt is a downward spiral, i know now that prosperity is an outwardly radiating one.
more than anything is the freedom that comes with being debt free.
(not to mention a shiny happy credit rating!)

Re: If you suddenly inherited $10,000, what would you do with it?

JoeM — Wed, 03 Sep 2008 18:50:45 -0000

A Sub-S is a form of corporation which allows the taxes to pass through to the individual, so you don't pay taxes twice vis-a-vis the corporation.

Re: If you suddenly inherited $10,000, what would you do with it?

kerrymac — Wed, 03 Sep 2008 18:45:47 -0000

That's so easy right now...a new washing machine and dryer. My washer died while we were away and handwashing for three boys has not been fun. I already have a Samsung set picked out and on my vision board. Then $5,000 to pay the architect to start our house drawings and permits. A new b.b.q. for my hubby, an expresso machine, new skis and music lessons for my boys.
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