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Started By
Message
What would you guys do with $13,000?
Posted on 1/23/17 at 10:15 am
Posted on 1/23/17 at 10:15 am
Not much money I know, but it materialized out of nowhere for me Saturday night in the form of a jackpot hit on a slot machine. Still a little shocked it even happened. I had a small balance on my Amex I paid off this morning along with another small card I had. My truck currently has a $27,000 balance on it, and I am only 5 years into a 30 year mortgage on my house. I really don't want it to sit in my savings account making next to nothing. I appreciate any ideas.
16
Posted on 1/23/17 at 10:26 am to toosleaux
What would I do?
1. I'd pay off any consumer debt
2. I'd do something I want to do (vacation??)
3. I'd put the rest into a Roboadvisor.
1. I'd pay off any consumer debt
2. I'd do something I want to do (vacation??)
3. I'd put the rest into a Roboadvisor.
Posted on 1/23/17 at 10:31 am to toosleaux
That's awesome. If my emergency fund was shored up and I had no other upcoming expenses, I would probably throw it all at the truck note.. unless I had an exceptional rate.
Otherwise I would supplement retirement or open a taxable account depending on whether or not this windfall allows you to max your retirement for the year.
Otherwise I would supplement retirement or open a taxable account depending on whether or not this windfall allows you to max your retirement for the year.
Posted on 1/23/17 at 11:09 am to toosleaux
Pay off any credit cards
Have fun doing something
Put rest in retirement
Have fun doing something
Put rest in retirement
Posted on 1/23/17 at 11:13 am to toosleaux
40% towards bills and debts
40% towards savings/retirement
20% towards play
40% towards savings/retirement
20% towards play
Posted on 1/23/17 at 12:03 pm to toosleaux
quote:
My truck currently has a $27,000 balance on it
how much is the rate on this? How long is the loan? If its more than 5%, I would throw all 13k at this balance.
General rule of thumb is...
1. Establish emergency fund
2. Pay off consumer debt
3. Match 401k to employer match
4. Roth contribution
5. Max out 401k
I would probably pull out $500 or so for fun.
Posted on 1/23/17 at 12:12 pm to toosleaux
Tip the footmen.
Posted on 1/23/17 at 12:39 pm to toosleaux
Make sure you put a little back for taxes.
Posted on 1/23/17 at 12:57 pm to toosleaux
I am married and over 50 years old so I would put $6500 in my Roth and $6500 in my wife's.
Posted on 1/23/17 at 1:15 pm to toosleaux
Save half of it for taxes.
After that, well, just pay off any debts. Sucks to be left with so little but that's the way it is.
After that, well, just pay off any debts. Sucks to be left with so little but that's the way it is.
Posted on 1/23/17 at 1:27 pm to TigerDeBaiter
quote:
Save half of it for taxes. After that, well, just pay off any debts. Sucks to be left with so little but that's the way it is.
I let them deduct the state taxes out of it and they told me I will claim it as income when I do my federal taxes at the beginning of next year. I really don't think it would add so much to my income that I would need to set aside half? I'm not much of a gambler and it was total crazy luck how it happened.
I appreciate all of the responses.
Posted on 1/23/17 at 1:29 pm to fillmoregandt
quote:
40% towards bills and debts 40% towards savings/retirement 20% towards play
I like this and it's what I am going to do, thanks.
Posted on 1/23/17 at 2:05 pm to toosleaux
Lionel State Set (original 30's version, not the Made in China reissue). This is a large set, bigger than the Lionel most people think about.
Posted on 1/23/17 at 2:21 pm to toosleaux
Put it in savings. An opportunity will present itself at some point and you will wish you had it.
Posted on 1/23/17 at 3:30 pm to I Love Bama
Half to savings, half to a couple of nice trips. Take a friend, raft down the Grand Canyon, go fly fishing in Montana, drive the Cali coast from Santa Barbara to San Francisco....
Posted on 1/23/17 at 7:48 pm to toosleaux
One thing I would *not* do is play more slots.
Posted on 1/23/17 at 7:51 pm to foshizzle
Put it all on black. Then pay off the truck!
Posted on 1/23/17 at 8:22 pm to toosleaux
I'd spend a good bit on whiskey, hookers and blow.
The rest? Probably just waste it.
The rest? Probably just waste it.
Posted on 1/23/17 at 10:07 pm to Ace Midnight
.....money clip?
Posted on 1/23/17 at 10:22 pm to toosleaux
Rims for the truck and strippers
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