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Coming into a small inheritance.. what to do with it? UpDated
Posted on 11/29/14 at 1:34 pm
Posted on 11/29/14 at 1:34 pm
About 25k....
I know I want to pay off my credit card debit and car which would run me about 16k....
So is it worth investing the last 9k or so into something else or using it to have a bad arse vacation?
So update:
received 24,500 inheritance....
paid off grad schools for next semester 6k
paid for hotel + flight to Ireland for 8 days 4.5k
paid off (and cut up) 3 credit cards 5k
placed 3k in savings
invested 2k through my parents financial advisor
and I have 4k left after everything is said and done
I know I want to pay off my credit card debit and car which would run me about 16k....
So is it worth investing the last 9k or so into something else or using it to have a bad arse vacation?
So update:
received 24,500 inheritance....
paid off grad schools for next semester 6k
paid for hotel + flight to Ireland for 8 days 4.5k
paid off (and cut up) 3 credit cards 5k
placed 3k in savings
invested 2k through my parents financial advisor
and I have 4k left after everything is said and done
This post was edited on 12/21/14 at 1:04 pm
5
Posted on 11/29/14 at 3:08 pm to tduecen
That's completely up to you, but 9k is definitely worth investing. Any ideas?
Posted on 11/29/14 at 3:10 pm to bayoubengals88
I've done small stocks in the past, mainly things that were considered "safe" and where I could cash out with a small return.
If I did something now it would be about a 5-7k investment. Which is a lot larger than the 500-1000 I was doing before.
If I did something now it would be about a 5-7k investment. Which is a lot larger than the 500-1000 I was doing before.
Posted on 11/29/14 at 3:15 pm to tduecen
quote:
I've done small stocks in the past, mainly things that were considered "safe" and where I could cash out with a small return.
Knowing this, I'd use a couple thousand to take advantage of the low oil prices (USO, OIL, DBO). It might be a while, but you'll make a good profit.
Max out your Roth with the rest if you have room to max it out.
Start a fully funded Roth if you don't have one.
This post was edited on 11/29/14 at 3:16 pm
Posted on 11/29/14 at 3:18 pm to tduecen
I think it also depends on your current financial situation.
Do you save monthly? 401k? Roth IRA? Taxable account? Emergency fund?
Also, does paying off cc and car free up a monthly cash flow you could use for those things?
As long as you won't go blowing the extra "free money" by paying those bills, I'd likely use at least some of that for a vacation/experience. But that's all about your financial discipline.
Do you save monthly? 401k? Roth IRA? Taxable account? Emergency fund?
Also, does paying off cc and car free up a monthly cash flow you could use for those things?
As long as you won't go blowing the extra "free money" by paying those bills, I'd likely use at least some of that for a vacation/experience. But that's all about your financial discipline.
Posted on 11/29/14 at 3:24 pm to LSUtigerME
if you dont have an emergency fund then the 9k needs to go into your emergency fund. if your 16K in credit card debt i would say you probably dont have one.
Posted on 11/29/14 at 3:25 pm to Double Oh
quote:As boring as it is, this is the correct answer.
if you dont have an emergency fund then the 9k needs to go into your emergency fund. if your 16K in credit card debt i would say you probably dont have one.
Posted on 11/29/14 at 3:39 pm to bayoubengals88
quote:
As boring as it is, this is the correct answer.
Having no debt other than a reasonable house & car note is sweet.
Plus having a good cushion to fall back on in the event of an 'emergency' is peace of mind.
Posted on 11/29/14 at 4:04 pm to Reubaltaich
I imagine that it is... I'm about 6 months from this goal.
Posted on 11/29/14 at 6:28 pm to tduecen
Definitely pay off your debts first.
With the other 9k, be smart with it, but take small chunk and do something you have always wanted to do or couldn't do financially on your own. I'm not talking but a TV or install a hot tub. But go to Ireland or The Masters if you have always wanted to or take your GF/Wife to the Caymens. Enjoy some of it.
With the other 9k, be smart with it, but take small chunk and do something you have always wanted to do or couldn't do financially on your own. I'm not talking but a TV or install a hot tub. But go to Ireland or The Masters if you have always wanted to or take your GF/Wife to the Caymens. Enjoy some of it.
Posted on 11/29/14 at 6:43 pm to tduecen
quote:
So is it worth investing the last 9k or so into something else or using it to have a bad arse vacation?
Spend 2 grand on a vacation. Invest 7.
Posted on 11/29/14 at 6:55 pm to Breesus
Great advice guys!
Pay off debt and invest.
Plus enjoy some of it.
I paid off debt and am planning to buy a nice heirloom watch to remember my parents by. Then pass it down to my son one day. Probably a vintage Omega Seamaster.
Pay off debt and invest.
Plus enjoy some of it.
I paid off debt and am planning to buy a nice heirloom watch to remember my parents by. Then pass it down to my son one day. Probably a vintage Omega Seamaster.
Posted on 11/29/14 at 11:08 pm to bayoubengals88
quote:
As boring as it is, this is the correct answer.
Its the only answer.
Posted on 11/29/14 at 11:49 pm to LSUShock
quote:
Definitely pay off your debts first.
With the other 9k, be smart with it, but take small chunk and do something you have always wanted to do or couldn't do financially on your own. I'm not talking but a TV or install a hot tub. But go to Ireland or The Masters if you have always wanted to or take your GF/Wife to the Caymens. Enjoy some of it.
You realize those suggestions are probably 10k vacations.
Posted on 11/30/14 at 9:08 am to TigerDeBaiter
Trip to Ireland can easily be done for 5k. I have no idea on the Masters since I don't know the cost of attending the event. I would imagine it would be even cheaper.
Unless you are traveling with a family, I find that people significantly over value the cost of international travel. You can go by yourself to basically anywhere in the world for a week for about $3500. If you consider the food you eat a sunk cost that you would have spent regardless (because you need to do it anyways to survive) then you can knock a few hundred off that estimate.
Unless you are traveling with a family, I find that people significantly over value the cost of international travel. You can go by yourself to basically anywhere in the world for a week for about $3500. If you consider the food you eat a sunk cost that you would have spent regardless (because you need to do it anyways to survive) then you can knock a few hundred off that estimate.
Posted on 11/30/14 at 9:09 am to lynxcat
Much will depend on hotel accommodations. Flights are between $1000-2000 for basically the globe.
Posted on 11/30/14 at 9:10 am to tduecen
See if you can get a cash back or rewards credit card with a 16k limit. Max it out and get the rewards, pay it off. Put 3k in bank, 3k in investment account, 3k to do whatever.
Posted on 11/30/14 at 9:15 am to ItNeverRains
Max out a credit card is your advice when he already has credit card debt? #dafuq#
Posted on 11/30/14 at 11:25 am to Double Oh
quote:No that is credit card + vehicle and my main debt is student loans which I am not overly concerned with.
if your 16K in credit card debt i would say you probably dont have one.
I currently have a 401k through my employer which I put money in each pay period and set aside 5%-10% of my check into a savings/emergency account. That account is what I use to pay for school/vacations/or any emergency currently.
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