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What to do with 150k that I inherited from Grandfather
Posted on 6/21/21 at 4:38 pm
Posted on 6/21/21 at 4:38 pm
Grandfather passed away recently and he gave his three grandchildren 150k (we never knew he had that much as he was very frugal) My wife and I are ok financially but have a mortgage and a car payment. Should I pay off the Car or cut into my mortgage? Or would a better option be to put it into a high dividend EFT like Vanguard ETF? Thanks
The only wishes he had was "do not buy crypto"
The only wishes he had was "do not buy crypto"
This post was edited on 6/21/21 at 4:40 pm
20
Posted on 6/21/21 at 4:41 pm to Bama2018
Pay off the car.
Buy something you would use and think fondly of him when you use it.
Could be tools, sports equipment, books, etc.
Invest the rest.
Buy something you would use and think fondly of him when you use it.
Could be tools, sports equipment, books, etc.
Invest the rest.
Posted on 6/21/21 at 4:41 pm to Bama2018
quote:
The only wishes he had was "do not buy crypto"
Inb4rocket
Posted on 6/21/21 at 4:42 pm to makersmark1
quote:
Pay off the car.
Buy something you would use and think fondly of him when you use it.
Could be tools, sports equipment, books, etc.
Invest the rest.
Without knowing a damn thing about the OP, this is a pretty good baseline.
Posted on 6/21/21 at 4:43 pm to Bama2018
such a personal decision with so many variables.
do some risk/reward analysis and decide what is right for you
at a minimum pay off any unsecured debt or debt on moveables
do some risk/reward analysis and decide what is right for you
at a minimum pay off any unsecured debt or debt on moveables
Posted on 6/21/21 at 4:44 pm to slackster
Not the financial wiz but my wife and I bring in around 120k a year and have no debt other than a house we bought last year and a car we owe around 9k on. 2.15% interest rate on the house. Cant remember what the Interest Rate is on the car.
Also we did not ever take a honeymoon due to covid as we got married in August of this past year but dont think that is a sound investment.
Also we did not ever take a honeymoon due to covid as we got married in August of this past year but dont think that is a sound investment.
This post was edited on 6/21/21 at 4:47 pm
Posted on 6/21/21 at 4:49 pm to Bama2018
quote:
Also we did not ever take a honeymoon due to covid as we got married in August of this past year but dont think that is a sound investment
Live your life! Take a vacation!
Posted on 6/21/21 at 4:49 pm to Bama2018
A honeymoon is definitely not an investment, but I think your Grandfather would be okay if you took $5/8k out of that for you and your wife to make some memories on a honeymoon.
Definitly pay the car off as this is a depreciating asset and then invest the rest in something.
Definitly pay the car off as this is a depreciating asset and then invest the rest in something.
Posted on 6/21/21 at 4:50 pm to Bama2018
Max two Roth’s, pay off vehicles, and put the rest in vanguard
This post was edited on 6/21/21 at 4:53 pm
Posted on 6/21/21 at 4:53 pm to corndawg85
Thanks corndawg. I know that would make him happy. Just not trying to go crazy lol
Posted on 6/21/21 at 4:53 pm to Bama2018
Pay off car and put rest into Bitcoin or ethereum in 6-8 months
I am not kidding
I am not kidding
This post was edited on 6/21/21 at 4:54 pm
Posted on 6/21/21 at 4:58 pm to Bama2018
How old are you?
Take the vacation!! $5k isn't going to make or break you. It seems like you are in the a good overall financial spot now.
Take the vacation!! $5k isn't going to make or break you. It seems like you are in the a good overall financial spot now.
Posted on 6/21/21 at 5:02 pm to Bama2018
I would buy a boat.
Posted on 6/21/21 at 5:03 pm to Bama2018
Like others have said.
Take the vacation, something you normally wouldn't do. Really, take an expensive trip you will remember for a long time.
Payoff the car.
Usually I would say put the rest into the house to knockdown the mortgage but 2% is free money so that would be a waste.
Invest away with the rest.
Take the vacation, something you normally wouldn't do. Really, take an expensive trip you will remember for a long time.
Payoff the car.
Usually I would say put the rest into the house to knockdown the mortgage but 2% is free money so that would be a waste.
Invest away with the rest.
This post was edited on 6/21/21 at 5:04 pm
Posted on 6/21/21 at 5:11 pm to Bama2018
Don’t invest it. Most likely you’ll never see the money again. You’ll either lose it or it’ll stay invested until you die. Rarely do people ever see money they invest again. It’s like fairy dust because they get greedy and never want to pull it out.
Use it to buy something he would’ve wanted you to have or to get into a hobby of something he enjoyed so you can feel the closeness.
Use it to buy something he would’ve wanted you to have or to get into a hobby of something he enjoyed so you can feel the closeness.
Posted on 6/21/21 at 5:21 pm to BabyTac
Did he like cars?
I know it's stupid but my old man loves a GTO Judge. Drove one when he was young. Talked about it a lot. He's had a hard life. Tough cards he was dealt.
I plan on getting one one day to work on with my kids and ride around thinking of him enjoying it with my boys.
Maybe something like that?
I know it's stupid but my old man loves a GTO Judge. Drove one when he was young. Talked about it a lot. He's had a hard life. Tough cards he was dealt.
I plan on getting one one day to work on with my kids and ride around thinking of him enjoying it with my boys.
Maybe something like that?
Posted on 6/21/21 at 5:24 pm to BabyTac
quote:
Don’t invest it. Most likely you’ll never see the money again. You’ll either lose it or it’ll stay invested until you die. Rarely do people ever see money they invest again. It’s like fairy dust because they get greedy and never want to pull it out.
Use it to buy something he would’ve wanted you to have or to get into a hobby of something he enjoyed so you can feel the closeness.
Ludicrous advice. This is $150K not a measly amount. I'll fully supportive of OP going on a honeymoon and using some of the cash for life events that his grandfather would support. He can easily do this for $30-50K and invest the remaining $100K.
$150K is a ton of cash to spend on discretionary items...and inevitably will be wasted on crap the OP doesn't actually need.
Posted on 6/21/21 at 5:35 pm to BabyTac
Holy shite you are dumb. Go back to the OT. Your advice is trash.
Posted on 6/21/21 at 5:35 pm to BabyTac
Um Wut?
Posted on 6/21/21 at 6:03 pm to Bama2018
Without knowing you/your wife or grandfather, here is what I would do (and why I would do it):
Split evenly over 3 Vanguard index funds (investor shares):
VTSMX (Total Stock Mkt)
VBMFX (Total Bond Mkt)
VGTSX (Total Int'l Mkt)
Take the $600-700 per month return and thank Grandpa each month when you use it for whatever you use it for, while never touching the principle (@~5% net of taxes return).
Why? If I were your grandfather, I would want my grandkids to have intangibles of wealth, including options, choice, perhaps more control of your time, etc.
Like the memory points other posters have made (tools, etc.). I advocate "Paw Paw Perpetuity" vs. things that will vanish/evaporate the intangibles over time (eg, boat).
Sounds like you had a great Grandpa who loved you very much!
Split evenly over 3 Vanguard index funds (investor shares):
VTSMX (Total Stock Mkt)
VBMFX (Total Bond Mkt)
VGTSX (Total Int'l Mkt)
Take the $600-700 per month return and thank Grandpa each month when you use it for whatever you use it for, while never touching the principle (@~5% net of taxes return).
Why? If I were your grandfather, I would want my grandkids to have intangibles of wealth, including options, choice, perhaps more control of your time, etc.
Like the memory points other posters have made (tools, etc.). I advocate "Paw Paw Perpetuity" vs. things that will vanish/evaporate the intangibles over time (eg, boat).
Sounds like you had a great Grandpa who loved you very much!
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