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re: What to do with inheritance: updated
Posted on 1/5/12 at 2:11 pm to TheHiddenFlask
Posted on 1/5/12 at 2:11 pm to TheHiddenFlask
quote:
because he could use the savings in the same way.
what savings?
0
Posted on 1/5/12 at 2:12 pm to Chad504boy
Well, assuming he doesn't have financial restraint (which he must have at least some of, or instead of coming here he'd be out getting an iPad2 and a new truck) doesn't it make more sense to put that money to a good use right away rather than have it sit around tempting him? The "hookers and blow" concern applies much more to $40 grand of found money than to his week to week paycheck.
Posted on 1/5/12 at 2:16 pm to Cold Cous Cous
he can double his money if he follows my stock tips in 13 months.
Posted on 1/5/12 at 5:04 pm to Chad504boy
he can double his money in 13 minutes if he follows Austin Kinchen's roulette tips.
LINK
LINK
Posted on 1/5/12 at 5:22 pm to Chad504boy
quote:
This all assumes one has the financial restraint to not piss the money away if he goes off and pays his student debt off. It's not that easy to say that those new monies will be going in the right direction. He could go the hookers and blow route. Numbers don't always make cents. Boom, title of my new book.
No it doesn't assume that at all; it assumes you use all the money to pay off the loan debt, and that's all it assumes. What you do with the remainder, assuming there is any, is a completely different scenario. So yes, the numbers do make cents, sorry bro.
Posted on 1/5/12 at 7:29 pm to kfizzle85
Ok so I see more information is needed....
I already own a home at 3.8 percent.
Base salary is 85K, plus I get 15 percent bonus.
student loans are 29K at 6.6 percent.
No credit card debt.
Nothing in saving or retirement yet because I've been paying off debt from college
Small amount in medical debt.
My vehicle is paid off, still owe on my wife's.
I am 32.
My thought was to Get rid of as much debt as possible, excluding house and vehicle, and start saving an emergency fund. Roughly 3-4 months worth. Then begin retirement savings and putting up some cash for my three kids.
Thoughts??
I already own a home at 3.8 percent.
Base salary is 85K, plus I get 15 percent bonus.
student loans are 29K at 6.6 percent.
No credit card debt.
Nothing in saving or retirement yet because I've been paying off debt from college
Small amount in medical debt.
My vehicle is paid off, still owe on my wife's.
I am 32.
My thought was to Get rid of as much debt as possible, excluding house and vehicle, and start saving an emergency fund. Roughly 3-4 months worth. Then begin retirement savings and putting up some cash for my three kids.
Thoughts??
This post was edited on 1/5/12 at 7:38 pm
Posted on 1/5/12 at 8:04 pm to Kolbysfan
Absolutely agree with your plan.
Posted on 1/5/12 at 8:24 pm to Kolbysfan
Sounds like a good plan.
Posted on 1/5/12 at 8:42 pm to Kolbysfan
With 45k I would:
a)Pay off the 29k in student loans
b)Start a Roth IRA (can still be used for emergency fund purposes) and max it out at 5k
c) Put the remaining 11,000 or so in a liquid fund since you have 3 kids.
a)Pay off the 29k in student loans
b)Start a Roth IRA (can still be used for emergency fund purposes) and max it out at 5k
c) Put the remaining 11,000 or so in a liquid fund since you have 3 kids.
Posted on 1/6/12 at 5:17 am to LSUtoOmaha
What he said, except pay off the medical debt too.
Posted on 1/6/12 at 5:53 am to TheHiddenFlask
yup
Posted on 1/7/12 at 2:52 am to Kolbysfan
Since your married, I guess no hookers but what about that blow idea. That's a doozy and should not be dismissed if you ask me.
Posted on 1/7/12 at 2:47 pm to LaBornNRaised
(no message)
This post was edited on 11/26/22 at 2:24 am
Posted on 5/14/12 at 6:17 pm to Kolbysfan
UPDATE:
So I ended up with 65k. Roughly 10k taxable. My plan originally was stated above but I didn't feel I was getting my biggest bang for a buck. So here we go........
Pay wife's vehicle off 16k. That frees up 520/month at 4.5 percent interest.
I want to put 15k aside for all three kids. 5k/ per kid. I want to put these fund in a interest earning situation. CD, savings bond, etc.
I want to put 5k or so in savings
I want to use the remaining 20-25k for my wife's college instead of taking out student loans. We could put up varying amounts set to mature based on each semester.
How's that sound????
So I ended up with 65k. Roughly 10k taxable. My plan originally was stated above but I didn't feel I was getting my biggest bang for a buck. So here we go........
Pay wife's vehicle off 16k. That frees up 520/month at 4.5 percent interest.
I want to put 15k aside for all three kids. 5k/ per kid. I want to put these fund in a interest earning situation. CD, savings bond, etc.
I want to put 5k or so in savings
I want to use the remaining 20-25k for my wife's college instead of taking out student loans. We could put up varying amounts set to mature based on each semester.
How's that sound????
This post was edited on 5/14/12 at 6:21 pm
Posted on 5/14/12 at 6:22 pm to Kolbysfan
I'd do a 529 for each kid (and your wife) instead of CD's/bonds.
Posted on 5/14/12 at 6:23 pm to Ric Flair
529 are scary right now. Did some reading and many are LOSING money right now.
Posted on 5/14/12 at 7:02 pm to Kolbysfan
I think student loans have lower rates now. If so, You should pay the old ones and get new ones. Anyone know for sure?
Posted on 5/14/12 at 7:20 pm to tigeralum06
I'm paying 6.8 I think. The wife 3 something. We were reading the the rates are about to sky rocket within the next school year.
Posted on 5/14/12 at 11:45 pm to Kolbysfan
quote:
529 are scary right now. Did some reading and many are LOSING money right now.
Who cares about right now? You're planning for probably a decade or more in the future, right?
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