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Started By
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re: If you were gifted $100,000 cash, WWYDWI?
Posted on 5/3/21 at 9:00 am to LSUFreek
Posted on 5/3/21 at 9:00 am to LSUFreek
Actually had this experience, however it was my wife that received and spent it.
Iirc, 35k went to some of her debt, 10k on some of our debt, another 30k to pay off parents home, spent 10k on a trip and some personal things for the family and I don't recall what she did with the rest.
I didn't agree with almost anything she did but it was family money so I just let her be.
I will always remember this because the bank added an extra zero and deposited 1 million to the account. I still have the bank slip. I can say for about 5 min we were millionairs
Iirc, 35k went to some of her debt, 10k on some of our debt, another 30k to pay off parents home, spent 10k on a trip and some personal things for the family and I don't recall what she did with the rest.
I didn't agree with almost anything she did but it was family money so I just let her be.
I will always remember this because the bank added an extra zero and deposited 1 million to the account. I still have the bank slip. I can say for about 5 min we were millionairs
1
Posted on 5/3/21 at 9:08 am to LSUFreek
$50 K invest
20 K to pay off all my debt
5 K in the bank for each kid (15 K)
10 K for a European vacation
5K in emergency fund savings account
20 K to pay off all my debt
5 K in the bank for each kid (15 K)
10 K for a European vacation
5K in emergency fund savings account
Posted on 5/3/21 at 9:11 am to LSUFreek
Pay down debt (student loans, cars) then put the rest into kids college fund.
Posted on 5/3/21 at 9:22 am to CatfishJohn
12K pay off wife’s car
30K home renovations
25K save for children’s tuition
25K Investments
8K vacation
30K home renovations
25K save for children’s tuition
25K Investments
8K vacation
Posted on 5/3/21 at 9:23 am to LSUFreek
therapy 5 days a week
Posted on 5/3/21 at 9:24 am to LSUFreek
btc eth
Posted on 5/3/21 at 9:29 am to LSUFreek
Either pay a chunk on what's left on my house or invest it. Or a combination of the 2.
I have no desire for expensive toys that depreciate in value.
I have no desire for expensive toys that depreciate in value.
Posted on 5/3/21 at 9:55 am to LSUFreek
quote:Boring, but put it all towards my mortgage.
If you were gifted $100,000 cash, WWYDWI?
Planning for it to be paid off in about 12 years, but give me $100k towards that, and I imagine it goes to 3-4 years or so, just guessing.
Posted on 5/3/21 at 10:03 am to LSUFreek
Give $20k to my parents, save $20k for a rainy day fund, invest $50k in Bitcoin, and use the remaining $10k for a nice vacation.
Posted on 5/3/21 at 10:05 am to bayouvette
quote:
bank added an extra zero and deposited 1 million to the account...I can say for about 5 min we were millionaires
Imagine calling your bank for the balance: "You. Have. One. Million. Dollars."
Posted on 5/3/21 at 10:05 am to LSUFreek
Invest.
Posted on 5/3/21 at 10:05 am to LSUFreek
Put it all in index fund ETFs and let it grow.
Surprised how many say pay down mortgage with today's low interest rates. Maybe if it paid it off just to eliminate the payment and be done but otherwise it's likely you can beat 3% or less over long term.
Surprised how many say pay down mortgage with today's low interest rates. Maybe if it paid it off just to eliminate the payment and be done but otherwise it's likely you can beat 3% or less over long term.
Posted on 5/3/21 at 10:14 am to LSUFreek
Pay off the rest of the mortgage. Then start watching the money stay in my account after not having to pay that note anymore.
This post was edited on 5/3/21 at 10:15 am
Posted on 5/3/21 at 10:21 am to NPComb
quote:
Start by giving 40% to IRS
Why in the world would you do that?
Posted on 5/3/21 at 10:22 am to TorchtheFlyingTiger
I remember a billionaire on YT opining "why the rich stay rich, and the poor stay poor."
He said the rich buy assets. (ex: Buys an apartment complex that brings in money to pay for the Bugatti Veyron car note, and continues to deliver cash after the car is gone.)
He said the poor buy liabilities. (Ex: Buys cars, vacations, boats, etc. to reward themselves for working hard.)
He never addressed stocks/investments though. I'm sure he invests, but who knows, he may think it's too much of a risk/gamble.
He said the rich buy assets. (ex: Buys an apartment complex that brings in money to pay for the Bugatti Veyron car note, and continues to deliver cash after the car is gone.)
He said the poor buy liabilities. (Ex: Buys cars, vacations, boats, etc. to reward themselves for working hard.)
He never addressed stocks/investments though. I'm sure he invests, but who knows, he may think it's too much of a risk/gamble.
Posted on 5/3/21 at 7:47 pm to LSUFreek
I’d buy one of these and give to rest to my wife and kid.
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Posted on 5/3/21 at 8:12 pm to LSUFreek
Spend about 350
Posted on 5/3/21 at 8:16 pm to Shanegolang
I would buy nice watch or as they say in casino what I think is a nice watch.
See if the wife wanted something.
Vacation and rest invested
See if the wife wanted something.
Vacation and rest invested
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