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Old 03-01-2011, 06:33 AM   #1
GlenBarrington
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New Money, The Smart thing or the Fun thing?

The classic conundrum, money out of the blue. Not a huge amount, but enough to make one ponder.

My brain says "401K catch-up - Save! You're not getting any younger'.
My heart says, "Yee Haw! New Camera!", or "Yee Haw! More chrome for the motorcycle!".

This isn't about me, it's about you. Where do you REALLY fall on this sort of thing? Do you have the self discipline to do the smart thing?
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Old 03-01-2011, 06:39 AM   #2
Sweetpea
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I'd split it. Not necessarily 50/50.

We have one state lottery here. If you win, you will get some profession help about what to do with that money. One thing they say is: go spend some of it. Just buy that thing you've always wanted to buy but never could (naturally, that depends a bit on what you won). The rest you can sensibly invest in some way.

If I would win a decent amount of money, not a huge amount, but enough to make one ponder, I'd get that car I've been wanting ever since I knew it came out. It's not a huge car, but a hybrid version of a model I've loved from the first time I've seen it. I would also let the driveway be done (there's a water tank that needs to be removed underneath it) and maybe let the lawn be equalized. The rest I'd put away, in such a way that the government will get the least amount
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Old 03-01-2011, 09:04 AM   #3
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I'd split it. Not necessarily 50/50.
Me too. Depending on the amount I'd definitely put aside as much as I could, but I'd also keep enough out to pay off 90% of our debt, on the assumption that I'd then be able to invest more into our retirement.

But there would be a really nice vacation involved, and a motorcycle, yes, definitely a motorcycle.
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Old 03-01-2011, 09:10 AM   #4
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GB - you can NEVER have too much chrome on the bike! Go for it!!
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Old 03-01-2011, 09:14 AM   #5
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Glen, darling, I am currently accepting donations
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Old 03-01-2011, 09:26 AM   #6
DixieGal
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Seriously, we inherited pretty well when my parents passed away. Previously, we had good jobs and saved lots while keeping no debt, except for the mortgage. We paid off the mortgage and saved some and invested some in biotech stocks.

2008 was tough. we lost $1000 per day when the market crashed, but we took what we could get and cashed out. But we had plenty in protected accounts, so it was not a big deal.

However - and this is the thing I've been getting to - while every second home is in foreclosure, we will never have to worry. Using that inheritance to pay off the mortgage gave us freedom. It might be something to consider with your new money.

BTW, I blame all of you for my biggest stock loss. There I was buying up Krispy Kreme stocks, and you guys went on a diet!
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Old 03-01-2011, 09:55 AM   #7
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However - and this is the thing I've been getting to - while every second home is in foreclosure, we will never have to worry. Using that inheritance to pay off the mortgage gave us freedom. It might be something to consider with your new money.
That would depend on where you live. For me, it would be more prudent to put the money away, and get the required amount out of that account every month to pay the mortgage bills.

If we were to pay off the mortgage, instead of getting money back, we would have to pay money as you pay taxes for property but get a tax reduction for a mortgage
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Old 03-01-2011, 10:21 AM   #8
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Do you want to retire earlier so you can ride that bike more often? I would put as much in your 401K as you legally can, and put the rest into a savings account. Let that money make more money for you! The more money you have, the more money you make. Compounding interest really is magical, but you want it working for you. Compounding interest working against you is very very difficult to get out of. Pay off your debts and save the rest!
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Old 01-13-2012, 01:38 PM   #9
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My mother passed away two months after she started to receive her pension, government made a huge windfall from that considering that they would (if she had lived to be 83.6 which is the average life expectancy) have to pay out a total of $300,000, after that I'm spending what i have.
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Old 01-13-2012, 01:47 PM   #10
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