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Re: What would you do with a sudden windfall of money?

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Message 551 of 737

If you are not familiar with having a "windfall" available to you, then you are not experienced enough to know how to properly handle it! Find a competant, honest financial advisor, and let him/her discuss your choices with you. It is not always the smart thing to do to pay off your mortgage (tax advantages, can you earn more in an investment than the interest rate you have on your mortage...etc).

I recently lost my dad, and am waiting for probate court to finish it's ceremony (He had no will). I won't be spending one cent until I talk to a tax advisor and a financial advisor.

One thing I DID learn from this experience was to immediately get a trust fund set up for my children, so the state of Calif can't rape them like they're going to rape me. Between the state and federal government, they'll take more than $100,000. This could have been cut substantially if dad had setup a trust.

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Re: What would you do with a sudden windfall of money?

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Message 552 of 737

I would pay off my bills then pass money around to my children, Grandkids, sisters and brother!

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Re: What would you do with a sudden windfall of money?

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Message 553 of 737
I would buy a place to live, a real home I could call mine.
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Re: What would you do with a sudden windfall of money?

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Message 554 of 737

Pay off my student loans.

Put side for my later later years.

Put aside for my grandson's college/vocational training.

Travel with my girlfriend, to all the places we've been wanting to see.

Finish Anat Baniel Method Professional Training and Children's Mastery Course so I can work with Medically Fragile Children in hospital.

& Donate, of course. Here and there.

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Re: What would you do with a sudden windfall of money?

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Message 555 of 737
Pay off two mortgages and gift the condo to my youngest son.
Establish trust funds for our 3 children and two grandchildren; these would assure they would need to work but have a supplemental income each year.
Invest in a travel spending account for my wife and I.
Sink the balance in our retirement fund accounts.
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Re: What would you do with a sudden windfall of money?

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Message 556 of 737
Add to my retirement account.
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Re: What would you do with a sudden windfall of money?

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Message 557 of 737
I would help my daughter as she is struggling at the present time,working two jobs and attempting to finish her degree. She has, no resources to obtain am automobile so she uses public transportation so I would absolutely purchase her a brand new car. Then I would personally seek out people in need and help as many as I could. That would make me happy
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Re: What would you do with a sudden windfall of money?

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Message 558 of 737
Pay off my mortgage which would help me better to afford to continue being the caregiver for my aging parents.
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Re: What would you do with a sudden windfall of money?

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Message 559 of 737

It depends on how much of a windfall??? Anything under a million goes to savings for retirement. Anything more half automatically goes to either Shriners hospital &/or St. Judes. The more I would see in a windfall the more to charity, I mean how much do you reaaly need.

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Re: What would you do with a sudden windfall of money?

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Message 560 of 737

I would pay off my house.  I actually did pay it off and refinanced the second mortage (home equity loan). I would then give my children a small gift.  That is always fun to receive when least expecting it.  I've been retired since 2010 and completely retired from part time work (second act) since 2012 when I became a full time caregiver. I now am totally in charge of the finances and everything else.  Made some dumb decisions but pretty much have it under control. I've never experienced an unexpected windfall and would look forward to it.  I don't play the lottery so I am not expecting it.


@AARPLynne wrote:
What would you do with a sudden windfall of money?

 

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