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What would you do with a sudden windfall of money?

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Retired Community Manager

What would you do with a sudden windfall of money?

What would you do with a sudden windfall of money?
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I would use it put off some debts and down payment in order to buy a home.
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I am homeless and got sober 18 months ago. An apartment would be a nice addition to my new life.
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Contributor

First I would help my church to give back to God what is his in the first place. Next would pay my bills then help my kids out then find a nice place to live and get out of the ghetto
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Fix house needs roof and Windows and new rear steps and rest I would invest in retirement funds for wife and me ๐Ÿ™‚
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I would give to my favorite charities and then plan a vacation!

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Donate to charaties to help others after paying for a new roof for my house.

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Pay off the $60,000 including interest that still keeps growing, I owe in student loans which got me a degree I thought I could use to get myself out of poverty but  finding out in today's employment market hasn't worked for me yet.

 

Buy a small house so I can have peace of mind.

 

Look out for my beautiful grandchildren

 

Reward my kids for being resilient in these hard economic times.

 

Open up a center for young people,

 

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Payoff debt, and finally afford to enjoy life.

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I would pay off all of my credit cards,buy a new Hyundai Veloster, and buy a new log cabin, on acres.

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Regular Contributor

Give it to my husband who is a great investor in the market and tell him to DOUBLE it.

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Find a home.
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Regular Contributor

I would give the money to my husband to put into the stock market.  He is very good at making

money and I couldn't do better than seeing him double the amount.   Since I have no religion

I have no one to thank for it -- except good luck!

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The first thing I would do is take my fiance' to a doctor to see if they would diagnose him with Alzheimers or if I'm worrying for nothing. The next thing I would do, would be to take him back to Montana along with the ashes of his wife of 50 years so he could inter them in their final resting place. The last thing I would do would be put some of the money aside so we would have some to live the rest of our lives together and not have to worry about needing money for little things.

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I would fall to my knees and thank our Father God, pay my Tithe, and pay my debt.
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Get caught up on my taxes so that I don't lose my house;buy a car because I had to sell mine due to high cost of repairs; put money in savings because I only make $900 in Social Security.

 

Nancy Kaetchen

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I would thank Almighty Yahweh
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I would first pay my part in the CHURCH. And then pay off some bills. And say thank you LORD !!!!!!!!!
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Periodic Contributor

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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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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Info Seeker

Pay off my mortgage which would help me better to afford to continue being the caregiver for my aging parents.
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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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Contributor

Add to my retirement account.
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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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Contributor

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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I would buy a place to live, a real home I could call mine.
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Periodic Contributor

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

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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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I would place my son in a drug rehab facility, my husband in an assisted living facility. He has end stage Parkinson's Disease. He needs more care than I can give since my MS diagnosis I am sick and unable to care for him. I'd. Pay on the baloon mortgae thats due. In other words secure housing Help my mom who needs open heart surgery. Maybe set her up in apartment. Its just too much caring for all these people. I am unable to work due to my ilness.
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I would buy a modest house or condo, that could help me out in the future, and I would take a small vacation. I have to work still and money is too tight to take a good vacation..

Smiley Happy

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