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