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What would you do with a sudden windfall of money?

What would you do with a sudden windfall of money?
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First i would pay off all my outstanding bills,  go and talk to our family investment people, then figure a way to put enough money away that could be touched when needed for Mom's stay and bills at the Assisted Living place and for her private aide for several years. She's 98 now but going strong..   

then i would make my charity contributions to those charities i haven't been able to send money too lately.  I have several that i have been doing this for decades and now i cannot.  March of dimes, my animal groups, veterans groups.    Then what's left over, i'd invest for myself so that there would be something for me esp. if i ever ended up in an assisted living place or nursing home or to be able to hire someone to come in and look after me.  

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Periodic Contributor

I would invest in a building with  space to house disabed seniors who are not totally independent, without family members, with additional space for social and medical services. hopefully free ;  goverment programs usualy depletes whatever private funds an individual may have.

 

 

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Bc I’m disabled, after securing a small home, I’d hire a nurse & caregiver

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Periodic Contributor

My sudden winfall would pay off all my debt.  Since being 65 I have had a Storm hit my house which cost me personally over 30K and I have been hit with plumbing prblems then with being taken for 16K through a scam on a dating site.  So, I would use this windfall to clear all this mess up.

Trusted Contributor

I would help some one that has less than I , and was in need. Then I would buy food for those that are in need by giving to the senior center to help seniors that are in need of food or help pay a bill. The Lord has blessed me to have what I need,.giving is a blessing to me from my Lord:
Honored Social Butterfly


@gerriekay01 wrote:

My sudden winfall would pay off all my debt.  Since being 65 I have had a Storm hit my house which cost me personally over 30K and I have been hit with plumbing prblems then with being taken for 16K through a scam on a dating site.  So, I would use this windfall to clear all this mess up.


Since s sudden windfall is probably not going to happen I wish you the best in getting your finances straightened out. You should probably seek assistance with credit counseling and stay away from those dating sites.  You might find some local senior ladies at the senior center.  Best of luck!

 

 

Life's a Journey, not a Destination" Aerosmith
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I would buy ten acres of land and build a dog sanctuary.  I would take in every dog from kill shelters, the abused, neglected, and abandoned ones and bring them to my sanctuary to live a life full of love, food and attention.  It's a dream I hope comes true.  It would be like heaven on earth for all these dogs before they leave this earth.

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Bronze Conversationalist

If I had a sudden windfall of money I'd first pay the taxes that the government would take.  Then I'd invest the rest in a tax-free fund, and would have the monthy dividend (tax free again) sent to me and put into a special account that I'd set up just for this money.  Of course, I'd use it for myself and my family when the need arose.  With the extra, and I'm sure there would be plenty, here's what I'd do. 

Whenever I heard of a person in my area who had really bad luck (house burned down, flooded, horrible health problem that needed immediate medical attention and that person didn't have enough insurance to afford it, older adult, adult, or child with special needs, etc.) I'd pretend that I was Michael Anthony in The Millionaire.  I'd anonymously give that person the money to take care of that legitimate need - the new house, surgery, prosthetic, or whatever was needed. 

In addition, occasionally I'd take some of the money and have a special treat delivered to a local nursing home or senior center. 

In instructions for the executor of my estates, I'd specify that my executor was to keep than account open and he was to continue as my "Millionaire" substitute. Since the money in the account would be just interest, the original investment would continue on indefinitely, and hopefully lots of people of all ages would benefit through the years.

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Support Yeman and other desperat e refugees, Doctors without Borders, save Tibet, fund Greater Good's Program matching shelter dogs to Vets, Single Payer Healthcare for all Americans, donate to fight Trump's Wall, fight fracking, oppose deforestation of the Amazon Rain Forest, supply reusable shopping in tradeoff for stores' use of plastic bags, community gardens in inner city empty lots. Ban GMO's for food use. Not allow bar codes to bury food ingredient lists. Reduce mandatory prison sentences for recreational or medical marijuana   use. Get rid of Private Prisons.outlaw gerrymandering that results in unfair voter restrictions.

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I would pay off my house and fix it. I would pay off my debt and bank a large portion. I would tithe to my church. I would give my grand children, daughters and great grand babies enough to help them get their lives straightened out without worrying. Finally, I would buy a car.

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I really agree with you too.   Now if I wasn't alert,  I have been told in the last two weeks, that I would be a millionaire with a fleet of 2018 cars in my driveway.  I have been told I won so much money that I'd be floating in dough.  I even reported the one call with the phone number and name of caller to the NJ Assembly, PCH directly, all my senior friends.  Most of them are getting the IRS call saying they owe money.   

One of the first things I would do is contact our broker.  Then make sure Mom's accounts have enough in them to keep her at the assisted Living for the rest of her days nicely.  Cover her private aide nicely too.  Then pay off the mortgage and credit cards and home equity.  Then invest wisely so that I'd have money to live the rest of my life nicely. pay off the car.  fix up the house and property like I would like to.  Help my other friend who is having problems right now too.  a nice sum to my church.  But all of that would take time to do.  I wouldn't let too many know either.

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Conversationalist

It's all in how large the windfall is. But first priority is paying off all debt. If there is anything left, I would invest in making the rest of my life financially secure. From there, I will determine if there is room for any self-indulgence; if not, that's fine, especially if I can accomplish step one.

Newbie

Get the entire family tree out of debt.

Periodic Contributor

I would love to buy a new home for my two daughters and their families, so they wouldn't have to struggle so much.  Also start a college tuition fund for our grandchildren.  Help with a building fund at our church.  If any is left over, remodel our home so make it more "age accessible " so my husband and I can remain in our home as we age, and add a master bathroom to our bedroom.  

Nana51
Contributor

I would repair the damage done to the outside of my home by my sprinkler system, and then get it painted.

Contributor

I would buy land for my family.  If there is any money left I would donate to various charities.

Contributor

I would get a really nice RV, self- contained, and travel from one state to another. 

In each state, I would volunteer at various animal rescue organizations, for about a month or so at least, depending on their needs.

Then, as I would leave, I'd cut each organization a very large check....to help them out until I come back around!!!!

 

 

Gold Conversationalist

I would pretend I was Uncle Scrooge and fill my basement with money and roll around and swim in it!  🎩🤑💰💵💴💷💶💸💎

Periodic Contributor

First, I would set up a trust for our son, then I would give some to my relatives - especially those who have lived "lean" for many years. Then, with whatever is left, I would invest in an in-ground pool & hire someone to repaint the whole interior of our home and install new flooring. I sure hope that "windfall" is a BIG one! Ha ha ha!

Newbie

I would rent a bigger apartment and build a studio space in the garage. Then I would paint and make art prints to sell in galleries. I could do it now, but I have no inventory and no space to work in. 

Super Contributor

First, I would take a trip to Best Friends Animal Sanctuary in Kanab UT to volunteer & make an in-person donation.  Then I'd buy a house with enough room to have people over for dinners & such (I live in a small apartment), move my dad in with me (he's currently in a nursing home) and hire a nurse for him for things that I'm not qualified to handle.  Then I'd open savings accounts for all 5 of my grandsons.

Regular Contributor

What I would do is give my two children a very large portion to take care of themselves and enjoy life while they are young, create life accounts (buy house, car, etc.) for my seven grandchildren, and education/what they want accounts for my eight great-grandchildren.

 

For myself and spouse: pay everything off, buy luxury RV, matching motorcycles, small plane, and adventure through the rest of our lives!

~Sharon~
Periodic Contributor

I would pay off ALL of our bills, build a home and buy the necessary vehicles.  I would also give some money to immediate family members, as well as donate to a variety of charities.  Somewhere along the line, I'd take a trip to Ireland.

Honored Social Butterfly


@Kath68144 wrote:

I would pay off ALL of our bills, build a home and buy the necessary vehicles.  I would also give some money to immediate family members, as well as donate to a variety of charities.  Somewhere along the line, I'd take a trip to Ireland.


I hope you take your trip even if you don't come into a windfall

Life's a Journey, not a Destination" Aerosmith
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pay off my debts, divide up so much for my children, and work part time just to stay busy.

Contributor

Depending on amount, I would first thank my Higher Power, then pay off my bills, really retire (working part time at 74), and quilt,sew and travel!

Conversationalist

If I received a large windfall of money (lottery?) I would give to my brother and his family so they would not have to worry anymore, give money to charity (please don't call!) and invest some, as well as save some.  I have very few needs myself, not that I am wealthy, but I don't have the need to buy things I don't need. 

Regular Contributor

The first rule is to shut up. So many want to blab about their good fortune but don't know beans about how to handle it or themselves. I know of ine peeson who sat on his winning ticket for almost a whole year before cashing in. It wasn't because he didn't know it but he waited until everyone forgot about it. Then I would go out and invest it under the professional advice. But only after I pay my debts and mive to better quarters. Then I would travel.

Periodic Contributor

What kind of lottery ticket that that person have that he could sit on it for almost a year? Most power balls and other lottery tickets expire in 180 days.  I tell my kids if I did win a large amount I would first get a facelift and a financial advisor. Then I would disappear from my shady family. 

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