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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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Trusted Contributor

I would give to the Lord to help the needed, pay off my card at JCPenney, move to a farm house in the country, and by new rugs for my living room:

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Super Contributor

To me, that's too outlandish to even waste energy thinking about it.  Now Mars, on the other hand.

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Contributor

Quit my job and volunteer.  Work for things I believe in and not have to work for a paycheck.

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Contributor

I'd put it in the bank, to draw on as needed down the road.

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Newbie

Pay off mortgages for my children

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Contributor

Donate, pay off debt for immediate family and self. 

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Contributor

Donate, pay off debt for immediate family and self. 

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Contributor

Help my people!

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Contributor

Depending of course how much first I would payoff my student loan debt then I would payoff my house.

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Newbie

I was just diagnosed with stage 4 lung cancer. I would take a vacation between chemotherapy sessions. Then I would buy a small travel trailer to live in, that way I could travel to my sons house and be closer to my family. 

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Honored Social Butterfly


@w646745h wrote:

I was just diagnosed with stage 4 lung cancer. I would take a vacation between chemotherapy sessions. Then I would buy a small travel trailer to live in, that way I could travel to my sons house and be closer to my family. 


I hope things go well with your chemo.

 

 

Life's a Journey, not a Destination" Aerosmith
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Newbie

Depends on how large the windfall is. Would love to pay off my mortgage & credit card debt, replenish the IRA I've dipped in to due to unemployment & illness, then do the same for my sibling. 

If there were any money left, I would help a couple of friends in similar situations, then donate to a couple of charities near & dear to my heart.

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Newbie

IF I had a sudden onset of $$$  I would first pay off all my children's debt along with our debt.  Then IF I had any $$ left over, I would buy a large farm, big enough for all of my family,  and take all the shelter dogs from the "Kill" shelters and give them a permanent home with our family.  

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Periodic Contributor

I would buy a new place in an elevator building with all of the amenities that I've always wanted in the expensive city, and indoor parking.  Nothing extravagant, but very comfy.  And sell my old place which is already paid off, maybe have it remodeled before I sell it.

 

I would calculate if I could retire early and would if I could and begin an exploration of the next phase of my life.

 

I would sock away the rest of the cash to investments.  Maybe get involved in public service in some way that is interesting to me and my skill set somehow and take it from there.  Maybe if there is enough money do some travels, or live temporarily in other cities to experience it.

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Honored Social Butterfly

Short term: invest it.

 

Long term: use it to fuel our retirement.

 

 

"The key to success is to keep growing in all areas of life - mental, emotional, spiritual, as well as physical." Julius Erving
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Newbie

Since we are financially set with planning from financial advisor, I would gift the maximum amount annually to our daughter to pay off college loans until the windfall was gone.
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Contributor

HOUSE repair, savings, maybe trade vehicle or extended  warranty 

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Regular Contributor

Well after I was revived from fainting, I have to seat and make a list of what was the best ways and things to spend that money on. If i were younger i would plan for the future, but since i am a senior my plans would be of course fix my money issues first. Then help the son and puts some money up for the grandkids to have when they graduate school. And if any were left over i would take a vacation to some country and enjoy myself while i can.

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Newbie

Well of course windfall is not a very definitive term. To some of us that could mean $1000, to others $100,000. If the windfall was large enough I would finish rehabbing my condo and put something aside for retirement/longterm care. Anything left over I would love to take my family on a vacation maybe to visit my siblings who live in another country. Anything more than that I would invest in starting an orphanage for teens and try to give them something of value for their lives.

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Contributor

I would first pay off my debts.  Then possibly I would buy a ranch style home (one floor).  I would keep an emergency fund, and then give to charity:  my church and womens' groups, and probably St Jude's.  I've always wanted to have a senior womens home, so if I had enough, I would do that.

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This recently happend to me - not much, but more than I've ever had, having been a working girl all my life. I still work part time and collect SS, so I am able to pay my bills and live fairly comfortably, so I consulted a friend of mine who is a financial planner to see what she would advise. She asked what my goals were and I said I wanted to leave an inheritance for my kids and grandkids. She then asked about my family and what it came down to was that there was really only one grandchild I was concerned about. The other kids are in good financial shape and two have no kids. She then gave me advice I NEVER would have expected a financial planner to give. She said legacies come in all colors and don't necessarily have to be money or jewelry or property. She encouraged me to use part of the money NOW to broaden this child's horizons, to show her there is more for her than finding a boy and escaping her home l life - send her to summer camp, take day trips with her to museums or other places of interest, take her to plays, get her lessons in something she is interested in .... When she said this it was like a light went on. I can make much more of a lasting impact this way. Brilliant!!!

 

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Contributor

Currently I'm looking for a place to stay. So I would have to say....get me a new home and a better car.  I had a stroke last year, my job ended this May 2016, finances have been so tough for me. I would use the money to take better care of myself!!!

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Regular Contributor

I'd do what I'm doing now, but more so. I have an agency in Nepal to help our village and people to recover from the earthquakes and have a better life. But it would be a lot more fun if I didn't have to worry about not being able to complete something we started.

 

We have no money so we do book drives, host volunteers in our guest house, plant trees, care for the street dogs, after school homework center, computer class and a woman's support group for the women in our village.

 

When the earthquakes came a guest who was staying with us found herself outside with the rest of us and pulled some massage cream out of her bag. The old ladies all got in line to have that magic cream applied to where it hurt. That's when I realized how badly the Nepali women ache. If I had unlimited money I'd build a physical therapy center in our village, Changunarayan. Then I'd install a big hot tub and take all the old ladies pictures the first time they get into the tub and feel those wonderful hot jets of water massage their tired bodies. Well, no physical therapy center, but we bought some back support corsets for them when they go out to plant or harvest.

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Regular Contributor

The first 10% would go to my church. Then I would purchase new homes for both of my step children with enough additional money to pay taxes for 5 years. Then I would travel, travel, travel as long as I could.  It would have to be a very large windfall. 

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Contributor

Raised by low income working class parents , I am fortunate enough to consider myself a middle class blue collar worker. I have never experienced a windfalll of money, but if I were to have that happen to me, I would pay off all debt first, donate to a favorite charity and put the rest into my retirement fund .

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Contributor

I would buy a home for me, my grandson, my granddaughter, and three daughters. We have all hit hard times in the last 5 years and we all deserve a break.  

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Regular Contributor

I would save some for future expenses and use some to take our first vacation in 9 years. Also depending on the amount, it would be nice to be able to get my husband a pickup truck. He's missed having a truck since we gave our old one to our son. Says we need a truck for firewood, hauling stuff, mulch etc. 

 

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Gold Conversationalist

I still can't decide what to do with mine and I can't recall where I buried it.

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Contributor

First, I would sit on it and let it sink in for a short while. Then, I would stay quiet; and afterwards, I would pay my tithes. This is first and foremost. I would pay off every last bill I owed. I would buy a house, pay cash, build my studio for voiceovers, and then, help every one of my 5 children. Help them, not support them. Afterwards, I would consult a financial advisor in order to manage my money throughout my years. I would never quit working, and I would definitely live like a pauper. I wouldn't want anyone to know that I came into a very large windfall.

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Buy as many houses as possible and turn them into Golden Girls style homes for low income seniors. 

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