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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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The very 1st thing....pay off all of my daughter's debt and her college tuition. She moved 900 miles to go to school and even took on a job at Lowe's to help her cause. It would absolutely make her life a lil easier. Ahhh, the power of suggestion :0)
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The first thing I'd do is pay off all my bills including the Solar installation. Then I'd sock a bit away for a rainny day or my "old age". I'd also put some into Mon's checking account to keep her well cared for in Assisted Living.
I'd definitely donate some to my favorite charities if there way any left over from that.
I support my local food bank and several animal shelters, children and of course my March of Dimes which I have volunteere for since 1993 knowing the story of my own birth.
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Depending on the amount, at least half of it would go into some type of savings. Then some of it would be used to make some home improvements. For example, if it was $50,000 it would get split
like I said. Any larger amount would bring in a good financial advisor to discuss options in addition to making the home improvements.
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I would pay off my equity line of credit from Bank of America that has been going on for to long. It is due in March and I am on disability which means I can't pay it in full. That would take half the winnings. I would also get a newer safer car.
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I currently have no debt or mortgage. If the windfall was > $2 million, I'd set up a charitable trust & put $1 million directly into it .. protecting that from income tax. Then I'd begin looking for a newer & smaller home in a more walkable town, to prepare for the future .. or buy a tear-down & build.
Registered on Online Community since 2007!
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Depends on the amount. I would purchase a chair lift, build a deck on my back, put a bathroom on my first floor and other things like painting throughout my home. I would give money to my daughter, grandkids, great grand kids, neices and nephews, as well as great neices and nephews. My mortgage payments are low so If there was anything lift I would pay off my auto loan and then pay off/down my mortgage. I would have a ball doing stuff and helping my family members.
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