What to do with a windfall...

chile

AKA - Phil Barkelson
Albatross 2020 Club Albatross 2021 Club
Joined
Oct 16, 2019
Messages
6,177
Reaction score
5,437
Location
CA
Handicap
Chocolate
put it under the mattress
 

OldandStiff

Well-known member
Albatross 2020 Club Albatross 2021 Club
Joined
Jul 23, 2019
Messages
9,420
Reaction score
13,528
Location
AR
Handicap
+

Chef23

Well-known member
Albatross 2020 Club Albatross 2021 Club
Joined
Apr 2, 2018
Messages
2,183
Reaction score
1,243
Location
Massachusetts
Handicap
2.9
The sensible things are paying down debt, funding college funds and retirement. Assuming those things are all in good shape I would be looking hard at a Club membership as those numbers would pretty much cover it depending on what the initiation fee is.

If my club membership was in a good spot I would look hard at the simulator idea. Unfortunately for me the simulator would require an addition with enough ceiling height which would be a more substantial investment.

One other fun idea would be a fun car. Maybe a ragtop of some sort you could tool around in during the summers.
 

fuffle master

Hit it, Hit it, Hit it Hard!!
Albatross 2020 Club Albatross 2021 Club
Joined
Mar 17, 2018
Messages
6,888
Reaction score
2,750
Handicap
Working
15k is a nice chunk. Depending on the situation I would be more likely to save or invest back into my house. An extra 1k a month would probably allow more into savings, plus take a little trip to enjoy the little things with my wife.
 

Mark_UK

Legal Alien
Joined
Mar 28, 2011
Messages
8,788
Reaction score
943
Location
Monterey, CA
Handicap
NCGA 12.8
I’d spunk it on a new motorcycle probably! If there was any left, it would go into the house.
 

echico

Well-known member
Albatross 2020 Club
Joined
Jul 10, 2011
Messages
804
Reaction score
558
Location
Gilbert, AZ
Handicap
10
Windfall checklist.

1. Pay off debt - High interest to low interest. For me this is all done. I say that and have a car loan out but the %ROI on investments is greater than what I am being charged in interest so I keep the car loan in monthly installments.
2. Must do home projects - For me this is all done.
3. Rainy day fund - varies by person but mine is stocked up right now.
4. Investments - Play catch up if you need to. Where I would put all the windfall.
5. Something fun - I budget to buy new shiny things so a windfall doesn't mean I am going to go out shopping.

You should never even think you got an extra 1K a month. If you can put it into 401k because you are not maxed out then there it goes. If you need to put it in other IRA, 529, etc then there it goes.
 

RayG

Well-known member
Albatross 2020 Club
Joined
Jan 11, 2013
Messages
1,024
Reaction score
355
Location
Astoria, NY
Handicap
14
Ok, theoretically speaking, if you were to come into a $15k lump sum and an increase of $1k/month, what would you do with it?

Let's assume your bag is set. That's too easy.
Well, since a lot will go to taxes anyway, I wouldn’t get too worked up about it. Pay off some CC debt, and put some of that extra monthly $ to the 401k to bulk up the annuity once I retire.
Even with tax free insurance money from my Dad’s passing a few years ago, it didn’t go to anything really extravagant. A small vacation, paid off some debt and I was allowed to get a new Driver. Rest went into savings/emergency account. Also finally bought my wife the Diamond studs she wanted but could not afford before. Okay, maybe a ‘bit’ of an extravagance, but she is worth it.
 

Gman79

Enjoying the adventure we call golf
Albatross 2020 Club Albatross 2021 Club
Joined
Apr 1, 2019
Messages
8,610
Reaction score
5,291
Location
Independence, OH
Handicap
16
new house and not be concerned how long the current one is on the market.
 

Drumdog

Drummin' for golf
Albatross 2020 Club Albatross 2021 Club
Joined
Aug 4, 2010
Messages
15,928
Reaction score
1,411
Location
Liberty Lake, Washington
Handicap
GHIN 5.5
Take the 15k , buy the wife a new set of clubs and pay off her car loan.
Take the 1k raise and put half in retirement and half to be extra on the mortgage payment.
 

shanewu

@shaneb0t
Albatross 2020 Club
Joined
Oct 13, 2015
Messages
10,864
Reaction score
2,174
Location
Kansas
Handicap
11.8
Put it towards the house and save more. But only think that way if you want a financially easier life. ;)
 

Smiter

I'm not a Club Pro
Albatross 2020 Club Albatross 2021 Club
Joined
May 25, 2017
Messages
6,144
Reaction score
2,497
Location
Ontario, OH
Handicap
Life RN
Ok, theoretically speaking, if you were to come into a $15k lump sum and an increase of $1k/month, what would you do with it?

Let's assume your bag is set. That's too easy.
Uhh, send it to me?

Well my house is worth right around 1000x my vehicle, so I might upgrade ol’ Reggie? It’s not even because I have that nice of a house, my vehicle just sucks, lol.
 

gonyr

Well-known member
Joined
Apr 12, 2017
Messages
801
Reaction score
356
Location
Western NY
Handicap
20
My first instinct is new vehicle, but I'm doing that anyway without the windfall, so I guess it doesn't count. Most probable would be an addition with a garage to put the new vehicle in.
 

OGputtnfool

Do it this way, no that way, no... oh, nevemind!
Albatross 2020 Club
Joined
Jan 17, 2018
Messages
15,864
Reaction score
4,054
Location
Edmond, Oklahoma (NW OKC)
Handicap
-10.0
Put it towards the house and save more. But only think that way if you want a financially easier life. ;)
Eh, with the house at 3.5%, I'm sure you (or I) could do better in the market.
 

Smiter

I'm not a Club Pro
Albatross 2020 Club Albatross 2021 Club
Joined
May 25, 2017
Messages
6,144
Reaction score
2,497
Location
Ontario, OH
Handicap
Life RN
My county is the 6th hottest real estate market in the country.

In 3 years my house has doubled in value. I’m in the hottest part of the county, best schools, etc.

Man, when to get out? That’s the question. I’ve got the equity, just need to decide if it’s Alaska now, or wait 10 years? If I wait I still sell and buy a smaller more bachelor place for now.

Decisions. Going SE if I go. Basically a rain forest and I can buy a cabin on 15 acres (one even has a trout AND a salmon stream) for half my equity. Not a ton of golf though. Kids a long ways away.

Sigh, probably wait 10 years but if I don’t die before than, that’s my final destination.
 

Nicegy525

Well-known member
Joined
Jun 12, 2015
Messages
1,385
Reaction score
192
Location
Portland, OR
Handicap
23.1
in my situation, finish building my 6 month emergency fund, start saving for home upgrades in preparation to sell and get a bigger home in the next 2 years. 15K would accelerate that plan by about 6 months.
 

Welcome to The Hackers Paradise

Don't just play golf, live it!

Register Log in
Top