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What to do with a windfall...

put it under the mattress
 
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.
 
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.
 
I’d spunk it on a new motorcycle probably! If there was any left, it would go into the house.
 
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.
 
OGputtnfool said:
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.
Click to expand...
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.
 
new house and not be concerned how long the current one is on the market.
 
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.
 
Put it towards the house and save more. But only think that way if you want a financially easier life. ;)
 
OGputtnfool said:
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.
Click to expand...

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.
 
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.
 
shanewu said:
Put it towards the house and save more. But only think that way if you want a financially easier life. ;)
Click to expand...

Eh, with the house at 3.5%, I'm sure you (or I) could do better in the market.
 
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.
 
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.
 
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