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You get a windfall of a few hundred grand. What do you do? (1 Viewer)

Otis

Otis

Footballguy
You get a totally unexpected windfall of a few hundred grand after taxes.  What do you do with it?

Go. 

 
Go buy one of these (around $200k-$350k depending on year and specs):

5082910_20150507161048786_1_XLARGE.jpg


Or one of these if the windfall is smaller ($80k-$150k):

5635544_20160210153552820_1_XLARGE.jpg


Start in the Caribbean and work my way west, through the Panama Canal and Galapagos Islands, across the Pacific, spend some time hopping around the South Pacific islands, then Indonesia and Philippines. That would probably take a few years. 

I am sure there would be plenty of hookers and blow, mixed in with a fair bit of scuba diving, spear fishing, surfing, and relaxing.

I have no responsibilities to worry about and a residual income to keep a sailing lifestyle afloat indefinitely. I just need the boat. And to learn how to sail.

A few $100Ks should cover that.

 
I'd take roughly half of it and pay down the principle on my mortgage.  I would then refi down to a 10-year.  I'd drop 50K on some home improvements...finish the basement, redo the master bath and some additional landscaping.

I would put 25K each into my kid's college savings accounts and use another 15K to finally suck it up and see that stupid f'ng mouse and his friends in Disney.

Probably buy a new car for myself and my wife and invest in some stocks with whatever is left.

God I'm ####### lame.

 
Baloney Sandwich said:
I'd take roughly half of it and pay down the principle on my mortgage.  I would then refi down to a 10-year.  I'd drop 50K on some home improvements...finish the basement, redo the master bath and some additional landscaping.

I would put 25K each into my kid's college savings accounts and use another 15K to finally suck it up and see that stupid f'ng mouse and his friends in Disney.

Probably buy a new car for myself and my wife and invest in some stocks with whatever is left.

God I'm ####### lame.
Click to expand...
Not far off from my plan actually. I've sort of grown very comfortable with my lameness. 

- pay off the car loans and finally for the first time ever be otherwise debt free.  That would feel pretty great  

- might throw a little at the mortgage 

- home improvements. The one I'd like to do most is a covered porch in the back and a new patio/outdoor kitchen.  Maybe hang a TV out there too, over an outdoor fireplace. New landscaping around the new hardscaping. I'm sure this would end up a 50k project as much as I don't want to believe it. Maybe more? But to have a little outdoor oasis would be fantastic.   

- maybe a small chunk (10k?) to each of the girls' 529 plans 

- rest to savings/slush fund 

 
Around 70-80k on home improvements. Maybe 400k on a income/vacation/retirement property.

 
Newer vehicle, accelerate my plan to upgrade homes.  That would be great money to have, might be able to get that new home darn near outright.

That dough would easily get me to ultimately retire a few years sooner also.

Awesome get.

 
So we say what, 400 grand free and clear?

1- Pay off house

2- Pay off stupid dumb #### new van I bought last year

3- Allocate 100 grand for college for the kids

4- save/invest 100 grand making sure I put the max in my 403b and also any IRAs available with myself and wife.

5- take last 75-100 grand, buy another stupid dumb new car (in the 25k range) and do some fun things over the course of the next few years.  Maybe a couple vacations, some upgrades for the house (hot tub comes to mind). 

All this likely allows me to retire at LEAST 5 years earlier than planned, maybe up to 10.  Or at the very least work part time for a while and then retire 5 years earlier. 

Mostly business and smart decisions, but when you get a huge life changing amount like that you gotta allocate some of it to straight up fun.  Maybe 10%?

 
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I'd spend it all slowly on dumb stuff I don't need.  Then I'd be addicted to the new life style and rack up another 300k in debt.

#americandream

 
Probably move to a nicer house.  When my wife an I first moved here, we bought less house than what we could have afforded.  That's been nice since it's allowed us to build up some decent retirement savings and set aside enough to pay for for college, but now that that's handled it would be nice to have a better house.  

 
Home renos! Moved into my "forever" home about two years because of my growing family. It's a nice two story and no room is ugly per se but so many spaces could use an update.

-gut and redo master ensuite. Ensuring that it's sound proof so I can stop stressing about waking up my daughter in the room next door.

-master bedroom. My wife and I literally have the same bedroom set that we bought 18 years ago when we first started sharing and apartment together. And it was just a cheap set that we got from a pawn shop cause that's all we needed/could afford. Well at 41 I deserve to live in a proper bedroom for once in my adult life.

-gut basement bathroom and reclaim storage closet next to it. I want to install a steam room/shower combo.

-new carpet in the basement, new paint, tons of geek art, electronics all properly wired and tricked out.

And lastly a month travelling around Europe because my god will I be stressed after that much renovating.

 
My real answer.  Assume 200k

New Car - mine is 13 years old.  I'll say 35k.     

Pay off sons college.  I believe that is at 15k

Put 50k into my daughters college fund. 50K

That leaves 100k left.

Donate 5k to ALS.

Donate 5k-10k to my town softball program.  Get those lights we need.

So 85K left.

New furniture in the house

May have to think this one over.  Maybe put a downpayment on a beach condo or something

 
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belljr said:
My real answer.  Assume 200k

New Car - mine is 13 years old.  I'll say 35k.     

Pay off sons college.  I believe that is at 15k

Put 50k into my daughters college fund. 50K

That leaves 100k left.

Donate 5k to ALS.

Donate 5k-10k to my town softball program.  Get those lights we need.

So 85K left.

New furniture in the house

May have to think this one over.  Maybe put a downpayment on a beach condo or something
Click to expand...
I don't see any golf items in there

 
Siding and windows. That's a big ticket item and if I had a windfall I'd go higher end. 

Kids college funds. 

Down payment on rental property. 

 
If it's a serious question....

1.a take $10-$15K and pre pay a really nice vacation.

1. Pay off any non house debt

2 house debt

3 kids college 

4. Savings.

 
Pour it into a Mid-Cap fund. I'll use the 'winnings' to pay off the remaining mtg.

Mortgage is 2.875%, I'll rake in anywhere from 10-30%.

 
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Pay off all debt other than mortgage (about 4 years into a 30 yr at 3.25%- close to as free money as you can get). The rest would be capital to start a new business.

 
Pay off a lot of debt (mostly student loans and mortgage) then take the pennies left over and spin them on a table.

Seriously: use 3/4ths to pay off my debts, then take a trip to a number places - the Dominican Republic, Peru, Argentina, maybe hit Mexico City on the way back.

 
The wife and I are actually in this position.  We were both planning on retiring within a year once the mortgage was paid off.  Then her father suddenly passed away, leaving us - once we settle the estate, which will probably take the rest of this year - over a half-mil (look at me!).

No mortgage, no kids, no debt.  I'm going to work on the bucket list (got seven states left to visit, the Masters, Burning Man...).  I suspect, however, we'll blow most of it on a second home in Hilton Head, since "everybody else has one".  :X

We'll probably be divorced within a year.

 
Lets go w/ 200k.

Pay off house note.  100k.

Wife a new car.  35k.

College for daughter.  50k.  

Vacation. 6k.

New Furniture 9k.

Since the house is paid off, take out a HEL for about 30-40k to make home improvements and pay it off at the same right of prior mortgage.  

So assuming this all works, in a few years I'd have a remodeled house and completely no debt with little risk off future debt (prepaid daughter's college, already have savings).  This will allow me to increase retirement savings drastically and probably retire much earlier and/or much more comfortable.

 
10K for nice spring break

40K for house reno

15 K for kids 529

rest in savings. FML I've been boring the last year.

 
Pay off my wife's student loans, put a chunk away for kids' college.  

Probably look to buy/build a little nicer house. Don't need a mansion, but I'd like a bigger kitchen and a basement.

 
Let's say $250k. Almost enough to pay off the mortgage, so leave that alone.

1. I haven't had a new car since 1998 (used, wife's SUV when we got minivan, parent's SUV when they got a new car and the trade in offer was crap) and my current car is nice, but about to hit 140k/9 years old. My buddy is able to get ridiculously good Toyota/Lexus pricing, so probably a 4runner at say $35k.

2. 30k in my oldest's college fund, 20k in the other two.

3. All set on vacations this year (spring break to Orlando, using Marriott points and got tickets for 2 baseball games and summer up north/Hilton Head).

4. Payoff wife's SUV and do some home improvements.

5. Up my wife and I's 401k to max %, make up difference in monthly income with the $100k leftover in checking/investment account.

 
'...a few...' usually means 3 or 4.  I'll assume 4

Pay off student debts and house 220,000

House improvements 50,000

Kids college fund 100,000

Farming business 30,000

 
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