Windfall - what would you do?

What would you do with your windfall?

  • Spend it all!!

    Votes: 3 4.0%
  • Spend 75% and save 25%

    Votes: 2 2.7%
  • Spend 50% and save 50%

    Votes: 5 6.7%
  • Spend 25% and save 75%

    Votes: 49 65.3%
  • Save it all!

    Votes: 16 21.3%

  • Total voters
    75

Darson

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Say you're getting a windfall equivalent to about 2 years salary - what would you do with it?

I consider putting money towards your mortgage as savings and buying a set of Paulsons as spending :)
 

JMC9389

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It all depends on your life situation. Any older kids that you're sending off to college soon? Any mortgage/car/truck payments? Credit card debt?

If no debt, I'd save it and not worry about affording college for my kids if I had two years' salary dumped on me, with MAYBE some extra expense pilfered away for a large CPC custom set or leaded chip set :)

Other than that, I look to pay off as much as I can of what I'm paying the most interest on.
 

Jonesey07

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My wife needs a new car so I’d imagine a portion would go to that. Then with two girls.. saving for college and weddings.
 

detroitdad

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Say you're getting a windfall equivalent to about 2 years salary - what would you do with it?

I consider putting money towards your mortgage as savings and buying a set of Paulsons as spending :)

How did I find across this money?
 

CGolf

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Personally, I would make sure all my debt (except mortgage) is paid off. Then I would save money into an emergency fund and put the rest towards retirement savings/kids college/paying down mortgage. With less debt and money saved for those expenses you’ll be on track to start saving for your new chip set!
 

liftapint

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I would spend it all...

First, I would send some cash to @detroitdad so he would send the TRKs back :)

Then, I would buy the lot across the street from me, so that nobody could build on it. It just went on the market, and I would LOVE to buy it to preserve the buffer. That, and to prevent @pltrgyst from buying it and moving in with his pet wolverine to feast on my cats. Although, my cats are indoor-only, so perhaps it's OK if Larry moves in next door. We could have some great neighborhood poker games!

Seriously though, if I got a windfall like that (and the lot across the street from me wasn't for sale), I would probably buy a rental property.
 

WedgeRock

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Put it all on red!
htgawm-always-bet-black.gif
 

Darson

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Just to be clear, I'm not getting a windfall, this is meant to be a thought experiment. I think it's pretty clear what you do if you get a small amount of money and what you do with a very large amount but I came up with 2x annual salary as nice number but not one where you'd quit your job immediately and say f'it.
 

Schmendr1ck

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I'd probably take 10% and put it toward an extravagant family vacation. Two of my three kids will be out of high school in the next two years, and I don't have much time left for a big trip.

The rest would go into long term investment, with a goal of pushing my retirement 3-5 years closer. I don't have any significant debt other than my mortgage, and the interest rate on that is so low that it seems smarter to invest the windfall and keep making monthly payments.
 

Perthmike

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My wife got redundancy from her old shit job after maternity leave, just as she started her new job lol.

The payout was pretty crappy, only $16k. But we put $5k in the holiday fund, paid $5k off the mortgage, spent $5k on some more house renovations. Then $500 each buying new clothes.

I figure you have to enjoy some of it, so my vote is spend 25%
 

HeWhoWouldPun

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I can’t believe this hasn’t been said yet:

1621382168331.jpeg

I would probably spend 10% and save the rest.
 

99%evil

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I'd pay off my mortgage- I want to own it outright (would allow me to say "fuck it" and do whatver I want ..I could quit doing what I'm doing and not have a care...except the property taxes), use some to do a few more upgrades, go on a nice 2 week vacation(since I can't seem to get myself to take 2 days off). Save 25% and if invested right I'd have a bit more to retire on a bit sooner.
 
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Rhodeman77

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My wife and I are planning on spending about 2 years salary to build a lake house and buy a boat, so that would save us all that money! So I don’t know if that would count as spending it all or saving it all? :ROFL: :ROFLMAO:
 

Saoliver

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My wife got redundancy from her old shit job after maternity leave, just as she started her new job lol.

The payout was pretty crappy, only $16k. But we put $5k in the holiday fund, paid $5k off the mortgage, spent $5k on some more house renovations. Then $500 each buying new clothes.

I figure you have to enjoy some of it, so my vote is spend 25%
None towards watches, or does she read PCF?
 

JustDave

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pay off consumer debt like credit cards, invest anything left over.

don't pay off the mortgage, it's probably a low enough rate you are better off getting the return on investing it.

and get something nice but not too nice. Maybe THCs, but not leaded ;-)
 

Shaggy

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Assuming you don’t have credit card debt, I’d spend it all on cash flowing rental properties... perhaps it’s just a down payment on a duplex... perhaps it’s buying an out of state property outright.

I might put it into some mutual funds until the housing market was better for buying... and then do the aforementioned.
 

Forty4

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I would pay off our properties only so that I could remortgage and put on my dream addition.
 

Señor Tony

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Saving and paying off debt are sort of the same thing, right?

Depends on the type and quality of the debt.

Saving vs paying off mortgage at current rates ~2%... its six of one and half a dozen of the other.

Saving vs 19% credit card debt... you would be crazy to save vs paying down the debt.
 
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