what would you do with 100,000 ? - Page 2 - Mothering Forums

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#31 of 38 Old 02-08-2010, 11:11 PM
 
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I would invest in something that is independently income generating.
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#32 of 38 Old 02-09-2010, 02:18 AM
 
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Try and study something new. Try one of those online University. I would also put something up my DD tuition.

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#33 of 38 Old 02-09-2010, 06:19 PM
 
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First, I'd talk to an accountant and find out how much I'm going to have to pay in taxes on that 100K (if any) and set that money aside.

Then I'd start an 3-4 month emergency fund in a separate account (not mingled with my regular checking account).

I'd use what's left over to pay off the car and probably the student loan debt unless the interest rates are REALLY good (like under 3%). Paying off those loans would free up a lot of money in your monthly budget so you wouldn't be living paycheck to paycheck anymore.
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#34 of 38 Old 02-09-2010, 07:25 PM
 
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If I had $100k in debt and I was given $100k, I would for sure pay off the debt first. then all the money that had been used to pay towards debt could be used to build a savings account/401K/house fund. i would also think paying off the debt would help your credit rating which would in turn help you get a lower rate on a house.

I am debt free and it is an awesome feeling! I used to have over $30k in credit card debt and it was like this black cloud hanging over me. The day I wrote that last check to pay off the last bill was the best day of my life!
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#35 of 38 Old 02-09-2010, 08:58 PM
 
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We have an emergency fund and are putting a good amount into college and retirement. Our mortgage is low. Dh will get a pension (the real, old-style kind).

I would buy rental property to give us an additional source of income so that dh could retire early.
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#36 of 38 Old 02-09-2010, 09:18 PM
 
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With that list I would:

1st choice: Pay off all debt. Then save what I was previously paying on debt into an emergency fund. Once the EF was established then I'd get life insurance and start a 401K.

2nd choice: Pay off $80K of debt. Save $20K in emergency fund. Continue paying what you were on the $100K debt on the $20K debt and it'll be paid off quickly. Then get the life insurance and start the 401K.

I live in a high COL area, too (bay area like you, OP) and I was able to pay off all debt, nowhere near $100,000 though, and build up our emergency fund to 8 months of salary and we currently live on just my income and bank DW's paychecks so she can be a SAHM someday, hopefully soon. How do we do it in this high COL area? We don't own (or plan to own) a house! I can't imagine spending $500K on a fixer-upper or close to $1M for something nice just to own a house. We live in a nice cottage house right on the beach 10 miles from San Francisco. It comes with a weekly gardener, a huge yard, a huge driveway, and it's our home and we love it. We rent.

Beth- WOHM slinggirl.gif  -Madly in love with my Wife- SAHMhola.gifandbabyf.gifSophia, born 11/2/10, at home! homebirth.jpgExpressing love, one ounce at a time!  1pump.gif

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#37 of 38 Old 02-10-2010, 12:30 AM
 
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Debt. I hate being in debt, and would feel it was unethical to spend money I owed to someone else.

If decomposition persists please see your necromancer.

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#38 of 38 Old 02-12-2010, 07:42 PM
 
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I would pay off the $4,000 cc debt we have

Pay a little towards my van payment

the rest would go towards a down payment for a house


Kami(31)DH(35)Alex(11),(4/05) (7/05),Ryker(8)(11/10) 
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