Received 50K as an early inheritance - what should I do with it?

[Anonymous]

I'd take a really nice trip with about half of it, and save the rest.

[Anonymous]

Anonymous wrote:I am in fortunate position in that house is paid off and 529 fully funded. About 4-5 years from retirement. What should I do with this unexpected windfall?

I’m the OP of this thread: https://www.dcurbanmom.com/jforum/posts/list/1279698.page and in your shoes my natural instinct would be to invest the 50K, but honestly am glad that I’m actually prohibited from doing so! Instead I’m using my inheritance to treat myself and my loved ones with more TLC, and I’d encourage you to do the same if you’re already in a good financial position. It sounds like 50K is just the beginning part of your eventual total inheritance, so not entirely similar from my situation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am in fortunate position in that house is paid off and 529 fully funded. About 4-5 years from retirement. What should I do with this unexpected windfall?

I’m the OP of this thread: https://www.dcurbanmom.com/jforum/posts/list/1279698.page and in your shoes my natural instinct would be to invest the 50K, but honestly am glad that I’m actually prohibited from doing so! Instead I’m using my inheritance to treat myself and my loved ones with more TLC, and I’d encourage you to do the same if you’re already in a good financial position. It sounds like 50K is just the beginning part of your eventual total inheritance, so not entirely similar from my situation.

*dissimilar, I mean!

[Anonymous]

- weekly cleaner,
- a weekly cook,
- a landscape person
- gym membership and trainer
- home organizer

Use 50 K for services, services and more services to declutter your home, do household chores and give you more time to become healthy and organized - so that you can enjoy your retirement years.

[Anonymous]

Buy a cow.

[Anonymous]

When I inherited a smaller amount (20 k) from and uncle, I split it evenly with my teenaged kids. They were surprised and tickled by it and it’s been interesting to see how they handled the “windfall”. In the past year, none have spent it although one is sorely tempted and two have decided to invest in high(ish) earning savings accounts.

[Anonymous]

You can tell most of the folks responding are poor. Any amount of money and they come up with 5 ways to squander it all without thinking about building wealth.

[Anonymous]

Anonymous wrote:You can tell most of the folks responding are poor. Any amount of money and they come up with 5 ways to squander it all without thinking about building wealth.

Or have already built enough wealth. I would probably spend it on a vacation. Like OP I have no mortgages, and have $15m NW. Sure I could invest $50k to build more wealth, but I have enough to fund retirement at this point and $50k isn't going to move the needle, plus I'm still working and adding to it, so I'd spend it on a nice vacation or two for family.

[Anonymous]

I would spend $10K on a vacation (1 big, 1 small - we're a small family) and invest the rest.

DH would buy an Audi S5.

[Anonymous]

Anonymous wrote:I loathe to say it but buy bitcoin.

Buy gold.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I loathe to say it but buy bitcoin.

Buy gold.

Gold is so high right now. I’m selling a ton of it to lock im earnings. Why are you suggesting the poster buy at the height of the market?

[Anonymous]

Anonymous wrote:You can tell most of the folks responding are poor. Any amount of money and they come up with 5 ways to squander it all without thinking about building wealth.

Yep, I'm a poor and I have bills. Heavily investing in my kids tuition so they are a bit better off than I, as did my parents (and I am much better off than they).

[Anonymous]

Anonymous wrote:You can tell most of the folks responding are poor. Any amount of money and they come up with 5 ways to squander it all without thinking about building wealth.

Not really. The OP stated that college is funded and they are in good financial shape. Also followed up with this is just the start and likely more to come.

So if you are fiscally sound and on track to afford your future life/retirement, why not treat yourself with 10-20K of that $50K for a trip/renovation/something extra? If you are already building wealth yourself, you can afford to spend the windfall for "self care" and not invest all of it

[Anonymous]

I'd buy an S&P500 ETF. My husband, a boat. May as well set it on fire, but I guess it would be fun.

[Anonymous]

Anonymous wrote:You can tell most of the folks responding are poor. Any amount of money and they come up with 5 ways to squander it all without thinking about building wealth.

The OP - and I - have a paid-off house and fully funded 529s. I have millions in the market already building wealth. The question was how to spend $50k, not how to turn it into a retirement or college fund. It's important to build family memories, so I consider the $50k an investment in family bonding.