What would you do with extra money?

[Anonymous]

I would help furloughed Federal employees pay their rent so they are not evicted by their cruel, heartless landlords!

[Anonymous]

Anonymous wrote:I would help furloughed Federal employees pay their rent so they are not evicted by their cruel, heartless landlords!

If I know anyone affected by the shutdown I will keep that in mind.

[Anonymous]

Anonymous wrote:no kids? Then just start spending it! Just kidding.

We are no debt, and when we get the bonus lump, we divide it up between future tuition payments, house fund (unexpected expenses and property tax), vacation, and CDs (and the rates are REALLY good right now.)

Also, look into funding a charitable account. You can dump money in there and deduct it from your taxes and then divy it out as you'd like. Our fund invests the money for us, so we actually earn money on the investment. This year, we made so much our annual contributions were covered mainly by interest.

What are these charitable accounts called?

My husband is from another country and actually gives a lot of money to causes that can’t really give us a receipt. So we are sort of limited on our charitable spending.

[Anonymous]

I would just put it in a cd while you are trying to figure out where to put it long term.

[Anonymous]

Sounds like it is time for taxable investing.

[Anonymous]

With what you've already maxed, an index fund in a taxable account would suit you. Low stress and low effort. At 39 and 34, maybe your paid off home isn't your forever home, and some more cash down the road would help you.

Perhaps put half in a total stock market index, and keep the other half for vacations and regular ol' stuff you want.

[Anonymous]

I would honestly have another kid. Seriously.

[Anonymous]

Yes, low cost total stock market index fund. Park it and forget about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How old are you and spouse?

34 and 39.

And you have no mortgage?!? Jesus, this board!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How old are you and spouse?

34 and 39.

And you have no mortgage?!? Jesus, this board!

If it makes you feel any better, I live in an area almost no one on this board would voluntarily move to (but I like it!).

[Anonymous]

Anonymous wrote:I would honestly have another kid. Seriously.

Part of me wants to, but because DD has a rare disease, I am too scared to have another. If I have another child with an illness/issue I will have a psychotic break.

[Anonymous]

Anonymous wrote:Yes, low cost total stock market index fund. Park it and forget about.

So almost no one has suggested maxing out the 529 (15k per kid per year). This kind of makes sense to me, because that would be a lot of our HHI into a fund with limited use. And like the other poster said, we could potentially want to move, although I am pretty comfortable with where we live now and we have a lot of space.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would honestly have another kid. Seriously.

Part of me wants to, but because DD has a rare disease, I am too scared to have another. If I have another child with an illness/issue I will have a psychotic break.

Do you have a special needs trust set up for her? Or is that not necessary?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yes, low cost total stock market index fund. Park it and forget about.

So almost no one has suggested maxing out the 529 (15k per kid per year). This kind of makes sense to me, because that would be a lot of our HHI into a fund with limited use. And like the other poster said, we could potentially want to move, although I am pretty comfortable with where we live now and we have a lot of space.

Maxing out a 529 would be 30k per year per child for a married couple. How much are you on track to have in your 529 when your dd graduates from high school? Will you need more than that to pay for college? If so then it does make sense to increase the amount you are saving.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would honestly have another kid. Seriously.

Part of me wants to, but because DD has a rare disease, I am too scared to have another. If I have another child with an illness/issue I will have a psychotic break.

Do you have a special needs trust set up for her? Or is that not necessary?

It’s not necessary, thank goodness.