How to spend windfall

post reply Forum Index » Money and Finances
[Post New]05/07/2018 19:47
quote
Anonymous
I received an inheritance of $22,000 and have been stuck on how to spend it. Quick facts:

  • Full zero-based budget

  • Maxed out all tax-advantaged retirement accounts - two 401K's, two Roth IRAs, family HSA

  • $34,000 cash in home repair sinking fund for 14 year old home

  • Two years Medical OOP max in cash

  • $30,000 cash for vacations

  • $2500 cash for auto sinking fund

  • Own $635k home free and clear

  • Save additional $18,000 in taxable accounts

  • $1M in tax-advantaged accounts

  • $2M in taxable accounts

  • $260k in 529s for DD


    • Do I just save it? I have no real needs or desires. I just upgraded my car earlier this year.
    [Post New]05/07/2018 19:50
    quote
    Anonymous
    Buy a boat.
    [Post New]05/07/2018 19:58
    quote
    Anonymous
    Or a horse.
    [Post New]05/07/2018 20:00
    quote
    Anonymous
    You should definitely buy BOFA.
    [Post New]05/07/2018 20:03
    quote
    Anonymous
    Anonymous wrote:You should definitely buy BOFA.


    What is BOFA?
    [Post New]05/07/2018 20:05
    quote
    Anonymous
    I think it would be fun to donate part to a poorer/local charity. You’ll get treated like a bigwig and probably get a plaque or something. Not to mention the goodwill from the universe.
    [Post New]05/07/2018 20:08
    quote
    Anonymous
    If you have no needs or desires, give it to charity. This is like asking "what do I do with extra money if I don't need extra money?"

    If you don't want to donate it, drop it in the taxable account and add to the balance.
    [Post New]05/07/2018 20:11
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    Anonymous
    Charity is a good idea. I guess I was looking for ideas that people had that maybe are luxuries that I’m not thinking of.
    [Post New]05/07/2018 20:25
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    Anonymous
    Choose a family you love or respect, for which this money would make a big difference. Donate anonymously.
    [Post New]05/07/2018 20:33
    quote
    Anonymous
    Anonymous wrote:I think it would be fun to donate part to a poorer/local charity. You’ll get treated like a bigwig and probably get a plaque or something. Not to mention the goodwill from the universe.


    I think this would be a very noble thing to do. However, a portion of $22,000 won’t get you a plaque or make you a big wig. You need to be giving a whole lot more than that.
    [Post New]05/07/2018 20:40
    quote
    Anonymous
    Anonymous wrote:You should definitely buy BOFA.


    Bottle Of Fine Armagnac?

    Buckets of Fancy Art?
    [Post New]05/07/2018 21:17
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    Anonymous
    How about a cow?
    [Post New]05/07/2018 21:27
    quote
    Anonymous
    Anonymous wrote:
    Anonymous wrote:I think it would be fun to donate part to a poorer/local charity. You’ll get treated like a bigwig and probably get a plaque or something. Not to mention the goodwill from the universe.


    I think this would be a very noble thing to do. However, a portion of $22,000 won’t get you a plaque or make you a big wig. You need to be giving a whole lot more than that.


    Our local park has pillars for the $2000 circle donors — all businesses. For $5000 and they probably would have named the park after you! Maybe find something like that, as a memorial to your benefactor?
    [Post New]05/07/2018 21:30
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    Anonymous
    What are sinking funds?

    No new ideas for the money.
    [Post New]05/07/2018 21:35
    quote
    Anonymous
    Anonymous wrote:
    Anonymous wrote:You should definitely buy BOFA.


    What is BOFA?


    BOFA deez nutz
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