What would you if you inherited $100k?
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Anonymous
| I recently inherited $100k in cash from the sale of a family property. DH and I both work HHI approx $200k. We don’t have any debt outside of a monthly car payment which is no interest and our mortgage (school loans, cc all paid off). We contribute the max to 401k and contribute $8k per year to our DS 529. We are not super wealthy but feel like we can afford what we need / want within reason. We have some additional investments besides retirement and enough $ in an emergency fund. So...the question is what would you do with extra money? Invest? Pay off car? Pay down mortgage? |
Anonymous
| I would invest it in something more risky but I'm not risk averse. |
Anonymous
| invest in a low fee index fund. |
Anonymous
| I would pay off the car for sure. If I had any improvements needed in the house, I would also take care of those. And perhaps take a cool trip. If anything is left, would add to savings. |
Anonymous
| 40k to the 529; 40k to non-retirement savings/investment; $20k to spend, maybe on a big vacation. |
Anonymous
| Whats your mortgage rate? |
Anonymous
| Pay off the car and then put the rest in a low fee Vanguard account. I would use the money you make in the Vanguard account to throw into your mortgage. |
Anonymous
| 30K in the 529, 5K to charity, 15K on a nice vacation, 50K in a risky-ish investment (whatever "risky-ish" might mean to you) |
Anonymous
|
Pay off car, home improvement/maintenance, put the rest in a Vanguard fund.
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Anonymous
| What is your net worth and how is it divided up? |
Anonymous
Probably this. Or I'd maybe put some big chunks toward the mortgage too. Though ideally, I'd write a few $1000 checks to my favorite charities. |
Anonymous
|
I mean, if *I* inherited $100k, first I would thank the memory of distant relative I'd never met whose death caused me no sadness - then I would pay off my student loans ($45k), blow $5-10k on fun and stuff, and park the rest somewhere safe in case I needed it.
I am, it should be said, awful with money. |
Anonymous
| Keep it in a separate account so it remains your asset due to inheritance rather than a marital asset. If you put it into a joint asset whether a car etc or a bank account it is no longer your asset, it is a marital asset. |
Anonymous
| I would use half of the money to take a trip of a lifetime with DS if he were old enough to remember- around 9 or 10. Or do 2 or 3 amazing trips. African Safari, trip to Antarctica, go to the olympics in Japan, etc. |
Anonymous
| Put it in a stock index fund and forget about it. You won't regret it. |