Reply to What to do with an extra $750K?

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[quote=Anonymous]I would not spend the money on an addition.  It won't be long and your oldest child will be moving out of the house.  And not long after that all the kids will be moved out.  Then you'll be stuck with way more house than you need.  Assuming you have a basement, I would add a bedroom/bath there.  This will be much less expensive than an addition while maintaining your yard size.  Secondly, your children will appreciate the money more later in their lives for schooling, house down payment, weddings, etc.  Lastly, having to share a bedroom with a sibling is a valuable life lesson.  Most likely they will have roommates once moving out and will be better prepared for all that entails.

I would pay off the 6% loan.
Fix up basement if you have one.
Save the rest and use that money to fund your children's college funds.  Some funds like a 529 have yearly maximums per child based on gift taxes which is current 14k per year per child.
Whatever is left after college you can decide at that time what to do with it.[/quote]

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