Thoughts of free money

iVillage Member
Registered: 04-17-2003
Thoughts of free money
10
Thu, 06-19-2003 - 1:50pm
Ok this might be wierd. Lets say a check for

10,000 comes your way how would you spend it would you first pay all bill then enjoy of the rest or would pay half the bills and bank the rest. remember you dont have to payback the money. Its off the subject but its a fun topic. Thanks Angie
iVillage Member
Registered: 03-27-2003
Thu, 06-19-2003 - 1:54pm
Great question.

First, a check for $1000 to charity.

Then, the rest into a savings account (actually, probably a 12-month CD). Can you say "down payment"? LOL Wow, wouldn't it be great?

I would keep working on my debt the way I am now, and use the windfall to fulfill my dream of living in the country. It would be a year, as there is no way out of our lease without huge penalties, but it would be nice to know the down payment and closing costs would be sitting there earning interest until time to buy.

Thanks for asking. Now I'm dreaming and wishing. :(

BLessings,

Heathert

Avatar for mymartes
iVillage Member
Registered: 03-26-2003
Thu, 06-19-2003 - 1:55pm
i think i would use the 10,000 to pay off the debt.

mym

Avatar for noahs_mommy2007
iVillage Member
Registered: 04-17-2003
Thu, 06-19-2003 - 2:29pm
Wow, $10,000! I would pay off all of my debt. If I had any left, I would use it to fix the air conditioner in my car. :)
Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 06-19-2003 - 2:41pm
First off, I faint and then wonder what illegal activity has taken place to send me a check for that. ROFLMBO!!!

Then after I recover and realize, HEY this is truly mine to spend however...here is what we would probably do.

First tithe 10%, then pay off the van...then go out to dinner (somewhere besides McDonald's), then would probably divide the rest up between paying off some of the smaller bills and stashing some (and spending some...I would actually probably by things like socks & underwear!! I'm so weird! I have a hard time splurging on luxury items even with the extra money!!). OH WAIT...I could scrap the entire idea and just go to Walt Disney World. ROFLMBO!!!

Becky

Avatar for gidgetgirl
iVillage Member
Registered: 03-26-2003
Thu, 06-19-2003 - 2:52pm
I was just fantasizing about this scenario as I'm working to help someone get the benefit from a small life ins. policy of a distant family member. (10k- taxfree)

Anyway... I'd do 1/2 to 1/3 on debt repayment, 1/3 to 1/4 on savings and 1/3 to 1/4 on fun stuff- a mini vacation, updated wardrobe, some new furniture (my Goodwill couch is falling apart!)

Gidget

iVillage Member
Registered: 02-14-2003
Thu, 06-19-2003 - 3:30pm
This would have made a great poll, Angie. :o)

Let's see. Ten thousand dollars. Do I have to pay taxes on it? LOL! It's a good question and I'm horribly torn. I'd throw a lot of it at the debt and the rest in the house fund.

Ms Joe

Ms Joe
CM Ms Joe Cool
Senior Community Moderator
moneylifecm@mail

iVillage Member
Registered: 03-27-2003
Thu, 06-19-2003 - 4:00pm
Gidget and I would have the same plan.

1/2 to debt, 1/4 to savings, 1/4 to a new computer and clothes, maybe less

than 1/4, like $2000.

Rebecca J.

Fun topic...there is a $175 mllion jackpot in our Mega Millions lottery tomorrow night,

imagine the snowflakes!!!!

Rebecca

iVillage Member
Registered: 02-14-2003
Thu, 06-19-2003 - 4:11pm
I love it! What a great spike on the snowflaking chart it would make. :o)

Ms Joe

Ms Joe
CM Ms Joe Cool
Senior Community Moderator
moneylifecm@mail

iVillage Member
Registered: 07-26-1999
Thu, 06-19-2003 - 4:16pm
I would put every red cent of it to my student loans...I would love to just pay it all off at once and NEVER have to deal with them again. They are horrible, worse than banks and credit card companies...They are truly my worst debt nightmare. 10K should just about cover it.

If I had to pay any tax on this I guess I would bank that away somewhere.

Then once I am out of debt, then I would start to make regular charity contributions. Selfish order of things, I know, but that's how I would do it.

Rebecca

iVillage Member
Registered: 06-14-2003
Thu, 06-19-2003 - 8:07pm
Well... I dream of this all the time, but so far it hasn't happened. It would definitely go to debt. And that's it. Unfortunately, 10k would not even come close to covering my student loans, but would pretty nearly cover my credit cards! Ahhhh that would be the day... Sorry, I was in dream land again..

Have a good night!

Miki