$750,000
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$750,000
| Thu, 07-14-2005 - 9:06pm |
what would you do if inhertied $750,000- had no house but no debt and two chldren. Oh- also, neither of the two parents had a job. this is the scenario of a friend of mine and i have been wondering what i would do. Any ideas?

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If I inherited $750,000 right now? Like today? You bet we have a plan!
$75,000 to charities of our choice. Ooh-that check would be fun to write!
~$132,000 to pay off everything I can think of that we'd possibly owe (including existing student loans + my last 2 years of school)
~$20,000 for a fully funded energency fund (6 months worth)
$8000 to start a Roth for each of us
$50,000 for Amanda's college fund (she's informed us that she plans on getting scholarships because "it's so cool that they want to pay ME to go to their school"-we have no doubt that she'll get her scholarships, lol)
$200,000 to bulldoze our current home and build a new one
$265,000 would be placed in a good mutual fund to grow grow grow!
Yep, I think I could do it just fine!
Lisa :)
yeah same here but with only $750,000 and no other income, I had to be very frugal. :)
Where are you located?
Shannon
Shannon
I'm in PA. I had a house I bought in 2000 for $128,000. It was a 3 bedroom, hardwood floors, two of the bedrooms were huge but most of the house was modest-small, back yard was a great size. We divorced and sold it in 2003 for $171,500 and I thought we did great. Now you can't get anything decent (barely a decent condo) for that price. I'm going to try to buy a townhome the end of this year in the $250,000 range, but I have to go really far out to find that price. I would love to live near my work but the townhomes in that area are $350k-$450k. It's outrageous.
Edited 7/15/2005 7:31 am ET ET by firstamendment
What part of PA? I am 15 minutes from the Mason Dixon Line. Below York County. It seems that once Maryland real estate skyrocketed, people started moving to PA in droves. So I know what you mean about high prices.
Would it have been better for you to keep your house after the divorce?
Shannon
Shannon
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