how to spend this money i'm getting

iVillage Member
Registered: 01-30-1999
how to spend this money i'm getting
5
Tue, 11-04-2008 - 10:24pm

I am selling a property and will be getting some profit. I know there will be taxes on the money I get but i'm not sure how much. I will set aside for that and then i need decide if i will pay off my car or some credit cards instead. i also will set some in my savings. and can't forget christmas.


what would you do ..pay car or credit cards off. This would put a big dent in my cc debt but i still have quite a bit.


iVillage Member
Registered: 11-17-2007
Wed, 11-05-2008 - 1:04am

Do what will make you the most money.

iVillage Member
Registered: 03-15-2005
Wed, 11-05-2008 - 8:30am

Was the house a rental?

Jennifer


 


iVillage Member
Registered: 01-25-2006
Wed, 11-05-2008 - 9:45am

Hi Michelle,


I agree with the pp that you need to figure out what tax liability, if any, you are going to have and save that carefully and probably a bit more than you think you need.

iVillage Member
Registered: 01-30-1999
Wed, 11-05-2008 - 1:20pm

thanks for your help. I think I'm going to put $ in savings and pay some credit card debt. I will feel better having the $ for taxes and emergenies tucked away esp. with my husband's work so scarce these days( construction). My job is pretty secure(nurse) but i can't cover all the bills. i am thankful we sold this (mobile home) at all considerating the economy.


it's about time something happened good. we are moving to a new house(remodeled) one soon and will rent our current one out. we have been in the rental property business for awhile. But we hope to sale this one in a couple of years after the economy has recovered more.


thanks for listening


iVillage Member
Registered: 10-01-2008
Wed, 11-05-2008 - 4:32pm

Trying using the money as leverage with the credit card companies. Tell them that your trying to decide who to payoff and see if you can negotiate a better rate with the ones you cannot payoff with this money.

Norma


"Patience is the best remedy for every trouble"- Plautus