If a relative gave you 20,000...

iVillage Member
Registered: 07-21-2003
If a relative gave you 20,000...
133
Thu, 02-19-2004 - 7:32pm
...dollars, what would you do with it? Let's say an elderly relative is giving money away on the advice of their financial planner to avoid taxes, and they give you 20K. It's unexpected, what do you do with it? Save it? Go on vacation? Remodel the kitchen? What? Would you spend any of it? Just curious to see what makes us tick....

Now be honest!


Edited 2/19/2004 7:33:35 PM ET by islimshady

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iVillage Member
Registered: 03-26-2003
Thu, 02-19-2004 - 7:43pm
That's easy, we owe about $21,000 on student loans for our DD, I would pay them off.

My grandmother left me $2500 when she died last fall, that money we are using for new floors.

iVillage Member
Registered: 03-27-2003
Thu, 02-19-2004 - 7:53pm
Mediterranean Cruise, First Class.
iVillage Member
Registered: 03-27-2003
Thu, 02-19-2004 - 8:08pm
Save the bulk and spend some on misc junk we probably dont really need, lol. And take a trip somewhere, more than likely (Just watched Under the Tuscan Sun today and now I am chomping to go back to Italy....sigh).

dj

Dj

"Now when I need help, I look in the mirror" ~Kanye West~

iVillage Member
Registered: 03-26-2003
Thu, 02-19-2004 - 8:22pm
Boring, but I'd probably invest almost all of it. I might get some window treatments. If I could convince DH, I'd like to put on a porch - ours is a neighborhood with a lot of walkers and it would be a nice sociable thing to have and would add to the curb appeal.
iVillage Member
Registered: 03-27-2003
Thu, 02-19-2004 - 8:25pm
Use it to take a bite out of the mortgage.
Avatar for laurenmom2boys
iVillage Member
Registered: 03-25-2003
Thu, 02-19-2004 - 9:00pm
Well, in 2000 a relative of mine passed away and left me and my siblings 45K each. At that time DH had just started up his own practice and we were "up to here" in debt. It paid for a new driveway which we desperately needed, some new furniture which we desperately needed, a nice vacation which we all enjoyed immensely, then the rest of it kept us going with our heads above water for a while until DH's business became busier and I got a promotion and a large raise.

If I were to get it NOW, I would put it away for college for my boys. Since we have no debt other than our mortgage and one car payment, I'd invest the 20K for college for the boys.

iVillage Member
Registered: 03-26-2003
Thu, 02-19-2004 - 9:33pm
At least some of it (probably around $5K of it, if not more) I would give to my son and his fiancee as a wedding gift.

The rest, I'd probably stick in a short-term CD just because it would be utterly unexpected and I'd want to think about it. Might as well put it to work in the meantime, but someplace I could get to it if I needed it or when I decided what to do with it.

My knee jerk reaction would be to stick it into my IRA, and might eventually do that anyway, but I'd hold off on that at least for a while, while I thought about it a bit. I'd discuss it with my parents and my ex and probably do whatever they recommended; I respect their opinions on this kind of thing.

iVillage Member
Registered: 10-18-2003
Thu, 02-19-2004 - 9:43pm
I would pay off my credit cards and use the rest as a substantial down payment on a house.

Choose your friends by their character and your socks by their color.  Choosing your socks by their character makes no sense and choosing your friends by their color is unthinkable.

iVillage Member
Registered: 03-26-2003
Thu, 02-19-2004 - 9:58pm
Right now?

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iVillage Member
Registered: 10-16-2003
Thu, 02-19-2004 - 10:17pm

This is going to be boring but keep in mind we are a young family "starting

 

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