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what would you do with it?
I'd like to think I'd invest it to save for a future home purchase and kids, but I'd probably want to use some of it for some new horseback riding gear and maybe a few horse shows over the summer as well as replenish a bit of my "just for fun" savings account that got decimated this summer.
What would you do with a $100,000 windfall?
ETA: I added a poll for fun, let me know if I should add more options.
I'd pay off mine and my Fiance's student loans (~$45,000 total at graduation), put $45,000 into a long term CD, and then the rest pay for the wedding and invite all people I want! Oh and I wouldn't postpone getting married, I'd get married next summer like we had planned originally.
Hmm, FI and I would buy the property we are eyeing, and start building our house. We are doing this next year anyway, but $100,000 extra would be helpful.
:-)
FI and I have actually talked about this! He would want to buy a house with it, but I think we should put it into some high-yield investments.
As it is, we would probably pay off our student loans, buy FI a nice reliable car (probably a Prius or something), and save the rest.
I instantly said pay off student loans, I still owe 98k. However I think I would use it towards a down payment for a rental property.
I would buy and pay off a reliable suv.
Quit work while I finish my degree.
Do a little traveling.
And save the rest.
I'd pay off the rest of our student loan (about 6k), and then put the rest towards our mortgage (or at least the max amount they'll allow me to overpay!). We'd probably take a little bit of it and go to Europe too :)
$10,000 to spoil us now on a trip or something for the wedding + another thousand or so for a shopping spree!!
$30,000 to pay off our student loans (I think it's about that, all together)
The rest would go into savings (well, some investment), probably to be used somewhat shortly on a new car for FH and a downpayment on a house in another couple years
I'd split it between a few things. First, we'd use it to make a large down-payment on a house. We'd also plan a couple of really nice trips as DH and I really enjoy traveling. The remainder would be added to our current investments.
First and foremost, I would pay of my student loans ($15,000).
Then I would go on my ideal Europe trip (~$10,000)
Buy lots of clothes when I'm there. (~$5,000 - I mean lots haha)
Come home and buy a car (I only buy used, so ~$10,000)
Save the rest for overbudget expenses on wedding, and for a future downpayment on a house.
lol how sad is it that if i used the entire thing to pay off our loans we'd still have loans? :)
I think I'd put another 5k towards our wedding because I think that would give us enough wiggle room to really have the wedding I want. I'd take about 10k to do stuff around our house (patio, fence, tv for FI's man cave, and hire a painter), pay off both of our cars (ballparking at around 25k? Not sure how much FI owes on his anymore), put the other 60k towards our student loans. That would leave us with 60k in loans still but if our payments were cut in half and we didn't have car payments i feel like we'd be livin' large! haha
I would pay off SO and my debt, then I would invest the rest for retirement.
@CorgiTales: It's not sad, It means you are highly educated peeps. ;-)
buy the manhattan apartment of our dreams, definitely. we've had this conversation many times before :)
School loan first. It's like a freaking millstone around my neck. THEN, um, wait, do I have to pay off FI's too? If I do, the whole money is gone :( But if I don't, well, I'll pay mine and then take a couple of really cool trips. Oh, the places I'd go, the foods I'd eat, the hotels I'd say...*dreams*
@pb and j: Ugh. THIS. Haha....
Actually, first I would pay off all of my student loans $70k (yikes).... Then we would use the rest toward a down payment on a home.
Man, that would be nice....
@pb and j: That would be on our list too. Although sadly in Manhattan $100k doesn't go that far! Although as a down payment it might.
What area of Manhattan is your favorite?
-I would invest in rental properties. That's always income coming in.
-I would put some into a high yield savings account.
-Buy SO a new Jag. (We have one, but it's an older one. A "real" one says my SO. It's from before Jag started to use Ford engines and start making their cars look like Hyndai's.) I would buy him one so we could only take the classic one out for SUnday drives. lol
-Buy my mother a new house.
-Build a new house. We own 250 acres in Union SC.
First: Pay off the remainder of my and husband’s car loans - $10,000+/-
Second: Use $50-60k as the down payment on investment property
Use $10k for “play money” and a vacation and then (try to!) save the rest
@Miss Tattoo: 250 acres?! That's awesome. What's the land being used for now? I would LOVE to have a lot of land and keep horses.
I'd use it to pay off student loans, sadly this wouldn't cover it all but it would make it much much more manageable.
I'd put a large down payment on a house, spend some on a new car/nice clothes/furniture/etc., and put the rest in retirement/savings. I already have a plan to pay off my student loans in two years, so I wouldn't need to take care of any debt. And I don't think I'd want to change anything about my wedding at this point. So yeah, I'd totally get a car that's less than a decade old and nice jeans that don't have holes in them! :)
is anyone else bummed as they realize that $100K really isn't much money? the fact that for a lot of posters it would barely cover student loans and other debt....depressing! sigh, why oh why do i choose to live in one of the most expensive cities in the world?? and when are college tuition prices going to stop rising? my alma mater charges over $20K more per year now than when i started there - crazy!
Give $10k to charity.
See if my parents owe anything on their mortgage and if I can, pay that off.
If there's anything left, split it between investments and a downpayment on moving. And if possible, throw in a honeymoon since we're not having one.
Pay off a huge chunk of our mortgage and spend the rest on renovations and upgrades like:
Sounds like a sad list but setting ourselves up to payoff our mortgage early would feel like so much freedom and in turn will provide more vacay time! 
@pb and j: Hardy har har! Where is this Manhattan apartment going to be? I want to be your neighbor if I can buy a condo in the city for $100,000. I wish :)
@jindc: Yeah, that too. Charity...um, why didn't I think of it? And now I've thought about it, honestly, I don't know that I will. Does that make me horrible :(
@KatNYC2011: ha it definitely wouldn't go far at all for a whole apartment - i just meant it would (hopefully) cover a down payment. actually i just realized we'd need a lot more for the apartment we'd really like. ugh.
absolute dream location - irving place. we almost rented a place there last year but it was so small for the money so we moved a few blocks farther east. i've lived in the union square/gramercy/EV area for a long time and definitely want to stay in this general area for as long as possible.
School loans first definitely! Then a very nice vacation. We'd probably end up investing the bulk of it for future use!
Now...if I had a million dollars...I'd buy you a green dress 
Yea now that I'm thinking about it $100k really isn't that much (when you live in NYC anyways). If I really had access to $100k I probably wouldn't spend it all on the loans. I would deff put a dent in it though.
FI and I are talking about leaving the city when we're ready to buy property. Condos we looked at started at like $400k and they weren't even that great!
@bRooklynRocks: obvs i'm not buying the whole apartment with that, just making a down payment. or most of a down payment.
@pb and j: its totally depressing that it isn't that much! Before I went to law school when I heard what lawyers made (like 60-150k, and to me 60k sounded like a LOT of money)... I had all of these amazing ideas like wow I can totally get out of school and live on 15k/year and put the rest in the bank and then write my parents a check for 100k within a few years wow how great... (are you laughing yet)... and have all this money for all these things..... (laughing hysterically?)...
yea... not so much reality there. FI and I make more now than I EVER thought I would in my 20s... and we're still struggling just to put money away for the wedding and keep our bills paid. School is expensive man! lol
@pb and j: Totally hear you about 100k not being a huge amount of money – at first I was like:
• Pay off car loans
• Pay off student loans
• Make sizeable dent in our current mortgage
• Down payment on investment property
• Have some fun money
• Buy a new car
Then realized that that would be impossible with “only” 100k. Sigh.
@pb and j: I love the EV/Gramercy/Union Square area. I've lived there for almost 3 years now. Irving Place is SO cute. Too bad that area is SO expensive. Guess I'll just keep renting.
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