What to do with $10,000 it is a gift....

dyna

DIS Veteran
Joined
Jun 30, 2005
Messages
3,129
Nice little nest egg but how is best way to invest to get max out of it....

Might want to keep 1/4th or so where I can use it without paying a penality


OR

do I use it an pay that much on house to save interest....we already making couble payments on house tho

it just about enough money to get us out of debt other than the house.

House could use some TLC exterior paint aluimium siding or would paint it myself if it was wood but the siding going to show brush strokes an needs to be spray painted. I do know someone who would paint at a very reasonible price.....I would not attempt spray painting it myself.

Always need dental work done an when dh retires prolly next yr will prolly not have dental insurance...

Need some new windows in house, livng room, hall an master bedroom could use new flooring.

Overall tho I think the best thing to do would be to invest or save the money to fall back on in the future once dh retires there really will not be any more raises our income will stay about the same for the rest of our lives yet the cost of living will continue to go up I'd hate to think of nickling an dimeing the money away on cost of living expenses and medicine but it could come to that in a few yrs......

Please tell me how to get the most out of investing or saving it or both
 
i get 26k a yr from an aunt- the first yr I paid off a few credit cards/cars, put some in my IRA and spent alot on things I wanted to do. the next time I did house updates and paid some to my morgage and still did things I wanted to do.

I suggest you save some, and do something for yourself that you will enjoy that you might not have had a chance to do otherwise.
my aunt said she would rather see us enjoy our inheritance now, while she is alive. she is 100yrs old and a wonderful lady. I can only hope that some day I can do for someone what she has done for us
 
Invest it for the long term. That's what we do! It will grow and be worth considerably more for retirement. A nice diversified mutual fund is a good way to go. If you spend it....it is just gone, poof. Since it's found money (so to speak) do something long term with it and have something to show for it.
 


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