IF you suddenly came into 100k

[copzgirl1171]

and it could make you completely debt free would you

1. Yes, pay off all my debt and start saving my ass off

2. No......Invest, invest, invest

I ask not because I came into money but I ran into an old friend who is flush and as he drove away I thought that man 100k of his millions would change my world, and I know he would loan me the money in a heartbeat so it was fun to imagine

[ECB]

I think I'd try to lower my debt, but I'd want to save some of it too.

When my mom died, I inherited close to $250k. We paid of DH's law school loans with it, but then saved some of it too - even though we could have put a chunk of it to our mortgage.

Of course, it's now pretty much all gone, but... at the time, that's what we did.

[doctorwho]

Sadly, that would not make me debt free.

[Deleted]

100K wouldn't pay off our mortgage, but we would probably devote about half towards it. Save the rest.

[Deleted]

I would do a little of #1 and a little of #2.

[karinothing]

Umm neither? I would buy a house. So I would get more debt! lol.

[copzgirl1171]

I would hate to pay off my house, I mean that would do it and we could save our mortgage monthly but...

[Deleted]

I would some towards SL debt, some towards DP on a house and some into investments. so a combination ha.

[copzgirl1171]

Wouldn't it be cool to wake up to this problem

[IIOY]

It depends upon how much interest I'm paying on the debt versus what I could earn if I invested. Nowadays my guess is that paying off (or down) the debt is going to net you the greater benefit, but everyone's numbers and investment strategies are different.

[AllieHound]

It wouldn't wipe out the entirety of our debt: it could either take out the mortgage plus a few incidentals, or we could wipe out our SLs, car loans and the rest of our CC debt.

I'd choose to wipe out everything but the mortgage- and then just snowball it, and pay it off in about 3 years, and live completely debt-free for awhile. It'd be a pretty awesome feeling.

100K would drastically change our lives.

[demandypants]

I would likely save half, spend half on home repairs. We just bought a "fixer upper" and it would be nice to escalate some of the projects ahead of us that would have had to wait for us to save before being completed.

[bhnumbers]

We are very fortunate not to have any debt other than our mortgage, so we would probably do some home improvement projects for which we have been slowly saving. Our windows and doors SUCK and I'd love to replace them, but we have more than 30 windows/doors in our house so replacing them is going to be painful.

However, the bulk of it would go into college savings for the boys. (Even though I'd totally want to blow it all on a vacation! And that's why I'm not the CFO of our family... )

[passthewine]

I would pay off the credit cards and put some money towards IF treatments, invest the rest. I should pay off more of the mortgage but that payment wouldn't seem so bad if I didn't have to worry about the credit cards.

[mominatrix]

I'd pay off our non-mortgage debt, then use the rest (a really substantial amount, less now that we bought a minivan) to renovate our existing house so it's sell-able.

...Then buy a house we really want to live in with a super-nice down-payment of profit from our current house + the remainder of the $100K, making the payments on our dream house less than what we pay for the shitbox where we currently live.

A girl can dream, right?

[Deleted]

Did I come into it or me and my husband both? If it's the former I would pay off my student loans and take an awesome vacation. If it was the latter H would want us to buy a house.

[panicked]

Pay off the debt. The interest rate on loans and credit cards are much higher than most investment return rates. Pay it all off, then invest the money you were spending on those payments on investments.

[Deleted]

Depends. What is the interest rate on said debt? If it's a low interest mortgage, I would take my sweet time paying that sucker off. You won't get cheap money like this after a while.

If we're talking credit cards, get rid of that ASAP. Student loans, I would pay off only if interest rate was above 5%.

I would invest the money ;D.

Oh and for us personally, we are debt free besides our mortgage on the co-op in NY. So, we would be like karinothing and buy a house here in ATL and get even more debt. Heh.

[copzgirl1171]

Sept 18, 2012 8:39:25 GMT -5 @choco said:

Depends. What is the interest rate on said debt? If it's a low interest mortgage, I would take my sweet time paying that sucker off. You won't get cheap money like this after a while.

If we're talking credit cards, get rid of that ASAP. Student loans, I would pay off only if interest rate was above 5%.

I would invest the money ;D.

Of course you would

Can I please at least get a huge ass spa day. Not one of the cheap ones but one where I plop down 1k for hair, massage, facial, nails, waxing. and pedi??? Pretty please?

[marie427]

I would absolutely pay off our debt, and whatever we are currently paying towards that newly-paid-off debt would then be invested.

[Deleted]

Oh Copz, I need to start posting more on the board. A fun vacation and a shopping spree are automatic in my book.

[eddy]

I would pay off stu loans, the little bit of our car loan and our balloon loan on our mortgage. Then I would pad our savings, invest in both the boys college funds, invest a bit and take a kick ass vacation.

[copzgirl1171]

Sept 18, 2012 8:41:45 GMT -5 @choco said:

Oh Copz, I need to start posting more on the board. A fun vacation and a shopping spree are automatic in my book.

You and me *my finger to my eyes and back to you*, we are sympatico

[penguingrrl]

$100K would pay off my student loans, our CC debt and our car payment with enough left over for a house down payment (granted, it would be a small DP on a small house in our area, but that's enough for me!). It would be life changing for us to get approx 2 years income in one day!

[pamela]

I would pay off debt (that would cover the rest of the car, SL, and a the remaining ~$50k on either our mortgage or shorter term cash savings). That would free up $700/month to work with. Which means I could up our retirement savings more (so investing) and put us closer to our goals of saving up enough to buy a house outright in Texas when we can move back.

[winston]

We'd probably invest. We have car payments and a mortgage, but our ROI is more significant than what we'd save straight out paying off our current debts.

[taratru]

I'd pay off all our student loans and cc debt with that and have none left over. Depressing.

[ering1115]

That would wipe out all cc debt and most of SL debt. We would be able to pay off the rest of SL debt in less than a year. Ahhhhhh a girl can dream of such things.

[Deleted]

Dh and I are quite fortunate in that we have no debt other than our mortgage, and its a private mortgage so we couldn't ever be in danger of losing our house (its to his parents). THat being said, I would LOVE to pay it off so that I wouldn't feel like I 'owe' them, so I'd probably put all of the 100K to the mortgage.

I'm more of a fan of putting $$ into the market every month, so that you are constantly investing wether the market is high or low, so I probably wouldn't put a whole bunch into the market at once unless there was a specific stock I wanted.

I would strongly consider buying another rental property or two in Florida and that would provide another steady source of income so that could be fun.

[SusanBAnthony]

I think we would buy a new car for about 25k (ours are both 10 years old, and totally fine, but we would like a bigger one). Then put about 25k into our emergency fund to get it fully funded, then about 20k in each of the kids college accounts, and with the remaining 10k fully fund our roth's for the year.

Plus a spa day and some new clothes, and maybe new couches for my living room.