We'd get a bigger house and I'd like to get two new cars paid in full. After that I'd try to pay off our other debt as much as possible while still setting aside enough for a nice trip somewhere awesome.
Well, I'd pay off the last part of my car and my student loans, but I probably wouldn't bother putting the rest towards my mortgage. I'd probably do a few fun house projects and then invest the rest.
Post by copzgirl1171 on Sept 18, 2012 9:17:19 GMT -5
I find the medical to-do's interesting and a great idea.
Finishing dental work would be amazing.
I know he would loan it to me and little to no interest, it's just a bit like selling my soul to the devil and I really don't relish a skirt chasing at my age
I'd pay off my student loans that are above 5% (keep the ones that are at 1.8%, which is the majority), go on a shopping spree, take a fun vacay and then invest the rest.
Our only debt is my student loans and our mortgage. Our interest rate on the bulk of the loans is 1.8% like I said, and our mortgage is 4.25%, I think. I don't think we'd want to pay any of the mortgage off, but maybe we would - IDK.
depends on the nature of the debt... CC debt and the like? pay that sucker off! Mortgage? Depends on your situation (your rates, your ability to pay etc). Under water or something? Definitely put towards that. For us, our rates are reasonable and we are overpaying as it is so I wouldnt bother. Plus we arent in our forever home anyhow. If we were Id be more likely to pay toward the mortgage (100k wouldnt pay it off though).
Student loans... depends on the rates. We are locked in at some crazy low rates so it would be pointless to pay them off really. We would pay off the car we dont own in full, which wouldnt take too much of that.
What would WE do? Put a solid chunk into savings/investments. Another solid chunk towards moving - in the 5 year plan but this would make it easier to get into the house we want sooner (finish updates to our house plus DP). And we would probably put a couple K towards a fun vacation or something.
DH got a big bonus one year and we used it to pay off all our debt (mortgage, SLs, and a car loan). I know that's not considered the "smart" thing to do financially given how low interest rates were at the time and how low they continue to be but it really did make me feel more secure emotionally and I think that has value. And now we save/invest the money that we used to use towards those things. I don't regret doing that.
I'd invest it. We only have a low interest mortgage and my very low interest <2% school loans, as we would invest to hopefully get a return higher than that. Though I'd want to keep a small amount to do something fun with.
I'd pay off my non-mortgage debt. After that I would try to off my house that has an underwater mortgage. I figure if I try to sell it now I might have to bring $50-75K to closing so the $100K would be perfect for that.
Post by ringstrue on Sept 18, 2012 10:08:45 GMT -5
huh I guess I should put some to retirement and the college fund too. Part of getting two cars w/o payments means freeing up monthly costs to fund other stuff better so idk if i'd use the 100k for that or use the bonus in monthly funds for that.
1. 6 month emergency fund. 2. Buy a newer used car for me. Mine is on in the "drive it until it dies" stage. 3. Refinance the house to a lower interest rate. 4. $1000 for DH and I to do something fun or buy something we want. 5. Invest the rest and pay an extra $500 per month on the mortgage.
Post by meshaliuknits on Sept 18, 2012 10:21:03 GMT -5
The only debt we currently have is our mortgage and 100k won't cover the balance on it, so I'd blow it on redoing the stupid cracked plaster ceilings and my bathroom. I could probably spin that as reinvesting in our assets, but it would feel like blowing it.
I'd lobby with DH to payoff all our SL debt (because I hate debt more than I like being financially saavy). In the end we'd compromise. Pay off the last of my SLs and put the rest in savings toward our remodel in eight years. We live in the land of expensive real estate so it wouldn't pay a huge portion of our mortgage.
I dont have any debt and I have no desire to buy a house right now so I would just save it all. I would probably buy a nice purse and take a vacation. Im not very creative right now, I dont even know what to do with the money I have.
Post by racegrrl714 on Sept 18, 2012 12:41:19 GMT -5
I think I would buy our house from our landlords, add a privacy fence and a master suite to it (to make it three bedrooms, 2 baths. It is currently 2/1) and pay off my car. That would free up $900 a month that I would use to finance another vehicle (for my husband) and pay down my student loan debt.
well, 100K wouldn't make me debt free, but for the sake of argument... I would pay off the car and the second mortgage (which totals about $30K together), use 10K for vacation, blow 10K on fun stuff, and invest the other 50K. I don't care about paying off the SLs or the 1st mortgage.
I find the medical to-do's interesting and a great idea.
Finishing dental work would be amazing.
I know he would loan it to me and little to no interest, it's just a bit like selling my soul to the devil and I really don't relish a skirt chasing at my age
Agree. My teeth are awesome, thanks mom and dad! But DH needs braces and teeth whitening, and probably some caps, or.... I don't know. Whatever it is, I probably need 10k just for his mouth.
Post by basilosaurus on Sept 18, 2012 15:53:31 GMT -5
We have no mortgage (and don't want one), and we drive clunkers that we paid cash for. I need another car, but I don't want to spend much anyway b/c who knows where we'll be in a few years. Student loan debt is small.
So, I'd probably take a kickass vacation, then save the rest. I'm boring.
1) pay off cc 2) pay off private student loan 3) pay off 2nd mortgage 4) fully fund IRAS for current year 5) half of remaining into savings 6) half of remaining into federal student loan (which would cut it in 1/2)
That would free up like $1100/month which would be flippin outstanding.
it wouldn't pay off our mortgage, but it would eliminate CC, SL and 2 car payments and leave us with about 20K left over. I'd put 10K into our e-fund and invest the other 10K.
It would free up $1800/month. We could double our mortgage payments and still have money left over.
I wouldn't pay off my motgage. Our rate is low and its "good" debt. But if I had any other debt I would pay it off. H has a small student loan, but thast all we have.
We're debt free. We paid off H's student loans this year and we live abroad - no house or cars. I think we would invest most all of it, probably between savings for future house, savings for retirement, maybe some to 529 for future children's educational expenses. I'm guessing we would spend the rest ~$10,000 on a trip or trips around Asia - Cambodia, Thailand, etc. And I'd probably make H buy me a designer purse too.