s/o So how would you spend the money?

[sonrisa]

Let's imagine that you, like the MM poster* suddenly make $150K more than you used to. Unlike the MM poster you aren't interested in going to jail Wesley Snipes style and anticipate paying taxes. Given that you can live happily without the money, let's guess that you already have a household income so that 150K is being paid at the marginal rate. Let's say you have 95K left after taxes. Like the MM poster, you also anticipate an extra 50K/year in expenses. So that leaves about 45K/year left.  

How would you spend/invest the 45K/year?

* as portrayed in the ML thread.

[cbwm1]

My first priority would be to pay off CC (not a lot) and student loan (a lot) debt.

That would probably take about a year, and then we'd get a bigger house (but not obscenely expensive...I don't want to be house poor), and ramp up savings for retirement.

[Kristinmo]

The first year I would sepnd it all on selfish things- new furniture and some other projects around the house. Maybe upgrade my e-ring.

After that I would save half and spend half.

[zoomzoom]

Pay off some of our mortgage then invest the rest in long term stock holdings.

[Deleted]

The most *fun* way I can think of to spend the money is to use it as a down payment for a lakeside cottage.

[Deleted]

I'd just KOKO with my normal life and save/invest like anybody who has such money (i.e., throw it into mutual funds, etc.).

This is why that thread was so annoying.

The answer is not difficult.

[karmasabiotch]

mortgage and students loans

Fun way would be a Disney Cruise with my DS and my sister and her youngest son

[schitzengiggles]

Pay off debt - CC, car, mortgage, student loans.
Buy new furniture for the whole house
Set ourselves a bigger "fun money" and "vacation" budget.
Invest the rest.

[CrazyLucky]

I would fully fund the kids' college funds, donate a lot more, and help my parents. I'm not really into flashy cars, and I like my house. But I guess I might move to a neighborhood with more things going on. Oh, and I would travel a bit. Does the huge raise also include extra vacation time? I'd need extra vacation time to spend the extra cash.

[wysiwyg]

I'd pay off both my student loans and my fiance's student loans the first year, the extra would be emergency money.

The second year I would set aside money to complete school, since I'd have the time and funds to go an extra year to get in all the programming classes that are offered for my major. I would set aside fund for a house, plus some for emergency money.

The third year I'd use what I'd saved the previous year and some from the current year to place a down payment on a construction loan for the house. The rest is emergency money, plus some would be used to start a good college fund for X.

In the fourth year, I'd pile up all the money and roll around in it.

[bcv513]

I would buy a house.

[rex]

pay off all of my student loans and part of h's. the next year would take care of the rest of his. then sweet, sweet freedom with lots of invested money.

[eddy]

In the first year we could knock out H's SL and then pad our savings to where it needs to be for an emergency fund.

That would be cool.

[circa1978]

Our mortgage is our only debt and has a very low interest rate, so invest, invest, invest. I'm boring.

[Deleted]

I would pay off my student loans and put the rest towards a DP on a new home.

[TC]

Over the course of a few years, pay off student loans (not a lot), set a portion aside for a down payment on a house, get a breast reduction/lift, take a couple great vacations, put the rest towards retirement because H going back to school has set us behind.

[kristinschmistin]

If I still had debt (student loans) I would pay it off, but my remaining balance isn't that much. So... I would buy a second house in the thousand islands next to my parents house.


Actually, I'd probably build. First, buy the land, or pay my parents to parcel theirs. That way we could work on it little by little every year. One year do the foundation and structure, frame, electricity and running water. Then next year, do the kitchen. After that, hardwoods throughout. Etc. Little by little. It's kind of a tradition in our family to build a house like that and my dream to do that like my dad, uncle, and grandpa did.

[05heel]

Costco run!

[lilafowler]

Put a down payment on a house.

[kristie]

Retirement funds, college funds, savings, would probably pay off cars because of higher interest rates. But if I made that much money, I probably would have paid for my cars in cash.

I have student loans and a mortgage. I have read that with low interest rates it is a better investment to put your money in other places vs paying these down. I don't know if that is true. When I get rich I will ask someone who knows about these things. I am money dumb.

[trixiedicksnatch]

I'd pay off my student loans ASAP and then hire @misoangry to tell me what to do with the rest.

[calledout]

I was wondering when someone was going to point out the taxes thing:))

I would have my cleaning lady come twice a week and also add on ironing. I feel like my life would be improved if I had an ironing lady.

Then, once I was satisfied with levels of savings, debt, etc., I'd maybe start looking at a vacation property. Either a fractional ownership deal in the caribe or else a lakefront home near me.

[lilafowler]

Oh wait-per year? Besides dancing with joy I'd pay off the remainder of our student loans, max my 401k and IRA contributions and sock money into a college fund for the kid.

[iamali]

Invest it so I could retire young and ride ponies and try on diamond shoes all day.

[Deleted]

I guess I wouldn't do anything. I'd just continue on with my normal life.

[litebright]

A ton of therapy for my DD1. Music therapy, art therapy, animals/horse-back riding, social skills, you name it. Anything that sounded neat and fun and worth trying.

Anything left over would go to vacations, home improvements and college funds.

[Saint Monica]

I would save it until I had enough to pay off my student loan and hire a chorus to deliver my check to the SL company whilst singing the southpark unclefucker song followed by the hallelujah chorus.

[emjacobs]

Max out my 401k
Buy a new car

[cookies]

We live pretty simply (cheaply) now so that we can be all responsible and save, so I admit it'd be nice to have lots of extra money floating around. I'd upgrade (or update) our house a little, travel more/better, eat out more (at nicer restaurants, not Panera), then invest the rest.

[Deleted]

Just save/invest it. I'm boring.