Foo - Came into some $$...

Enough to do one of the following:

-retire some of the student loans
-pay off one of the vehicles
-buy a car for the college bound teen (or more likely, another one for us and she "inherits" the car we already own)
-put a dent in the consumer debt that has been racked up over the years
-go stimulate the economy
-travel to a foreign country

Discuss

Priority one: pay off the debt.

Priority one: pay off the debt.

Correct.

Priority one: pay off the debt.

+1...

And of course the one with the highest interest rate gets paid off first.

Did we win the lottery or the lawsuit? Or better - your mean old uncle that used to pinch your ear died and left you a fortune. None of my business but you started this.

Congratulations. Nothing feels as good as getting out of debt. Except watching an enemy die of course.

Priority one: buy a new bike

fixed

Why are you putting such a low priority on your debt?

Here is my advice:


Pay off debts
Buy one expensive thing. Ideally, it would be something you would have needed to buy in the next few years anyway.
Invest the rest in either something for future college expenses OR retirement. Also divert the moneys that were earmarked for debt reduction in this area.

f the debt -

71 Hemi Cuda

Why are you putting such a low priority on your debt?

Isn't retiring student loans and paying off one of the vehicles considered getting rid of debt?

Enough to:

-retire all of the student loans
-pay off both of the vehicles
-give one of the already paid off vehicles to the college bound teen
-pay off the consumer debt that has been racked up over the years
-travel to a foreign country if I have the extra cash left over
-live debt free if I have sense enough not to get back in debt

Discuss


FIFY :thumb:

Since I have gotten a modest amount of money from my mother's estate, I've paid off my credit card debt and I've bought myself a couple of new toys - new semi-hollow body fusion guitar (in the avatar) and a new amp (Fender Hot Rod Deluxe, not in the avatar). I could pay off my car... but I may be trading it for a newer model (2010 Civic vs. the 2008 Civic I have now). Nothing wrong with the car, but I like having a newer car :)

Had to edit the OP.

To redirekib- Don't think I would have enough for the Cuda. And even if I did, the wife would rather have either a '65 Mustang or a Silver Anniversary 'Vette.

Pay down on debt.

pay off the debt with the highest associated cost.

aave a bit for a guilty pleasure. Nice diinner with the wife, something like that.

"no1mad" I'd be making plans for extended world travel.

I forgot to remind you not to invest in Crystal Meth.

Take a small amount aside to enjoy, and start getting rid of the debt.

Isn't retiring student loans and paying off one of the vehicles considered getting rid of debt?

Sure. But when someone has student loans, car loans and consumer debt, I would have thought paying off the loans would be a stronger priority, especially after the lessons learned from the economic downturn. Paying off debt may not give you the same instant gratification that a fun purchase or a trip will provide, however being debt-free is a very stress-free feeling which pays dividend for the long term. From most of the advice posted here, it looks like most people agree.

what a bunch of stiffs you all are!

screw the debt. go buy a bicycle.

screw the debt. go buy a bicycle.

But if he pays off the debt, he'll save loads of cash. This means he'll have much more $$ for bike schwag later. Gotta keep the eye on the prize.

when you blow this money on a bike, make sure you spend every penny on the most outrageously expensive bike that takes up all this money.

But if he pays off the debt, he'll save loads of cash. This means he'll have much more $$ for bike schwag later. Gotta keep the eye on the prize.
^^Yep.

Pay off the student loans last; you get to take a tax deduction from the interest you pay. And obviously, pay off the consumer debt with the highest interest rate first.

Agreed on getting rid of the debt! I can't imagine having that h anging over my head.

90% debt, 10% fun stuff.

Been through this 2x -- once with my mom's inheritance:

new fridge, new desktops for self & sister's hub, new bike parts for me & new bike for daughter (5 at the time), new bedding for all 9 of us (including 2 sets of bunks), and a few odds and ends for the household. One late mortgage payment made up.

Again with the 401k & profit sharing from 12+ years on the job:

caught up massive arrears on the mortgage & utilities, paid off personal loans, new laptop, new bike (still have it & ride it daily!), clothes for me & the little ones, a month's worth of groceries.

(In case you're wondering, cashing the the 401/PS was the only thing that kept 10 of us from being homeless at the time. Things have gotten a little better, thanks.)

Funny story: three months ago, a collection agency handling a debt offered me a settlement of $25 on a $300 debt, just to clear it; I paid the $25. Two days ago, they tried again on the same account. They got a nastygram.

Priority 1: Pay off "expensive " debt like credit cards. cheap debt like low interest mortgages (or if you have low interest school loans) you can keep.
Priority 1a: Build at least 3 and preferably 6 months of living expenses if you do not have that already. I list it as 1a because if you don't have at least 3 months saved, this should be priority 1.
Priority 2: Put some away in a "retirement account" as that is "protected" money in case of financial bankrupcy for any reason

pay off the debt with the highest associated cost.

That's what I would do also.

Or you could send it to me. I'll invest for you and get you a guaranteed 40% per annum return, minimum. PM me and I'll give you an address to send the money order. I'll have you on easy street in no time.

what a bunch of stiffs you all are!

screw the debt. go buy a bicycle.

Great advice, you'll need a great bike to haul the aluminum cans you'll have to collect to pay of your debt! :thumb:

Depending on how much you came into, I suggest you buy a house in a low income area that will bring in a decent amount of annual revenue. Take the rent to pay property taxes and lower your debt. If you use all of the money to pay off debt you may not be doing yourself justice because you will just incur more in the near future. Having a rent check will help to lower your amount of debt because you will be living on a "fixed income."

I'll fess up now. The windfall did not come from someone's death, the lottery, casino jackpot, or lawsuit. Merely the tax refund (though it's the biggest refund I've ever seen). More than 5k, but less than 10. Wife transferred 3/4 of it into the savings account after I told her the funds had hit. I might be able to talk her out of enough for a new gas weed eater, as the electric one won't handle this new yard. Beyond that, the plan is have both parties approve of any large expenditures. Meaning that neither of us is to touch that money without the others knowledge/approval.

I'll fess up now. The windfall did not come from someone's death, the lottery, casino jackpot, or lawsuit. Merely the tax refund (though it's the biggest refund I've ever seen). More than 5k, but less than 10. Wife transferred 3/4 of it into the savings account after I told her the funds had hit. I might be able to talk her out of enough for a new gas weed eater, as the electric one won't handle this new yard. Beyond that, the plan is have both parties approve of any large expenditures. Meaning that neither of us is to touch that money without the others knowledge/approval.

The tax refund is your money; you're loaning it to the government without receiving any interest payments. You should be able change the number exemptions so that you don't get any refund at the end of the year. That way you'll get an extra $500 a month to pay down debt and pay less interest.

I forgot to remind you not to invest in Crystal Meth.

NOW you tell us! :notamused:

The tax refund is your money; you're loaning it to the government without receiving any interest payments. You should be able change the number exemptions so that you don't get any refund at the end of the year. That way you'll get an extra $500 a month to pay down debt and pay less interest.Absolutely, and I might add you're lucky you got it, from what I hear, many state governments are going to hold back on paying them this year because of their poor fiscal state - of course you won't get any penalties or interest back on your forced loan to them!

Do the worksheet that comes with your W-4 and get your money in your paycheck neach week, don't let them use your money interest free all year!

Pay off debts. Then spend a bunch of money on stuff you don't need.

Pay off debt, then if there is anything left, invest it. Buy toys when you are rich, unless you want to stay a debt slave for life.

Pay off debt, then if there is anything left, invest it. Buy toys when you are rich, unless you want to stay a debt slave for life.

in what?

in what?

Resources is my choice - but that requires some serious $$. But there are surely something out there that you can invest in. You can always buy used shwag off roadies and resell it back to them...

Resources is my choice - but that requires some serious $$. But there are surely something out there that you can invest in. You can always buy used shwag off roadies and resell it back to them...

now that is understanding the market. roadies are well known for their stupidity and obsession with the fanciest stuff no matter how old and abused, just so they can say look at my dura achee. i saved 4 grammes. worth every penny.

Get rid of debt, or buy gold before the dollar goes to the basement.