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Old 03-13-10, 08:03 AM   #1
no1mad
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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
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Old 03-13-10, 08:09 AM   #2
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Priority one: pay off the debt.
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Old 03-13-10, 08:21 AM   #3
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Priority one: pay off the debt.
Correct.
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Old 03-13-10, 08:22 AM   #4
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Priority one: pay off the debt.
+1...

And of course the one with the highest interest rate gets paid off first.
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Old 03-13-10, 08:28 AM   #5
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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.
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Old 03-13-10, 09:00 AM   #6
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Priority one: buy a new bike
fixed
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Old 03-13-10, 09:05 AM   #7
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Why are you putting such a low priority on your debt?
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Old 03-13-10, 09:50 AM   #8
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Here is my advice:
  1. Pay off debts
  2. Buy one expensive thing. Ideally, it would be something you would have needed to buy in the next few years anyway.
  3. 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.
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Old 03-13-10, 09:54 AM   #9
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f the debt -

71 Hemi Cuda
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Old 03-13-10, 09:55 AM   #10
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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?
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Old 03-13-10, 10:08 AM   #11
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Originally Posted by no1mad View Post
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

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Old 03-13-10, 10:21 AM   #12
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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
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Old 03-13-10, 10:26 AM   #13
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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.
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Old 03-13-10, 10:27 AM   #14
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Pay down on debt.
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Some sort of pithy irrelevant one-liner should go here.
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Old 03-13-10, 10:27 AM   #15
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pay off the debt with the highest associated cost.
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 03-13-10, 10:27 AM   #16
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aave a bit for a guilty pleasure. Nice diinner with the wife, something like that.
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Phobias are for irrational fears. Fear of junk ripping badgers is perfectly rational. Those things are nasty.
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Old 03-13-10, 10:34 AM   #17
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"no1mad" I'd be making plans for extended world travel.
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Old 03-13-10, 11:18 AM   #18
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I forgot to remind you not to invest in Crystal Meth.
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Old 03-13-10, 11:35 AM   #19
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Take a small amount aside to enjoy, and start getting rid of the debt.
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Old 03-13-10, 12:03 PM   #20
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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.
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Old 03-13-10, 12:06 PM   #21
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what a bunch of stiffs you all are!

screw the debt. go buy a bicycle.
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Old 03-13-10, 12:10 PM   #22
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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 $$ for bike schwag later. Gotta keep the eye on the prize.
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Old 03-13-10, 12:21 PM   #23
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when you blow this money on a bike, make sure you spend every penny on the most outrageously expensive bike that takes up all this money.
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Old 03-13-10, 02:03 PM   #24
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But if he pays off the debt, he'll save loads of cash. This means he'll have much more $$ for bike schwag later. Gotta keep the eye on the prize.
^^Yep.
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Old 03-13-10, 07:42 PM   #25
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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.
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