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So Im getting a check...


HotCarl

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For $4,000. Its totally unexpected but apparently after my grandfather's death his house was sold and the profits to be split between his 4 children, long story short it trickle's down to me and each of my sibling's getting a check for about 4k, give or take. While this is great Im kinda wondering wtf am i gonna do with it? Most likely I'll just add it to my saving's account but if anyone has any advice (OTHER than spending it modifying a mustang!) feel free to chime in.

 

So far Ive thought about just saving it for a down payment on a house or add it to the emergency fund. Maybe buying a cheap car and selling my jetta so i wouldnt have a payment (not too keen on this plan though). Or starting a Roth IRA?

 

Oh and scotty, no im not spending it all on hooker's and blow, fyi.

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Depending on what your car payments are like, how much you owe on the car, you might be much better off selling the Jetta (assuming you're not under water) and buying come random car for the 4k. That frees up your car payment/month to put into savings, retirement, wherever you see fit.

 

Maybe put it into savings to pay down the car early.

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if the economy wasnt crap, i could probably think of a few things. i would say put it into an emergency fund, unless you feel like you have enough set aside already incase the shit hits the fan.

 

my whole life ive never been able to save money but everything thats been going on has kicked my ass into gear to set aside about 6-7k, which would cover about 4 months of bills. id like to have more though. never know what will happen, and i dont want to have to rely on credit cards to pay living expenses.

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It's only 4k. Do you have a 401k plan already? If not then you should start a Roth regardless of what you do with the money. By 25 you should be already saving for your retirement. Even if it's a few hundred here or there.

 

I do have a 401k and a pension plan through my company. I honestly thought about investing in a Roth IRA years ago just never got around to it, if im not mistaken the annual contribution is now at 6k so i wouldnt max it out by investing the whole amount but it would put a nice dent in it. Your right in the grand scheme of things 4k isnt neccessarily alot of money but its a chunk that could get something started.

 

As for the Jetta, its only a dd and its a nice, comfortable car but i dont like it. Ive been looking at buying a new car anyway but i just dont see investing this chunk of change into a depreciating liability when i can invest it in something that will actually gain value despite the fact it would free up a sizeable monthly bill for other use.

 

As for debt, im happy to say within the last year ive paid off my one and only cc bill considerably so thats not really an issue. And for the season tickets, if my work schedule wasnt so rediculous I would've already purchased them.

 

Im kinda surprised alot of people suggested an IRA. I was leaning more towards downpayment on a house.

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if the economy wasnt crap, i could probably think of a few things.

 

Because the economy is terrible now is the best time to invest.

 

In March, I bought thousands of shares of BofA and Citi. I made 400% in a few months. I've since bought GE, Dow Chemical, and CAT, all with wonderful results. Now is the time to buy.

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Guest tbutera2112
PMing you a list of parts i still need to finish my mustang....4k would be plenty to get it running, ill even let you keep $6.35 for a chipotle burrito...thanks broski
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Dont waste it whatever you do. I would use it for whatever you think your grandfather would want you to do with it.

 

+1000

 

 

my wife's grandfather wanted great-grandchildren. he passed before we could make it a reality. he left us a fair amount of money. we used it to help us have kids, and set the rest aside for college funds. all things he would have highly approved of. whatever you do, don't waste it.

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Because the economy is terrible now is the best time to invest.

 

In March, I bought thousands of shares of BofA and Citi. I made 400% in a few months. I've since bought GE, Dow Chemical, and CAT, all with wonderful results. Now is the time to buy.

 

 

+1 on Stock investment...I would even look into CSX, the shipping company. 4k can be made up easily in a 401 k but the big gains are in stocks right now.

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Because the economy is terrible now is the best time to invest.

 

In March, I bought thousands of shares of BofA and Citi. I made 400% in a few months. I've since bought GE, Dow Chemical, and CAT, all with wonderful results. Now is the time to buy.

 

The banks are still a great bargain for longer term. Actually pretty much anything is a bargain right now.

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yeah, investing would be another option, but it can be a little bit of a gamble

 

i just put about $1k into some stocks, just to see what i could do...holding about 6 different companies...but 2 of them are in banks (5/3 and BOA), which i expect to do well soon, and i plan on holding onto them for a few years.

 

wish i would have had money when everything crashed at the start of the year, but i instead used my money to buy a house and take advantage of super low rates (5.000%).

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