coming in to extra money

godblessourhome

my brother and hubby bought a house this summer to fix and flip. it was on the market for two hours and we received a full-price offer. the closing was this morning! it has officially sold and we made a profit! whoo-hoo!!!

i am excited! part of the money will go into another house to fix and flip, a tithe to our church and towards taxes, but now i get to start dreaming of what to spend our portion of the extra money on. i would like to fix up a couple things around the house, buy a new king bed, buy a large fully-grown tree for the front yard, put aside some money for adoption and take a trip to italy with my hubby and boys. we'll probably only do one of those things, lol, but it's nice to dream.

what would you do with some extra cash?

alex215

pay off any debt and invest the rest.

shovav91

That's fantastic!! I'm thrilled for you!
Honestly, I'm a saver. I would put it in a CD or something that would earn some interest. Again, sincere congrats. I know in hard economic times like this, everyone is really spread thin. I'm happy you've had some of that stress relieved.

hazelnut861

Pay off any debt, fix any immediate home repairs, college funds, retirement.

nuttynat11834

I probably would buy all the cookie dough ice cream in the world!( I LOVE cookie dough:) Actually, I would just be happy to know that I have some extra cash. Congrats on making your profit!

Pocket_Pixi

Very exciting, I would probably just put it away for a rainy day, and keep a bit out to get my Wizard of Oz Tattoo.

dorairwin

Wow thats nice !!
Pay off any debt, fix any immediate home repairs, invest, and take a nice vacation :laugh:

courtclerkkris

Help my step daughter fight for more than 49% custody of her little boy!!! Because she doesn't have him at least 50% of the time she doesn't get child support nor does she get any state aid. Really tough situation. We have helped her as much as we can but are working to make ends meet on our end too.
Not having money has really made it tough for her and her parental rights.
Makes my heart break.

dorairwin

I would put it in a CD . what is a CD ?

Tuffjourney

I am a party pooper. I would save it. :ohwell:

bry_all01

flaunt it on MFP.

ArroganceInStep

Go to a nice dinner to celebrate
Pay off debt
Build or start a stock portfolio
Increase savings for emergencies
Save for retirement

In that order.

Shweedog

Savings! It is wise to have 6 months of household salary put in the bank just in case unemployment finds you. That's what the hubby and I are working towards! But that's like $35,000 to try and save. Uggghhh! I feel like we will never get there. Lol!

glockster972

Give to someone who needs it worse than I do.

There are plenty that do.

capriciousmoon

Use it to get myself moved into my own apartment... can't stand where I'm at now.

sjtreely

I can send you my address in a private message. You know ... just in case you wanna send the leftovers to me.

kristilovescake

I would pay off some of my student loan debt (and/or car loan and/or mortgage... sigh) and put a big chunk into savings. Booorrrringggg.

HeidiMightyRawr

1) Buy myself a car (learning to drive at the moment)
2) Put the rest in savings, towards a deposit on buying a house.

p0pr0cksnc0ke

Jeez. Considering that we are down to our last couple bucks and don't get paid until Friday, I would say we would be set for quite a while on 15-20k. :indifferent:

tomomatic

On the debt part: Only pay down the debt if the interest is high. Why pay off a loan with 1-2% interest when you can make more than that in some other investment.

Don't forget that the interest on your mortgage is tax deductible and paying off some of the principal does not help the monthly bottom line unless you re-ammortize the loan. IF you can refinance at a lower rate, then that would be a better investment. Talk to a financial advisor and see what the break even point is.

I know it's pretty optimistic of me to say this, but when the economy is down, you get the the best bargains in the stock market. There are plenty of good mutual funds to invest in.

pain_is_weakness

nothing, I am a saver when i have control over my finances, join banking sometimes doesn't help that.

I never finance anytihng, if I drive an old car for years before buying a new one I do it, but when i buy something like a house or car I don't owe anyone. I would just put it aside to pay for sometihng in full that you would like in the future, maybe investing some of it and then paying off debt or home loans?

pain_is_weakness

Savings! It is wise to have 6 months of household salary put in the bank just in case unemployment finds you. That's what the hubby and I are working towards! But that's like $35,000 to try and save. Uggghhh! I feel like we will never get there. Lol!

agreed!

auntdeedee87

My boyfriend just inherited 25k last week-- We've been having similar conversations all week!

He's gonna pay off about 4k in debt, invest 10-12k, and buy himself a new guitar and possibly a new gun. There's talk of a shopping spree for his wonderful girlfriend as well.

Hearts_2015

I don't have any suggestions for what to buy as it's the little things in life that excite me!:blushing: :laugh: Oh say I get paid on Thurs... which I do...I can't even tell you how excited I am to be able to buy a new watch battery, a 3 way light bulb to replace the one driving me crazy in the LR with only one setting. Bwwwhahah

SEE! I'm pretty easy to please..oh and I'm looking to get my first HRM on payday as well.

So I think since it's a larger sum of money than things I'm in need of at the moment you should think it through and most definitely reward you and the family with something for all that hard work you've put into that house! I'm excited for you, sure the money is nice but I'm excited that you enjoy doing projects like that and sounds like you and your Brother are a good team together!

Here's to finding the next house to work on together!:flowerforyou:

I do understand though how hard it would be to decide what to purchase.. so many choices! I'm not great at buying pricey things for myself (see above!:blushing: :laugh: :laugh: ) but something for the house would be nice and something you all could see and enjoy together sounds lovely.

I may be just as excited as you for your endeavor because I'm just so proud of you finding a talent and running with it Hon!:drinker:

riskqueen

Congrats on the successful flip!! I inherited some money about 10 years ago and if I do again, there are some things I would do differently. 1. I wouldn't invest in stocks. We got a higher return in CD's/Savings over the years than making up for stock losses. To me, it's just like playing the slots. We had a qualified broker, researched historical growth and you still can't predict what will happen. It's too stressful. 2. I wouldn't pay off our cars. They depreciate so fast and one was totaled. The amount we saved monthly didn't make up for the lump sum pay off. Those are probably the only do-overs I would take. We started saving lots more when we got my inheritance. I think it made us think about retirement and how we don't want to work forever and now we save all of my income and max out our 401ks. My hubby and I are very conservative with our $$$ and most people think we're crazy but we live our lives now and also plan for the future. Best of luck to you!!!

godblessourhome

flaunt it on MFP.

i apologize if that seems like what i am doing. that was not my intent.

i am happy that we got the house sold! the worry of things going well was stressing me out. when my brother called me and said it sold, i had no one to share the news with (we haven't shared what we are doing with our real life friends, my hubby is out of town on a job and my brother and his wife live in a different state), so i thought i'd ask a question on here what other people would do with the money. i didn't mean to brag.

auntdeedee87

flaunt it on MFP.

i apologize if that seems like what i am doing. that was not my intent.

i am happy that we got the house sold! the worry of things going well was stressing me out. when my brother called me and said it sold, i had no one to share the news with (we haven't shared what we are doing with our real life friends, my hubby is out of town on a job and my brother and his wife live in a different state), so i thought i'd ask a question on here what other people would do with the money. i didn't mean to brag.

I don't think that was a jab at you.

And if it was, oh well. Enjoy your happy moment!

godblessourhome

I may be just as excited as you for your endeavor because I'm just so proud of you finding a talent and running with it Hon!:drinker:

wow! thank you for that!!!

Hearts_2015

flaunt it on MFP.

:laugh: You're not only cute but funny too!

When I buy my watch battery and 3 way light bulb on payday this week... hell that's what I'm gonna DO!:laugh: :smokin:

godblessourhome

Congrats on the successful flip!! I inherited some money about 10 years ago and if I do again, there are some things I would do differently. 1. I wouldn't invest in stocks. We got a higher return in CD's/Savings over the years than making up for stock losses. To me, it's just like playing the slots. We had a qualified broker, researched historical growth and you still can't predict what will happen. It's too stressful. 2. I wouldn't pay off our cars. They depreciate so fast and one was totaled. The amount we saved monthly didn't make up for the lump sum pay off. Those are probably the only do-overs I would take. We started saving lots more when we got my inheritance. I think it made us think about retirement and how we don't want to work forever and now we save all of my income and max out our 401ks. My hubby and I are very conservative with our $$$ and most people think we're crazy but we live our lives now and also plan for the future. Best of luck to you!!!

very good advice. thanks! our original investment for the house came from the money from my dad's life insurance policy. it was very hard spending the money, but i think he'd be proud of what we did.

Hearts_2015

I may be just as excited as you for your endeavor because I'm just so proud of you finding a talent and running with it Hon!:drinker:

wow! thank you for that!!!

Oh and I didn't take what Bry said as a jab, or at least my interpretation... so my response was merely smiling thinking that's what I'll do when I buy my light bulb/battery. :blushing: :bigsmile:

So my part wasn't intended as anything other than taking it that she posted that in humor. :flowerforyou: I certainly didn't take it any other way than you shared.. Excitement for having done a cool Summer project and got a great payback in it in so many ways. Have fun dreaming of what you'd like to do with it.:flowerforyou:

Congrats on the successful flip!! I inherited some money about 10 years ago and if I do again, there are some things I would do differently. 1. I wouldn't invest in stocks. We got a higher return in CD's/Savings over the years than making up for stock losses. To me, it's just like playing the slots. We had a qualified broker, researched historical growth and you still can't predict what will happen. It's too stressful. 2. I wouldn't pay off our cars. They depreciate so fast and one was totaled. The amount we saved monthly didn't make up for the lump sum pay off. Those are probably the only do-overs I would take. We started saving lots more when we got my inheritance. I think it made us think about retirement and how we don't want to work forever and now we save all of my income and max out our 401ks. My hubby and I are very conservative with our $$$ and most people think we're crazy but we live our lives now and also plan for the future. Best of luck to you!!!

very good advice. thanks! our original investment for the house came from the money from my dad's life insurance policy. it was very hard spending the money, but i think he'd be proud of what we did.

Awww... I really think He would be Hon!! That was a wise investment you took upon yourself, and yes, I'm sure it was a tough decision but sounds like you made one He'd be proud of.