coming in to extra money

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  • pain_is_weakness
    pain_is_weakness Posts: 798 Member
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    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
    auntdeedee87 Posts: 706 Member
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    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
    Hearts_2015 Posts: 12,031 Member
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    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: :tongue: ) 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: :wink:
  • riskqueen
    riskqueen Posts: 17
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    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
    godblessourhome Posts: 3,892 Member
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    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
    auntdeedee87 Posts: 706 Member
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    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
    godblessourhome Posts: 3,892 Member
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    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: :wink:

    wow! thank you for that!!!
  • Hearts_2015
    Hearts_2015 Posts: 12,031 Member
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    flaunt it on MFP.
    :laugh: You're not only cute but funny too!:wink::tongue:

    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
    godblessourhome Posts: 3,892 Member
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    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
    Hearts_2015 Posts: 12,031 Member
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    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: :wink:

    wow! thank you for that!!!
    :heart: 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. :heart:
  • godblessourhome
    godblessourhome Posts: 3,892 Member
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    thanks heartsdesire and auntdeedee, i wasn't sure if it was directed at me or not and i wouldn't want to come across that way. :)
  • proudmommylmb
    proudmommylmb Posts: 39 Member
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    Well, for me I would take out a home loan to purchase a property to fix n flip and then take the rest of the money and transfer it to a bank account in a Turkish bank CD....CD accounts in Turkey have 16%-18% yearly return on your money. You would then pay off your loan by the interest from the CD in the turkish bank, fix up the new property with the interest, and go shopping with the interest. After maybe 3 years take your money back out and then continue on.

    That's what we've done before and the return for us on certain properties has been tremendous as well as having our money saved as is. Some cases we had 1800% return investing in property abroad.
  • Grokette
    Grokette Posts: 3,330 Member
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    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?

    I know I am not going to have the popular answer here, but................

    Me, personally................I would not be planning on spending a dime. If my husband and brother bought the house, did the work and then sold it - then after all the obligations are taken care of the rest is HIS money. He is the one that worked for it. If he so chose to share and either give me some of the money or said we were going to use part of the money for something for the house or family then so be it...............if not, that is HIS money you are pre-spending.

    I run a part time business and the money I make from said business is not shared with my husband. My full time job goes to our household, savings, etc. The part time job is MINE, all MINE unless I decide to share.
  • godblessourhome
    godblessourhome Posts: 3,892 Member
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    I know I am not going to have the popular answer here, but................

    Me, personally................I would not be planning on spending a dime. If my husband and brother bought the house, did the work and then sold it - then after all the obligations are taken care of the rest is HIS money. He is the one that worked for it. If he so chose to share and either give me some of the money or said we were going to use part of the money for something for the house or family then so be it...............if not, that is HIS money you are pre-spending.

    I run a part time business and the money I make from said business is not shared with my husband. My full time job goes to our household, savings, etc. The part time job is MINE, all MINE unless I decide to share.

    what is mine is hubby's and what is hubby's is mine. the house was bought with money i received as an inheritance when my dad died. i say my hubby and brother bought it because they had the idea and put the work into it. they made all the decisions. but the initial funding came from me and we will spend the money from this house together. there is no 'his' money or 'my' money; it's always 'ours'.
  • ladybg81
    ladybg81 Posts: 1,553 Member
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    Take a certain percentage and save and pay off debt with the rest

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