coming in to extra money

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godblessourhome
godblessourhome Posts: 3,892 Member
in Chit-Chat
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?
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Replies

  • alex215
    alex215 Posts: 518 Member
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    pay off any debt and invest the rest.
  • shovav91
    shovav91 Posts: 2,335 Member
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    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
    hazelnut861 Posts: 390 Member
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    Pay off any debt, fix any immediate home repairs, college funds, retirement.
  • nuttynat11834
    nuttynat11834 Posts: 15
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    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
    Pocket_Pixi Posts: 1,167 Member
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    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
    dorairwin Posts: 210
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    Wow thats nice !!
    Pay off any debt, fix any immediate home repairs, invest, and take a nice vacation :laugh:
  • courtclerkkris
    courtclerkkris Posts: 173 Member
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    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
    dorairwin Posts: 210
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    I would put it in a CD . what is a CD ? :smile:
  • Tuffjourney
    Tuffjourney Posts: 971
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    I am a party pooper. I would save it. :ohwell:
  • bry_all01
    bry_all01 Posts: 3,100 Member
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    flaunt it on MFP.
  • ArroganceInStep
    ArroganceInStep Posts: 6,239 Member
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    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
    Shweedog Posts: 883 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!
  • glockster972
    glockster972 Posts: 704 Member
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    Give to someone who needs it worse than I do.

    There are plenty that do.
  • capriciousmoon
    capriciousmoon Posts: 1,263 Member
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    Use it to get myself moved into my own apartment... can't stand where I'm at now.
  • sjtreely
    sjtreely Posts: 1,014 Member
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    I can send you my address in a private message. You know ... just in case you wanna send the leftovers to me.
  • kristilovescake
    kristilovescake Posts: 669 Member
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    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
    HeidiMightyRawr Posts: 3,343 Member
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    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
    p0pr0cksnc0ke Posts: 1,283 Member
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    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
    tomomatic Posts: 1,794 Member
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    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
    pain_is_weakness Posts: 798 Member
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    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?

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