What would you do with a windfall?

[s/LaSH]

Buy software, buy anything I really want (really, really want I've already got) in the way of games and magazines (I desire that New Scientist subscription), maybe get a better processor for my computer (hey, it runs Doom3 fine, I have NOTHING to complain about). Then save the rest, maybe feed some to my friend's investment scheme. I paid off all my debts years ago... except the 'we raised you from an infant' debt, which I'll just pass on to my kids.

I'm fairly content, actually...

 

[diaglo]

donate it to a charity of my choice.

 

[Nellisir]

$50K? Finish renovating this house, and buy my wife's new minivan. And hire an artist to illustrate my pdf.

$25 million?

Laugh maniacly, jump around alot, run off and bust my wife out of work, get a lawyer (for money issues, not a divorce or something), pay off a few family debts, and start looking for my perfect home. And hire an artist to illustrate my pdf.

Cheers
Nell.

 

[reanjr]

Say, oh, $50k dropped in your lap. Free & clear, no strings. What would you do?

Pay off debt. Buy a cheap car. Unfortunately, I'd now be in debt again from the car. But alot less than before.

 

[Thornir Alekeg]

$50K:

Pay off the credit cards, put some away for the kids education, spend about $500 frivolously (some gaming books for me, some stuff my wife wants, few new toys for the kids), save the rest for a down payment on the next house.

$25 million:

Give a large chunk to my parents and my wife's parents, invest most of it, buy a new house, provide start-up funding for my friend's dream of a gaming store (I'll be a silent partner and get gaming stuff wholesale), go to work for a charitable organization such as Habitat for Humanity, and hopefully find more time to game - but money cannot buy time, so that probably won't happen.

 

[mythusmage]

$50,000.00: I'm in an odd position. According to Federal law I can only have $2,000.00 in liquid assets. That is, savings. I have to dispose of the rest of it. so..

Pay off debts. Get a new Macintosh (a dual processor G5 with all the accessories would be nice). A new TV, new stereo, new furniture. A rebuilt kitchen would be nice. As would a redone bathroom. Plus books, CDs, DVDs and cable internet.

And get a publishing biz going. PDF of course.

$25,000,000.00: With this amount of money I most certainly wouldn't be eligible for SSI, so...

Pay off debts. Get a new apartment. Equip said apartment to the max. Set up an annuity of $50,000.00 (adjusted for inflation). Invest in bearer bonds and mutual funds. And a publishing house of course.

$1,000,000,000.00: Let's get outrageous. What would you do with a billion? I would...

Step One: Build the city of San Diego a new library. A private, fee based library with tons of neat stuff. In a multi-use building with ground floor businesses, apartments, and child care. Covering four city blocks and rising up about 20 stories. Tons of parking too. The library would have its own publishing arm, and I would have a private apartment in the physical plant.

Step Two: Find a sasquatch.

 

[der_kluge]

 

[Cthulhu's Librarian]

Finally pay off my student loans, pay off my car, and spend some fixing up some things that we need for the house-new stove, new carpet, and relandscape the yard. Put aside $1000 for fun money, and invest the rest.

 

[Hand of Evil]

I am so freaking anal that I have a speadsheet showing lottery money breakdown after taxes!

Mostly pay off bills. Being free of debts and having a fresh start, talk about being stress free, it is a second chance to do somethings differently, to manage my money better and avoid some traps.

 

[tarchon]

I'd say the wisdom of paying off debt depends entirely on the interest rate. Like, I'd have to be an stooge to pay off my 4.36% mortgage any sooner than I have to. You can make more than that with munis. Depends a little bit on the tax situation too. A $50K windfall can have some substantial tax implications, depending on how it fell. And don't forget the estimated tax payments.