Inheritance WWYD?

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Breen31806's picture
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Inheritance WWYD?

If a loved one of yours passed away suddenly and you got some money from a life insurance policy what would you do with it? Would you save it, pay off debt, go on a trip, invest it?
. I got a decent amoutn of money from dads life insurance and we have a plan but I wonder what others would do.

ange84's picture
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I would put it towards paying off my house I think.

alwayssmile's picture
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Throw it in savings (we have no debt) so it can be used towards getting DH a new car and then a house downpayment (assuming we ever stay in one place longer than the blink of an eye).

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My mom passed when I was 21. At the time investing it made the most sense (2001). Over the years I have used little bits of the money to help pay for our wedding and down payment for our house. Right now I look it as retirement money.

If I inherited money now, I'd put it towards student loans, then get a new boiler and windows for our house. After that, save or invest if there was any left.

What are you planning on doing with the money???

Breen31806's picture
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"tink9702" wrote:

My mom passed when I was 21. At the time investing it made the most sense (2001). Over the years I have used little bits of the money to help pay for our wedding and down payment for our house. Right now I look it as retirement money.

If I inherited money now, I'd put it towards student loans, then get a new boiler and windows for our house. After that, save or invest if there was any left.

What are you planning on doing with the money???

As of right now we are putting some in a college fund for our newest addition since college was so important to my dad, taking a trip that my dad and I were planning on taking in March, my husband will play TPC to put some of my dad's ashes on the 9th hole where he volunteered every year for the last like 10yrs. And then pay off as much debt as we can.

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I think it would really depend on the amount. If we were talking $10,000 I'd probably put some in savings and maybe take the kids on a trip to disney or something. At this point for us, that amount wouldn't pay anything off for us, it could take a chunk off of my student loan though, so that would be another option...

If it were $100,000 I'd pay off my student loan and our vehicles, put $10,000 in an account of some sort for each kid for college, some to savings, and the trip to disney:)

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Hmmm....that is a hard one. I don't know if I would use it to pay off debt or invest it. It would be nice to invest it and know that that person had a part in helping our retirement fund. A family trip would also be nice because you would have those memories forever.

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Depending on how much it is we would do a bit of everything. Buy something's we want, pay of some of our mortgage and hopefully convince Dh to go on a family big vacation. We do not have any debt, other then the house, and have started saving for the kids colleges and our retirement. So the mortgage is our next thing to tackle.

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"Breen31806" wrote:

As of right now we are putting some in a college fund for our newest addition since college was so important to my dad, taking a trip that my dad and I were planning on taking in March, my husband will play TPC to put some of my dad's ashes on the 9th hole where he volunteered every year for the last like 10yrs. And then pay off as much debt as we can.

I like your plan! I love that everything you're doing with the money seems to consider what your dad would have wanted.

I think I would probably use it to pay off debt, which would in turn allow us to invest more than we already do and put more in the kid's college accounts.

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Right now we would probably put it toward renovations on our house (we bought a fixer-upper about a year ago, and it is a work in progress). The only debt we have is our mortgage, so if the renovations were done we would probably put some toward the mortgage and some in savings.

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We got $10,000 from the sale of my father's house. Coincidently, our furnace dies the next week. The timing was good.

If I got another lump sum, I would pay down our mortgage with it, or pay off our van.