Comments on: What would you do with $10,000?

By: mike

mike — Tue, 28 Aug 2007 03:13:23 +0000

I would go to Thailand. Actually, it’s only because I’m already planning to take my family there for vacation in a few months. If that trip were off the table, I’d put it into the account I already have set up (money market and a few short term CDs) for our future first home’s down payment.

By: ZINTRADI

ZINTRADI — Fri, 24 Aug 2007 15:06:02 +0000

Pay off the window loan on our house… or better yet pay off the balance on my wifes car.

what no desire for Sweeeeet arbitrage?

By: LeftonRed

LeftonRed — Fri, 24 Aug 2007 12:05:58 +0000

Put a little in the business and put the rest in an emergency savings. Survival is your number 1 priority right now. Your credit is smashed anyway correct? Look out for yourself a little. You still have time to decide whether or not to file bankruptcy.

By: ncsu95

ncsu95 — Fri, 24 Aug 2007 05:20:44 +0000

If $10k would keep you from filing bankruptcy, you shouldn’t file bankruptcy. You can work out settlements without the $10k.

By: louise

louise — Thu, 23 Aug 2007 21:05:22 +0000

I would pay if off debt. Any unexpected income is a great way to pay extra off debt and $10,000 would make a difference to the principle on one of the loans, so the savings would actually be more than $10,000 once you work out the interest saved. by the way you are doing great, I really admire your attitude.

By: Eileen

Eileen — Thu, 23 Aug 2007 16:27:04 +0000

Right now I’d stick it into my HSBC savings for use as a down payment on a condo/duplex/house in January. If I had a house already I’d do a tour of either Europe or SE Asia.

By: Eric

Eric — Thu, 23 Aug 2007 15:28:33 +0000

Pay off my student loans!

By: Jim

Jim — Thu, 23 Aug 2007 15:02:47 +0000

Pay off debt. If 10k falls in your lap and you have debt, why not put it towards the debt? I don’t think it’s wise to save or invest 10k if you have debt, because you wouldn’t borrow money to invest it. Pay off debt.

By: sgrey

sgrey — Thu, 23 Aug 2007 14:27:19 +0000

I’d put it toward expanding our emergency savings account. There’s money in there now in case my wife or I lost our job, but it needs to be bigger. Right now it would only carry us through one month before we’d have to start running up the credit cards. Ideally I’d like it to be three or six months’ worth.

By: Nicole

Nicole — Thu, 23 Aug 2007 13:56:39 +0000

Why not apply $10,000 to your debt and thus be $10,000 closer to paying it off? I guess I don’t understand the concept of doing anything else with it – you’re hemorrhaging, use any windfall to plug the holes so you can get to the place where you control your own money. I’m sorry, but even thinking about sticking that money into a savings account strikes me as a bit selfish and unethical – unless you don’t have an emergency account. Then I guess I’d put it in my emergency account so I didn’t have to fall back on credit in an emergency…

Hmmmmmm. With $10,000 right at this moment I would probably pay off the last $1100 left on my car (my last debt besides my mortgage, Yay!) and put the rest towards the larger car we’re going to have to buy to fit the number of kids we’ll have come March. Otherwise I’d stick it in savings until I knew what to do with it. In my days of focusing on debt I would have joyously made a large debt payment.