Okay I now I am putting the cart before the horse. I just like to plan ahead instead of looking back and saying I should have done that. The Story is if we sell the house for what the insurance value is then my share of the profit would be $38,719.20. We could get more but then we could get less. But better to plan lots of good things and make a few happen and be left with future saving goals then to not plan and to SPEND.
The amount referenced takes into effect the off the top deduction of money going to our sons college fund. See when I first went back to work after having our son my aunt babysat for us for FREE; the deal was we would use the money to save for our sons future, sons college, pay off our debt or save for a house down payment.
We had NO debt so we saved as much of the saved amount as we could part of it for our son and part for the house down payment. Once we got to the house closing we barrowed that money from our son since technically she did say house down payment.
Well now that the house is being sold and we are going to rent for a while, the first cut of the profits goes to repaying the Aunty Daycare saved $ into a college 529 account.
Then the remainder will be split between the husbter and I. My share should be $38,719.20.
I am planning:
$5000 Roth IRA Me
$6000 CD for Braces for SON
$5000 Money for 529 (want to pay in full now a 4yr community college cost then let ride until college so the gains are basically the cost of college increases)
$18,000 Emergency Fund
??? $4719.20 ???
If you were debt free and came across this Money how would you spend it.
What to do with $38,719.20
March 2nd, 2010 at 06:09 pm
March 2nd, 2010 at 07:25 pm 1267557948
I'd definitely look at what your long term goals are and see if the money can be used to further those.
March 2nd, 2010 at 07:26 pm 1267558018
March 2nd, 2010 at 07:35 pm 1267558551
Yes I have a 401K at work that I save into. I save into it to the max I can by law. I figure if in the future my income goes down then I saved as much for retirement as I could early then will just reduce 401K savings until I can start saving again.
As for the house, because of the work I do it makes it very difficult to own a home, That is one of the many reasons we are selling. I want to save for another down payment/total purchase on a house BUT the house purchase date will not be before May 2 2024 unless I change job to something that does not require so much out of town/state work.
March 2nd, 2010 at 09:10 pm 1267564220
March 2nd, 2010 at 09:11 pm 1267564273
March 2nd, 2010 at 10:08 pm 1267567680
March 3rd, 2010 at 12:29 am 1267576181
March 3rd, 2010 at 12:48 am 1267577298
If I was debt free, maxing out my 401k, maxing out my Roth IRA and had $4000 left over, I would pinch myself 'cause I would be dreaming
March 3rd, 2010 at 03:05 pm 1267628739
Whitestripe:
I am currently fixing up the house and taking care of those things in preparation for selling. I am a minimialist so I tend to get rid of the broken and just not replace it until I really use it. My husband is the materialist....oh can he spend of electronics!
Gamecock43:
I think I might go with your idea, I drive a 1999 Chevy that has been totalled (by hail). I repurchased it back from the insurance Company for $600. It is in Great condition other than all the dimples in the exterior, but it is starting to rust in areas. I had to have some engine work done a while back and while we were desiding between going different used or fixing this one the repair guys were making offers on the car IF we desided not to fix....Yep we fixed it. But eventually I will need a different car so it might be nice to start a car fund.
Cptacek:
This is my plan for the money so I would not have to ask him to split the cost of braces in the future. As for the extra 5k for finishing off the college fund (I want to have it done, he would rather stop at this point and let it ride then figure it out later) He very well might Blow through his share as he is a free will spender BUT I am hoping to be able to guide him into some educated choices but that will be up to him.
March 4th, 2010 at 11:29 am 1267702190
If it was me, having been SO good with the majority of the money, the remaining 4719 would be Vacation, Vacation, Vacation ! :-)
Or maybe a "new" used car.
March 4th, 2010 at 07:36 pm 1267731388
March 5th, 2010 at 02:45 pm 1267800302
Yes I took the cost of a full ride; tuition, fees, room, board, estimate of costs for a semester of the local 2 year college (which has a partner ship with a 4 year university) than took it times 8 to come up with an amount I want to save up for as soon as possible. Then I am hoping to have the interest rise to account for the increase in education cost and the difference in the costs I budgeted and the costs of the difference between the 2 year college and the 4 yr university.
I also have a possible plan Z for college cost but that requires some legistative changes and or something else.
Truthfully we probubly should not be married, but the closer we get to that point the more he seems to Finally take action on those things I have been bringing up for YEARS.
March 6th, 2010 at 01:31 am 1267839113