$10,000 Question

[adpiterp]

Also boring answer - use it to pay off student loans!

[kork13]

Okay, I'm laughing at myself here a bit.... I've actually managed to find myself in the "$10,000 Question" scenario just now.

So background: I returned from deployment a few months ago, and while deployed I participated in the 'Savings Deposit Program,' basically where you can put away up to $10k and earn 10% interest for the duration of your deployment (plus 90 days after returning). Well.... My 90 days are up, and I'm getting my SDP money back now... In total, about $10,400 is on the way to my checking account right now.

So what am I doing with it? I basically decided on a whim to wipe out my one and only loan, with a current balance of about $7700. The loan is only charging me 1% interest, but I've become tired of paying the $520/mo every month to it, and I'd rather get that money to save/invest. Besides, my savings account is only earning about 1% as it is. Also, I'll be buying a car this summer, and although I'm planning to pay cash in full, having the loan gone, my credit score will be a tad better if I do decide to finance a small portion of it (based solely on if I get a good loan offer).

....and then, I remembered this thread and what I said in the first place (see below).... at which point I just started laughing, and decided I had to share. I guess I really am that boring. LOL

Yes--realistically, I would save/invest most all of it toward a home downpayment and general savings (though I might consider just paying off the last $7k of a 1% loan I've still got hanging around).

But just for the fun of it, on the assumption that I had to spend it somehow, I can definitely think of some good stuff.

[BudgetSurgeon]

Generic response: I would take the money and pay down any debt that I had (CC, car loan, student loan, etc.). Any money left over would be plowed into my 401K (I am self-employed so I can do that), which is tax deductible. Alternatively, I would put the money into a 529 College Fund, which is also tax-deductible (but only at the state level).

[bjl584]

I have a $10,000 question for everyone here.

If you were to receive $10,000 today out of the blue that you had not anticipated, what would you personally do with it? How would you use that money considering the current financial situation that you are in? Where would the money go?

The smart thing to do would be to put it toward my Student loans.

The fun thing to do would be to buy this:
2012 Yamaha Rhino 700 FI Auto. 4x4 Sport Edition Home, information

Now which do I do?

[PMMM]

7k pay off my car. 3k savings.

[NuggetBrain]

Pay off our credit cards, buy some new stuff for the house, and got out for a nice dinner.

[v_keely]

Pay off student loans and then go on vacation.

[alanmarcell07]

I would look for some businesses to invest that money in. Or maybe put it in advertisement (adwords,facebook) to give some of my businesses a boost.

[DebtFree&Broke]

I would replace my car right away, it's what we are saving for right now (6k-8k). Give $1000 to my church. Buy the flat screen tv or iPad my husband wants ($300). Save the rest ($700-2700).

[Kooshiball]

Invest all $10,000 period!

[dawnwes]

College Savings. We really need to beef that up for our kids.

[Eleanor]

I'd put $7,000 towards my student loans (which would actually go to my parents because they are determined to pay them instead of me)

I'd spend $2,000 to travel with my boyfriend, we both love travelling but I rarely have the time or money to do it

I'd save the last $1,000

Clearly I'm way less responsible than every one else, which is why I'm still a savings first grader I think haha! But, I can't say this is a terrible plan as I would be using 80% of the money responsibly.