What do I do with Settlement Proceeds?

[aida2003]

My husband & I just received a settlement from a personal injury case in the amount of $40,000.
I need some advice as to the best way to SPEND the money.

Maybe I'll sound rude, but in case you didn't notice, this forum is called SAVINGadvice.com instead of SPENDINGadvice.com. And generally people come to ask for an advice how to SAVE money .

Like others I agree that you should take care of your debts first. Gee, I'd rather walk than pay interest of 19% to get a fancy car.

[disneysteve]

I'd rather walk than pay interest of 19% to get a fancy car.

Good point. If my credit were such that I'd be subject to 19% interest on a car loan, I'd buy the cheapest car I possibly could.

[toptaxguy]

If the interest you pay on your debt is higher than around 8% (the average rate of return on investments, then pay off the debts.

[LivingAlmostLarge]

So what'd you decide to do?

Also I don't disagree with maat, but I'm still very unsure that just reading books will change behavior. Maybe not paying anything off and working on paying off your debt yourself is more beneficial. And yes it will cost more but maybe you'll only pay tuition to stupidity once instead of multiple times.

[maat55]

So what'd you decide to do?

Also I don't disagree with maat, but I'm still very unsure that just reading books will change behavior. Maybe not paying anything off and working on paying off your debt yourself is more beneficial. And yes it will cost more but maybe you'll only pay tuition to stupidity once instead of multiple times.

Reading and learning from books, helps give you the knowledge and desire to better manage your money. Learning what I was doing wrong and how to fix it, gave me more motivation.

I learn more from intense study in reading books. I opened myself to many philosophy"s and have chose one that works for me. I made mistakes early on because I didn't know any better. Reading many of the books I have read, turned a lightbulb on in my brain.

I'm not a reader, but I love reading things that help me and encourage me. I suggest for other people to read so that they cannot say they didn't know what to do and hope that they get motivation.

[tifnglen]

Maybe I'll sound rude, but in case you didn't notice, this forum is called SAVINGadvice.com instead of SPENDINGadvice.com. And generally people come to ask for an advice how to SAVE money .

Like others I agree that you should take care of your debts first. Gee, I'd rather walk than pay interest of 19% to get a fancy car.

I think you are being too technical. She did type SPEND but then told us all of the debt she is in.. So obviously she wanted to know what debt to pay down.