Just don't spend all of it, $15K is a nice sum ..... - Saab General Bulletin Board - Saabnet.com
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Just don't spend all of it, $15K is a nice sum .....
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Posted by TKC (more from TKC) on Sat, 24 Apr 2004 15:57:44 Share Post by Email
In Reply to: What to do with $15,000?, ChipJ, Sat, 24 Apr 2004 15:12:34
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first and foremost, pay down any high interest debt, such as credit card.

Yes, spend *SOME* on yourself or family, LASIK isn't a bad idea.

I assume you live in the US, if not, what comes below may not be applicable to you.

Invest the rest in some mutual funds for *RETIREMENT*, such as a Roth IRA if your family income bracket is below the Roth threshold.

If you don't need the extra money for retirement, then consider putting money into a 529 (college tuition plan). Check into your own state's 529 plan if it offers you extra tax savings, otherwise, just put in a reasonaly good 529 plan. However, you mentioned your son goes to college in a year's time, so the 529 may not net you much advantage. If you have others in the family who may attend college in a few more years then you may still want to look into the 529 plan.

If you currently have an investment portfolio, then put the money into the portfolio and diversify according to your risk or age profile.

If you are secure enough in your current financial situation, then hey, by all means, spend the whole darn thing 8-). Go to http://www.audiogon.com and buy that stereo that you always wanted !

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