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So, you receive $21,XXX in a lump sum

CRXican

CRXican

Diamond Member
Call it an insurance settlement. A family member helped you pay the deductible and you pay them back ~$2,300. You have about $19,500 left.

Assuming no outstanding debt. What do you do with this money?
 
Are you looking for suggestions or what I personally would do with the money?

As for suggestions, I don't have any because I don't have a clue where to invest right now.

As to what I would do personally, I would put it to the side in an account with the highest yield (FDIC or NCUA, etc. guaranteed) and pay my daughter's college expenses with it over the next few years.
 
Half saved and forgotten about, the rest towards a new car (my next financial outlay).
 
Downpayment on a house. I'm halfway towards my goal so that would probably tip it enough in my favour. I need at least $40k to buy anything around here.
 
Needs versus Wants -

Use some of it to pay your everyday bills while you up your 401K amount at work. 2012 limit is $17K.
 
I gave it to my parents. 🙂

$21k is not that much money for a lump sump. I gave them more than that, but won't divulge the full details.

Oh and I bought a TV for my grandma too. But I would've done that anyway lol (she just happened to be needing a new one shortly after).
 
Last edited:
Couple grand would go to 10 year anniversary vacation to St Lucia, rest would go to paying down a car loan.
 
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