So I just got a phone call and from out of the blue i’m inheriting a modest amount of money from my Grandmothers estate. (She passed away a couple years ago and her house just got sold)
Looks like around $35,000. That pays off Visa ($8K) which is the biggest debt burden on my back. I owe on a student loan but since i’m in “public service” I only have to pay for 5 more years and the remaining $10K gets forgiven so i’m hesitant to throw any money at it.
I’d like to put aside $10K as a “rainy day nest egg” and a couple thousand for a trip for Tiger Mom and myself. That leaves $15,000 to make some changes. I’m thinking a couple grand refreshing the Suburban. Maybe 4 in a semi-serious STR prep of the NC Miata. And probably dump the beater minivan we just bought in favor of something a bit nicer for the teenager to take to college. ($2,000 Altima seems to be the easy button for that)
Anything else I should consider? My kitchen needs new countertops, and the whole house could use new windows.
Pay my visa off and i’ll be your automotive decision advisor for 6 months
well there's farming and flying and boats and old Maseratis plus cheap Porkers. wait those are things you want to stay away from. 
as far as the house goes aren't there things that increase value and others that add no value? there are a few old hands/megadolon dorks on here who can guide you that way. 
Put what you can into your retirement fund.
Ian F
MegaDork
12/29/18 2:52 p.m.
If I had a windfall of unexpected cash, I'd probably put it into my house. A good college car for the kid sounds like a good idea as well.
What does your emergency fund look like?
Save it. Your life will let you know what it needs soon enough.
Paying off debt is a good move. Taking care of your kid is also a thing to do.
Id put the rest away for later use. If you spend a bunch up front, it’s inevitable that something else will come up afterwards that you wish you had the cheese for.
Also, I’m an excellent autocross instructor.
Have 6 months of savings (6 paychecks) set aside as an emergency fund. Supposedly going to be a rough 2019 as we enter a bear market.
In reply to Sine_Qua_Non :
Fair point. Though my employment status is pretty near bulletproof. I’m a tenured fed with 22 years service and considered a “critical” asset so they have to keep me around.
In reply to Spoolpigeon :
Fair instructor...... 
Pay off your immediate debt. Put aside the rest and act like it doesn't exist.
What you will actually be buying with the rest is good nights sleep and a carefree life knowing that you have a foundation that you can't be knocked off from.
Your outline sounds fine. Definitely celebrate the good fortune by killing off a credit card and enjoying a short trip and building some reserves. Congrats.
KyAllroad (Jeremy) said:
In reply to Sine_Qua_Non :
Fair point. Though my employment status is pretty near bulletproof. I’m a tenured fed with 22 years service and considered a “critical” asset so they have to keep me around.
This includes Tiger Mom’s side? Is her job bulletproof too?
As for the point about steady govt work, I can put you in touch with some Federal workers this week...
If you're managing your debt well enough, paying down but not off, keep doing that and put as much away as possible after the car for the kid. Eliminating all debt is not always a good thing. An empty credit card is prime for refilling. Swap over to a lower interest card, over pay on the monthly, and manage the rest. You could pay down half with some of the money. If you pay it all off with new funds you no longer have that money to use and make interest in an account. Perhaps create a car/fun account with some you can dip into as needed also.
Of course this presupposes you're not hurting for cash and way under water in any of your debts.
Cotton said:
Buy a used Viper.
might not be a bad idea. not the greatest investment but if you can get low insurance it'd be fun for a few years and sure isn't gonna depreciate at this point. Can you get one for $35k though?
Cotton said:
Buy a used Viper.
I was going to say hookers and blow but it looks like you beat me there.
Cotton said:
Buy a used Viper.
He likes projects so he needs to get a Maserati Biturbo
Sine_Qua_Non said:
Cotton said:
Buy a used Viper.
He likes projects so he needs to get a Maserati Biturbo
I came here to post "BiTurbos for everyone!!"
stuart in mn said:
Put what you can into your retirement fund.
You might as well, you already own a Miata
John Welsh said:
As for the point about steady govt work, I can put you in touch with some Federal workers this week...
Very true. Fortunately the VA is pre funded. Apparently something about shutting down the VA hospital makes even the most hardened political scumbag quake in his loafers.
In reply to vwcorvette :
I’ve had the credit cards paid off before, I really liked it and would be happy to get there again.
