financially yours. question 1. lump sum of $90k
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2stepz_ahead
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I have for some time helped people with their finances. I am always amazed at how much people don't know about finances or what they think they know which is wrong.
I will start giving examples to see what people would do in certain situations and we can all help each other make better financial decisions with the current presented situation.
this is not to call people stupid or say someone failed or are ran by they woman. this is for us all to learn and build from. no one knows what happens in someone else's household that dictates their decisions. so let be bigger than a name calling kid and begin the process of building with each other.
ok.
example 1
you just got a lump sum of money. $90000.
you have a house with a mortgage. it's $180,000 paying about $1400 a month rent. you are 10th year in your mortgage.
you have regular bills and s paid off car.
$7000 in savings
no investments
married with 3 kids
what do you do?
vote and explain your vote.
I will start giving examples to see what people would do in certain situations and we can all help each other make better financial decisions with the current presented situation.
this is not to call people stupid or say someone failed or are ran by they woman. this is for us all to learn and build from. no one knows what happens in someone else's household that dictates their decisions. so let be bigger than a name calling kid and begin the process of building with each other.
ok.
example 1
you just got a lump sum of money. $90000.
you have a house with a mortgage. it's $180,000 paying about $1400 a month rent. you are 10th year in your mortgage.
you have regular bills and s paid off car.
$7000 in savings
no investments
married with 3 kids
what do you do?
vote and explain your vote.
financially yours. question 1. lump sum of $90k 28 votes
save your money and allow the loan to build your credit
7%
2 votes
put all money to your house to pay off quicker
17%
5 votes
leave the bills the way they are and enjoy your life
7%
2 votes
other
67%
19 votes
Comments
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othera 90k lump sum huh? yeah im upgrading from ghibli to quattroporte
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other2stepz_ahead wrote: »I
this is not to call people stupid or say someone failed or are ran by they woman. this is for us all to learn and build from. no one knows what happens in someone else's household that dictates their decisions. so let be bigger than a name calling kid and begin the process of building with each other.
Beautiful disclaimer,but you know the IC aint sh*t.
With that said... in my personal situation... I would finish paying off my student loans...
I would still have a significant amount of money that I could put toward small home improvements.
I would look to some mutual funds to place the rest.
maybe savings bonds or something else that would benefit me down the road.
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put all money to your house to pay off quickerPay off loans/debt as quickly as possible.
90k can be blown easily in a year especially if u go traveling.
Of course its easier said than done. -
I though I said with the current presented situation.
which means .
no student loans.
wtf -
otherInvestment.
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save your money and allow the loan to build your creditIf possible, always keep cash in hand. This doesnt mean real cash but put the money in investments you can easily liquify.
Reason is because you always want cash in hand to have a safety net incase you hit hardship, or on the positive side, incase an oppurtunity arises. -
otherInvestment.
To add to this.. Make sure the roi... On the investment is higher than the interest rate on the debt you have. If you cannot get a higher rate of return on the 90 than you are paying in debt. Pay whatever debt you have first. Excluding the mortgage. Especially if you are gainfully employed. 90k isn't enough money. Plus interest paid on mortgages is tax deductible.
Overall you want to try to turn that 90 into a million dollars. At least that would be my plan. It can happen if you aren't afraid of a little risk and are cerebral in your approach.. -
put all money to your house to pay off quickerI would pay the house off as soon as possible.
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otherGranted that you and your wife are working, you should both keep your day job to cover the living expenses of you and your family. Don't tell nobody about your lump sum because you have to be selfish until you are squared away. Stay away from these fake ass Forex Gurus that be flexing on Facebook / Instagram because they are scammers and will finesse you.
Only after trading options (Iron Condors and Verticals with a high probability of profit) on a demo account for about 4 - 6 months, deposit 30k into a trading broker account. Using the advanced search feature, search for options with high probability profit of 70% or higher and consistently do that with multiple trades. Even though you have 30k in your account, the total amount off open trades should not be more than 5-10k. If done on a consistent basis, you may be able to live off of some of the profits. My wife and I are moderately aggressive so we usually get 2000-3500 a piece every 3 weeks on our Iron Condor investment of 20k but that took a minute for us to master that.
Put 30k towards my home and get refinanced.
The last remaining 30k can be put in savings and checking but unsure of how it should be split up. -
other? , all of the ? above. Pay the 9k you got left on the house, live life off the 88k in savings, and the 10 years of previous payments should already have your credit right.
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Not trying to be THAT guy but do I have a 15 or 30 year mortgage? And is the $180k, total or what's left?
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put all money to your house to pay off quickerI want to get my house paid off asap
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count remy wrote: »Not trying to be THAT guy but do I have a 15 or 30 year mortgage? And is the $180k, total or what's left?
thats a good ass question. because at first i was gone say drop atleast 60 or so on the crib to drop that debt but if its a 15 year loan then im just gone drop the whole 90 cause a ? like me dont like workin full time. hell workin at all -
Unless the 90k was gonna cover ALL that was left on my mortgage I wouldn't put it there..
If my kids are teens I'd invest in their education. If they are young, I'd upgrade the house, pay off other bills and maybe look into a cheap vacation condo on the beach and use for family vacations until the kids too old then sell that and invest in their education.. -
otherYall ? with me on this math.
10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... ? , we get 90k again.
My math was ? at first, but this looking legit right here.
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other10 years into a mortgage, assuming that you have a decent interest rate will put you in the low 100K, would say 110-130K left. So, will still be in debt regardless if you put all the money in the house.
2 questions: - How old are the kids
- Are we both working? -
otherInvestment.EmM HoLLa. wrote: »Investment.
To add to this.. Make sure the roi... On the investment is higher than the interest rate on the debt you have. If you cannot get a higher rate of return on the 90 than you are paying in debt. Pay whatever debt you have first. Excluding the mortgage. Especially if you are gainfully employed. 90k isn't enough money. Plus interest paid on mortgages is tax deductible.
Overall you want to try to turn that 90 into a million dollars. At least that would be my plan. It can happen if you aren't afraid of a little risk and are cerebral in your approach..
What they said...according to the OP you pretty much have every thing handled at the rate you're currently going.
Car paid off...you're on track with your mortgage. You even have a decent savings account. Maybe add some more to the savings for a rainy day and invest.
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Yall ? with me on this math.
10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... ? , we get 90k again.
My math was ? at first, but this looking legit right here.
LoL, It don't work like that bruh!
There's this thing called.... interest. You pay the majority of the interest and a small portion of the principal first and vice versa towards the end of the loan.
You're gonna owe SIGNIFICANTLY more than 12k in 10 years in mayne.
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otherPay off the house which excluding hypothetical interest would be about 12k
90-12=78k
Put 10k aside for each of my children's education
78-30=48k
Invest half (24k) and put the rest in savings (24k+7k=31k).
Alternate answer considering interest: I did some math and this seems like a 15 year mortgage at an interest rate a little less than 4% so...
Thats more like 80,000 to pay it off.
So still, pay the house off, put the rest (10k) in savings...
Continue life as if you never got the money.
Encourage kids to pick up instruments for that scholarship money. -
otherYall ? with me on this math.
10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... ? , we get 90k again.
My math was ? at first, but this looking legit right here.
the bolded isn't correct because mortgages are loans with payments that are amortized (google it)
so 1400 wouldn't just be 168K after 10 years of payments because of interest
10 years ago if u had a 4% fixed rate on a 30 yr loan (where 4% was a good rate right before the economy started crashing in 2007).....u should be paying around $860 a month for principal/interest, which would leave u with approximately 176K in principal to still pay off
so obviously if u paying $1400 a month, u should have a whole lot less principal to pay off..........unfortunately I don't have my financial calculator on hand.......and t/s didn't specify the interest rate on the house which changes what I would do with my money drastically -
otherYall ? with me on this math.
10 years of $1400 payments should come out to 168k. Subtract that from the 180k for the house, that leaves us with 12k. A'ight, I got that part wrong in my first post and it throws off everything. Starting over with that refreshing blessing of 90k, I use some of that to knock out the 12k left on the house. That leaves us with 78k. We could add that to the 7k in savings and we get... ? , we get 90k again.
My math was ? at first, but this looking legit right here.
LoL, It don't work like that bruh!
There's this thing called.... interest. You pay the majority of the interest and a small portion of the principal first and vice versa towards the end of the loan.
You're gonna owe SIGNIFICANTLY more than 12k in 10 years in mayne.
He didn't give those details, so I just went with what he posted. Assuming all of that was included in the numbers he gave. -
Hookers and ?
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the fukk?
the cost of the house is $180,000 not including interest. you have been paying your mortgage for 10 yrs of the 30.
I think y'all making this harder than it has to be.
y'all are looking at the wrong things.
the purpose is always financial freedom. I don't know anyone who wants to be in debt. -
90k.
at very first I would grab 50k and put it in the bank.
With the remaining 40k I would drop 10k on the house
And then use 20k to remodel a few things. With the remaining 10k use 5k for a modest vacation and with the last 5k take care of my paid off car.
In the mean time think search and consider what I can do with 50k that will push me forward wether it'd be save or invest maybe I need ideas with that. -
Paying off my student loans
Putting some in a CD
Save the rest
Travel
No I didn't read ?
