If you suddenly inherited $10,000, what would you do with it?

Daily | September 3rd, 2008 by Danielle LaPorte

Big dreams and get rich schemes…or good ol’ common sense that’s tried and true. It’s your money, honey. With our special guest, J.D. Roth of Get Rich Slowly fame!

Carrie says: My responsible side would use five grand to pay our line of credit, the other five grand for a shopping spree in Seattle for my husband - the poor guy needs some new duds.

Danielle says: $8k would allow us to buy a small condo investment to rent out. $1k for some cashmere and cowboy boots for fall. The final $1k for a weekend in San Francisco with my Firefighting hubby who deserves a break.

J.D. says: Ten years ago, I would have spent a $10,000 windfall on all sorts of toys: books, computer games, maybe a downpayment for a car. Three years ago, I would have used most of the money to pay off debt, and then set aside some to save for a vacation. Now that my debt is paid off, I’d be really boring if inherited $10,000. I’d stick it in a savings account! I’d probably still set aside some ($1,000) to save for a vacation, but I’d use the rest so that I could save for the future. Early retirement, here I come!

Want to get rich (slowly, now.) Read our interview with Money man, J.D. Roth today.

And read today’s blog to learn how to get into the millionaire mind(set).

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Alison 09/03/2008 03:36 AM 1 point
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I'm boring. I'd put most of it in a savings account, too!

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Laurie 09/03/2008 05:09 AM 1 point
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I would put most of it away in savings for retirement (coming soon!) but I think I would take $2000 and use it for those "extra" things - splurging for the "deluxe" room at the hotel on a weekend holiday, opting for the "reserve" vintage bottle of wine, choosing the "Sterling" vs "AA" cut of beef, the "menu gastronomique" instead of the table d'hote, so that we can enjoy that little touch of luxury over time...

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Joanne 09/03/2008 05:19 AM 1 point
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I would take $5,000 off our mortgage and the rest I would spend on landscaping our garden.

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Katherine 09/03/2008 05:28 AM 1 point
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It depends who I inherited it from. When my granddad died I spent some of the money he left me on a beautiful Cartier watch. Every morning when I put it on, I think of him. The rest went on a road trip down the Californian coast. He would have loved to hear all my stories.

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Angela 09/03/2008 05:30 AM 1 point
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I'd pay off my car loan ($6500), try to save some of it ($2500) and allow myself to spend $1000 of it on whatever I want! That's where the really tough thinking comes in - prioritzing that $1000 shopping list!

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Angela 09/03/2008 05:31 AM 1 point
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I love that you spent part of your inheritance on a beautiful piece of jewelry that will remind you of your grandfather!

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Brenda 09/03/2008 06:50 AM 1 point
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Probably use it to make my monthly car payment less (MUCH less).

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http://www.signatureperformance.net

Elizabeth 09/03/2008 06:52 AM 1 point
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I'm so lucky. I have all the things I need and want and the means to fund a few more guilty pleasures. I'd sign my check over to Rachel Lloyd to support G.E.M.S. (Girls Education and Mentoring Service) which aims to end the trafficking and sexual exploitation of girls and young women. This kind of money would make an enormous difference to that organization and the beautiful girls that it serves.

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http://www.brandimmersion.com

Ella 09/03/2008 07:08 AM 1 point
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Retirement savings.

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http://www.thenewisthetrue.blogspot.com

Jody 09/03/2008 07:21 AM 1 point
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For me it does depend on who I inherited it from. If it was someone from my husband's side then I would let him buy a treat (max 20%) for himself to remember that person by. If it was someone from my side I would probably put the $2,000 towards a holiday somewhere I haven't been or somewhere that holds very dear memories.
In either case the rest would be invested.

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http://www.boutiquemoney.com.au

Chantal 09/03/2008 07:43 AM 1 point
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Fund my hand painted tshirt line with $5K. Put the rest toward my Egypt trip.

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http://www.chantalmonte.com

Joannie 09/03/2008 07:58 AM 1 point
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I'd hire a personal trainer. I don't have a clue how much that would cost but if it didn't take the full windfall I'd use the rest for new clothes for my new toned body.

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Kristin (The Goat) 09/03/2008 08:19 AM 1 point
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This actually did happen to me last year. Blessed be! I paid off about $8500 in debts, added $500 to my emergency fund, bought a brand new vacuum cleaner for $350, gave $100 to the local food bank, went out to dinner several times with my husband (we hadn't done that in ages!) and the rest I put into my checking account and used for fun...I got my hair cut and colored, got an oil change for the car, bought a nice outfit, stuff like that. I also bought a cheap plane ticket home for a weekend to see my family, if I recall. I got a little chunk of money about 15 years ago and my very first purchase then was a vacuum cleaner. It was that vacuum cleaner that I replaced. How funny, I hadn't thought of that.

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http://www.ttelroc.blogspot.com

Wazzy 09/03/2008 08:28 AM 1 point
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I would put $5,000 into a high risk mutual fund, and I would use the rest to pay off my student loans.

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Gillian 09/03/2008 08:33 AM 1 point
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After returning to school at 30 to become an art/drama teacher, I've incurred some new student debt later in life. It was all worth it, but I've had to make some financial sacrifices in order to do it. That said, I'd pay off some of my student debt and put the rest aside for a digital SLR camera to continue my love of photography.

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Xai Vicente Charles 09/03/2008 08:34 AM 1 point
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I could use $10,000 right about now. If I did inherit any money I would save 1/2 and put 1/2 on my mortgage.

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http://www.manifestbeauty.wordpress.com

1EPIPHANEE 09/03/2008 08:41 AM 1 point
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$10K would be a blessing right now. I would use about half to subsidize the repairs needed to my house and the remainder I would be in conflict with on how to use. The responsible side of me would use to offset my student loans since I am currently in grad school. The more I need to have fun too side would use $2500 to plan a couple of much needed excursions during the school year and the other $2500 to fund a trip to India I've been wanting to take this December.

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http://1epiphanee.blogspot.com

Jess 09/03/2008 08:47 AM 1 point
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I'd give $9,000 to my parents to help them pay off their mortgage, then use $1000 for myself on some necessities (trips to see my boyfriend at law school) and maybe some clothes :)

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Kirsty 09/03/2008 08:53 AM 1 point
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Jess...that's really generous and thoughtful to help support your parents.

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http://www.sarniabricks.wordpress.com

Lynda 09/03/2008 08:54 AM 1 point
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Now that I've gained new understanding in how important it is to live within your means (quite a new concept for me) I'd put that $$ in the bank (I can't believe I'm saying this and actually meaning it!)you never know what may come up and it truly is best to save it and not spend it:-))

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Kirsty 09/03/2008 08:54 AM 1 point
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If $10,000 landed in my lap, I would get laser eye surgery (imagine the miracle of waking up and being able to read the alarm clock after 25 years?), and the remainder would go into our investments savings account.

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http://www.sarniabricks.wordpress.com

Jen 09/03/2008 08:58 AM 1 point
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It all would go to debt.

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Jess 09/03/2008 09:06 AM 1 point

Daily

If you suddenly inherited $10,000, what would you do with it?

Big dreams and get rich schemes…or good ol’ common sense that’s tried and true. It’s your money, honey. With our special guest, J.D. Roth of Get Rich Slowly fame!

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