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What if you came into $80,000
Josey1
Member Posts: 9,598 ✭✭
Mostly hypothetical situation but I was interested in knowing what kind of financial minds are on this forum. Say you are set to receive $80,000 tax free, a settlement of sorts, what would you do with the money.Would you invest a percentage?Buy a home?Property?Stocks?Bonds,what have you?
I am also interested what kind of firearms you would buy that you have wanted to buy for a long time but couldn't afford. For the most part a firearm is not a wise investment however there are many rare and historically important arms that will appretiate in value, what would you consider buying as an investment?
"If cowardly and dishonorable men sometimes shoot unarmed men with army pistols or guns, the evil must be prevented by the penitentiary and gallows, and not by a general deprivation of a constitutional privilege." - Arkansas Supreme Court, 1878<P>
I am also interested what kind of firearms you would buy that you have wanted to buy for a long time but couldn't afford. For the most part a firearm is not a wise investment however there are many rare and historically important arms that will appretiate in value, what would you consider buying as an investment?
"If cowardly and dishonorable men sometimes shoot unarmed men with army pistols or guns, the evil must be prevented by the penitentiary and gallows, and not by a general deprivation of a constitutional privilege." - Arkansas Supreme Court, 1878<P>
Comments
Big Daddy my heros have always been cowboys,they still are it seems
use the rest to pay some stuff off.
IT'S WHAT PEOPLE KNOW ABOUT THEMSELVES THAT MAKES THEM AFRAID.
Then I'd put $5,000.00 onto the principle of my mortgage. That would save me $40.00 a month in PMI fees. Actually I would have enough to pay off the mortgage, but, at 5.9% it's cheap money.
$65,000.00 left.
My truck is starting to get very tired at 200,000 miles. I'd look for a late model full size used car with reasonable mileage. I'd put $500.00 into the truck and keep it for truck stuff and as a backup.
$50,000.00 + left.
Half gets invested conservatively in the market. The other half buys as big a piece of vacant land as it will buy. Of course the land must be suitable for hunting and shooting. Well, if the property was right I'd go more than half of the money.
Woods
Seriously, I would just pay off every cent of debt I have and then use the rest to lower my balance on my home loan.
G36
Gun Control Disarms Victims, NOT CriminalsThe 2nd Amendment; America's Original Homeland Security
Typicial payoff on a carwash is about 3-4yrs, on $1,000,000.
The fifth year with all them quarters go buy more gun toys.
A MaDuce 50BMG machinegun.
Walte
You can't buy a house up here in a decent area for 80 grand. It'd be decent downpayment on property or a house though.
The other half in a SEP/IRA
"I know Everything because
my Wife is a Hair Stylist"
What if you came into $80,000?
I'd call it a seminal event.
col elect1mike Illinois
volinters RRG
O give me a home where no democrats roam
Go Army Beat Navy
IF you wanna have fun join the cavalry
<P>
SIG pistol armorer/FFL Dealer/Full time Peace Officer, Moderator of General Discussion Board on Gunbroker. Visit www.gunbroker.com, the best gun auction site on the Net! Email davidnunn@texoma.net
1. Upgrade and expand present business equipment,
so I could make "more" money a little easier.
2. The stock market has been beat up pretty bad lately,
would throw a little that way (long term).
3. A piece of undeveloped hunting/fishing property.
Somewhere in the northwestern US.
4. Take the honeymoon we never got around to.
Or am I supposed to say that I would throw the most outrageous party for the members here? [}:)] [:p]
The gene pool needs chlorine.
....I'd throw a Gun Broker reunion, lot's of food, shooting, and split up what's left equally to all those who showed up....
...free gun for whoever traveled the furthest [:)]
AlleninAlaska
Delta Firearms & Supplies
http://canadianfirearmsexchange.com
Buy firearms on the installment plan and Play while you Pay.
aglore@gci.net
Those people who see nothing but grey areas, no black and white, are lost in the fog.
"He that hath no sword, let him sell his garment and buy one."
- Jesus Christ in Luke 22:36
"He that hath no sword, let him sell his garment and buy one."
- Jesus Christ in Luke 22:36
420
I think bigdaddy has the right idea.
Ok, so I'm up to 31K ... 49 left ...
I would add 10K to our daughters collage fund
Probably just bank the rest and look for a good deal on a convertable/sports car like an older (80's) Corvette or Mercedes 280SE or something classic along those lines(10-15K) ... then I'd just bank whatever's left in CD's ... it doesn't pay as much as the stockmarket can, but at least you won't loose it ... I'm still recovering from 9/11 losses
edit - on second thought, I might look for a PSG-1 or a SIG 550 or 551(10-12K) [:I]
and ditto pickenup:quote:Originally posted by pickenup
4. Take the honeymoon we never got around to.
===========================
Chance favors the prepared mind [8D]
kimberkid@cox.net
? otherwise, you'll find an excuse.
Personally, kick a small chunk into the kids' 529's for college, small amount into my Roth IRA, then the rest split in a money market that I can access and a real estate investment with some positive cash flow. The debt stays, I drag the interest rates - the investment funds are used to make the payments on the mortgage, cars, etc. as long as the interest rate on the debt is low. Any high interest, small amount debt that I can't change I'd probably pay off.
Mortgage interest is tax deductible, so paying off a house isn't necessarily the best course. The comment about it taking money to make money is dead on.
For others, it depends on their personal situation. In broad strokes: younger people that expect years of income should invest in growth funds (high risk, possible high return). Acts as a jump start, with plenty of years to make up any losses. Avoid 'paying off' things, drag the interest rates: what you are making against the percent the debt is costing. The one thing I definitely agree with is getting below the 80% mark on the mortgage to get rid of mortgage insurance. Don't forget funds for education, for you if you want to change vocations at some point or for kids.
Older crowd, get into stable, conservative funds. Security is the main concern at this point. Bonds with good rates. Try to simply stay ahead of inflation. Maintaining a positive net worth on a fixed income is tricky. Paying for things outright still might not be a good idea if the interest rate on the loan is LOW. Be aware of what effect passing away may have on any loans, you don't want to leave loved ones in a bind. Real estate investments, unless you like being a landlord or are trying to leave something to your descendents, may not be good as these tend to be long term.
JMHO, but my BA is in finance.
Got a new gun for my ex-wife.....pretty good trade, huh?
Second and probably third would be Alaska and Hawaii cruise.
Last....I always wanted some type of 50 cal., probably a Barett.
Sure would be nice.......
[:D][:D][:D]
Love them Beavers
SUPPORT THE I.N.S. , THE COUNTRY THEY SAVE COULD BE YOUR OWN
You'd have to move up to old farm machinery with that. Lawn mowers wouldn't cut it any more! [:D]
Woods
Love them Beavers
SUPPORT THE I.N.S. , THE COUNTRY THEY SAVE COULD BE YOUR OWN
Got a new gun for my ex-wife.....pretty good trade, huh?
SEMPER FI
I would buy a small, comfortable house, but no more than a 15 year loan, and very few guns, since as you say, they are pretty good at holding value but few appreciate over the long haul. I'd have just a few modest classics -- at least one real submachine gun, probably -- like an Uzi. But for the most part, at my age, I'd make that 80,000 last me as long as possible for a comfortable older age -- and you bet I'd get good medical insurance and make those monthly payments religiously -- and retirement home insurance wouldn't hurt, either. My grandma is using hers right now, and she's 94.
T. Jefferson: "[When doing Constitutional interpretation], let us [go] back to the time when [it] was adopted. [Rather than] invent a meaning [let us] conform to the probable one in which it was passed."
________________
Heston for prez.
If I had bought all the land where the Los Vegas strip now stands it would still be empty land & the strip would be somewhere else.
<br>
420