If you had 100K hypothetically
 

If you had say a inheritance of 100K, did not need the money, have high income, what would do with it?

20 years to wait, never to add to it again.

Just cause you don't need it now, does'nt mean you might not need it later.

Pay off the house and place the rest in an investment account.
After paying off the house, I could put more in my 401K.
I am too close to retirement to put into anything long term.

I agree, could need it for medical emergency.

Bonds........or Stock....make some quick cash.....

I made like 44% on my 401k

and played with some cash I had in a CD....Make 23% in stock and took the other CD and Made 31%

Better than a savings or long term CD.....

Ray I meet with a stock broker / Lawyer of one of my buddies...This guy is big time... He told me never pay your house off if your working or can afford it............Reason #1 Only thing you got is your house.......He said with the way people sue these days.....A paid off house will get taken....if the case is right..... He won cases where a house was paid off and got the deed!!!! Or if you pay it off.....take a 2nd mortgage out on it for 10,000 on it and run it 20 years...

They cant take a house that mortgaged......YET...Obama might change that

Spend it on fishing stuff and I'm not joking

LOL that would be sweet!

Paying off a house is one of the best things to do. Not sure about, the laws there, but in Texas they can not take away your homestead.
In the past, having a note had tax advantages. Today, there is very little tax advantage.

Plus paying off a house early look at all the money you save!!!!!!!!!!!!!!!!!!!!!! It is unbelievable how much you end up paying if you pay the note over 20-30 years. Shoot the m oney you save is enough to buy you a second house.

I know he said some states they cannot take your home but can take the value.....exp:...If you bought your home in 1980 for $75000 and paid it off...then you got drunk and killed someone..... Say your insurance covers 200,000 but you’re sued for 500, ooo..... The judge will order your house to get appraised and you will have to mortgage out that money....that 75,000 might turn into 150,000 today or more...... This is what he was saying


But if you have a lean on your house they can’t touch it.....

depends on the return of your investment vs your interest rates on your house loan, and payoff amount of course.

I would buy a slightly used 29 foot yellowfin with merc 350 verado X 2 :grinpimp:

you only live once (as far as i know)

i would buy me a new boat!:grinpimp:

Interesting, worth checking into.

the tax benefits of paying a home note are better than paying off your house.

The real question to ask yourself is: "How long would it take me to save $100k?" Most people would pay off the house, then spend the money on something else. But the OP is high income, no need for it. TO me, it would be no brainer to invest it for either kids or grandkids educations.

I hear am with you on that. But HOW to invest.
I would like to put it somewhere to possibly get out the rat race sooner. Say like at 59.

and I already have my Grand Slam investment plan.........Dinar .......LOL

We have no kids, grandkids or dogs/cats.
Home will be paid off in about 5 more years.
I already had 2 paid off homes before, now I wish I would have kept them.
It feels good to not owe anything. Right now I just have a house and boat note.
I think paying off eveything and ramping up on my 401K input will be better.
I want to be able to live good once I retire, but I don't want to live on chicken scratch
like some people do after they retire, then die with a couple hundred grand in the bank.
I plan on living on retirement and SS after I am 70. I don't want to have a bunch
of money making more money and not spend it ALL before I die.

I would prefer a balance between paying debts and investing for income and investing period. Pay $33,000 toward your highest interest loans (Credit card, car note, boat note, house note, probly in that order), put $33,000 in an investment that immediately pays something back (rental property balancing rent against note or a business), put balance in long term blue chips and bonds.

Only adjustment is to get those ccards, car notes, and boat notes paid off whatever the amount ASAP - those are depreciating assets.

I keep a zero balance on credit cards.
I just have 2 notes and a utilities/insurance bills.
Plus living expenses.

as you can see by this....everyone is different. We all have diff wants & needs financially. To the OP, you need to sit down and see whats important and what YOU want to do. Then go talk with a qualified professional. my 2 cents.

Drost, you have mail

Ditto
 

I'm with ya here Bruce.
I work with money all day.
I have had many clients come into money ranging from 25k- 1.5 million.
It's just depends on Ur income and debt at the time.
Paying off Ur house may seem like a good idea ... BUT
if Ur mortgage isn't killin u it's is usually better to place Ur money in some kind of investment.
Never a risky one. Regardless of how much of a return is possible.
B smart.
Pay off short term debt. Credit cards, student loans etc.
Then buy that yellowfin and have fun!!!!! Lmao!!!
Seriously though I have seen people blow thru and inheritance like it's an INCOME.... Spend spend spend!!! U ain't gonna have much fun when Ur money runs out.... Ull look like a fool!

ill show you how to spend that **** hit me up we'll spend 50,000 you'll need the other 50,000 for rehab after i get done with ya!!!:p all joking aside i would buy some properties while the market is down and keep em as rent houses untill the market changes for the better then flip em

Dude seems like I have tried that already!!! LOL
I would like to know how much I have spent on adult beverage and mood altering substances over the years .............

thats why i quit all that **** total waste of money!! now i spend all what used to be my beer money on fishing tackle!!!:p

I could have bought a couple of those Yellowfins Bruce was talking about and gas for em:eek::eek::eek::eek:

x2

Well .....I am not sure it was a TOTAL WASTE of money.......
some memories are just flippin worth it!!!


Like last time,,,,,I was convinced we where lost at the corner of "Walk and DON't Walk"

lol

I'd pay off my casa and deck Blockade Runners out like no fishin' camp you've ever seen. Then I'd go on a trip to Anegada in the British Virgin Islands. Money's no good if you're not spending it. The way our government is printing it, you might be better off converting it to Euros right away. :(

one word
 

GOLD!

That is a stupid reason not to pay off your house..:shaking:

and you can homestead it.........geez..............

Especially, after you consider how much that house cost you if you pay it off in 20-30 years.

Used to it was a tax advantage but not so much anymore. I could'nt deduct my interest so why pay the interest.

why?
 

why can't you deduct interest?
An I missing something bender??

It's the only deduction I have:cry::cry::cry:

1. I would buy 4 $25,000 10 year AA Rated Tax Free Muni Bonds(School Dist are good) get a tax free yearly return of 4-6% and the 100,000 is returned at end of year 10.
2. Next, I'd go to my bank and use My 100K Muni Bonds as collateral for a 100K Loan. Interest rates are low and your Muni Bonds are earning income.
3. I'd look for a business I could run while still working at my current job or find a business or product line that fits well with my current business.
4. I would pay of the loan with my new business income and muni bond income.
5. When I pay off my loan, I'd see where my Muni Bonds stood. I would either sell them or wait till they matured depending on how long it took me to pay off the loan.

I would end up with my original 100K and a debt free income producing business or new product line for my current business.

I'd do it all over again and again....