If you had 100K hypothetically

[simplepeddler]

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.

[Reel Bender]

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

[Ray]

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.

[simplepeddler]

I agree, could need it for medical emergency.

["W"]

Originally Posted by simplepeddler

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.

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.....

["W"]

Originally Posted by Ray

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.

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

[blackmamba]

Spend it on fishing stuff and I'm not joking

[simplepeddler]

LOL that would be sweet!

[Reel Bender]

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.

["W"]

Originally Posted by Reel Bender

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

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.....

[LaAngler]

Originally Posted by Ray

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.

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

you only live once (as far as i know)

[fishmaster911]

i would buy me a new boat!

[Reel Bender]

Originally Posted by "W"

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.....

Interesting, worth checking into.

[cmdrost]

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.

[simplepeddler]

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

[Ray]

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.

[catch.and.fillet]

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.

[Ray]

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

[cmdrost]

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.

[swamp snorkler]

Drost, you have mail