Comments on: Daily Links: Question and Answer Edition http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/ Personal finance that makes cents. Common sense advice on topics from high interest savings accounts, frugality, cd rates, money market accounts, mortgage rates, how to get out of debt, money management and more. Mon, 22 Mar 2010 11:35:57 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Mike http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146987 Mike Fri, 05 Sep 2008 03:59:44 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146987 $10k? Right to paying off the smaller of my two student loans ($14k and $72k left, respectively). Maybe $9k of it... probably a good idea to put $1k into the emergency fund just to top off the spare money supply. $10k? Right to paying off the smaller of my two student loans ($14k and $72k left, respectively). Maybe $9k of it… probably a good idea to put $1k into the emergency fund just to top off the spare money supply.

]]> By: Frugal Wench http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146971 Frugal Wench Thu, 04 Sep 2008 23:27:32 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146971 J.D., thanks so much for the mention. I would never have known about it except for a sudden spike in visitors that I traced back here. :) If I suddenly got $10,000, I would put it into fixing up my house. Just found out they are FINALLY tearing down the derelict, long condemned house next door within the week, and I'm psyched to start fixing mine up. Didn't want to put any money into it, because there were dangerous trees in that yard threatening my house. Now, I can't wait to make it look like I always wanted. J.D., thanks so much for the mention. I would never have known about it except for a sudden spike in visitors that I traced back here. :)

If I suddenly got $10,000, I would put it into fixing up my house. Just found out they are FINALLY tearing down the derelict, long condemned house next door within the week, and I’m psyched to start fixing mine up. Didn’t want to put any money into it, because there were dangerous trees in that yard threatening my house. Now, I can’t wait to make it look like I always wanted.

]]> By: Chris http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146962 Chris Thu, 04 Sep 2008 20:31:45 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146962 I once inherited $9,000 from a very sweet aunt. I was a single (divorced) Mom at the time. I used $3,000 to pay off my only loan (not counting my mortgage) - a home equity loan that I had taken out to replace the roof. I spent $2500 on a piano so my son could practice. He was practicing on a borrowed keyboard until then. And I put the rest in Certificate of Deposits with 3 different maturity dates as an emergency fund (should I need it) or college savings - if no emergencies arose. I had been living very frugally and pretty responsibly considering my low income and circumstances so I didn't feel that I needed to put it all towards future goals. It was a nice balance of getting something fun (the piano), reducing debt, and saving. Had my debts been greater or my job less secure, I might have done something different but this worked for me. I once inherited $9,000 from a very sweet aunt. I was a single (divorced) Mom at the time. I used $3,000 to pay off my only loan (not counting my mortgage) - a home equity loan that I had taken out to replace the roof. I spent $2500 on a piano so my son could practice. He was practicing on a borrowed keyboard until then. And I put the rest in Certificate of Deposits with 3 different maturity dates as an emergency fund (should I need it) or college savings - if no emergencies arose.

I had been living very frugally and pretty responsibly considering my low income and circumstances so I didn’t feel that I needed to put it all towards future goals.
It was a nice balance of getting something fun (the piano), reducing debt, and saving. Had my debts been greater or my job less secure, I might have done something different but this worked for me.

]]> By: PDXgirl http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146950 PDXgirl Thu, 04 Sep 2008 17:37:45 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146950 I like the 20% mad money, put the rest in various savings. I'd probably plump up my emergency fund, which is present but small, I'd be happier with $2,000 more in there. Then put the rest towards a car savings, which sounds irresponsible but my present wheels are older than I am... a newer vehicle is in my future (I certainly don't think I could get an older one!) I like the 20% mad money, put the rest in various savings.

I’d probably plump up my emergency fund, which is present but small, I’d be happier with $2,000 more in there. Then put the rest towards a car savings, which sounds irresponsible but my present wheels are older than I am… a newer vehicle is in my future (I certainly don’t think I could get an older one!)

]]> By: dale http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146933 dale Thu, 04 Sep 2008 15:27:01 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146933 If I were to inherit $10K today.... Send a check to my sister, buy my wife a revolver, $4,000 to my Roth IRA, the balance to pay down my HELOC. If I were to inherit $10K today…. Send a check to my sister, buy my wife a revolver, $4,000 to my Roth IRA, the balance to pay down my HELOC.

]]> By: ekrabs http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146919 ekrabs Thu, 04 Sep 2008 13:55:50 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146919 Set some aside for taxes, put the rest into my car fund. Set some aside for taxes, put the rest into my car fund.

]]> By: Peggy http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146917 Peggy Thu, 04 Sep 2008 13:53:16 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146917 The last time I inherited $10,000, I bought my first house. Next time? A car that gets over 10 mpg and I can feel safe in. That's an investment worth my money! I'm disappointed with the "illustrated snowball." I was hoping to see a little $50 snowball crushing bigger and bigger bills as it rolls down the hill of debt freedom! If I were only artistic, I'd show you what I mean. I love the idea of domystuff.com. I do a lot of people's stuff already, being the mom of a small hoarde, what's a few more errands? The last time I inherited $10,000, I bought my first house. Next time? A car that gets over 10 mpg and I can feel safe in. That’s an investment worth my money! I’m disappointed with the “illustrated snowball.” I was hoping to see a little $50 snowball crushing bigger and bigger bills as it rolls down the hill of debt freedom! If I were only artistic, I’d show you what I mean. I love the idea of domystuff.com. I do a lot of people’s stuff already, being the mom of a small hoarde, what’s a few more errands?

]]> By: Ryan @ Smarter Wealth http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146872 Ryan @ Smarter Wealth Thu, 04 Sep 2008 02:27:19 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146872 If I inherited $10,000 then I would spend $5,000 paying off me and my fiances loan and then I would invest the other $5,000 into my online business with advertising and building my websites. If I inherited $10,000 then I would spend $5,000 paying off me and my fiances loan and then I would invest the other $5,000 into my online business with advertising and building my websites.

]]> By: sabrina http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146869 sabrina Thu, 04 Sep 2008 01:11:32 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146869 Well, I posted this in the comments at the other site, but if I suddenly came up with a windfall -- I'd be so boring. I work for a job where part of the compensation structure is periodic bonuses, but I live on my salary. So when I got a bonus, after I paid off my debt, I would have this pile of money I had no idea what to do with, and naturally it would slowly disappear and I'd wind up feeling guilty and horrible because I'd mis-spent it, even if I did wind up saving some. So I came up with a strategy. Now I split it up, after taxes, and have 20% that I can spend on whatever I like (DVDs or shoes or political donations or whatever), then 10% goes to charity, 10% goes to my long-term savings, 10% to my short term savings (vacation/new mattress set fund), 10% to my investment account, and 10% to my mortgage principal. The rest I can spend on any of charity, savings, mortgage, or investment. It works out pretty well. The 20% mad money allocation keeps me from feeling like I'm starving myself of something I earned, but I know I am putting aside a lot. And the charity chunk makes me feel like the money fairy sprinkling help around where help is needed. And who doesn't like being the money fairy. :) Well, I posted this in the comments at the other site, but if I suddenly came up with a windfall — I’d be so boring. I work for a job where part of the compensation structure is periodic bonuses, but I live on my salary. So when I got a bonus, after I paid off my debt, I would have this pile of money I had no idea what to do with, and naturally it would slowly disappear and I’d wind up feeling guilty and horrible because I’d mis-spent it, even if I did wind up saving some. So I came up with a strategy. Now I split it up, after taxes, and have 20% that I can spend on whatever I like (DVDs or shoes or political donations or whatever), then 10% goes to charity, 10% goes to my long-term savings, 10% to my short term savings (vacation/new mattress set fund), 10% to my investment account, and 10% to my mortgage principal. The rest I can spend on any of charity, savings, mortgage, or investment. It works out pretty well. The 20% mad money allocation keeps me from feeling like I’m starving myself of something I earned, but I know I am putting aside a lot. And the charity chunk makes me feel like the money fairy sprinkling help around where help is needed. And who doesn’t like being the money fairy. :)

]]> By: A. Dawn http://www.getrichslowly.org/blog/2008/09/03/daily-links-question-and-answer-edition/#comment-146862 A. Dawn Wed, 03 Sep 2008 23:32:06 +0000 http://www.getrichslowly.org/blog/?p=2031#comment-146862 Hey J.D.,Thanks for the mention. Always appreciated. A. Dawn www.adawnjournal.com Hey J.D.,Thanks for the mention. Always appreciated.
A. Dawn
http://www.adawnjournal.com

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