Ok - my husband's company does profit sharing and this year he got a bonus equivalent to 3 months salary. this is awesome cause when he took this job his base pay dropped significantly - the bonus pretty much brings us back to square. So...my question...what would you do with an extra $10k?
Obviously it isn't really extra and i've already spent every penny of it on credit card debt and necessary home repairs - but it's sure fun to plan what it COULD be for once all our debt is gone.
I'd take a big vacation someplace WARM and Tropical - first with just hubby - then would pay to have parents join us and bring the kiddos down.
what about you????
I just got a bonus (not that big), and it all went on the credit card, except a couple of hundred dollars I'm putting aside to buy my boys some Christmas presents.
You'd like to go someplace warm and tropical?
I'd invest it in one of several high yielding dividend stocks. AGNC is paying 18.8%. NLY is paying 14.5%. WIN pays 7.8%. KMP is paying 6.62%. $10,000 at 18.8% is $1,880 every year. If you go to cheapcaribbean.com, you can get a tropical vacation for two including airfare for less than $1880 per year. That means a one time investment gets you a vacation each year for the rest of your life.
Good luck to you and yours.
1/2 in a nest egg to prevent more cc debt!
& that nest egg would carry us thru another heart surgery for my husband- should it happen again.
I would have a hard time spending the other 1/2.....we've had 18 years of big medical bills. A trip to Gatlinburg & that would be it.
If I didn't have to use it all for bills, I would plan a nice vacation like you mentioned. The first few days for me and my SO and then a few days with the kids. And whatever was left, go on a shopping spree for myself, since I am always spending our extra money on the kids.
Congratulations on the bonus and hopefully it won't always have to be used for bills.
I'd spread the wealth around. First, I'd get rid of our credit card debt. That lone will save us big time every month and result in more savings. That said, I'd put away, a few grand and then put the rest toward our bathroom renovation.
1. Pay off your debts.
2. Get food storage. Enough for a minimum of three months, but preferable for a year or more.
3. Get warm winter clothing for your family.
4. Get fuel, if possible, for a year.
5. Get heavy duty, good quality camping gear.
6. Put anything else, if possible, into precious metals.
YOU OWE ME A DOLLAR!!!!
Just kidding, congrats, that's AWESOME :)
Save some, play with some! He earned it!! :)
If I was feeling responsible, I'd put it on the mortgage. We are trying to pay it off, so that would help a little. But, we also want to upgrade the countertops in the kitchen, so I might be tempted to apply that towards a kitchen upgrade. We only pay cash for things, so it would have to fit with whatever else we could afford to pay outright.
By the way, if you have good credit, and you have a mortgage rate higher than 3.5%, now is a great time to refinance. We just did, and knocked a few more years off of our mortgage by doing it. In the 5 years we have owned our house, we have knocked off 15 years in the loan length by refinancing. We do no-cost refinancing, so it doesn't even cost us closing fees. You might look into it. ....totally off subject. sorry. :)
