My aunt passed away more than a year ago and her beach house has been on the market all this time. It's now in contract and it looks like there will be a modest inheritence for us. My aunt didn't have children, the beach house had beem my grandmothers and my aunt left everything to her siblings & nieces and nephews (there are many, many of us - big Irish family).
So in another 2 months I'll probably get a check in the mail. After we pay off debts I expect there will be about $10,000 left. We'll probably go on a non-minivan vacation this Summer for a change and then save the balance. But I'd like to splurge a little on me since it was my aunt, and she's want me to. I'd love a beatufiul new expensive camera with interchangable lenses, but I'd also like a nice leather sectional (will take more money than the camera). I also want to buy a handgun to practice with. My husabnad and I are both driving really old cars 100,00K and 200,000 miles on them so a down payment on a car would be an idea too. WE both work, we save diligently, we rarely splurge on ourselves, we spend money on our elderly mothers in nursing homes, and teen kids. So this is a big deal for us.
I realize it's not something most get to consider - and at age 53 it's the very first time I will have a windfall of this nature. What would you do?
Love getting everyone's perspective. The $10k will be what's remaining after we pay off debt - the only debt will then be our mortgage - with about 12 years left on it. We are savers - a large portion of our pay goes to retirements plans (and also some goes to college saving for our teens). So we have an emergency fund if either of us loses our job or becomes disabled. (We also have good disability pay arrangements for both of us.) Which is why I'm thinking a down payment on a car and a nicer family vacation than what we are thinking. I'd really like to take the kids and my husband to the west coast. I've been a number of times (I lived there as a child for a year) and love the totally different land and lifestyle. Now I just have to talk my husband into it!
I hope you consider holding off on spending any of it for a minimum of 6 months-12 months. What you think you need/want now may not be the same in 1 year. I would hold off on a car until it just doesn't work anymore. Cars can go a long time if they are maintained properly.
If there were enough left, I'd buy a new car. And by new, I mean a year old so the price is knocked down significantly. ;)
I wouldn't buy something I would otherwise save and buy anyhow...I'd buy something that I would never consider buying for myself, but wanted. I don't know what that is, because in order to know, I'd have to allow myself to dream of money...sigh...and MY parents aren't going to die, right? Right.
Absolutely get something you would enjoy and get use out of.
I can see your point in wanting to purchase something for yourself. Think long and hard about the things you want to purchase , (delayed gratification) and thin about the items you want to purchase vs need and want.
If you do that, I would keep the splurge at a minimum, however, ... I am a saver and it would go in some type of investment where it could get good growth for later. I still have not used gifts cards from Christmas!
If I were in any kind of debt, I would clear that out first.
Best wishes...
I'd save it cause you're going to have to pay taxes on that inheritance.
I would choose ONE special thing to splurge on and put the rest in savings. If you have debt to pay off, chances are you don't have a whole lot saved right now, and building a bit of a safety net is a good idea. Plus, if both cars are old, it's likely you will need to replace at least one soon, so you'll want some money put away for that. So, what do you want most now - the camera or the couch? Choose one, buy it, and save the rest.
My personal opinion says don't waste your money on a handgun to practice with. I know many feel differently, and I'm not criticizing anyone, but I don't think it's safe or necessary to keep guns in the house. I also don't think it's the right thing to spend money on if you don't have endless amounts of money to spend.
Go buy yourself a fabulous couch or camera. You deserve it and you will love it! It's a great way to spend the extra money. Just don't spend it all.
In your situation, I'd spend the money toward a nice new car. Not necessarily a brand new one, but something you otherwise wouldn't have been able to consider. Maybe get upgraded features. You'll save yourself money in the long run on repairs that will no doubt be needed at some point to your oldest car.
Do you have ZERO debt?
Do you have a savings account that can support your family for 3-6 months if ya'll were to have no income?
If those two things are fulfilled, then get the camera, the sofa, AND the vacation. Use the rest for a new car. If those two things aren't fulfilled, do the first, then the second.
I just inherited some money from my mom and I bought a new car since both our cars are 13 years old.
dont' forget taxes! Furniture furniture furniture. But honestly Camera or furniture, your family will benefit either way. I'm not a techie person, so you really need to ask yourself what you would get more out of. I love to make my home beautiful and comfortable. So I know what I would do.
First, don't forget to figure out what, if any taxes you will owe on the money. Depending on the state, if you receive a cash allotment, you won't owe. I know that in PA, you would owe something.
If I didn't have a lot of debt, and I had some savings in the bank. I would get a nice 2nd hand car. Maybe 2-3 years old. That way it has already taken the 'new car' price hit.
Car, since you'll need at least 1 new one very soon.
i would probably go on a all inclusive vacation with the family, and spare no expense.
Could you do car, vacation and camera? Those would be my picks, in that order. (If your kids are young, consider waiting on the sectional until they can sit nicely on it instead of bouncing, jumping, etc.)
If I were to get $10K and had cars that were getting up in years? I would trade them in and get newer cars.
While a vacation is nice...it's time and money....so i would consider a nice weekend get away...for example - to Williamsburg, VA - Great Wolf Lodge - and get a GREAT room.
You might be ale to find a leather couch on sale - especially with the amount of furniture stores going out of business? Yeah...we got our 3 piece black leather for less than $3,500 - couch with two recliners, love seat with both positions reclining and a single recliner...all leather....brand new...
A camera? if you use a camera regularly - yeah....
In the long run? I would do the "material" things - like the newer cars and do a get-away instead of vacation...
I'm sorry for your loss. I pray your aunt's memory is eternal.
Enjoy the inheritance...make sure there aren't any taxes due on it. You don't want that surprise...
Good luck!
Well, out of your 3 "fun choices" I'd go with the camera. My husband got me a nice DSLR with interchangeable lens' as a wedding gift and I LOVE it!!!
But, you should be responsible and get a new car
I would get myself a camera or replace one of the cars. All of the things you mention are nice to haves that would make a difference to you and I'm sure your aunt would want you to have a reliable car or a camera of your dreams. I do agree to hold it for 6 months and see what you might really, really want it for.
Well, if it were me, and I'd paid off debt, I would put it towards the trip of a lifetime, and maybe some nice furniture or artwork. i'm sick of the el cheapo prints i have just to fill a space. i want some real, original, great paintings in oil. Also, I'd consider some more musical instruments. I want a real music room. I'm not into cameras, and my work provides a great car, so my choices would be different from yours.
I suppose if I were you, the sensible thing would be to change over the 200,000 mile car.
inheritances are federal tax free. I inheritated about that much and didn't have to pay a cent. The aunts estate may have to pay tax but thats the estates issue. Not the inheritator. our windfall was used a a vehicle down payment.
Not being rude, but you said you are 53....ENJOY IT! We are always saving for that rainy day, but what if that day never comes? This is money you didn't plan on having so go enjoy it. Life is short and no one is guaranteed another day. For once do something for you!
$10,000 really doesn't go that far, but it is a great help. I think the best thing to do is to assess your financial situation first. You don't want to go into heavy debt with the economy the way it is now. You could get a nice camera and a vehicle. Just keep the camera to no more than $500 and look for one on sale to get the most out of your money. Sony has a good camera with interchangable lens that you don't have to buy Sony lens for, so you can get cheaper lens with just as good quality. Talk to a Best Buy associate that really knows cameras or a professional in a camera shop, then shop around for the best deal once you know what you want. The vehicle is the most important thing right now, because you can't get to work or anywhere you need to without one. Those cars with all that milage will break down and getting a car fixed now a days costs an arm and leg. Don't look for a fancy exspensive vehicle. Do you really need an SUV? Look for a nice one that does what you need it to do. It's not like you have to "keep up with the Jones" and new is always fun no matter what it is. We make a point not to spend any more than $19,000 on a vehicle. Usually we wind up spending $15,000-$18,000. Never pay full price. Make the car salesman work for his commission.Talk him down. We usually stick to Toyota Corollas, but are thinking about going with an "American" company next time since we don't drive that far and there have been so many recalls on our car. Have fun, but do it with your eyes open.
