You are given a gift of $100k, what do you do?

[asp integra]

Was having this conversation with my wife earlier, what would you do if out of the blue, someone gave you $100,000.00?

Invest? Pay off the mortgage? Reno the house? Buy some toys?

I would invest a portion of it, reno the basement, save up for a boat, look at upgrading the vehicle etc, would be cool too see what everyone else would do.

[schocker]

Put it towards this
http://www.galicianrustic.com/amplia.asp?id=881
:D

I would put it in the bank, invest some and or put towards a house.

[rx7boi]

Invest it and carry on with my life or add it to something for my retiring parents as they are divorcing soon but spent many years making sacrifices.

[Twin_Cam_Turbo]

Downpayment on another rental property.

[max_boost]

What's your risk tolerance?

1. The sure thing is to knock down your mortgage.
2. Investment savvy? Invest it! Just don't take advice from Beyonders :rofl:
3. Buy a new car and lose 20% the moment you drive off the lot.
4. Take a nice vacation.

Personally, option #1 and 4.

[botox]

^^ exactly what I would do. Pay down mortgage with about 90k and use the rest for a vacation or buy some useless things.

[killramos]

Put the annual maximum down on the mortgage and the rest in anything but Canadian equity.

#diversification

[InRich]

1 and 4 is the way to go.

[adamc]

Buy a business.

[blitz]

$20k at The Camera Store, a nice vacation, and bank the rest.

[flipstah]

Pay off debt, buy an S2000, drive around North America and enjoy life.

[leftwing]

-Lump Sum on the mortgage
-Invest about 20K in some beaten down stocks
-Buy new truck
-Add to cash

[Black Gts]

Hookers and blow mostly. Then come on beyond and ask how to get out of debt...

Serious answer would be pay off debt and then invest.

[J.M.]

Buy an IS-F and save the rest

[D'z Nutz]

Originally posted by blitz
$20k at The Camera Store

So just like every other weekend eh? Haha

If it were me, I'd set aside $20K for toys/vacation/rainy day fund, and put the rest towards either the mortgage or another property while I rent out the condo.

[ExtraSlow]

Yeah, this is one of the questions with very few wrong answers.

If you have any high-interest debt, like credit card, probably should pay that off first.

If you haven't been saving for retirement, maybe toss a big chunk into RRSP for the 39% tax refund.

If I was within 100k of paying off my mortgage, for sure would be awesome to ge that to zero. For someone with 400k, 600k or more left to pay, might not feel as rewarding.

Investing it COULD be a smart choice, but then again, that can have risks as well. Please refer to my perfromance in the portfolio challange for reference material.



Honestly, not even sure what I'd do. Probably a mix of RRSP and mortgage, then use the tax refund on something more fun, like a vehicle upgrade or a family vacation.

[SilverRex]

BMW i8 and finance the rest

[revelations]

10k to mortgage

30k in various index funds (long term this will ALWAYS beat out paying down mortgage)

20k travel

15k boat/seadoo/rv (one of them)

20k home improvment

5k charity

[schurchill39]

I go through this rigmarole every Friday when I buy lottery tickets. Usually I try and plan out my life with a cool million but with only 100k unfortunately it would all go to debt. Pay off our lines of credit, pay off both of our student loans, pay off the vehicles, hopefully I could find a couple grand in there for a trip to Montreal and a few grand for the Calgary Humane Society

[Disoblige]

Take my parents on an all expense paid trip around different parts of Asia (they don't travel very much at all), rest in mortgage.

[Redlined_8000]

Put 70k into Mortgage and 30k across the family.

[guessboi]

100k is not much.

I would use it as a down-payment for another house or pay down my mortgage.

[Toma]

Originally posted by asp integra
Was having this conversation with my wife earlier, what would you do if out of the blue, someone gave you $100,000.00?

Invest? Pay off the mortgage? Reno the house? Buy some toys?

I would invest a portion of it, reno the basement, save up for a boat, look at upgrading the vehicle etc, would be cool too see what everyone else would do.

If you have debt, put it all towards the debt.

[xnvy]

Invest some in stocks but probably put the majority in a bank. If it was more I would buy my mom a house and move my family out of the ghetto aka Winnipeg.

[gwill]

Originally posted by Black Gts
Hookers and blow mostly.

I was wondering how many posts until I saw my answer. Apparently it was 12. What a bunch of boring guys. A few Swedish twins with triple e tits... A kilo of coke and a yacht in the Mediterranean sounds about right.

Wasn't the question a hypothetical? Why is everyone so boring?

[revelations]

I think youre confusing 100,000 with 100,000,000.

Then yes, coke, boats and broads :rofl:

[dirtsniffer]

Max out mine and the SO's TSFAs and use the rest towards a downpayment on a bigger house.

[NoPulp]

10k student loan
7k mustang projects
50k house downpayment
4k vacation money
14k invest
15k rainy day funds.

[Cos]

.

[The_Rural_Juror]

Fund a low budget "The View" type reality talk show with Zenops, Toma, and Marth for $5k. Spend $3k on tin foil for the home. Buy a vacation bunker in NWT where the zombies can't find me, and furnish it with walls of spam, water and air filters, and tranquilizer darts. Return the rest of the money back because mo money mo problems.

[blairtruck]

its weird that this popped up yesterday.
when i woke yesterday there was $77,000 extra in my bank account when i checked it.
and im not sure what to do with it.
so far just payed off a 20k credit line. 15k back into HELOC
and 40k sitting in my savings.

It was a payout from RBC cause i was on disability for 30 months. and that's what i got from the mortgage insurance i pay every month. on the phone they said it would be around 40k. but it was 77k when i looked.

[J.M.]

^ lol damn

[EK 2.0]

Take care of remaining debts...

Gift a large sum to my parents, it's the least I can do for all they have done for me, and all I have put them through...

And, another Euro vacation.

[blairtruck]

Originally posted by J.M.
^ lol damn Yeah it was pretty sweet. My wife phoned RBC to cancel the insurance as I was on disability for 30 months and got nothing from it. Guy on phone says he can backpay all the months I was off. So we didn't even know it was available just basically winning the mini lottery. 35k showed up in the bank in the morning. Thought we were great. Then 12 hours later another 42k was deposited. If we weren't so broke and needed to cancel the insurance we would have never got it.

[btimbit]

Debt, vehicle, beer. In that order.

[oz388]

Go back to sleep and keep dreaming.

[Neil4Speed]

Quit my job and go to to School to try to do Medicine.

[eglove]

Pay off the the remaining debt. Take a really nice vacation with the gf. Invest the rest

[AndyL]

Buy a cottage in BC and rent it to Albertans :)

Lol

[speedog]

Originally posted by blairtruck
Yeah it was pretty sweet. My wife phoned RBC to cancel the insurance as I was on disability for 30 months and got nothing from it. Guy on phone says he can backpay all the months I was off. So we didn't even know it was available just basically winning the mini lottery. 35k showed up in the bank in the morning. Thought we were great. Then 12 hours later another 42k was deposited. If we weren't so broke and needed to cancel the insurance we would have never got it.
Shit, that must have been one hell of a large mortgage insurance payment each month or am I just getting this wrong?

ninja edit: I got it but even then a windfall from being disabled in any form sucks because often what disabled you, even temporarily, is something you'd rather not have happened in the first place.

[blairtruck]

Originally posted by speedog

Shit, that must have been one hell of a large mortgage insurance payment each month or am I just getting this wrong?

ninja edit: I got it but even then a windfall from being disabled in any form sucks because often what disabled you, even temporarily, is something you'd rather not have happened in the first place.
i pay $100/month for me and wife for disability and life. i have no idea why it was so much payout as i was getting basically a full paycheck from sunlife insurance the whole time. but i got documentation in the mail from RBC also on Friday when i got home from work.
i have no idea how they worked their numbers but im happy with the free money

Is it the same thing to put say 20k on your mortgage principle or put it into the HELOC that is your mortgage anyways?

[A790]

Immediately payout all our debts, including car loan.

Take the remaining $60k and invest it.

Fuck yea, I just bounced two years forward in my savings plan :D

[Sugarphreak]

...

[adamc]

Think of all the stickers you could buy..

[CompletelyNumb]

Pay off CC's, save rest for living expenses until oil is back to $100 :nut: :poosie:

[themack89]

Originally posted by Sugarphreak
I'd give it back :dunno:

I've made it this far without taking handouts, I certainly don't need somebody to hang that over my head now.

Ahhh, the first reply with an undertone of being noble.

But, had you'd seen Kingsman, you would have been reminded that there is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. Oddly enough, you seem to have exhibited both cases LOL. :rofl:

[ZenOps]

Why seven pallets of nickels of course.

https://portlandmint.com/shop/product.php?productid=3&cat=3&page=1

[max_boost]

Originally posted by Sugarphreak
I'd give it back :dunno:

I've made it this far without taking handouts, I certainly don't need somebody to hang that over my head now.

If someone can give you $100k lol they don't need it back bro. Give it to your favorite Beyond members....like me! :D

[Sugarphreak]

...

[ZenOps]

There is no superiority complex to giving money from those who have too much of it.

I look at it like water rights. In California, you have people who were there over a hundred years ago - they can sell you water each year or not, they can give you water each year or not. Technically, most realize that its not really theirs to sell - it afterall comes from god, or if you believe science from the natural cycle of evaporation and deposition.

Khadafi had 144 tons of gold. What did he need it for personally? A solid gold toilet? No - he wanted to make real coinage for the citizens in his view to be able to have the choice to use it instead of paper. Does spreading out gold to the populace make Khadafi smug? Maybe. Maybe he just wanted to do the right thing.

If you believe that the US paper dollar and Iron Canadian dollar is based on debt and bondage, then its not charity - its offloading liability. The US dollar has been seen as an asset for most of the last 40 years. The US dollar however is someone elses debt obligation, which can become a great liability if perception changes.

I can see that most young people who are in debt will view the dollar as a means of relieving debt obligation and not so much a gainful asset. The US can at any time relieve the obligation by debt jubilee or no penalty bankruptcy. At which point, young people will tend to spend every paycheque as their viewpoint of what a dollar is - is completely different from those two generations before.

[asp integra]

Originally posted by Sugarphreak
I'd give it back :dunno:

I've made it this far without taking handouts, I certainly don't need somebody to hang that over my head now.

When I made this thread it was under the idea that you would have "won it" Ie lottery etc

[themack89]

Originally posted by Sugarphreak
I just can't think of a single person I would want to give the smug satisfaction of having me accept 100K gift from them.

Pride, spite. You can paint it with 1000 brushes :rofl: It reflects a lot about you as a person how you view a giver of gifts rather than just thinking they have good intentions... "Smug satisfaction"? LOL

[flipstah]

Sugarphreak is that Philosophy major that no one wants to talk to in house parties because a simple hypothetical becomes unnecessarily convoluted.

Or your cousin that talks about how life was simpler back then but they're only 2 years older than you.

[Sugarphreak]

...

[flipstah]

I still love you, Johnny Bravo.

[Sugarphreak]

...

[J.M.]

House party @ Sugarphreak's place!!

[Cos]

.

[flipstah]

It's a trap. He's going to make us do the landscaping.

[Blue]

Go to the casino, Baccarat lol

[Disoblige]

Originally posted by Sugarphreak

It has nothing to do with nobility. I just can't think of a single person I would want to give the smug satisfaction of having me accept 100K gift from them.
It's not like they threw the money on the ground and made you pick it up or something like that. Although I can see your viewpoint too; I just wouldn't call it smug satisfaction haha.

If anyone saw Ryan's Seacrest's Knock Knock Live that got cancelled after 2 episodes.. :rofl:

They shot money into the air in a neighborhood and all everyone on TV saw was a bunch of people on their knees picking up bills. It was the most humiliating thing I ever seen.

[ExtraSlow]

Sugar, why not look at it this way, maybe you work for a company that is bought out, and they give you a $100k retention bonus for working there? That's not humiliating.

Or a rich relative dies and leaves you $100k. Again, not humiliating.

There are lots of situations in which nobody is going to "hold this over your head" after you get the money.

[Sugarphreak]

....

[Sugarphreak]

...

[ExtraSlow]

Well, retention bonuses are in many ways different than performance bonuses, but I get your point.

[mr2mike]

Originally posted by Disoblige

They shot money into the air in a neighborhood and all everyone on TV saw was a bunch of people on their knees picking up bills. It was the most humiliating thing I ever seen.

All I could think of was this:
http://lazysundaymag.com/wp-content/uploads/2014/06/Batman3.gif

[timdog]

I think about this all the time even though it will never happen.

20k - on my primary mortgage

20k - on my rental property mortgage

10k - home improvements

10k - RRSPs (would get a nice chunk back next year)

10k - Vacation

10k - sit in a savings account for emergencies/unforeseen expenses

5k - spend on absolute bullshit... guitars, toys, gifts, clothes, a couple nice dinners

15k - pay off car

[Xtrema]

Straight to renos which is about what my budget is set at right now.

[ickyflex]

80k - Down Payment
20k - Towards S3 :D

[ZenOps]

Hey, there is a chance no matter how slim that QE4 might just be a direct deposit into everyones account. Basically and definitively - free money.

Its not unheard of at the state level. Alaska used to give money directly to the people, even in Alberta we had Ralphbucks.

https://en.wikipedia.org/wiki/Prosperity_Bonus

I spent my $400 on beer and popcorn.

[ZenOps]

Seriously, never understood why people have a problem with this.

A previous generation built a road, built a bridge, put down some copper wire for electricity, dug up a few nickels. Are you not going to use it just because they passed it on to you before they pass on?

When in history has royalty ever refused an inheritance?

Crazyness. Must be some sort of brainwashing going on. I would gladly welcome crowdfunding for my nickel beer fund.

[mr2mike]

Originally posted by timdog
I think about this all the time even though it will never happen.

20k - on my primary mortgage

20k - on my rental property mortgage

No offense but probably better to drop $40k on primary and none on rental.
But I guess depends on rental's metrics.

[timdog]

Originally posted by mr2mike

No offense but probably better to drop $40k on primary and none on rental.
But I guess depends on rental's metrics.

you're probably right, but emotionally i'm just motivated to pay that property off, even though it's costing me nothing every month. there are also limits to lump-sum payments on each mortgage.

[A790]

Originally posted by mr2mike

No offense but probably better to drop $40k on primary and none on rental.
But I guess depends on rental's metrics.

Originally posted by timdog


you're probably right, but emotionally i'm just motivated to pay that property off, even though it's costing me nothing every month. there are also limits to lump-sum payments on each mortgage.
If the rental is cashflow positive, I'm with mr2mike.

[timdog]

FINE! I'll put the full imaginary 40k on my primary mortgage

[ickyflex]

.

[Dertz]

Originally posted by asp integra
Was having this conversation with my wife earlier, what would you do if out of the blue, someone gave you $100,000.00?

Invest? Pay off the mortgage? Reno the house? Buy some toys?

I would invest a portion of it, reno the basement, save up for a boat, look at upgrading the vehicle etc, would be cool too see what everyone else would do.

Basically did this with a friend.
My girl bought scratch tickets. she gave me and my buddy one.
She kept one.
We scratched ours and we lost.
He scratched the top part of his.
She calls me and said she scratched the bottom half. It won 100k. We decided to give it to him, could have been bitches about it but we were happy emotionally and financially at the time and he was a fucking bum.

6 months later he needed a job and somewhere to live, again. I got him a job at my employer and he moved into my basement.
It was like giving steak to a baby.

[ickyflex]

Originally posted by Dertz


Basically did this with a friend.
My girl bought scratch tickets. she gave me and my buddy one.
She kept one.
We scratched ours and we lost.
He scratched the top part of his.
She calls me and said she scratched the bottom half. It won 100k. We decided to give it to him, could have been bitches about it but we were happy emotionally and financially at the time and he was a fucking bum.

6 months later he needed a job and somewhere to live, again. I got him a job at my employer and he moved into my basement.
It was like giving steak to a baby.

In that scenario if my friend was a bum i'd put it in a contingency account that he can get when he gets his shit together.

It's one thing to hand over money it's another to put it work, which can include investing in people.

It's like how most people who win the lottery go bankrupt because you can't give that much money to people who are naturally just bad with money. Teach em how to money manage and that money will go much further ahead.

Obviously I can imagine proposing that at the time wouldn't be easy so I can understand fully just giving the cash and moving along with life.

[suntan]

MAW104.

[CompletelyNumb]

Originally posted by Dertz


Basically did this with a friend.
My girl bought scratch tickets. she gave me and my buddy one.
She kept one.
We scratched ours and we lost.
He scratched the top part of his.
She calls me and said she scratched the bottom half. It won 100k. We decided to give it to him, could have been bitches about it but we were happy emotionally and financially at the time and he was a fucking bum.

6 months later he needed a job and somewhere to live, again. I got him a job at my employer and he moved into my basement.
It was like giving steak to a baby.

:banghead: :banghead: :banghead: :banghead:

Awfully kind (or naive) of you to give him a job and place to live after he blew through 100k in a matter of months.

[Dertz]

Originally posted by CompletelyNumb


:banghead: :banghead: :banghead: :banghead:

Awfully kind (or naive) of you to give him a job and place to live after he blew through 100k in a matter of months.

Both. We grew up in each others homes and his parents took care of me like their own. When things suck here and there, yeah I wish I didn't, but I remember I told him I would have blown half of it on stuff, saved a little and taken the crew a trip. I was all about the squad then.

He was kind enough to give 25k to my girl. I told her to use it on herself. She bought me a few things, to which my friends response was "with the money I gave her":eek:
It was the beginning of the end for Louis.

I have people we both know tell me he is always asking about the homies he turned his back on.

If you are wondering how he blew it, bought a VW, realized he couldn't afford it, traded it in a week later(lost on it), bought a yellow golf, bought a bunch of bad clothes and hung out with a then underage trashy Chinese girl that pretty much drained him because he was in love.

I got him a job as a busser, I had another homie there that worked with us and he hated the lotto winner. First night cleaning up, he looked at him holding a rocks glass and said "I got 100 000 reasons for you to pick these up you fucking one hit wonder"

:D :D :D

[J.M.]

Originally posted by Dertz


Basically did this with a friend.
My girl bought scratch tickets. she gave me and my buddy one.
She kept one.
We scratched ours and we lost.
He scratched the top part of his.
She calls me and said she scratched the bottom half. It won 100k. We decided to give it to him, could have been bitches about it but we were happy emotionally and financially at the time and he was a fucking bum.

6 months later he needed a job and somewhere to live, again. I got him a job at my employer and he moved into my basement.
It was like giving steak to a baby.

Reminds me of my aunt who won around $180k back in the early 2000's. Money gone within a year and a half.