If You Won $150k on a Game Show

What would you do with it?

What’s the smart way of using a nice chunk of change for long-term benefit?

Pay off your mortgage?
Buy CD’s?
Stock market (heh)?

If I won $150K on a Game Show.

Well, I guess the first question is how much did I actually clear after taxes? That affects things.

Assuming that $150K is what I actually netted, I’d probably do the following:

After paying off any remaining debt and putting a nice deposit in to my savings account, I’d probably look in to buying some rental property with an eye on flipping them once the economy finally starts coming back.

Not enough.

Prefer the iTunes store.

Maybe…

I’d consult with a financial consultant and see where I am on my retirement plan versus my goals. I’d probably use a good chunk for something fun, as long as my normal finances are in order.

Oh, and don’t bother correcting me on one of my responses, above. :slight_smile:

One of my big goals right now is to pay off the house. I would do that. I’m not sure how I would invest the rest.

150 would work out to about 90K after taxes and such. I’ve been needing to get a personal car so I don’t drive my work truck on vacations so I’d probably take the money and buy myself a fun car. Right now I’ve got my eye out for a '49 Cadillac Model 62 convertible and I think I’d buy one and spend the rest of the money getting in up to modern specs. What ever is left over would probably go into CDs.

I would invest half in Doloris mutual funds, and take the other half to my friend Asadullah, who works in securities…

I’d stick it in the bank and live off it for the next few years of grad school. In the unlikely even that I graduated with some left over, I’d invest it in the next house and/or use it to pay down my student loans. But then, I’m a wild and crazy guy.

Ok - with $90K:

$13K - pay off outstanding debt
$10K - stick in a Roth IRA
$40K - buy a foreclosed condo & furnish. Live here for now - view as an investment.
$27K - use as frugally as possible to support myself while finishing & publishing my books.

Pay off my b-school debt, just to get rid of the monthly payment. It is a low interest rate, but I would like to have fewer monthly hits. Around $30k
Pay off the rest of my solar installation. Around $5k left.
The rest hits the mortgage. I have $235k left on my mortgage, and would like to wipe it out.

I am all about getting rid of debt, not investing, right now.

Hookers and blow.
I think that’s why I never got called back after my Jeopardy audition.

Let’s see… assuming 90k after taxes…

  1. Pay off the small debt incurred by recent car and truck repair
  2. Get car and truck in for remainder of work needed to really get them in prime condition.
  3. Get new mattress

Assuming all that takes, oh, 5k, that leaves me with 85k. Hmmm…

  1. Husband wants a tuba. Buy him one.
  2. Use remainder to go back to school for training in new field, including both tuition and living expenses.

I would use it for a huge downpayment on a place. Right now we are saving as much as we can to be able to buy an apartment here in the city and it would be lovely to have that money just fall into our laps like that.

I’d pay off my debt, buy a new efficient car, and invest the rest in my house - repairs and updates.

By the way, being in grad school and living off loans has changed my fantasies wildly - I now literally dream about situations like this. The other night I woke up from a wonderful-feeling dream where I had graduated and started a job, and written my first loan payment check. The feeling of my debts going down instead of up was more intense than any erotic dream I’ve ever had.

I’m a little stressed out by my situation from time to time.

I’m liking him better and better.

Me:

  1. Pay off husband’s new car; buy me a new car.
  2. Finish off a few projects around the house; total about $10K, including widening driveway.
  3. European vacation.
  4. Charitable donations.
  5. Husband wants another new tuba. :dubious:
  6. Save.

“Our defending champion is Robot Arm, who has accumulated quite a bit of winnings in his four day run so far. Any plans for what you’ll be doing after your stint on Jeopardy?”

“Hookers and blow, Alex.”

Audience laughs

“And our double Jeopardy categories are: Forbidden Fruit / Columbian Agriculture / Entrapment / Streets / Walking / and finally, Penile Code- please note the spelling of the category . Robot Arm, you select first”

Pay down the mortgage. That would put a decent dent in the balance.

Pay off the mortgage, and use the rest to try to get treatments for my disorder so I can actually hold down a job. I might not even pay the mortgage completely off if I can actually get back to work.

Oh, and I’d spend just enough money to get a new computer.

Buy a place, big payment so there are small monthly payments

Invest the rest, for retirement.

So, now might be a good time to mention that my friend actually did just recently win $250K on Who Wants to Be A Millionaire.

I don’t have the guts to ask her what she did with the money - though I know she did use part of it to set up a foundation in memory of one of her teachers.