That’s a coincidence. I’m currently receiving a windfall, and $500K is pretty darn close.
No idea what I’ll do with it, yet. I’ll need some for living expenses while I move back to Boston. I might buy a house at some point, but I think I’d have difficulty finding one that really fits my needs, and I wouldn’t feel right sinking so much of the money in one thing until I have a source of income.
Maybe I can come back in a couple months and answer the OP non-hypothetically.
I’m surprised at the lack of love for rental property. Is it the “what if you rent to someone who doesn’t pay” factor or other factors?
I absolutely do not want rental property. I don’t want to deal with the upkeep. I don’t like the upkeep and maintenance on my own living quarters, I’d hate to be responsible for someone else’s. I also don’t want to deal with the (few) destructive tenants.
I just got a notice via e-mail this morning that I’m going to receive $250,000 from a Western Union affiliate based in Africa just as soon as I send them some teeny bits of information! So all this advice I’m reading on the Board here will come in VERY handy.
Have I ever mentioned that you’re my favorite of all Dopers? And that I have a PayPal account?
I don’t think the subject has come up before. Funny, that.
I’m not comfortable with expressing emotion, but I have come to look upon you as a son. Or as a brother. Or daughter/sister, whichever is more age and gender appropriate, and I want for you the same things I would want for my own child and or sibling, such as the chance to get in on an excellent investment opportunity I have, and just $350,000 will get you in on the ground floor…
I’d pay off the mortgage and credit cards, already incurred student debt and any coming undergrad and grad fees. I’d fix up the house and the cars. There wouldn’t be much left after that. The mortgage and school fees through grad school would take up about 3/5 of the money. Fixing everything we want to fix on the house/land could easily take up another 1/5.