# Windfall from Work ー What would you do? **URL:** \ **Category:** Miscellaneous and Personal Stuff I Must Share\ **Created:** [February 8, 2011, 8:58am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637 "2011-02-08T08:58:52Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [February 8, 2011, 8:58am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/1 "2011-02-08T08:58:52Z")
Yesterday morning, the controller at my place of work called to give me the news I’d been expecting all month. They’re processing my very first incentive program payment. To give you an idea of why I’m bouncing off the walls at three in the morning, the amount is just slightly less than my annual salary, and much more than I anticipated. They’re cutting the check next week! This will, by far, be the largest amount I have ever received in a single check in my life. I’m all tingly. Heh. My controller and his assistant spent about thirty minutes with me going over the tax implications, which are significant as I will be thrown into a higher bracket. I was also advised to consult with my accountant, who I already called and have an appointment to see on Thursday. Although I will receive a payout this time every year going forward, the amount will be different each year as it is indexed to the corporate profits of the previous year. I am extremely financially conservative which, regardless what anyone will tell you, pays off in the long run. When I do spend a significant amount of money, it is only after I have agonized over it for months, sometimes years, and haven’t ultimately talked myself out of it. For the first time, however, with the amount I’m going to receive, I feel I can let my hair down a little and not over think it, for once…yes, yes, realizing that by typing this post I am doing just that. There’s a lot I could do with the money, I guess. I don’t really need anything, and I have no debt other than my mortgage. My accountant will, no doubt want me to sink the lion’s share into some tax deferred hole for the next twenty years. So, what would you do if you came into a significant, although not quite life-altering, amount of moolah? ---
**Author:** ![kambuckta](https://avatars.discourse-cdn.com/v4/letter/k/53a042/32.png) [@kambuckta](https://boards.straightdope.com/u/kambuckta)\ **Post date:** [February 8, 2011, 9:06am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/2 "2011-02-08T09:06:28Z")
Boast Post eh?? 😃 Given that there are no guarantees in this life, especially with work bonuses, I’d be whacking it off my mortgage. One might be able to survive better being unemployed if they have a roof over their head than otherwise. Getcha mortgage paid off, and THEN start agonising over the fun ways to spend yer’ dosh. Congrats BTW. ---
**Author:** ![Superhal](https://avatars.discourse-cdn.com/v4/letter/s/b4bc9f/32.png) [@Superhal](https://boards.straightdope.com/u/Superhal)\ **Post date:** [February 8, 2011, 9:24am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/3 "2011-02-08T09:24:31Z")
Down payment for a house. But if I already had a house, I would probably buy…furniture for that house. There’s a really cool couch I want to get that has 3 seats, and each seat reclines with the foot rest. ---
**Author:** ![norinew](https://avatars.discourse-cdn.com/v4/letter/n/eb9ed0/32.png) [@norinew](https://boards.straightdope.com/u/norinew)\ **Post date:** [February 8, 2011, 9:35am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/4 "2011-02-08T09:35:52Z")
> [@Superhal](#): > > Down payment for a house. > > But if I already had a house, I would probably buy…furniture for that house. Maybe a nice Chesterfield or an Ottoman? 😉 To the OP, that’s great news! I would definitely use it to ‘buy’ future financial security in some form or another, be it paying down the mortgage, paying off credit cards, whatever. But I also might take a _small_ chunk of it and do something that’s just fun. For instance, hubby and I have been talking about taking a weekend (or at least overnight) trip to Pittsburgh with **mudgirl**. We’ve been there as a day trip to see the Carnegie Science Center, and it’s really cool. But it would be great to do an overnight, stay at a decent hotel (booked on Priceline, of course! 😉 ), maybe have dinner at The Melting Pot; you know, things we don’t do often because they’re a little pricey. ---
**Author:** ![madmonk28](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/madmonk28/32/20811_2.png) [@madmonk28](https://boards.straightdope.com/u/madmonk28)\ **Post date:** [February 8, 2011, 9:43am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/5 "2011-02-08T09:43:09Z")
I would save the bulk and set aside a little for a gift to myself, probably a nice trip. ---
**Author:** ![Laudenum](https://avatars.discourse-cdn.com/v4/letter/l/7993a0/32.png) [@Laudenum](https://boards.straightdope.com/u/Laudenum)\ **Post date:** [February 8, 2011, 10:24am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/6 "2011-02-08T10:24:10Z")
Pay down your mortgage if you have no other use for it - save a ton on interest. ---
**Author:** ![EvilTOJ](https://avatars.discourse-cdn.com/v4/letter/e/ee59a6/32.png) [@EvilTOJ](https://boards.straightdope.com/u/EvilTOJ)\ **Post date:** [February 8, 2011, 10:27am UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/7 "2011-02-08T10:27:02Z")
Since you’re extremely financially conservative, I suggest a wild weekend somewhere. I mean act like you’re some big shot gangsta with liquor and blackjack and whores! OK skip the blackjack. The rest, US Treasury bills. ---
**Author:** ![kittenblue](https://avatars.discourse-cdn.com/v4/letter/k/ba8739/32.png) [@kittenblue](https://boards.straightdope.com/u/kittenblue)\ **Post date:** [February 8, 2011, 12:58pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/8 "2011-02-08T12:58:22Z")
Are they hiring where you work? If it were me, I’d pay down my bills, save a significant portion and then splurge on something that would make me happy each day…whether that be splashing out for high-quality shoes, or a great couch, or a piece of art…whatever is going to make you smile. And then I’d spend some of it to make someone else’s life a bit brighter…either a donation to a charity, or a direct gift to a family member. Because that would also make me happy each day. ---
**Author:** ![Paul\_in\_Qatar](https://avatars.discourse-cdn.com/v4/letter/p/ccd318/32.png) [@Paul\_in\_Qatar](https://boards.straightdope.com/u/Paul_in_Qatar)\ **Post date:** [February 8, 2011, 1:13pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/9 "2011-02-08T13:13:57Z")
> [@Laudenum](#): > > Pay down your mortgage if you have no other use for it - save a ton on interest. Actually, no. Home mortgage interest payments are tax deductible, which further reduces the real cost of what is probably your lowest-interest loan. Pay off your higher-interest, non-deductable loans, credit cards for example. Then hide as much as you can in tax-advantaged instruments. For most people that means $5,000 in a Roth IRA. Then more in government bonds if you like. Don’t be afraid to put the rest into a savings account. This will build a very nice credit eligibility and give you a sense of protection in the even of sudden expenses. It is nice to have money in the bank even if better returns are available elsewhere. It is flexibility. Then forget about it and start dreaming about next year’s bonus. ---
**Author:** ![Machine\_Elf](https://avatars.discourse-cdn.com/v4/letter/m/82dd89/32.png) [@Machine\_Elf](https://boards.straightdope.com/u/Machine_Elf)\ **Post date:** [February 8, 2011, 1:31pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/10 "2011-02-08T13:31:31Z")
We’ve been saving aggressively. No debt other than mortage (CC’s paid off every month). Next year I had planned to replace my car, which will be 10 years old by then. If I suddenly came into a lump of cash, I suppose I might buy that new car a year earlier. The money for that new car is already there though, and the extra expense (one year of driving a 1YO car instead of a 9YO car) wouldn’t actually be that much. What would I do with the rest of the windfall? Hm. Faster/newer PC, maybe a couple of small toys (GoPro Hero HD video camera comes to mind). The more I think about it though, the more I realize I’d have to _struggle_ to spend that kind of cash in a short time. Maybe a two-week trip to Japan, with first-class seating and top-notch hotels for me and my wife? Even that wouldn’t come to more than $15,000-20,000. Probably invest the rest in various mutual funds. Although there are no guarantees in life, the balance of probability is that over the long haul, such investments will give better returns (~10% ROI per year) than paying off the mortgage (4.5% interest per year). ---
**Author:** ![Nawth\_Chucka](https://avatars.discourse-cdn.com/v4/letter/n/c57346/32.png) [@Nawth\_Chucka](https://boards.straightdope.com/u/Nawth_Chucka)\ **Post date:** [February 8, 2011, 1:32pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/11 "2011-02-08T13:32:14Z")
Knowing where you are would help my suggestions! ---
**Author:** ![Sattua](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sattua/32/11906_2.png) [@Sattua](https://boards.straightdope.com/u/Sattua)\ **Post date:** [February 8, 2011, 1:37pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/12 "2011-02-08T13:37:34Z")
I would take a fraction of it, no more than a quarter (and more like a tenth) to take a nice vacation–and invest or save the rest. I don’t have any sensible advice about the investing/saving part, sorry. ---
**Author:** ![Eureka](https://avatars.discourse-cdn.com/v4/letter/e/74df32/32.png) [@Eureka](https://boards.straightdope.com/u/Eureka)\ **Post date:** [February 8, 2011, 1:52pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/13 "2011-02-08T13:52:52Z")
I’d sock a bunch away for a new car–my present one is getting on in years, but still too functional to toss away casually. I’d probably take a chunk out of my mortgage (if I had one). I’d spend some of it on a nice vacation. I’d give ten percent to my church, and possibly another ten percent to other charities. ---
**Author:** ![Boyo\_Jim](https://avatars.discourse-cdn.com/v4/letter/b/87869e/32.png) [@Boyo\_Jim](https://boards.straightdope.com/u/Boyo_Jim)\ **Post date:** [February 8, 2011, 1:54pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/14 "2011-02-08T13:54:50Z")
Ask if they can pay you in hookers and blow… to reduce the tax burden. Yeah, to reduce the tax burden. ---
**Author:** ![CornTheHead](https://avatars.discourse-cdn.com/v4/letter/c/6de8d8/32.png) [@CornTheHead](https://boards.straightdope.com/u/CornTheHead)\ **Post date:** [February 8, 2011, 2:22pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/15 "2011-02-08T14:22:17Z")
> [@norinew](#): > > Maybe a nice Chesterfield or an Ottoman? 😉 Win 🙂 ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [February 8, 2011, 2:28pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/16 "2011-02-08T14:28:21Z")
> [@kambuckta](#): > > Boast Post eh?? 😃 > > Given that there are no guarantees in this life, especially with work bonuses, I’d be whacking it off my mortgage. One might be able to survive better being unemployed if they have a roof over their head than otherwise. Getcha mortgage paid off, and THEN start agonising over the fun ways to spend yer’ dosh. > > Congrats BTW. Thanks. Throwing a little against my mortgage will probably be one of the options my accountant will present me with. Although you are correct that there are no guarantees, I have as close to one as realistically possible with my company’s incentive program as I have a contract. That said, contracts can be dissolved, but for the foreseeable future, as long as there’s a net profit at the end of a given year, I can expect a payout the following February. ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [February 8, 2011, 2:32pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/17 "2011-02-08T14:32:34Z")
> [@norinew](#): > > Maybe a nice Chesterfield or an Ottoman? 😉 > > To the OP, that’s great news! I would definitely use it to ‘buy’ future financial security in some form or another, be it paying down the mortgage, paying off credit cards, whatever. But I also might take a _small_ chunk of it and do something that’s just fun. For instance, hubby and I have been talking about taking a weekend (or at least overnight) trip to Pittsburgh with **mudgirl**. We’ve been there as a day trip to see the Carnegie Science Center, and it’s really cool. But it would be great to do an overnight, stay at a decent hotel (booked on Priceline, of course! 😉 ), maybe have dinner at The Melting Pot; you know, things we don’t do often because they’re a little pricey. I’m pretty much set for retirement, but paying down my mortgage probably makes sense. I do, however, feel the need to splurge a little on something totally nonsensical. 🙂 ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [February 8, 2011, 2:33pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/18 "2011-02-08T14:33:42Z")
> [@madmonk28](#): > > I would save the bulk and set aside a little for a gift to myself, probably a nice trip. This morning, my wife mentioned a week in Honolulu. I’m thinking that’s not a completely horrible idea. 😃 ---
**Author:** ![Onomatopoeia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/onomatopoeia/32/4145_2.png) [@Onomatopoeia](https://boards.straightdope.com/u/Onomatopoeia)\ **Post date:** [February 8, 2011, 2:34pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/19 "2011-02-08T14:34:46Z")
> [@Laudenum](#): > > Pay down your mortgage if you have no other use for it - save a ton on interest. I’m sensing a trend in this thread. 😉 ---
**Author:** ![interface2x](https://avatars.discourse-cdn.com/v4/letter/i/c0e974/32.png) [@interface2x](https://boards.straightdope.com/u/interface2x)\ **Post date:** [February 8, 2011, 2:35pm UTC](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637/20 "2011-02-08T14:35:52Z")
> [@Onomatopoeia](#): > > So, what would you do if you came into a significant, although not quite life-altering, amount of moolah? Probably find a well-meaning, deserving member of a message board I belong to and give them the bulk of it. If you need suggestions, I have someone in mind 😃 Seriously, congratulations, that’s awesome. I think taking a nice vacation and using the rest to either save or pay bills is your best option. [Next page](https://boards.straightdope.com/t/windfall-from-work-what-would-you-do/570637.md?page=2)