# You've just inherited $15,000... **URL:** \ **Category:** In My Humble Opinion\ **Created:** [January 9, 2003, 5:20pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546 "2003-01-09T17:20:20Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Lamia](https://avatars.discourse-cdn.com/v4/letter/l/8e7dd6/32.png) [@Lamia](https://boards.straightdope.com/u/Lamia)\ **Post date:** [January 9, 2003, 8:26pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/21 "2003-01-09T20:26:49Z")
I’d take a trip someplace far away, like Singapore. But since you’re already in Singapore, maybe you should make a trip to my hometown. I’d be happy to show you around, for a nominal fee. 🙂 ---
**Author:** ![The\_Tof](https://avatars.discourse-cdn.com/v4/letter/t/cdc98d/32.png) [@The\_Tof](https://boards.straightdope.com/u/The_Tof)\ **Post date:** [January 9, 2003, 8:30pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/22 "2003-01-09T20:30:40Z")
I’d pay off my outstanding debts… cars/credit card… stuff like that. Should leave me enough to take a pretty nice trip somewhere. My first thought was house, but I figure if I pay off my car and credit card, I should be able ot save that money up in no time. ---
**Author:** ![JohnT](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/johnt/32/15048_2.png) [@JohnT](https://boards.straightdope.com/u/JohnT)\ **Post date:** [January 9, 2003, 8:34pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/23 "2003-01-09T20:34:53Z")
No taxes on $15,000. At least, not any that… Oh, wait… **skijumper** lives in Singapore. I don’t know what the tax laws are there. Here in the US there are no income taxes to be paid for by the beneficiary and the estate taxes (only on estates larger than ~$700,000) are paid for by the estate before any assets are distributed. So there shouldn’t be a tax bit, and **skijumper** should get all the money. ---
**Author:** ![Kn\_ckers](https://avatars.discourse-cdn.com/v4/letter/k/96bed5/32.png) [@Kn\_ckers](https://boards.straightdope.com/u/Kn_ckers)\ **Post date:** [January 9, 2003, 9:01pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/24 "2003-01-09T21:01:08Z")
Add me to the scores and thousands that have already said “student loans.” But if you don’t have any loans to pay off, bills to worry about, etc., there’s nothing wrong with just plopping it into your bank account for a rainy day. ---
**Author:** ![ivylass](https://avatars.discourse-cdn.com/v4/letter/i/9de053/32.png) [@ivylass](https://boards.straightdope.com/u/ivylass)\ **Post date:** [January 9, 2003, 9:05pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/25 "2003-01-09T21:05:06Z")
I’ve heard when you get a windfall you’re supposed to take 10% and blow it, just to get it out of your system. So, take $1500 and splurge. I would take the rest, pay off my credit card, and invest what’s left. ---
**Author:** ![Shirley\_Ujest](https://avatars.discourse-cdn.com/v4/letter/s/45deac/32.png) [@Shirley\_Ujest](https://boards.straightdope.com/u/Shirley_Ujest)\ **Post date:** [January 9, 2003, 9:24pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/26 "2003-01-09T21:24:42Z")
\*\*This is the dull, dull, dull advice that you will not heed. \*\* Until it is too late. \*\*Pay Yourself First ! \*\* Stuff a large chunk into an IRA. $5000. Invest a mutual fund. ($4000. split into half into two seperate funds: one long term growth, one mid cap.) Pay off the highest interest bills - $4000. Splurge on transient whims: (dinner/movies/cd, lottery tickets) $500 Splurge on more permanent things ( like a TV/computer) $500. I recommend highly \*\*Think and Grow Rich \*\* by Napolean Hill. The Wealthy Barber ( can’t recall author)… Suze Orman also has a few good books, as well. If you have a high credit card interest rate, check around to see where you can get a card with a lower interest rate and see if you can transfer the high amount over. If you have student loans, AFAIK, these are at a long term low interest rate. Aren’t they tax deductible too? ( I know zero about loans.) These are not a primary cause of concern for paying off. The credit cards are as the high interest rates will \*eat you alive \*. If you have a home, open a home-equity line. The interest rate you pay on whatever the amount is I do know is tax deductible. Never completely pay it off so that when you need to ‘pay off’ a credit card or need fast cash for something, you can just go and write a check off of it. Congrats on the windfall. I envy you! ---
**Author:** ![Munch](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/munch/32/5281_2.png) [@Munch](https://boards.straightdope.com/u/Munch)\ **Post date:** [January 9, 2003, 9:24pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/27 "2003-01-09T21:24:42Z")
Goodbye student loans (and credit card bills)! ---
**Author:** ![Belrix](https://avatars.discourse-cdn.com/v4/letter/b/ed655f/32.png) [@Belrix](https://boards.straightdope.com/u/Belrix)\ **Post date:** [January 9, 2003, 9:53pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/28 "2003-01-09T21:53:53Z")
We did recieve an inheritance years ago in this range of cash. Luckily there’s no taxes on it so the whole thing is yours. We paid off nearly every debt we had and had enough left over for a small down payment on a house (3%) so we used it to get into our first house. We also used some remaining $$ for a down payment on a new car since the new house’s location made it more difficult for me to commute by bus. We took a small portion and “played” with it - shopped for needless things but I don’t think we exceeded $500 for the whole “spree”. -M ---
**Author:** ![BobT](https://avatars.discourse-cdn.com/v4/letter/b/8e8cbc/32.png) [@BobT](https://boards.straightdope.com/u/BobT)\ **Post date:** [January 9, 2003, 10:23pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/29 "2003-01-09T22:23:10Z")
I’m saving most of it, but I’m also taking a nice vacation to Hawai’i next month. I thought this question was directed toward me actually since I’ve come into some money after my father’s passing last September. Perhaps I should start interviewing for a spouse. ---
**Author:** ![reprise](https://avatars.discourse-cdn.com/v4/letter/r/ea666f/32.png) [@reprise](https://boards.straightdope.com/u/reprise)\ **Post date:** [January 9, 2003, 10:31pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/30 "2003-01-09T22:31:15Z")
I inherited $10,000 a couple of years ago. A substantial portion went on paying of debts, a significant amount on replacing major appliances which had broken down, and a little on just “splurging”. Yesterday, I was advised that another elderly relative has died and that there is another windfall on the way later in the year. As we are totally debt free due to the last windfall, I’m going to buy myself the computer I really wanted to buy last time around, put some money towards a car for my kids, and the rest will be invested in managed funds. ---
**Author:** ![Suspenderzzz](https://avatars.discourse-cdn.com/v4/letter/s/cc9497/32.png) [@Suspenderzzz](https://boards.straightdope.com/u/Suspenderzzz)\ **Post date:** [January 9, 2003, 10:38pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/31 "2003-01-09T22:38:17Z")
$15,000? That would be a nice little nest egg. Once upon a time, I would have dispensed of it during a few trips to the mall. Now, I would find a way to invest it where I couldn’t easily dip into it (no self-discipline here, you understand), but where I could access it _only if I truly needed to_ (kind of like a 401k. You can’t casually dip into it for a couple of 20’s, but you can borrow against it if you need a larger amount of money for an emergency). I would definitely find a way to invest it so that it _grows_, as well as covers my sorry ass if anything unexpected happens in my life, so I won’t have to depend on anybody, ever. Now, is that mature, or what? 😃 ---
**Author:** ![nashiitashii](https://avatars.discourse-cdn.com/v4/letter/n/7c8e57/32.png) [@nashiitashii](https://boards.straightdope.com/u/nashiitashii)\ **Post date:** [January 9, 2003, 10:45pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/32 "2003-01-09T22:45:51Z")
I’d invest about $5000 of it for later, and then use the rest to pay the remainder of tuition, fees and housing expenses for however long it lasted. Knowing anything, it’d probably only cover a year and a half at the most with my current financial status. ---
**Author:** ![eunoia](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/eunoia/32/97_2.png) [@eunoia](https://boards.straightdope.com/u/eunoia)\ **Post date:** [January 9, 2003, 10:52pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/33 "2003-01-09T22:52:57Z")
> [@](#): > > \*Originally posted by Fibonacci \* > \*\*May I suggest reading Marketplace host, David Brancaccio’s book [Squandering Aimlessly](http://www.amazon.com/exec/obidos/ASIN/0684864983/marketplaceradio/002-0340485-1560825)? > In it he explores various ways one could spend an unexpected windfall. An very enjoyable read. > Just waiting for my windfall now. > [Disclaimer: Dave is a good friend of mine, but even if he wasn’t, I’d highly recommend this book.] \*\* The gods are screaming in my ears… Clicking in the top left of the linked page gets you [here](http://www.amazon.com/exec/obidos/tg/detail/-/B00007EPJ6/ref=segway_tn_left/102-0506035-2904964). There’s $4,950 well spent! 😃 ---
**Author:** ![racer72](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/racer72/32/3075_2.png) [@racer72](https://boards.straightdope.com/u/racer72)\ **Post date:** [January 9, 2003, 10:53pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/34 "2003-01-09T22:53:13Z")
A week in Hawaii. If anything was left, pay bills. ---
**Author:** ![jacquilynne](https://avatars.discourse-cdn.com/v4/letter/j/67e7ee/32.png) [@jacquilynne](https://boards.straightdope.com/u/jacquilynne)\ **Post date:** [January 9, 2003, 11:23pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/35 "2003-01-09T23:23:49Z")
I put it all in my retirement savings plan. My mother made me. How I can be of an age to have a retirement savings plan and still have a mother who controls my spending is a topic for an entirely different thread. ---
**Author:** ![Osip](https://avatars.discourse-cdn.com/v4/letter/o/4491bb/32.png) [@Osip](https://boards.straightdope.com/u/Osip)\ **Post date:** [January 9, 2003, 11:52pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/36 "2003-01-09T23:52:00Z")
> [@](#): > > \*Originally posted by Dante \* > \*\*Donate it to dopers whose user names are that of 14th century Italian poets…😃 \*\* To bad we do not have any of those. Oh he who works at the Quickie Mart. Say hi to Randell for me. Of course, there is a 20th century Russian poet who would suffice. You would have to split it though since I too the Osip and another poster is listed as Mandelstam. Seriously? Shirley has some pretty damn sound advice. Osip ---
**Author:** ![Another\_Primate](https://avatars.discourse-cdn.com/v4/letter/a/f19dbf/32.png) [@Another\_Primate](https://boards.straightdope.com/u/Another_Primate)\ **Post date:** [January 9, 2003, 11:58pm UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/37 "2003-01-09T23:58:11Z")
Depends on who left me the money. I hope that I would try to take their wishes into account. Would they want me to become more financially stable? Would they prefer I blew the money on one fantastic trip I’d remember for the rest of my life? Or would they want me to learn fly-fishing, or sculpting… ---
**Author:** ![Shirley\_Ujest](https://avatars.discourse-cdn.com/v4/letter/s/45deac/32.png) [@Shirley\_Ujest](https://boards.straightdope.com/u/Shirley_Ujest)\ **Post date:** [January 10, 2003, 12:16am UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/38 "2003-01-10T00:16:51Z")
\*\* > [@](#): > > Shirley has some pretty damn sound advice. \*\* I am positively blooming over this 🙂 The reason, which hits me hours after I posted, to \*\*Pay Yourself First \*\* is that in twenty years or so down the road, you will be able to do more with the money (say $25,000 in 25 yrs, rather than a one time shot of $3,000 to tahiti. What would you rather have, one time only to Tahiti or the \*option \* and the \*means \* of being able to go to Tahiti again? (I’ve read loads of finance books, but have zero dinero to put this knowledge to use. ) ---
**Author:** ![Fretful\_Porpentine](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/fretful_porpentine/32/2873_2.png) [@Fretful\_Porpentine](https://boards.straightdope.com/u/Fretful_Porpentine)\ **Post date:** [January 10, 2003, 12:32am UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/39 "2003-01-10T00:32:46Z")
Dunno – maybe I’m just too pessimistic, but I’d be worried that in 25 years I might be dead, or have physical problems that would make traveling impossible (or much more expensive), or some catastrophic economic crisis might render my investments worthless. I’d rather enjoy the windfall now and have the memories. ---
**Author:** ![agentfroot](https://avatars.discourse-cdn.com/v4/letter/a/779978/32.png) [@agentfroot](https://boards.straightdope.com/u/agentfroot)\ **Post date:** [January 10, 2003, 12:43am UTC](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546/40 "2003-01-10T00:43:19Z")
I’d stow it away until I graduate from college (my parents and grandparents told me not to worry about paying for college since they’re taking care of it), then get myself a nice apartment and live off the $15,000 while I look for a job. It would definitely go towards furniture, appliances, rent, etc. [Previous page](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546.md?page=1) [Next page](https://boards.straightdope.com/t/youve-just-inherited-15-000/147546.md?page=3)