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If you were awarded 100.000.00 in a law suit

What would you do with it? I have no debt except our home.

Answer Question
 
Anonymous

Asked by Anonymous at 12:27 PM on Sep. 19, 2009 in Money & Work

Answers (13)
  • pay off my student loans!
    mommytohuddy

    Answer by mommytohuddy at 12:31 PM on Sep. 19, 2009

  • Pay off the house and the vehicle loan. Get new family vehicle. Sell house, buy acreage/farm.
    Anonymous

    Answer by Anonymous at 12:31 PM on Sep. 19, 2009

  • Pay off all our debt buy a house and a bigger family vehicle, then buy my dad the Cadillac he has always wanted.
    treynlisa

    Answer by treynlisa at 12:35 PM on Sep. 19, 2009

  • Put 1/2 away for retirement and 1/2 for my daughter's college fund.
    rkoloms

    Answer by rkoloms at 12:48 PM on Sep. 19, 2009

  • pay off my car, pay off student loans.......but since you only have a house debt, how much can you put on your mortgage? I'd pay a chunk of it off if you can, its always good to have positive equity. Can you loan me some? just kidding..... I would put about 30 grand away in a good interest account to save for later, no one ever saves the money when they get a good bit of it. And give a little to a charity of your choice, thats always a good thing, and tax deductible for some of it. And on the savings account, try to put it in something that is tax sheltered or something like that.
    SuperMomof3kids

    Answer by SuperMomof3kids at 12:55 PM on Sep. 19, 2009

  • I am waiting for my lawsuit settlement....Im sure I will get no where near 100,000 though.

    If I were you I would pay off some of your house and put some away in savings for retirement or college funds for you child(ren), maybe even take a vacation or something.

    When I get my settlement I plan on treating myself to simple things like a cut and color for my hair because I havent had my hair cut in over a year and I will spend some on my kids and put some away in a savings account for them. Depending on how much I receive I would like to buy a car for my mom because she really needs one and she deserves it.
    Anonymous

    Answer by Anonymous at 1:26 PM on Sep. 19, 2009

  • Why were you awarded the money? Usually money from law suits is to help you or a family member recover from an illness/injury that necessitated the law suit, and to be able to provide for their continued care/needs.

    If you or the recipient of the award are in perfect health, and do not "need" the money for continued care, then I would be saving AT LEAST half of it, paying down my house mortgage--or doubling up on payments, and establishing an education fund with the balance.

    I certainly wouldn't be wasting it on frivolous things like a vacation, or shopping spree. You may never see this kind of "windfall" again, you should plan wisely beyond your immediate needs and wants, and think to the future--as in 10, 20, 30 years into the future!
    LoriKeet

    Answer by LoriKeet at 1:39 PM on Sep. 19, 2009

  • I would pay off all I could then set aside $$ for emergencies. Of coarse, reward myself and my family with something fun.
    Anonymous

    Answer by Anonymous at 1:52 PM on Sep. 19, 2009

  • I would probably buy a new or actually being me, a nearly new car (way more bang for your buck). I would set some aside in a savings account of some sort that had serious penalties for pulling out of. I would also earmark some for frivolous expenditure (probably a couple thousand, no more than 5) and send the rest to the bank to pay down the house. So 20k for a car, 40k to savings, 5k to spend and 35k to the house.
    auroura

    Answer by auroura at 4:00 PM on Sep. 19, 2009

  • We are in line to win a large lawsuit and I am going to pay off my bills and fix up the house. Also pay off one of my sons school loans and leave some for my daughter. The rest will be put up for retirement.
    itsmesteph11

    Answer by itsmesteph11 at 5:09 PM on Sep. 19, 2009

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