Re: Just a off topic Hypothetical

Posted by Bob M on February 09, 2006 at 09:03:12 from (151.190.254.108):

In Reply to: Just a off topic Hypothetical posted by scott#2 on February 08, 2006 at 19:39:43:

Depends a lot on your age, family situation, financial condition, etc. However my thoughts are pretty much like Paul Schuler�s below:

- If you have credit card debt, pay that off first.

- If you have kids and anticipate college in the future, put as much away as you can in high yield CD�s or similar conservative investments and earmark it for college expenses. Figure at current prices an �average� 4 year degree for one kid will cost about the same as a decent house. $20K is a mere f*rt in the college expense hurricane if you have more than one kid! (Been there, done that�.)

- If you haven�t already, fund a Roth IRA for yourself and for your wife. Or if you�re working and your employer offers a 401(k) plan, contribute the max to the 401(k) and gradually draw on the windfall to offset the reduction in take home pay.

And if you are fortunate enough to have all the above covered, THEN be thinking about a vacation, buying that tractor, etc!

Replies:

• Re: Just a off topic Hypothetical scotty 11:23:56 02/09/06 (0)

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