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Old 08-25-2017, 01:53 PM
 
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Quote:
Originally Posted by Gerania View Post
I'd put it in the bank and wait for something to break.

Agreed.. Sad to think that $5k isn't really alot of money anymore, but.. I mean, I'd be ticked off if I lost that amount, but it's not some giant windfall.
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Old 08-25-2017, 02:02 PM
 
Location: Florida
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Would not change what I do.
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Old 08-25-2017, 02:10 PM
 
Location: Omaha, Nebraska
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My condo just called for a special assessment. I'd put the $5,000 toward that.
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Old 08-27-2017, 10:05 PM
 
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Quote:
Originally Posted by Labonte18 View Post
Agreed.. Sad to think that $5k isn't really alot of money anymore, but.. I mean, I'd be ticked off if I lost that amount, but it's not some giant windfall.
I don't want to be that person, but it always happens. I remember when my husband won thousands on a scratch off. The plumber, the electrician or whomever got it the following week.
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Old 08-27-2017, 10:43 PM
 
Location: Santa Monica, Ca
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I'd walk around the Santa Monica pier and hand out 100 dollar bills to the homeless vets.
Don't care what they spend it on.... I'd like to just brighten up one day in their unfortunate lives.
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Old 08-28-2017, 07:00 AM
 
2,386 posts, read 1,235,098 times
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$5k isn't as much after taxes.

FIRST I'd pay about 45% in taxes in my state, leaving less than $3k. I'd put that in the Roth IRA, no question.

A guy in a very near by city won $1million on a lottery scratch off ticket. He'll get $536,038.00 after taxes. Not bad for a $5 investment! The reason I share that is that he'll pay about HALF in taxes and with holding in my State.

So that doesn't leave much. I'd invest it for the future retirement.

Hmmmmm, although it would pay for my next trip to Hawai'i....no, no... retirement it goes to.


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Old 08-28-2017, 08:52 AM
 
54,925 posts, read 57,320,186 times
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my step brother won 88k on wheel of fortune over 3 days of being on the show , years ago .
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Old 08-28-2017, 10:36 AM
 
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Put it toward getting my house painted (inside) or another home improvement/maintenance project.
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Old 08-28-2017, 11:52 AM
 
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Quote:
Originally Posted by oregonwoodsmoke View Post
You owe taxes on it, so it isn't really $5,000.
This

I'd mentally set aside 28% of it for Federal income taxes. The remainder wouldn't change my cash flow much and I wouldn't spend any differently than usual.

Reminds me. I need to submit an invoice for $4K for some consulting I did. After I pay self-employment taxes on the 1099 income and the Federal tax, it's not much money.

If the number was $1 million, that's enough to bridge me to my retirement after I paid the taxes on it. I'm 59. A smaller amount shortens up the number of years I work until I retire.
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Old 08-28-2017, 01:17 PM
 
Location: Phoenix, AZ
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I'd put about $1,800 in my savings account (to go towards taxes) and the rest would go straight into the investment account.
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