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$30K gift money. What to do with it?

That's not a lot TOTAL. But it's a pretty nice sum that we didn't work for and that was gifted to the 2 of us.

What to do with it? Any advice or suggestions would be appreciated. Thank you!

13 Answers

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  • 1 year ago

    I would set aside an emergency fund of 3-6 months living expenses and then pay off whatever outstanding debt I had. You probably don't have enough for all of that but get started.  

  • 1 year ago

    I would need to know more about your current financial status to give advice. If I received $30,000 after tax, about $10,000 would go into an emergency fund. The next $10,000 would pay off the furnace I had to purchase this year. The rest would significantly update my car.

  • zipper
    Lv 7
    1 year ago

    Bank it, pay down bills with it, send it to me. Lay it on the bed and look at it! You have a lot of choices here!

  • 1 year ago

    Depends on what other assets you have and your current income. 

    If you didnt have an emergency fund built up...you do now. 

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  • Maxi
    Lv 7
    1 year ago

    Invest in a property

  • ?
    Lv 7
    1 year ago

    Retirement savings

  • Anonymous
    1 year ago

    Invest, $1000 a month for the next 30 months. S&P 500 index fund.  Then add more after that.  Don't consider touching it for 30-40 years.

  • Anonymous
    1 year ago

    First, split it evenly, so there is no fighting later. Then save some, and then go have some fun with the rest of it!

  • 1 year ago

    Well, for one ting, asking in Personal Finance would make better sense.

    Right now, I'd say staying out of stocks would be the right choice. Insured investments, like a good mutual fund, would be best.

    In the US, you should be OK for taxes, gifts of $15K a person per year are tax free.

  • Anonymous
    1 year ago

    Have sex!  Sex is always more fun with money

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