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What to do with 10k



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amother
Goldenrod


 

Post Thu, Feb 01 2018, 2:28 pm
I am getting a settlement in the amount of 10k. I have debt through the roof and struggle day to day.

Should I invest the money so that I have more in a few years from now?

Where can I invest it, that is safe and high yield?

Or should I just pay off some of my debt with it?

Any other ideas?

I'm tempted to go on vacation. I have not gone on vacation for fifteen years.

I'm also tempted to use the money for therapy or for moving.
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simba




 
 
    
 

Post Thu, Feb 01 2018, 2:32 pm
How much is your debt costing you? What interest rate. are you paying on it?
I would pay off debt and take a small vacation. It is not enough to invest.
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mha3484




 
 
    
 

Post Thu, Feb 01 2018, 2:33 pm
I would pay off debt.
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thunderstorm




 
 
    
 

Post Thu, Feb 01 2018, 2:34 pm
mha3484 wrote:
I would pay off debt.

Agree.
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Zehava




 
 
    
 

Post Thu, Feb 01 2018, 2:35 pm
I agree take a small vacation for 500 max 1000$ and pay your debt with the rest.
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doctorima




 
 
    
 

Post Thu, Feb 01 2018, 3:00 pm
Paying off your debt is tantamount to locking in that rate of return on the money, so unless you're convinced that you can safely earn a much higher rate of return than you're paying in interest, the prudent thing is to reduce your debt.

If you haven't been on vacation in 15 years, you're certainly entitled to a well-deserved break to help you enjoy the settlement, so I would allocate up to 10% for personal pleasure, and use the rest for the debt.
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amother
Goldenrod


 

Post Thu, Feb 01 2018, 3:26 pm
I am very sorry, the grandkids were here and I had one grandkid looking over my shoulder as I was writing my op, so I paused and put it away. I came back to finish my post and I see I had submitted it without filling in the details I wasn't comfortable filling in when my grandkid was sitting right next to me.

The grandkids went back home, so I came here to check responses and I see I did not write the most important part of my dilemma :
* I have about 17k in cc debt.
* I really want to use the windfalll to pay for the purchase of a studio home in the country.
* I have health problems that living in the country would benefit me very much. (I have cancer and am foregoing treatment because of my age)
* I looked around and found I could purchase a studio with a down payment of 10k

So my question is whether to use the money for a down payment of a country home (in a healing village) in a place where I can get well. Or to pay off my cc debt.

(Note to self: No more writing op's when the grandkids are visiting)

I'm very sorry for any confusion.
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Jewishfoodie




 
 
    
 

Post Thu, Feb 01 2018, 3:37 pm
Refuah Sh'laima! I'm so sorry about your diagnosis.

While it's imperative not to accrue debt, it's equally as important to stay healthy. So what's your heart telling you?
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amother
Red


 

Post Thu, Feb 01 2018, 4:09 pm
amother wrote:
I am very sorry, the grandkids were here and I had one grandkid looking over my shoulder as I was writing my op, so I paused and put it away. I came back to finish my post and I see I had submitted it without filling in the details I wasn't comfortable filling in when my grandkid was sitting right next to me.

The grandkids went back home, so I came here to check responses and I see I did not write the most important part of my dilemma :
* I have about 17k in cc debt.
* I really want to use the windfalll to pay for the purchase of a studio home in the country.
* I have health problems that living in the country would benefit me very much. (I have cancer and am foregoing treatment because of my age)
* I looked around and found I could purchase a studio with a down payment of 10k

So my question is whether to use the money for a down payment of a country home (in a healing village) in a place where I can get well. Or to pay off my cc debt.

(Note to self: No more writing op's when the grandkids are visiting)

I'm very sorry for any confusion.

Can you afford mortgage payments for a studio home after the down payment, on top of your debt payments? Can you afford to travel to the country when you want to rest?
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amother
Burgundy


 

Post Thu, Feb 01 2018, 4:31 pm
Call the cc comp. and see if you can make a deal with them.
Sometimes if you can pay a lump sum they will completely remove the interest or greatly reduce it.
It's worth for the cc comp. to get at least part of the money.

I understand and I'm sorry to hear about your health.
I still think that you should put 9k towards your cc debt and take a mini mini vacation 3-4 days, cheaper hotel, somewhere close.
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Mommyg8




 
 
    
 

Post Thu, Feb 01 2018, 7:23 pm
Op, it's good to be financially responsible, but your LIFE comes first. If you can afford the monthlies, I think we all fargin you to use the money for something that will make your life better and easier. Hope you get better, iyh.
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Zehava




 
 
    
 

Post Thu, Feb 01 2018, 7:26 pm
You’re foregoing treatment what does that mean? What is your prognosis?
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studying_torah




 
 
    
 

Post Thu, Feb 01 2018, 7:43 pm
Firstly, I'm so sorry to hear about your cancer- I wish you peace and healing!
Secondly, will your cc debt go to someone else, if ch"v you pass away before it's paid off? In that case, you might want to pay it off.
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Mommyg8




 
 
    
 

Post Thu, Feb 01 2018, 7:49 pm
studying_torah wrote:
Firstly, I'm so sorry to hear about your cancer- I wish you peace and healing!
Secondly, will your cc debt go to someone else, if ch"v you pass away before it's paid off? In that case, you might want to pay it off.


I just checked this - cc debt is not inheritable, as long as you don't share card accounts with someone else.
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amother
Yellow


 

Post Thu, Feb 01 2018, 9:11 pm
My .02 :
If you pay off your debt, you have nothing left for health purposes and depending on the seriousness of your illness, you may not live to enjoy life. You're basically paying off your debt and moving to your coffin. Sorry for sounding so harsh.

If you use the money for health purposes, you can at least enjoy life and there is a chance you'll make a full recovery. I hope.

I vote for using the money to better your health.

Unless the debt is giving you sleepless nights or otherwise stressing you out more than you can handle.
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amother
Taupe


 

Post Fri, Feb 02 2018, 1:04 am
$17 k is not such major debt - put a down payment enjoy life and work out a payment plan with the cc
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Raisin




 
 
    
 

Post Fri, Feb 02 2018, 5:14 am
If foregoing treatment means you don't have a lot of life left to live, I say go ahead and enjoy life. Buy your studio. Take a vacation.
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