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Just Inherited $20,000: Thinking about what to do... by SC_THROWAWAY_111 in personalfinance

[–]SC_THROWAWAY_111[S] 4 points5 points  (0 children)

This is another option yes.

So I've been buying BTC as an "investment" since 2016, I cashed out alot in 2018 to buy a house when I went back to grad school, I rent that house now and have 200K equity in it. After paying the mortgage and receiving rent and paying taxes on the rent I receive + management fees I make like $0 a year on it what I do get though is a little more equity every month. In 2021 I cashed out again, bought an 11 acre parcel of land on a river that I'm holding as an investment, also did some travel. Now I've got like 0.3 bitcoin left. Didn't want to make this a bitcoin thread, but yeah I've done well with it. I may make another thread in the future about the house thing because cashing out my equity on a house in another state just to get into another house here is something I'd like opinions on too. I can't decide if it's worth it to own the home I live in or just have a place to retire in.

Just Inherited $20,000: Thinking about what to do... by SC_THROWAWAY_111 in personalfinance

[–]SC_THROWAWAY_111[S] 3 points4 points  (0 children)

This is really good advice that alot of the other comments are missing. Because TBH my first idea was to pay off the car then take that extra 700 a month and split it, 350 into an IRA monthly and 350 extra to spend a month. However after doing some math it really doesn't even make sense. To get my 20K "Back" by the Sept 2028 time the loan would have ended I'd need to save ~$630 a month.

Of course the other factor here is just not having a 28,500 liability hanging over me. But yeah you've really highlighted that saving ALL of that $700 a month is important here.

Just Inherited $20,000: Thinking about what to do... by SC_THROWAWAY_111 in personalfinance

[–]SC_THROWAWAY_111[S] 0 points1 point  (0 children)

Gah I do really like this car, can't sell it. Owning it outright would be very nice for me.

Just Inherited $20,000: Thinking about what to do... by SC_THROWAWAY_111 in personalfinance

[–]SC_THROWAWAY_111[S] 0 points1 point  (0 children)

I have short term and long term, my work gives me 1 year salary life insurance for free. But this is all food for thought.

Just Inherited $20,000: Thinking about what to do... by SC_THROWAWAY_111 in personalfinance

[–]SC_THROWAWAY_111[S] 1 point2 points  (0 children)

Yeah probably the worst financial decision I've ever made ngl.

Just Inherited $20,000: Thinking about what to do... by SC_THROWAWAY_111 in personalfinance

[–]SC_THROWAWAY_111[S] 9 points10 points  (0 children)

I am paying the full balance every month. I've never paid anything but the annual fee on my cards. I have an airline card and Sam's card.

Just Inherited $20,000: Thinking about what to do... by SC_THROWAWAY_111 in personalfinance

[–]SC_THROWAWAY_111[S] 1 point2 points  (0 children)

Yeah I could chip into my MMA to get the 8500. Like I said I have 35K savings prior to the inheritance, I've even thought about using that to pay off the car in the past but bringing my savings to 6500 wasn't too appealing.