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Old 12-07-2014, 11:04 AM   #1
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An unexpected Christmas Windfall

Sometimes the USPS delivers something useful instead of a pile of junk mail. I received a check yesterday for 12k. It was from an old Roth account I had at a former employer years ago, and I had completely forgotten about it. It will only add about 2k to my taxable income since it was already taxed.

Question now is what to do with it. The folks here at the forum have been invaluable in assisting me with spending money....I mean they EXCEL at it.
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Old 12-07-2014, 11:23 AM   #2
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Hi: rbryan4...My wife and I had a similar situ. except ours was a gift. My plan was simple. Deposit it in a retirement acct. Use 1/2 the deduction one year and 1/2 the next to maximize the return from taxes. Then spend the refunds. Thus having ones cake and eating it too!!! Hope you'd still be of an age to do this. BTW... Merry Christmas. Alf
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Old 12-07-2014, 11:41 AM   #3
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More OPTIONS....
Anything left after that goes into your gas tank and more holidays.

Cheers
Doug
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Old 12-07-2014, 11:53 AM   #4
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Now here you all are being sensible. Who knew?
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Old 12-07-2014, 12:02 PM   #5
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I'll be sending you my mailing address shortly--- FRIEND!
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Old 12-07-2014, 12:18 PM   #6
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Now here you all are being sensible. Who knew?
Hi: rbryan4... We're all in this trailer together eh!!! Besides I like to make the gubber mint pay for it. Tax avoidance is legal...tax evasion isn't. Alf
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Old 12-07-2014, 12:30 PM   #7
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Sometimes reducing your debt can help your ease your daily life. Some money experts suggest you use borrowed money and keep your cash in the bank. I prefer to be debt free as possible.
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Old 12-07-2014, 01:26 PM   #8
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Sometimes reducing your debt can help your ease your daily life. Some money experts suggest you use borrowed money and keep your cash in the bank. I prefer to be debt free as possible.
My philosophy too. Being as debt free as possible should be everyone's goal. But, there are times for us when debt works. Most of the furnishings in our home for example were purchased with 12 months same as cash. The balance we would have spent up front went instead into an interest bearing account, and we made money off it. When they're handing out "free money", it can sometimes make sense to take advantage of it.
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Old 12-07-2014, 01:27 PM   #9
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Question now is what to do with it.
Oh, oh oh.....pick me, pick me!!!

Why don't you go pick up your trailer from Escape, then swing by Calgary, and I will have LOTS of great ideas for you, that you will just love. And, so will I.

I could also help you brush up on your metric, while we sample some of my many bottles of Scotch.
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Old 12-07-2014, 01:30 PM   #10
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Hi Rbryan,
That's a nice problem to have some how I don't think you need any help figuring out how to solve that problem.
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Old 12-07-2014, 01:33 PM   #11
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Oh, oh oh.....pick me, pick me!!!

Why don't you go pick up your trailer from Escape, then swing by Calgary, and I will have LOTS of great ideas for you, that you will just love. And, so will I.

I could also help you brush up on your metric, while we sample some of my many bottles of Scotch.
Now THATS how to convince a 'stubborn American' to learn metric -- ply him with Scotch. Why didn't you just say that in the first place?:
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Old 12-07-2014, 01:46 PM   #12
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Spend little, save a lot! Merry Christmas.
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Old 12-07-2014, 01:48 PM   #13
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Now THATS how to convince a 'stubborn American' to learn metric -- ply him with Scotch. Why didn't you just say that in the first place?:
LOL... Just a bit slow this weekend.
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Old 12-07-2014, 01:49 PM   #14
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Robert,
All that being said, my suggestion is this. Buy something nice for Mrs. Robert, and save the rest for camping trips or save it for when you do retire.
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Old 12-07-2014, 04:46 PM   #15
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I'd put it into an account and spend it 100% on the trailer. Whether site fees, fuel to go, or indoor storage. Or maybe all THREE!

Lucky problem to have
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Old 12-07-2014, 05:07 PM   #16
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Spend it all in Canada were it's worth $13,730.00CDN!
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Old 12-07-2014, 09:00 PM   #17
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I'd put it into an account and spend it 100% on the trailer. Whether site fees, fuel to go, or indoor storage. Or maybe all THREE!
One part of me says save it, the other says YEAH, an account solely for RVing. I like the way you think Donna
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Old 12-08-2014, 06:34 AM   #18
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Ummm, Robert you know where I live so contributions always accepted!!!

Steve
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Old 12-08-2014, 07:21 AM   #19
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There is always a qualified 501(c)3 charitable donation, you get a tax deduction using tax free income, sort of like a double whammy.
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Old 12-08-2014, 08:27 AM   #20
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I love money that falls from the sky (or unexpected and I forgot about it). I'm close to retirement, don't know about you Robert. BUT, I'd use it to plan that trip of a life-time taken immediately after retirement. That's when you should have the best health you'll have... don't delay is what I'm trying to say. With this kind of cash, I could spend months traveling the US/Canada and maybe that camping trip to Alaska. It would take some planning, but that's half the fun!
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