Writer's Block: It's payday!

[wowomom]

Help my church pay off their mortgage with the first bit.  The second part would be divided up from there...  first the girls would have their college funds bulked out like woah.  Next I would trade in my mom-mobile for a larger model.  25k would go into a money market account for emergencies, and the remaining few hundred thousand would go into

Comments

[eqfe]

I guess you assumed that it was a gift, and no taxes on it?

[wowomom]

most of that could still be acomplished even after Uncle Sam got his grubby hands on it. 'Specially since 1/2 of it would be a charitable donation to the church.

[eqfe]

It's about $575,000 after taxes, without a charitable deduction.

If you gave half to charity, then you would have about $295,000 after the donationation and taxes.

[wowomom]

$120k for college (40 each)
$20k for a newer car
$10k for play money

which leaves 145(ish) for a retirement fund, which ain't half bad for a couple of not-quite-30 year olds.

[rensong]

First I went "What's a DSLR?" and then about two seconds later I went "Oh, yeah, camera - totally with you on that one!"

And your financial plan - minus three kids college fund, though I might set aside enough for one "just in case" - looks remarkably similar to my plan. Except I'd help the 'rents with their mortgage instead of the church since I am pretty sure our church building is owned by the congregation still. And instead of buying a new car (though I might do that, too), I'd spend an arm and a leg to fix everything that is broken on my current model.

[wowomom]

Other than the crunched fender from the crazy who turned into me a few weeks ago (come on insurance!) There's nothing wrong with our car. It's just VERY cozy what with three car seats jammed in the back. :)

Even then it wouldn't be a new car purchased so much as a 2 yr old used model.