What do you want?

Old Aug 23rd 2009, 9:02 pm
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Default What do you want?

Ok, so here is the scenario, I have just unexpectedly come into a small sum of money (about A$100,000) and I wanted to buy myself a present (not spending it all). But......do you know I could not think of a single thing that I really want (or need) that either I don't have already or which would cost considerably more than the cash I have.

My main hobby is cycling (but I already have four bikes). I don't really wear jewellery so if I bought something it would sit in a cupboard. I have a nice car. Good telly. Computer which is fine for my needs etc. etc.

So what should I do?
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Old Aug 23rd 2009, 9:17 pm
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Default Re: What do you want?

Originally Posted by MartinH View Post
Ok, so here is the scenario, I have just unexpectedly come into a small sum of money (about A$100,000) and I wanted to buy myself a present (not spending it all). But......do you know I could not think of a single thing that I really want (or need) that either I don't have already or which would cost considerably more than the cash I have.

My main hobby is cycling (but I already have four bikes). I don't really wear jewellery so if I bought something it would sit in a cupboard. I have a nice car. Good telly. Computer which is fine for my needs etc. etc.

So what should I do?
Pay some of your mortgage off mate
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Old Aug 23rd 2009, 9:45 pm
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Default Re: What do you want?

Originally Posted by sonlymewalter View Post
Pay some of your mortgage off mate
Can't - I can only pay 5% max extra off per annum
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Old Aug 23rd 2009, 10:24 pm
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Default Re: What do you want?

Be benevolent and give it to a worthwhile charity. You will feel good inside for the philanthropic action you have taken.

May I be as bold as to suggest a charity. One does come to my mind easily as curiously it has the same initials, .... in fact the same name as me.

TD
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Old Aug 23rd 2009, 10:27 pm
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Default Re: What do you want?

Originally Posted by MartinH View Post
Can't - I can only pay 5% max extra off per annum
Then put it into a long term investment account with the highest interest and pay off whatever you are allowed whenever you can. Alternatively change mortgage accounts whenever you are able and do it then.

Alternatively, look at investing in a business maybe?
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Old Aug 23rd 2009, 10:39 pm
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Default Re: What do you want?

Originally Posted by MartinH View Post
Ok, so here is the scenario, I have just unexpectedly come into a small sum of money (about A$100,000) and I wanted to buy myself a present (not spending it all). But......do you know I could not think of a single thing that I really want (or need) that either I don't have already or which would cost considerably more than the cash I have.

My main hobby is cycling (but I already have four bikes). I don't really wear jewellery so if I bought something it would sit in a cupboard. I have a nice car. Good telly. Computer which is fine for my needs etc. etc.

So what should I do?
World cruise or round the world airline ticket?
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Old Aug 23rd 2009, 10:48 pm
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Default Re: What do you want?

Originally Posted by MartinH View Post
Ok, so here is the scenario, I have just unexpectedly come into a small sum of money (about A$100,000) and I wanted to buy myself a present (not spending it all). But......do you know I could not think of a single thing that I really want (or need) that either I don't have already or which would cost considerably more than the cash I have.

My main hobby is cycling (but I already have four bikes). I don't really wear jewellery so if I bought something it would sit in a cupboard. I have a nice car. Good telly. Computer which is fine for my needs etc. etc.

So what should I do?
If it was me, I would be that old car I always wanted for weekend cruising, probably about 40,000 spent.

I would do a couple of big jobs around the home I always wanted to do.

Or I would stop work for a year
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Old Aug 24th 2009, 12:06 am
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Default Re: What do you want?

I'm the boring sort. That money would be sitting in a bank account earning as much interest as possible to offset the mortgage. Then when the mortgage terms allow you I would pay a chunk off.

As for someting fun, I'd probably keep about $10k-20k to the side for a nice trip or something.
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Old Aug 24th 2009, 12:58 am
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Default Re: What do you want?

[QUOTE=MartinH;7869380]Ok, so here is the scenario, I have just unexpectedly come into a small sum of money (about A$100,000) and I wanted to buy myself a present (not spending it all).

Gosh it must be really nice to consider 100k a 'small' amount of money...
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Old Aug 24th 2009, 1:02 am
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Default Re: What do you want?

Buy some shares in a decent company. Or buy a nice fishing boat.
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Old Aug 24th 2009, 1:30 am
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Vintage vw spilt screen combi punked up!!!!!
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Old Aug 24th 2009, 1:37 am
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Default Re: What do you want?

Originally Posted by MartinH View Post
Ok, so here is the scenario, I have just unexpectedly come into a small sum of money (about A$100,000) and I wanted to buy myself a present (not spending it all). But......do you know I could not think of a single thing that I really want (or need) that either I don't have already or which would cost considerably more than the cash I have.

My main hobby is cycling (but I already have four bikes). I don't really wear jewellery so if I bought something it would sit in a cupboard. I have a nice car. Good telly. Computer which is fine for my needs etc. etc.

So what should I do?
Leave it in a high interest easy access bank account ...there is a great sense when you know no matter what little bump life throws at you, you have got decent shock absorbers.
congrats
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Old Aug 24th 2009, 1:51 am
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Default Re: What do you want?

Originally Posted by Zambia View Post
Leave it in a high interest easy access bank account ...there is a great sense when you know no matter what little bump life throws at you, you have got decent shock absorbers.
congrats
Change your mortgage account and then use the 100k to pay it off.

Forget high intererst accounts, you have to pay tax on them, so in the end the interest rate you save on your mortgage is always better than the anything you can gain from a deposit account.

Also, every time you reduce the amount of interest you're paying on your mortgage, you give yourself a tax free pay rise.
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Old Aug 24th 2009, 1:56 am
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Default Re: What do you want?

I'm a bit short this month.

Send it to me.

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Old Aug 24th 2009, 2:43 am
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Default Re: What do you want?

Either put it in the bank - or live a little and splash out on a dream holiday.

There, simple.
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