What would you do with $200,000

[ELSknutson]

So I am prior military and have been out for several years now after I was medically discharged after 6 years of service. So the VA gives me a check every month for about $500.00. Well recently I went to the doctor for some medical Issues I was having. Long story short the issues may cause my VA benifits to increase substantially and be backdated to the day I got out. In doing so the VA would not only pay me $2000 a month but also back pay me $200,000. 

 

So that being said what should I do with the money and what would you do with the money 

note: I have a decent job, a fairly nice Lexus GS, and a 300,000 house  2 kids a wife. 

[Dedayog]

Pay someone to stroke your obvious ego...

[Mira Yurizaki]

Throw it in a managed investment like a mutual fund or something. If you want to play the stock market game that's fine, but don't throw it all in there.

[Princess Luna]

2 minutes ago, jstudrawa said:

Pay someone to stroke your obvious ego...

LTT Forums totally is the place to brag about 200k and not knowing how to use it yeah... circles eyes.

[ELSknutson]

1 minute ago, valdyrgramr said:

Invest in your children's future with a lot of it for like college and what not?

They have a college fund already in place. 

[ELSknutson]

Just now, Princess Luna said:

LTT Forums totally is the place to brag about 200k and not knowing how to use it yeah... circles eyes.

At this point its a pipe dream until it actually happens and my wife Is an accountant so more then likely I wouldn't get to touch most if it comes in. 

 

But its an odd amount of money  its not enough  to  retire on but its still enough to be overwhelming 

[spartaman64]

i would buy cardboard (pokemon cards)

[Princess Luna]

Just now, ELSknutson said:

.

Here's just not the appropriate place for it, you'll have a decent sum that should be used wised in an investment.

 

You should have your wife company you to a bank and see your options there.

[ELSknutson]

Just now, spartaman64 said:

i would buy cardboard (pokemon cards)

Now thats an idea.  

[ELSknutson]

Just now, Princess Luna said:

Here's just not the appropriate place for it, you'll have a decent sum that should be used wised in an investment.

 

You should have your wife company you to a bank and see your options there.

Thats obvious but its fun to see others opinions  

[19_blackie_73]

- buy another house/apartment/flat, rent it to other people

- invest in some stock/funds whatever you are comfortable with
- save it in another way
- spend a bit of it on something you always wanted to fulfill, save the rest and spend it on house/apartment you can rent out...
there are a lot of sensible possibilities
 

or ya know, buy a reallly really nice car  in the likes of lamborghini, ferrari or whatever and be instantly broke

[ELSknutson]

1 minute ago, 19_blackie_73 said:

- buy another house/apartment/flat, rent it to other people

- invest in some stock/funds whatever you are comfortable with
- save it in another way
- spend a bit of it on something you always wanted to fulfill, save the rest and spend it on house/apartment you can rent out...
there are a lot of sensible possibilities
 

or ya know, buy a reallly really nice car  in the likes of lamborghini, ferrari or whatever and be instantly broke

Well my wife and I talked about it and we are planning on buying me a new car anyhow next year but not a Lambo but something nice I would Like a mercedes C63 but anyway if we did get the money we would pay off that car and my Wifes current Car. 

 

[Arika]

Obvious humble brag is obvious. 

 

Pay off your house or give part of it to your kids

[19_blackie_73]

Just now, ELSknutson said:

Well my wife and I talked about it and we are planning on buying me a new car anyhow next year but not a Lambo but something nice I would Like a mercedes C63 but anyway if we did get the money we would pay off that car and my Wifes current Car. 

 

why not be more sensible and simply pay off all of your debt? this is prime opportunity. If you would buy a apartment with the rest in cash to rent out, you 1.) wouldn't have to pay interest rates and such, so you have more money per month and 2.) have the extra income of the rent
with these two set, you quickly gain some cash back within one or two years so you could fulfill the c63 or whatever
problem with cars is they loose value insanly, especially the luxurious department like the AMGs, M-Cars and such.... Property not so much. if you got property, Other option would be to get an AMG or something like that used, maybe shop around a bit and you don't loose as much. just watch out for warranty.

but thats all your choice, just my two cents.

[ELSknutson]

As I mentioned The goal was to pay off the cars which is the only debt we currently have. The car was already in the plans but now instead of financing it we would pay cash on a Used car.  A rental property right now is not a good choice because house, Tax, and interest prices are high, also rental property take allot of time and effort to manage even if you have a company doing it.  If I paid of all our debt right now besides the house we would still have well over $130,000 left over and thats with a new used car.  Also as I mentioned my kids already have college funds set up and they are very young so giving them money is not an option. 

[Yeroh]

I'd buy a Porsche 911 GT3 RS. I mean LISTEN to that thing!!! 9000 RPM

 

Oh, wait, should we be reasonable?

[ELSknutson]

4 minutes ago, Yeroh said:

I'd buy a Porsche 911 GT3 RS. I mean LISTEN to that thing!!! 9000 RPM

 

Oh, wait, should we be reasonable?

What sounds better A GT3 RS for $150+K or a 2015 E/C63 AMG for around $50K I think Ill stick with the merc.  I honestly Dont know what the hype is about a GT3RS  

[Drak3]

M107A1 and some accessories.

New chassis cab truck + material to make a custom bed and bumper.

[Radioactive Snowman]

Travel the world, sure its great leaving the money in a bank account and all but wouldn't you rather use it to explore the world and see everything you've ever wanted to see?

[Mr. Smiley]

5 minutes ago, ELSknutson said:

What sounds better A GT3 RS for $150+K or a 2015 E/C63 AMG for around $50K I think Ill stick with the merc.  I honestly Dont know what the hype is about a GT3RS  

The GT3RS is much faster around a track, holds its value much better, and is probably going to be more reliable.

[Yeroh]

4 minutes ago, ELSknutson said:

What sounds better A GT3 RS for $150+K or a 2015 E/C63 AMG for around $50K I think Ill stick with the merc.  I honestly Dont know what the hype is about a GT3RS  

What???

 

I love myself some V8, but no V8 is a match for a race-derived 9000 RPM flat-six. Here's the thing: You hear a C63 in the distance and it could be anything - an Audi, a BMW, a Mercedes. You hear that flat-six, you know it's a Porsche.

[ELSknutson]

Just now, Drak3 said:

M107A1 and some accessories.

New chassis cab truck + material to make a custom bed and bumper.

 

The Rifle ? 

 

[ELSknutson]

1 minute ago, Mr. Smiley said:

The GT3RS is much faster around a track, holds its value much better, and is probably going to be more reliable.

Ya thats great and all but inless you live near a track or at least some good driving roads its worthless in my opinion. Tampa is flat and the roads are straight as an arrow. 

[ELSknutson]

4 minutes ago, Yeroh said:

What???

 

I love myself some V8, but no V8 is a match for a race-derived 9000 RPM flat-six. Here's the thing: You hear a C63 in the distance and it could be anything - an Audi, a BMW, a Mercedes. You hear that flat-six, you know it's a Porsche.

Ya but you can get the same sort of sound from an M3/4 for a 1/3 the price and getting a GT3RS to 9000 RPM would land you in jail real fast 

[Guest]

1 hour ago, ELSknutson said:

So that being said what should I do with the money and what would you do with the money 

note: I have a decent job, a fairly nice Lexus GS, and a 300,000 house  2 kids a wife. 

As you seem to live in Florida,

As it seems there are a few changes actually happening in a thing called "climate"

As this Climate thing that is changing has some kind of impact on sea level and meteorology,

As the pronostics of impact along the US shorelines are... let's say "pessimistic"

Then, I'd strongly advise to find another place for living, somewhat "higher" ground speaking...

 

Doing that when "people" are not rushing all at the same time to get some property could seem as a good idea.

 

All that is of course dependant on the fact that things are impermanent in life and that human beings HAVE a direct impact on their surroundings. Impact which is rarely positive, for humans and said surroundings.

 

Or... you can send them to me, I'm sure I can put 200K to good use ^o^