What's the best thing to do with $20k

[Dan-]

 

$13k?

 

Leftovers on heli/cat skiing trip to BC?

 

 

A week or two at Retallack would be awesome.

[zaldon]

buy land with black walnut wait 3 to 8 years and harvest the wood $$$$$

Edited November 5, 2009 by zaldon

[toast21602]

buy land with black walnut wait 3 to 8 years and harvest the wood $$$

 

i like that idea.

[sexkitten]

Wild trip to Vegas?

 

X2. An all out Vegas trip with some friends would be a hell of a way to spend 20K.

 

Sadly I would probably just put the money towards our mortgage. We are hoping to have the damn thing paid off in the next 8 years and that would definitely help.

[JFskiDan]

 

 

Sadly I would probably just put the money towards our mortgage. We are hoping to have the damn thing paid off in the next 8 years and that would definitely help.

 

the grimm reality of it is, thats exactly what i would do if 20k suddenly fell from the sky. i want to set myself up so in a few years more of my income is "disposable", unlike now.

 

i know 20k aint gonna fall from the sky, i wanna add a slushy machine to go along with the car and cell phone.

[nick malozzi]

Or I'd prepay my rent for 2 years so nearly all of my income is disposable!!!

Why would you piss away 20K on someone else's property as opposed to having a healthy down payment on your own place?

[toast21602]

Why would you piss away 20K on someone else's property as opposed to having a healthy down payment on your own place?

 

that's what i was thinking when i read that...

[librider]

I would just live off it as long as possible and move out west.

[nick malozzi]

One day when I meet that special someone...the future Mrs. GrilledSteezeSandwich I'll buy a house...but I like living in an apartment and having all my maintenece taken care of. I don't think of rent as wasting money..but paying to live somewhere..If I owned a home I'd have alot less disposable income..

If I'd buy the condo I'm currently renting my rent would go down about 300 bucks, and the HOA takes care of everything outside my door. So unless I wanted to upgrade something there would be no maintenance. That's cool though. By all means, keep handing over your income to so landlord. It's not really all that different then the money you hand over at the casino.

[toast21602]

One day when I meet that special someone...the future Mrs. GrilledSteezeSandwich I'll buy a house...but I like living in an apartment and having all my maintenece taken care of. I don't think of rent as wasting money..but paying to live somewhere..If I owned a home I'd have alot less disposable income..

 

i have just as much disposable income that i would if i rented, and i'm till 'paying to live somewhere'. i never thought i would buy a house when i was 23, but it was the best decision that i've made so far and the mortgage will be paid off in 22 years max. with just one income (hopefully that will change within the next few years).

[Justo8484]

I quit gambling last Tuesday but if I had an extra $20grand to blow with no regrets at a Casino...I would put $10,000 into an entry of the World Series of Poker Main Event....$3,000 playing $10/$20 NL hold-em......$5,000 on baller Penthouse for buddys to stay in...and the other $2,000 on the room service and stripper bill..

 

Wow that would be fun!!!!

 

i don't think you realize how quick liquor adds up at a casino... bottle service in AC is like 500 or 600 minimum. between that and food, that's not leaving you very much money for your hooker!

[method9455]

It is not always clear cut to buy rather than rent. It really depends on how often you are moving because of the cost of buying/selling/closing a mortgage and also the cost the cost of borrowing money.

 

http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html

 

Or as many people painfully found out, houses don't always go up.

 

-Edit though on 2nd thought, that calculator doesn't seem to take into account what you recover upon selling a house. Over a longer term it is obviously better to buy for that reason, I was using it to answer the question on 1-5 year time frame where the increased value of the house is basically nil.

Edited November 5, 2009 by Kevin.

[Barb]

My husband's vote would definitely be for the motorcycle.

 

And Toast, I think its awesome you bought a house. I have 3 guys working for me that are your age and they all live with their parents.

[JFskiDan]

i have just as much disposable income that i would if i rented, and i'm till 'paying to live somewhere'. i never thought i would buy a house when i was 23, but it was the best decision that i've made so far and the mortgage will be paid off in 22 years max. with just one income (hopefully that will change within the next few years).

 

you will most likely move in 7-9 years. maybe sooner. just a prediction.

[NazarethSkier]

you will most likely move in 7-9 years. maybe sooner. just a prediction.

 

Agree...

 

Figure in capital improvements and unplanned emergencies(furnace, roof, gutters, siding, plumbing, electrical, etc.) and owning a home can get very expensive real quick. If all theses items need to be addressed within the first 3 years of ownership the "new" owner could be in big trouble. Ideally a homeowner should plan improvements-upgrades over a period of time but that would make life way to easy

 

There is no right-wrong answer. If I was young and preferred more luxury then space...I would rent.

[Erin808]

Bank it! All our relocation $$ went straight into savings.

[Timeless]

Bank it! All our relocation $$ went straight into savings.

 

Already banked enough, this wasn't relo but some of an unexpected bonus.

 

As you are a local, can I ask a couple of questions (slightly off topic):

 

1) Why did you choose Kirkwood as your "home mountain"

2) Is the snow in Tahoe reliable enough to book a week there just before christmas? looking at arriving on the 18th, am I going to be faced with a few man made groomers or will they be in full swing by then?

[sexkitten]

i don't think you realize how quick liquor adds up at a casino... bottle service in AC is like 500 or 600 minimum. between that and food, that's not leaving you very much money for your hooker!

 

Not if you are gambling a lot. They will comp the room, the food, liquor and depending on your host maybe even the hooker. Whatever it takes to keep you on property.

 

 

And Toast, I think its awesome you bought a house. I have 3 guys working for me that are your age and they all live with their parents.

 

X2. We bought our house when I was 23 and it was a proud day for sure.

[Erin808]

1) We got season passes to kirkwood for this season. It made sense for us because it is awesome and on the cheaper end of passes. I like to stay in South Lake especially in winter, there's more to do. For you, I would say use this year to explore the area and buy early season passes next year.

 

2) NO! Probably not very good, might be since its an El nino year but typically Christmas is too early for good natural coverage. It's a bit of a crapshoot.

 

And re: $20K in that case -- I'd go to Antarctica. With a stop in Patagonia. But really we are saving for a house in Truckee or Donner Lake. Los Gatos real estate is BEYOND outrageous and we will continue to rent our primary residence indefinitely! You heard me -- I want to rent forever!!!

[Timeless]

 

And re: $20K in that case -- I'd go to Antarctica. With a stop in Patagonia. But really we are saving for a house in Truckee or Donner Lake. Los Gatos real estate is BEYOND outrageous and we will continue to rent our primary residence indefinitely! You heard me -- I want to rent forever!!!

 

Strangely, the same thought had occurred to us, even with Morgan Hill being less extreme than Los Gatos, the appeal of buying in Tahoe and renting here until the kids are out of the house is quite appealing.