Money

[Lazy Gardener]

Age may be a helpful factor. If you are at the age where you can soon start withdrawing from your retirement, I'd look at investing the max allowable amount into your retirement. Are you going to be needing that cash in the near future? I know that hubby and I work hard at not having an income tax return every year, because that return is taxed the following year.

How sensible is this? Yet, our government is allowed to get away with it. Uncle Sam takes money out of my pay check every week. He takes more than he's entitled to. At the end of the year, I file my income taxes. I get back what he took that he was not entitled to. The following year, I have to declare that tax return as income, and pay taxes on it AGAIN!

 

[Lazy Gardener]

What about a HSA? What about paying down your mortgages. I would look at paying the mortgages off first. It sounds like your income outpaces your outgo. Save up for your land or next home purchase, and sock any extra into your retirement plan.

 

[NH Homesteader]

What? I've never declared my tax return as income.

https://www.bankrate.com/finance/taxes/claim-tax-refunds-as-income.aspx

 

[Lazy Gardener]

Maybe it's just Maine.

 

[Beekissed]

CC, if I was caught up with bills, and had that kind of money, I'd be giving it away. I've always dreamed of being able to anonymously give cash away. I wouldn't give it to big charities and I'd do it in a way that no one would know who it came from. I'd find a young mother trying to support her kids, and would sneak a $50 grocery or gas card into her mail box with a note just telling her I noticed how hard she was working. I'd pay an elderly neighbor's power bill. I'd find someone helping others and would find a way to pay for some of their supplies. I'd watch for a young father or coach at the Y helping others and find a way to get them more equipment or uniforms or snacks for the kids. I'd find a really good teacher (the kind always pulling from her own pocket) and anonymously donate school supplies that would mean she didn't have to provide them out of pocket. I'd deliver lunch to the police or fire department, complete with dessert. I'd have flowers delivered to a shut in and balloons and bubbles to a child in the hospital. I'd pay for a young college kid (who is working his way through) to get new tires on his car. I'd find that mom taking care of her husband or diabled child, and find a way to let her know people care. Pay for someone to get badly needed new glasses or a tuneup on their car or a new mailbox or to have their driveway plowed. I'd put money on the credit of the band kid who never has enough to go on the trips. I'd donate to fundraisers and help pay medical bills. I'd slip money into a card to pay for lunches or gas for that family running back and forth to the hospital. Not enough for any person to get out of debt or the consequences of their own choices but I'd use it to uplift and encourage and help someone who's otherwise trying very hard. I'd have a great time with $10,000!

You and I are soooooo alike! That's the first thing that went through my mind too....give it away!!! And, yes, that explains why we don't have 10K extra hanging around. Every time I get any extra money, no matter how little, God always has a good place I can put it so I don't have to worry about what I should be doing with it.

CC, I'd say just pray about it, let God decide. That's always a good way to go.

 

[Britesea]

Buying precious metals has always been considered a way to preserve wealth. Don't think of it as an investment, because the BUYING POWER stays the same, even if the dollar amounts change. Plus, if you have a couple of golden eagles or krugerrands tucked into your shoes or something, you've got something even if everything else goes belly up.