Comments on: I Won a $1,000 – What am I going to Do With It?

By: Kelly

Kelly — Mon, 26 Oct 2009 16:24:29 +0000

Congrats!
Just remember to claim it on your taxes on line 21 as Misc. Income.

I just won a Macbook and found out I will have to do the same.

I think we’ll still come out without owing, but your situation may be different.

I wrote a blog post about it on my site. I’ll email it to you.

By: The Carnival of Personal Finance #228: Halloween 2009 Edition | Money Crashers

Mon, 26 Oct 2009 12:13:35 +0000

[...] from My Journey to Millions tells what he is going to do with a $1,000 that he won! Congratulations, can I have [...]

By: Evan

Evan — Wed, 21 Oct 2009 16:08:43 +0000

Seth,

While you are 100% my net worth would be negative, those dollars are very real if there is an emergency. Dollars locked in a (still) not paid off car – would do nothing for my family if something were to happen.

By: Evan

Evan — Wed, 21 Oct 2009 14:18:55 +0000

Doing your idea would be SICK, but would probably end up with me divorced which is much more expensive than the $500 night.

Hmmmm Although I could try to tell a judge that an Online Ninja told me to do it – he’d have to understand that, right?

By: Financial Samurai

Financial Samurai — Wed, 21 Oct 2009 05:27:04 +0000

Wow sweet! That’s a lot of money!

I’d go to Vegas and drop $500 on BLACK and spend the rest at a swanky club with your buddies.
Financial Samurai´s last blog ..Get An Umbrella Insurance Policy – Your Teenager Is Going To Bankrupt You

By: Seth W

Seth W — Wed, 21 Oct 2009 02:45:29 +0000

After reading the other comments I guess I am boring. I believe in having some liquid assets.. but are they really assets if you still own over 10k in auto debt? The way I look at it is simple, you have no assets until you have no debt.

Glad to have found you through Blogussion.
Seth W´s last blog ..Very Straightforward Methods to Draw Traffic Back to Old Posts

By: Evan

Evan — Wed, 21 Oct 2009 01:26:36 +0000

Joe,
I am a huge fan of your site, thanks for checking me out.

Like I said to Matt, the retirement additions are secondary to beefing up my current non-qualified cash holdings. But I think applying it to debt is even more boring

By: Evan

Evan — Wed, 21 Oct 2009 01:22:48 +0000

I owe a good amount, north of $10K on 8% auto loan, but I am not happy about my family’s liquid savings yet.

By: JoeTaxpayer

JoeTaxpayer — Tue, 20 Oct 2009 21:36:06 +0000

I must be quite boring.
If I netted anything under a couple million dollars, I’d put it toward retirement. $1000? Retirement. $1,000,000, uh, retirement. Fortunately, I have nothing I’m dying to buy, and I’d not treat a windfall any different than income.

By: Matt Jabs

Matt Jabs — Tue, 20 Oct 2009 21:08:01 +0000

It depends how much you owe on the auto loan and what rate you are borrowing at.

I would probably do what I do with all the extra money I get… put 75% toward debt repayment and 25% toward savings.

Some people (staunch Dave Ramsey followers) disagree with me… but even while still in debt I think you ALWAYS need to pay yourself first (immediately after giving.)

Anyway… congrats man!
Matt Jabs´s last blog ..Homemade Toothpaste Recipe – Easy and Frugal