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WWYD?

My Mom is going to get my Dad's life insurance after all. I am so relieved bc they owe quite a bit on the house and cars and she wouldn't be able to pay for all of that. She is getting it bc he has had it for over 10 years so it wasn't like he got a million dollar policy and then... well, you know.

 She says she is going to give us $5000 each which isn't a lot but I don't really need it so it doesn't matter.

 I am trying to think of what to do with it.... save it? Use it for bills? I feel like this is my Dad's last gift to me (sorry, that is corny). I was also thinking about braces but that seems selfish and DH wouldn't get anything out of it besides a super nice wife smile but he doesn't even think my teeth are bad.

 

What would you do with the money? 

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Re: WWYD?

  • Since you don't really need it, I would do something fun with at least some of the money. Maybe just a nice weekend away with you and your H or something.

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  • Wow that is tough!  Hmm.  I was the main beneficiary when my dad passed simply because he wasn't married and I was the only child under 18.  So when I finally turned 18 I got it all.  I split it 3 ways with myself, bro and sis.  We all just pretty much put it in our bank accounts and used it for whatever and it wasn't more than a few months we all had it gone.  I wish I had put more thought into it.  Honestly, I think braces is an absolutely awesome idea!!  It will make your smile happier and your dad would like that, besides... smiles are contagious (talk about corny... I can't help it :)  It is a gift to yourself tht you probably wouldn't do otherwise and it is something tangable.  Paying bills is awesome too, but straight teeth you will see every time you look in the mirror.  Big Smile
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  • I would spend some of the money on braces.  If it will make you happy, then I'm sure it would make your dad happy.  I would also take some of it and invest it in some way--savings, bonds, IRA, etc.  But I would not put it in stocks.  You are always going to have bills (although I know it would be nice to not have as many) and I think you would feel bad spending it all on bills (at least I would).  A vacay for you and DH would be a good idea too.
  • I'm glad your mom will be getting the money. When my mom lost her husband, she was denied 2 life insurance policies, which made things tough.

    I think if you really want the braces that would be a great use for the money. Since they aren't a necessity, it's unlikely you'd spend the money on them otherwise. If you don't go for the braces, I would say spend it on something nice for your home (like new appliances or new furniture) or a fun vacation or something of the sort, not just bills.

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  • I, too, would get the braces - it's a life-long gift IMO.  I don't think you would use the whole $5k on braces anyways.
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  • I agree with everyone else that using the money to get braces would be a lovely idea.  Given the circumstances, I think doing something that will give you added confidence and bring a smile to your face is a wonderful way to honor your dad.  If you have any money left over, you can spend it on a little weekend getaway with your husband and spend some time with the person you love most in the world and focus on what really matters.
  • Thanks for your input everyone... I had a consult for braces and it is gonna cost $6280!!! Ahhh. So, I might just do the top which would cut the cost in half and use the rest for either vacay or house stuff. Ugh, I just wish I didn't have to have this money in the first place. Sucks..
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  • How are boobs cheaper than straight teeth?!?!
    imageimage
  • imagenicoleg1982:
    How are boobs cheaper than straight teeth?!?!

    Braces require more time with the orthodontist.  Surgery is a consult and then in and out and a post-op.

  • Emergency fund? Down payment on house? Pay down mortgage? Roth IRA? I would strongly encourage you to save it since you don't need anything right now.
  • $1000 vaca with DH, $4000 on braces.  And you need to get a second or third opinion because there's no way braces should cost $6200.
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