Retirement » 8 Smart Ways To Spend A Hefty WindfallCredit cards and home repairs8 of 10Ron Phipps, president of the National Association of Realtors, says consumers should pay down their credit card debt."Simplify your ongoing financial responsibilities. Make life easier. Reduce your overhead," he says.After that, look after your No. 1 investment. Focus on needed home repairs or equity-generating improvements, he says. Or, reduce an ongoing expense like your monthly utility bill by installing energy-efficient appliances.After that, "I'd probably say if it were truly a windfall, I'd find something I'd like to do that I'd enjoy: an arbor, a garden or a spa/whirlpool," he says.If your house and your credit card accounts are in good shape, consider buying a rental property. "The goal would be to take that money and leverage it," Phipps says.
Retirement » 8 Smart Ways To Spend A Hefty Windfall
Ron Phipps, president of the National Association of Realtors, says consumers should pay down their credit card debt.
"Simplify your ongoing financial responsibilities. Make life easier. Reduce your overhead," he says.
After that, look after your No. 1 investment. Focus on needed home repairs or equity-generating improvements, he says. Or, reduce an ongoing expense like your monthly utility bill by installing energy-efficient appliances.
After that, "I'd probably say if it were truly a windfall, I'd find something I'd like to do that I'd enjoy: an arbor, a garden or a spa/whirlpool," he says.
If your house and your credit card accounts are in good shape, consider buying a rental property. "The goal would be to take that money and leverage it," Phipps says.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.