What to do With a Lot of Money

Have you ever ended up with a large sum of money? This happened to us this month. The Navy is finally paying us for our move 8 months ago. We’ve never had such a large payment all at once so it was good for us to think through what to do with this money.

While many of us only dream of ending up with an extra thousand dollars or more, for some it is a reality. It could be a tax return, inheritance, gift, or a bonus. No matter the source, this money can be a blessing or a curse if spent unwisely.

If you find yourself in this situation, congratulations. Now let’s get down to business.

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  1. dgsandbjsmom says:

    The most we have ever gotten at once is $30,000.

  2. It took 8 months for the Navy to pay you back for your move??? We just had to move across the country for the Navy, and since we’re just starting out… I really hope it doesn’t take that long! Is that typical? They didn’t tell us when we could expect a response from personal property.

  3. TheHappyHousewife says:

    It has never taken this long in the 18+ years I’ve been a Navy spouse. Hopefully it will not be that long for your family.

  4. Cinnamon says:

    During different times of my life I have received large sums of money. I always make sure that my tithe/offerings are paid first. Obviously, you incurred some expense out of your own pocket (or savings account) to make the move and that will need to be replenished to it’s original amount. After that, I make it my duty to see that all outstanding debt/bills are paid. Any leftovers are for you to see fit as needed. That long vacation is around the corner and I’m sure extra $$$ could be used for that! Enjoy.

  5. I just inherited $2000. That money has 1000 places it should go. However, we are taking a much needed vacation to Disneyland and other Southern California destinations.

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