How to spend Tax return? - Chicagoland Sportbikes
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post #1 of 32 (permalink) Old 01-30-2009, 08:20 AM Thread Starter
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How to spend Tax return?

Trying to decide between 3 options:

1) put hardwood/engineered wood floors in the condo. (add value to home)
2) pay off 50% of what I owe on my car. (car and mortgage is my only debt)
3) save cash for rainy day and put it in the bank. (boring but still an option)
So far I am leaning towards #1.

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post #2 of 32 (permalink) Old 01-30-2009, 08:25 AM
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Save Cash in this economy. No way you'll know when you are gonna need it.

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post #3 of 32 (permalink) Old 01-30-2009, 08:26 AM
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Quote:
Originally Posted by Wink View Post
Save Cash in this economy. No way you'll know when you are gonna need it.
What happens when everyone does this?
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post #4 of 32 (permalink) Old 01-30-2009, 08:34 AM
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Quote:
Originally Posted by Mort82 View Post
What happens when everyone does this?
you guys spend. I'll save...actually i'll probably do both.

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post #5 of 32 (permalink) Old 01-30-2009, 08:41 AM
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Options 1 and 2 involve throwing money at depreciating assets.

3 does not... but I wouldn't necessarily put it in a bank either.

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post #6 of 32 (permalink) Old 01-30-2009, 08:46 AM
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put half of it away and then take the other half and pay off what you can on the car

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post #7 of 32 (permalink) Old 01-30-2009, 09:11 AM
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Unless you have a very high interest rate on the car and you keep cars for a very long time, I would not take that option. Hardwood floors will increase the value of your home and you will use/enjoy them daily, that would be my choice, unless your savings account is significally underfunded.

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post #8 of 32 (permalink) Old 01-30-2009, 09:13 AM
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If you don't have 3-6 months of living expenses in your savings account I'd put it there. If you do then find a CD or somewhere safe to park your money. I faced a similar situation and decided to keep the cash and save it.

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post #9 of 32 (permalink) Old 01-30-2009, 09:26 AM
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Quote:
Originally Posted by Mort82 View Post
What happens when everyone does this?
For the most part, people don't lose their houses. The issue is to create a buffer. Once the buffer is created, spend the excess...

Spending what you have is good.
Spending what you haven't earned yet is bad.

Hard lesson for Americans, but last I checked, we saved the LEAST of all major countries. I think it was actually a NEGATIVE number.

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post #10 of 32 (permalink) Old 01-30-2009, 09:28 AM
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4) coke and hookers

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post #11 of 32 (permalink) Old 01-30-2009, 09:30 AM Thread Starter
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4) coke and hookers
I am shocked that this response took so long Mopar must have not woke up yet to post.

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post #12 of 32 (permalink) Old 01-30-2009, 09:37 AM
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Bank it....


Unless the floor is really bad ( decreasing value ) the floor you put in might
not be appreciated by potential owners. If you want to do this for you and
you are staying a while....cool. Or if it's bad / trashed and your selling ....cool.

Agree with other points about paying off the car.... if it's at a decent rate
I would not ... unless you are really upside down on the car and worry you
will blow the cash.


Wink is right, cash is king.



Bobby has a point about spending something to help to start the economy moving.


We all need to do that a little, Q4 numbers SUCKED !




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post #13 of 32 (permalink) Old 01-30-2009, 10:11 AM
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post #14 of 32 (permalink) Old 01-30-2009, 10:17 AM
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I'd pay off the debt.

Whats the point of having a savings account earning less interest than what your loans are gaining? If you lost your job, youd still have to make payments.

Get rid of the debt, and you wont be hunted down if you lost your job.
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post #15 of 32 (permalink) Old 01-30-2009, 12:23 PM
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Chicago Performance gift card. Obviously.
Stop advertising!



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post #16 of 32 (permalink) Old 01-30-2009, 12:33 PM
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post #17 of 32 (permalink) Old 01-30-2009, 01:06 PM
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4) coke and hookers
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post #18 of 32 (permalink) Old 01-30-2009, 01:10 PM
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If the rate is something above 5% on the car I would put it towards that. If it lowers your payment you can put the difference in the bank to increase your savings.

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post #19 of 32 (permalink) Old 01-30-2009, 01:12 PM
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stuff it away.



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post #20 of 32 (permalink) Old 01-30-2009, 01:53 PM
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stuff it away.
Agree ... savings. No one's job is safe any more ... there's no telling when your employer is gonna push you out the door ... especially in Illinois which is a no-fault state.

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post #21 of 32 (permalink) Old 01-30-2009, 04:58 PM
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I say spend at least half. People need to start spending money (money that they have, not credit). The more people horde money the worse and worse the economy is going to get. Also, buy smart. Buy stuff that is mostly made in the US. I know, I'd like that new 50" Sony LCD also but I'd rather put that money into something that will actually benefit a US worker instead.
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post #22 of 32 (permalink) Old 01-30-2009, 05:07 PM
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depends on how much you're getting back. If it's under 5k, I'd piss it away. If it's over 5k, I'd piss away 5k of it.
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post #23 of 32 (permalink) Old 01-30-2009, 05:08 PM
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50-70% on bills 30% stuff I dont need.
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post #24 of 32 (permalink) Old 01-30-2009, 05:55 PM
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post #25 of 32 (permalink) Old 01-30-2009, 06:55 PM
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Personally I would invest in ShamWOWs. I guarantee you'll say WOW everytime!


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post #26 of 32 (permalink) Old 01-30-2009, 07:03 PM
 
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just sayin...
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post #27 of 32 (permalink) Old 01-30-2009, 07:25 PM
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After careful reconsideration... buy one of my ultra-hot and fast GSXR1000 bikes.

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post #28 of 32 (permalink) Old 01-30-2009, 07:41 PM
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save 50%, spend 25% on debt, spend 25% on fun

youre still being 75% responsible

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post #29 of 32 (permalink) Old 01-30-2009, 07:42 PM
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My return is going to be sick this year.

Ineffective Economic Recovery Act with Republican carrots FTW!

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post #30 of 32 (permalink) Old 01-30-2009, 09:33 PM Thread Starter
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Thanks everyone for the suggestions. I am officially scared straight. The world is coming to a financial halt so I think I will piss off 500 bucks and save the rest for the end of the world. LOL!!!
A track day does sound like it may be on the menu too. Just need to find someone in the O'hare area this year to let me tag along and bring my bike there and back. Never did one before, have the bike and all protective gear including 1 piece suit but that is it.

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