UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: hpdvd740 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5741  
Subject: What to do with $85k windfall Date: 9/13/2007 5:11 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
(This may not be the best/correct place on the forum to post
this question, but it's the closest I could find. If there's
a better place, please let me know. - Thanks)

It looks like I'm about to cash in on a pet project that I've been
nurturing for a couple of years. A company has stepped forward and
is about to pay me on the order of $85k for some technology I
developed over the past couple of years. Good for me!

The problem I now face is what do I do with this money? I'm a US
citizen in my early 40's; my day job offers a 401k which I've already
been maxing out (they have no claim or interest in what I've done).
I've got only about 10 years left on my mortgage.

Sadly, I expect that Uncle Sam will swoop in to take almost 40% of
this windfall. Barring that, I worry that this will destroy the
financial aid situation we already have in place for our daughters
in college, and we'll end up having to fork it over to the schools
they go to. I almost feel that I may not end up with much (if
anything) of what I worked so hard to earn.

What options are there for me to make best advantage of this
situation? Are there any financial mechanisms available that will
let me hold onto this? Is there any way I can avoid or minimize the
tax hit?

Basically, what would Motley Fools do?
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

Post of the Day:
Macro Economics

U.S. Stable, Europe Stalling
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement