# Inheritance--What would you do?



## countryfied2011 (Jul 5, 2011)

If you received a considerable amount in an inheritance, what would you do with it? That is if you had no debt, you grew/raised a lot of your own food, pantry is stocked etc etc. With the uncertainty of the economy....Would you invest it, leave it in savings or hide it at home or buy something..lol


----------



## Laura Zone 5 (Jan 13, 2010)

Assuming I had no debt, my pantry was filled, I had animals, barns and fencing (in good repair).
Assuming my vehicles were all in working order.

Considerable amount of inheritance to me is 250,000.

Based on that number, I would pay off my home.
I would buy spare parts and what not for my vehicles and add it to my stores.
I would buy a second 1000 gallon propane tank, and fill both.
I would buy a tractor large enough to do what I wanted it to do.

I would invest only as much as I am willing to set on fire.

I would not leave it in a traditional bank.


----------



## biggkidd (Aug 16, 2012)

Buy trade type items that hold or increase in value. Get it out of the bank.

Larry
A World Away


----------



## Dixie Bee Acres (Jul 22, 2013)

No debt, that is hard for me to fathem at this point.
Due to the fact our homestead is only nearing the end of our first year, I have much work yet to be done.
At this point in the game, if I were to inherit a sizeable amount of money, I would (pretending to be debt free) use it to put in wood heat in my house, buy new chainsaw and wood splitter, buy new garden tiller and a small compact tractor. Then build new fences, and a small barn.
Set some cash aside to buy a calf or two come spring, as well as a few pigs and turkeys and more chickens. Stock up on even more canning jars, and a couple more pressure canners, and a new stove.
I would also build a summer kitchen just behind my house with a gas and wood burning cook stove.

I would probably invest in some manner of an off grid solar set up.

After that, set back some money for future needs and stock up on some non perishable LTS food items and ammunition.

Then if there is anything left, personally, I would get these God foresaken, painful teeth out of my mouth and get some false teeth.

But that's just me, I'm sure your situation is completely different.


----------



## Grumpy old man (Aug 6, 2013)

I stopped using banks 12 years ago so investing in anything I can't touch has no "interest" to me . I agree with the above but as far as having it at home never put all your eggs in one basket as a weasel may one day find them and best to have multiple baskets so you can enjoy your eggs for a long time . Just don't forget where you bury it , I once looked for my eggs for 3 days ....that wasn't funny .....


----------



## willbuck1 (Apr 4, 2010)

I'd buy practical collectibles. Old cars, tractors, farm machinery, tools, horse drawn farm equipment and such. They should hold their value and would be very useful when TSHTF.


----------



## simi-steading (Sep 27, 2012)

I'd let it work for me if there was enough to do it.. 

If you don't trust stocks and funds, then how about a fail safe business? But then again, those are few and far between any more... 

Money markets don't make a lot of money any more, but they are safer than stocks, and pay a tad more than savings....

I don't know what I'd do honestly, because right now, there's not much of a sure bet out there with the way things are happening..


----------



## Bret (Oct 3, 2003)

I would probably be parted from it. I received a small amount once upon a time, and loaned it to someone that went under.  The amount was small enough that the experience was more valuable than what I lost and the lesson keeps on giving. Later, I shook hands with the borrower in a restaurant and he was a little surprised.

I would not hide it. I can't even find my tools when I don't put them away right.


----------



## Ohio dreamer (Apr 6, 2006)

I'd but sure to have enough "junk silver" to pay 2 or 3 yrs worth of property taxes on all property we owned. I'd look hard at what I can and can't grow. I'd make sure I was well stocked in seeds and expand my pantry in area I can't grow (for us room for another case or two of pineapple, few more 100# of hard wheat, etc...). Next I'd look at getting more canning jars and lids. We have plenty now, but if I had money to burn I'd burn some that way, lol. Since we live "in town" I'd seriously look into buying a piece of property, with cash!

If all that was done and I still had $, I'd like put it in PM (silver and gold). It's not too hard to "cash in" when you need it, we have some very reputable places near by to buy and sell PM. If the stock market "crashes" next week and I had some money to truly burn....I might see about picking up some things while they are dirt cheap and see if I can turn a profit....but I'd only do that with money I was willing to lose all of.


----------



## unregistered29228 (Jan 9, 2008)

We would pay off our mortgage (our only debt), build a greenhouse, repair/replace all our fencing, get outfitted with solar panels, add to college funds for our kids, help out our parents by paying off their mortgages, get our cars in tip top shape, buy more pantry/non-electric stuff even if I thought I had everything I needed, then change whatever remains into gold or silver. I wouldn't put a dime of it in bank at this point.


----------



## Cyngbaeld (May 20, 2004)

I'd probably buy as much undeveloped land as I could and be sure to get enough junk silver to pay the tax on it and my home for at least 10 yrs. If I had children aside from my disabled daughter (state will take anything she owns to pay for her care if she out lives me) I would set up a trust fund for each child to get a portion of the land, making sure I could sell it myself if I needed to.


----------



## mpillow (Jan 24, 2003)

unless your paid for property has everything...water/fish supply, firewood, fields for grazing, etc....I might buy out a neighbor or do whatever to get *that* property. 

You may also consider housing for a younger couple....God doesn't make land anymore and we don't get any younger....many hands make the work light.


----------



## sand flea (Sep 1, 2013)

The market is pretty looking pretty risky these days. BUT, if you're still inclined to put a portion of it in, to "make" (ha-ha) some money... (yes, you can lose it all)... do so through a revocable trust. It's just a tad, legally safer than simply having a back account, or self-directed IRA... but not THAT MUCH safer.


----------



## backwoods (Sep 12, 2004)

For me the list would like this...
Number 1 would be to pay off ALL debts (our house/property is paid for)
Number 2 would be pay off ds #2's house...(less than $60,000 owed on it, ds #1's house is already paid for)
Number 3 would be to buy a small solar set-up
Number 4 would be to build another small house for kid #3 or #4, (still teenagers)
Number 5 would be to build a cellar house
Number 6 would be buy a Liberty safe
Number 7 would be to add more preps such as, large filled propane tank & generator, new wood cookstove, more long term survival foods & antibiotics

I would focus 1st on paying off all debt, then on buying things that take a "chunk" of money, then on the smaller items. I wouldn't invest in anything but "ourselves" at this point in time. If I ran out of money on the big items, then the smaller items will still be much easier to attain.


----------



## plowhand (Aug 14, 2005)

If, it was enough....I know where 456 acres of land is, even a nice 100 year old log house, streams, springs, gas well, and all rights to the land. I moved here 15 years ago, I like my community, like the area of the country all right, like most all my neighbors and we get along.
There are almost 400 acres of timber on that other place, and I am at a point to build more here also....there I would not be bothered by inspectors....I mean the families homes and barns stood well before they came on the scene, and we still build sturdy.
It'd take almost a million dollar inheritance though.
I feel like I was "sent" here though, to many things falling in place that wouldn't usually. I'd probably just build myself a new home, and some new barns, green houses, a few more pieces of equipment, and a few more different strains of livestock.
But I'd probably have a heart attack I'f I could get everything done at once. all new materials, no scrimping, saving, and careful manuevering!


----------



## jwal10 (Jun 5, 2010)

How old are you? What are you doing and what do you want to be doing. 

Me.... I am 57 and going the other way. We are retired and have all we want. We have given as much as we can to the kids. We don't want a lot to take care of. We have some in retirement funds, a little in savings just so we have ready cash, makes no money anymore so we only keep 1 years living worth. We bought some land and built rentals, paid little, built ourselves and rent to older people to help them out, charge less than going rate but they are stable and loyal. Most are worth 3 times what we have in them. We don't need the money so I would take a few trips, give some to the kids, a couple of charities and enjoy life....James


----------



## countryfied2011 (Jul 5, 2011)

I've enjoyed reading everyone's replies. I guess to me being "no debt" would be no mortgage--even at 250,000, paying off a mortgage would take considerable amount of that. 

I find interesting that only two people mentioned taxes when listing things they would do, the property does no good if you don't have money to pay your taxes with. 

What about property insurance or long term health care?

Without going into a lot of detail, DH and I are retired and live comfortably on his SS and both of our pensions _for at least now_..lol We owned a fence business up until 2009 when we shut it down, we both worked full time jobs then too. We saved most of what we earned from it, and still own all of the equipment we used. We also have all the farm equipment we need for our 17 acres. All new fence(woven wire) was put up last year except for 1000 ft that we will being doing next spring. We have pasture/woods for grazing and heat if we need it. We heat with electric and propane--but have a wood stove in DH's man cave. We just started eating 2011 groceries so I think our pantry is full...we grow/store what we eat and eat what we grow/store.. Although we don't have a pond or creek on our property we have easy access to it within walking distance and we have a boat. DH keeps all of our vehicles and equipment maintenance etc. So everything is reliable or new. 

We do have an IRA(moderate risk) and a Government 401k(cant remember what they are called, low risk but guaranteed 3%) and we have an emergency fund that we could live off of for a year or two, besides the inheritance. 

We live a very simple life--no vacations/travel etc except to go camping occasionally close to home because of the animals or go out on the boat. We do not grow our own feed for the animals, I would like to but at our age taking care of what we got is a full time job, without having to add more like growing hay etc. We got a good deal on whole clean feed corn the other day for the chickens...$125.00 for 1400lbs...I said something to DH about buying a corn cracker that 675.00, he said no sense wasting money--they can eat it whole..:shrug:

We definitely don't like banks, I have been interested in junk silver and we do have a little but would definitely not cover our taxes...we would need quite a bit and I am leery about investing 3 or 4 thousand into dimes and qtrs..i dont think DH would go for it. 

I understand what a couple people have said about investing in collectibles etc--otoh, what if SHTF never happens and at our age(57 and 64) at some point you have to think about long term health care or not being able to live on the farm and take care of things. Collectibles or trade items--unless you have a buyer all you have is the item. Something is only worth what someone else is willing to pay for. 

We are actually at a point in our lives that we are content with what we have and wouldn't want to change our homestead.



> I don't know what I'd do honestly, because right now, there's not much of a sure bet out there with the way things are happening..


Semi--our thoughts exactly, that is why I posted the question..lol


----------



## jwal10 (Jun 5, 2010)

That is why we have cut back to the minimum needed, no use putting everything at risk at this point. We don't need a lot and it is much easier to keep a low profile and head down. We are lucky to have been in the same area and have good friends and neighbors that look out for each other. We all have different ideas of how to make it but will share when the time comes....James


----------



## Cyngbaeld (May 20, 2004)

One thing I'd really love to have would be a greenhouse. It would make it easier to reliably grow enough fresh food for the two of us without it being wiped out by late spring or early fall frosts. I'd also like a barn that had an enclosed walkway to the house so I wouldn't have to go out in really bad weather to tend the animals.


----------



## Danaus29 (Sep 12, 2005)

Ammo, ammo, ammo. Solar system, manual well pump, fencing and outbuilding repair, probably a decent truck or another van.


----------



## Barnbum374 (Oct 5, 2013)

We were blessed with a generous inheritance last year and are using most of it to fund our dream of adopting our first child. I know my grandparents are looking down on us anxiously waiting for his/her arrival!


Sent from my iPhone using Homesteading Today


----------



## Maura (Jun 6, 2004)

I'd look around and see what I'd really like to have. Maybe hire someone to do the heavy work. I'd do a little traveling. I'd like to buy a house for one of the step daughters, they are so crowded in their little house. I'd probably buy a house, but keep it in our name and rent it at a low rent to them.

I would look at investing it in some invention I believe in, Shark Tank style.


----------



## doingitmyself (Jul 30, 2013)

My total debt is just under 20,000. Id pay it off, find me a homestead woman that needs a serious hand, i come with skills, tools and experience. Either add to the pot or start off debt free anew. (much rather add to than start anew though) Live the homestead life I've tried to while working a 50 hr week job. 20 hours on my place, and 10 hours for someone's else is plenty as i get older.


----------



## newfieannie (Dec 24, 2006)

I inherited a couple of times. I had no debt. live pretty simple. bought a house in the city. I still have most of it. I do plan to build a small house on my country property. ~Georgia.


----------



## Grumpy old man (Aug 6, 2013)

I have an 8 figure inheritance coming and plan to move so far into the hills they'll have to pipe in sunshine , no road access per say just enough land 2-3,000 acres to not have to deal with many people for the rest of my life .


----------



## logbuilder (Jan 31, 2006)

If I had the money, I would put in a battery backed, grid tied solar system capable of serving all my electricity needs.


----------



## plowhand (Aug 14, 2005)

...I said something to DH about buying a corn cracker that 675.00, he said no sense wasting money--they can eat it whole..









If by chance you have a chipper-shredder, they are basically a small hammer mill. I've seen several neighbors crack corn with them.


----------



## mnn2501 (Apr 2, 2008)

simi-steading said:


> I'd let it work for me if there was enough to do it..


Buy a rental home or two, earn some income from it.

Have someone experienced in Real Estate Rentals with other properties they currently manage, manage it for you


----------



## plowhand (Aug 14, 2005)

I got in the habit of coffee morning at the ole country store, a couple miles from the house. They got to talking about what they'd do if they won that 400 mil lottery. I thought my 92 year old neighbor swallowed his chewing tobacco, when I said. "I don't know what all I'd do, except I'd build one heck of a barn"!


----------



## jwal10 (Jun 5, 2010)

We have a small leanto greenhouse 6'x8'on the south side of my shop. Plus we have hoops to put over our raised beds to extend the season....James


----------



## DEKE01 (Jul 17, 2013)

The difference between being rich and poor...poor people work for their money, rich people have their money work for them. 

If you get a big windfall, pay off all debt, starting with the highest interest rate loans like credit cards. Then put the money to work and live off the income. A diverse portfolio of stocks is a good start. Investing in local growing businesses can pay handsomely.


----------



## farmerDale (Jan 8, 2011)

How big is sizeable? To some it may be 50 000, to others 3 000 000. Depends so much on the "sizeability" of the inheritance what I would do with it.

Regardless of the size, depreciating assets are not on the list: Tractors, car, trucks.

This is Canada, and we obviously have differences in our banking systems, an our interest yields on funds etc.

There is nothing like a term deposit that pays interest yearly. You can also borrow against it for farm/business building assets, and still have the money gaining interest, while you leverage it to make wise business choices. This could include adding livestock or land. A building that will make you money. Whatever it is, it has to pay you, not cost you.

Stocks have always returned well if you are not antsy and are prepared to buy and actually hold and not panic like most do when the market falls. When this happens, you buy more, not cash out in panic.

Buy the stocks of the most hated by humankind businesses... Bank stocks, insurance company stock, oilsands stock. MONSANTO stock. lol. Seriously, these hated companies offer a steady return.

Using covered calls, buying and selling commodity futures. These can be amazing techniques to realize cash flow, and using leveraging to ones advantage.

All I know, is rather than buy stuff, ( one exception being real estate), I would put the cash to work for me, not spend it. 

The bottom line is a decent sized inheritance should put you on the path to complete financial independence if you play it right. Playing it right does not IMO, involve buying a single dang thing. It means you park the cash in a few select places, and reap the rewards. It does not have to be risky. It does not have to involve banks. But there is a world of options out there, that are strong investments, and should set one up for life. 

You just gotta do research. Think outside the box of what the mainstream of society thinks about "investments". And for heavens sake don't spend it on stuff. There will be plenty of time for that once the money doubles and triples and quadruples, because of your wise choices and investments.

I forgot... If it truly put my life on a course of financial independence, I would give away a lot of it to needy people...


----------



## willbuck1 (Apr 4, 2010)

Only one problem with an investment strategy. It looks more and more like default is possible on our debt. If that happens there is no investment anywhere that can be considered safe. Depending on how much money is coming in you may be able to make investments in enough international funds to be able to retain some of your wealth. Practical collectibles have been doing quite well at holding their value and increasing in value plus they have the added advantage of being useful if things go south. Old trucks and tractors are far easier to convert to run on woodgas. Lessons from Argentina would indicate that you want to own real physical businesses that perform services that people will need no matter what happens to the economy. Places like grocery stores, thrift shops, and hardware stores.


----------



## DEKE01 (Jul 17, 2013)

You are right, WIllbuck and that is why you need to go to a professional money manager to help invest the funds. Not just public stocks and bonds, if that is what the manager thinks is a good diverse portfolio you need to find someone else. 

Commodities, physical precious metals, real estate, foreign stocks, venture capital, are all types of investments that need to be considered, depending on the amount of invest-able funds.


----------



## CocalicoSprings (Mar 12, 2008)

Every suggestion was self-serving. I would get involved with a legitimate food bank and regularly donate food items to struggling families with young children who really need help.


----------



## Molly Mckee (Jul 8, 2006)

CocalicoSprings said:


> Every suggestion was self-serving. I would get involved with a legitimate food bank and regularly donate food items to struggling families with young children who really need help.


I guess you haven't spent much time helping in a food bank. While there are many who need help the pushy, grabby people want something for nothing. If someone wanted to leave their money to the food bank they would.

i think it's a violation of trust to use money left to family members to supply a charity. The family wants to improve the life of their family and they have every right to do that.

I ran a food bank as part of a large local charity for three years-full time as a volunteer with no salary, so don't tell me I'm self serving.


----------



## Barnbum374 (Oct 5, 2013)

Adoption is self serving? 


Sent from my iPhone using Homesteading Today


----------



## Paumon (Jul 12, 2007)

I'd be totally self-serving and indulge myself to the max on luxuries. 

I'm getting old and I've already BTDT for decades with being a goody-two-shoes do-gooder helping other people and not asking other people for anything for myself. I don't have much money or much of anything tying me down, but I also don't have any debts, I don't owe anything to anybody. All of my family members are happy and doing well for themselves. I'm a widow now and I'm feeling my age, getting decrepit and crippled up so I figure I'd owe myself a lovely treat if I won a lottery or got an inheritance.

If it was a huge sum of money I'd go on a long, long trip around the world and try to visit every country there is. See all the sights, do lots of fun shopping and pig out on good food and good booze. If my closest family members wanted to come with me that's cool and I'd pay their way. If they didn't want to come that's cool too but I wouldn't give them any money so they'd have to wait til I'm dead and gone to get any left-overs.


----------



## SJSFarm (Jun 13, 2012)

I totally understand the economy collapsing fear. I was in that 'camp' for a while and it brought ME nothing but fear. I know most are fearful of the future, but don't let that effect them too much. And there is nothing at all wrong with hoping for the best, but planning for the worst! That how we survive! And not doing it is why most panic at the grocery store when a storm comes! 

If I were in your shoes, the mortgage would be paid. I would look for a better property with the water, gas well, ect. But not so much for the SHTF belief as much as I'd prefer the peace it would bring - emotional not logical, I just like the beauty and the money saving (gas well). 
Pre paying taxes may be an option. Squirreling money is one way, but I personally would invest in mutual funds, a variety, and get long term care insurance if I were old enough (60). 

I totally understand the concept that just because America has always bounced back does not mean we can this time; but that does not mean we shouldn't plan for it NOT to for a while. 

I guess what I'm trying to say is, we can do both- prepare for the worst and hope -and plan as well- for the best!


----------



## Laura Zone 5 (Jan 13, 2010)

SJSFarm,

I say "I am not Promised tomorrow, but I prep for it just in case".

Driven by fear is life sucking.
It is not, NOT living.


----------



## SJSFarm (Jun 13, 2012)

laura zone 5 said:


> sjsfarm,
> 
> i say "i am not promised tomorrow, but i prep for it just in case".
> 
> ...


exactly!


----------



## SJSFarm (Jun 13, 2012)

Laura Zone 5 said:


> SJSFarm,
> 
> I say "I am not Promised tomorrow, but I prep for it just in case".
> 
> ...


EXACTLY! 
I was in a toxic relationship with mental abuse - I am in such a better mental place now and able to see clearly! 

I'm not driven by fear - of the future, or him. 

I plan to live! To enjoy life, having the mortgage paid off, no debt at all, sufficient stores of necessities, knowledge and connections with others of like mindset and knowledge of any gaps you may have is the best way to live. In a SHTF scenario or life in good times


----------



## oneraddad (Jul 20, 2010)

Fence and a back hoe


----------



## manygoatsnmore (Feb 12, 2005)

CocalicoSprings said:


> Every suggestion was self-serving. I would get involved with a legitimate food bank and regularly donate food items to struggling families with young children who really need help.


O - kaaay. :stars: Judgmental, much? 

How do you know the posters you bashed aren't already giving to others? While I applaud your decision, I think it's going a bit far to say every suggestion was self-serving. And what is wrong with taking an inheritance and USING it in a way the giver would have enjoyed? If a relative knew that I wanted to buy a piece of property and was kind enough to leave me the funds to do it, it would honor them to buy it.


----------



## countryfied2011 (Jul 5, 2011)

> How do you know the posters you bashed aren't already giving to others?


Exactly!!!!!, the greatest part about giving and helping others...is not bragging about it or doing it with attention. :happy2:

Just curious for those that seemed to be doing a lot of spending...would you not be saving any of it?

We have no mortgage everything is free and clear...we do put back for taxes. 



> I totally understand the concept that just because America has always bounced back does not mean we can this time; but that does not mean we shouldn't plan for it NOT to for a while.
> 
> I guess what I'm trying to say is, we can do both- prepare for the worst and hope -and plan as well- for the best!


 :thumb:


----------



## willbuck1 (Apr 4, 2010)

Yep, I can take an inheritance and give it out to food panties and such. I end up with nothing left. Or, I can find investments that will do well over time and in conditions that I expect to happen and use the income from those investments to help people for years. Which makes the most sense for the most people over the longest time? That said, anyone who thinks any of the conventional investments are going to do well over time just hasn't been paying attention to what the reputable economists have to say. SSI runs out of money in just over two years from now. Medicare and SS in just a few more years. The economy is toast exactly when it crumbles is up to debate but the fact that it will fall is not. The only thing that can save us is massive spending cuts and really high tax rates that the people will never go for. Now, people are going to say that SS is not going broke that their money is invested with the Treasury. That money is nothing but IOUs and the Treasury will either have to borrow it or the Fed will have to create more money out of thin air to cover those IOUs. SS is going to be short 99 trillion over the next 75 years that is not an amount that our economy can possibly absorb. Medicaid doesn't even have that fallback and with the advent of Obamacare will eventually cost even more. We are done folks.


----------



## Grumpy old man (Aug 6, 2013)

Don't spend that inheritance too fast the government still wants it's death tax .


----------



## Ohio Rusty (Jan 18, 2008)

I'd stick in an an account and forget about it until retirement. There is no guarantee that the retirement system will be enough to pay out what you need. A supplement like that inheritance account will be worth it's weight in gold to you after retirement ..... I guarantee you will have medical issues, bills and have to pay for meds you don't have now ....
As we all grow older, we all fall apart and have issues that need money to repair or maintain.
Ohio Rusty ><>


----------



## TnAndy (Sep 15, 2005)

Ohio Rusty said:


> I'd stick in an an account and forget about it until retirement.



What kind of account ?

Banks paying 1/2% on CD. Inflation ( officially ) running 1.5%. That equals a 1% loss per year guaranteed. (more if you believe inflation is really in the 5-7% range )

If you have a long way until retirement, you're gonna find that account worth a whole lot less.....and maybe worthless.


----------



## Grumpy old man (Aug 6, 2013)

I recently cashed a somewhat large check and was chatting with the bank officer while waiting and she asked if I would like to invest it in a money market or a cd ...I laughed all the way to the truck .... I had to give them 3 days notice so they could have that amount of cash as they didn't carry that much on a daily basis ,And some people think their money is sitting and waiting in the local branch whenever they want it .


----------



## TnAndy (Sep 15, 2005)

^.....This message is hidden because *Grumpy old man* is on your ignore list.......


----------



## katy (Feb 15, 2010)

You Sir, are rotten to the core, but hilariously funny anyway !


----------



## DEKE01 (Jul 17, 2013)

CocalicoSprings said:


> Every suggestion was self-serving. I would get involved with a legitimate food bank and regularly donate food items to struggling families with young children who really need help.


I give about 30% of my income to the gov't, about half of which gets spent on charity. I also give time and money directly to some charities that interest me more than the gov't forced ones. So I would take that inheritance and invest it wisely.


----------



## Grumpy old man (Aug 6, 2013)

TnAndy said:


> ^.....This message is hidden because *Grumpy old man* is on your ignore list.......


Awwwww !ound:


----------



## JV_FL (Oct 12, 2013)

the thing is, it depends what you think is going to happen. if you are too concerned with banks to put your money in them, saving for property taxes doesn't make sense to me. Frankly, if you had a complete and total meltdown of the banking system, property taxes are going to be the least of your problems. if you envision a scenario where you are going to continue to pay property taxes, it probably makes sense to have some money in a bank and continue with investing. 

if i got a large sum of money, i would relocate to a more ideal piece of property, dig a well, get off the electrical grid, get a reasonable amount of supplies on hand....if anything was left over i'd put it with my other investments.


----------



## JamieCatheryn (Feb 9, 2013)

Sizable inheritance means $250,000 to me as someday I expect I will get that. I'd give $25k to church and charities. Then I'd go through our to-do list to improve my land or get any other immediate needs ($40k). I'd put $50k in college funds for our 3 sons, put $100k in our retirement fund. Then, with about $35k I'd go to midwifery school and then spend a summer volunteering in Uganda (paying for childcare and farm sitting while I was away, hubby works).


----------



## sidepasser (May 10, 2002)

I would first speak to my tax accountant and figure out if I owed any taxes. 

Once that was done, I would put half in an investment and the other half, I'd waste on a farm that was just big enough to have a garden, some goats, a horse, a couple of calves, some chickens and a house with a front porch, surrounded by a buffer zone of acres and acres of trees. Maybe put in a solar system so I could be off grid if I wanted. It would be so far out in the sticks, a once a month grocery shop would seem like a long journey and a big adventure.


----------



## plowhand (Aug 14, 2005)

sidepasser said:


> I would first speak to my tax accountant and figure out if I owed any taxes.
> 
> Once that was done, I would put half in an investment and the other half, I'd waste on a farm that was just big enough to have a garden, some goats, a horse, a couple of calves, some chickens and a house with a front porch, surrounded by a buffer zone of acres and acres of trees. Maybe put in a solar system so I could be off grid if I wanted. It would be so far out in the sticks, a once a month grocery shop would seem like a long journey and a big adventure.


 I like the sound of that, only I've been a looking at the 300 to 700 acre farms. I could sit in a different barn every couple days and listen to my stock eat. I'd hire a housekeeper too, where I could work outside most of the time. I suppose I'm just a self-serving farm boy, but all the tithe the Almighty expects is ten percent. After that , it's my business what I do with what the tax man leave me...no body elses.


----------



## sidepasser (May 10, 2002)

plowhand said:


> I like the sound of that, only I've been a looking at the 300 to 700 acre farms. I could sit in a different barn every couple days and listen to my stock eat. I'd hire a housekeeper too, where I could work outside most of the time. I suppose I'm just a self-serving farm boy, but all the tithe the Almighty expects is ten percent. After that , it's my business what I do with what the tax man leave me...no body elses.



I thought I was the only person that liked to sit in the barn and listen to animals eat. I love to hear my horse eating, and well, any livestock for that matter. I even liked to watch my pig eat shorts when I had one.

Sort of peaceful isn't it?


----------



## TheMartianChick (May 26, 2009)

Since the $250,000 figure has been tossed around, I'll use it as a basis for my own "inheritance".

We would pay off the balance on our mortgages (primary residence and rentals) and buy a small homestead in the country for ourselves. Our current residence would become a 2 unit rental property to spin off some more income. With no mortgages to pay, we could live entirely off of our rentals without outside jobs and still have a little play money!


----------



## plowhand (Aug 14, 2005)

Yes, I find it peaceful, sorta like a barnyard symphony! Every different animal chews, grinds, and peck at their own note. I find it a most satisfactory place to rest and meditate. I'm one of these nuts that think a house just don't look like home without pasture and a barn or two!


----------

