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Discussion Starter #1
what would you do?
I would like to use it somehow to make a bit of extra money w/o having to leave the house and the kiddos but I'm stuck on what. Any ideas?
 
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I have quite a few small bills. I owe $400 on a sears card, $1800 on a perosnal loan, $800 for some bulk maple syrup I had to buy, things like that. I would pay them off, and build a simple barn...just 8 foot celing, 48x88...something like that.
 

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Is there any home repair you've been wanting to do? That's what I'd do first.
New wire in our 60 year old "new" house and a new metal roof. And vinyl siding and windows.
If there was any left I'd put it away for unexpeted emergenicies.

Shelly
 

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If I was told I couldn't invest it or pay on my mortgage, ... just spending cash... i would...

Build a garage and then a shed type barn to store my stuff in
 

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I'd pay down the mortgage and/or do repairs or construction that needed doing around the place.

But you want to make money with it.
If you haven't already been dreaming of a business on the side, I think it's a mistake to go into a business simply for the sake of "putting the money to work." I think paying down the mortgage or paying off a car etc. would be better. You'll be saving interest plus freeing up your cash flow.
 

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Discussion Starter #7
a little bit of background maybe too much.

both of my parents committed suicide w/i the last two years.

fortunately there were life insurance policies that paid for the funerals etc.

we (as in kiddos) were also left something at the times these happened.

However, the whole situation has torn what's left of the family apart, and now my kiddos don't have grandparents (my parents were their ONLY grandparents, we do not associate w/ DH's family) nor their aunt and uncle.

hence the move, the ability to get some livestock if we wanted etc. I also have been a financial planner so have done a bit of investing in different things for later on in our years (we're not 30 yet)

This was an unexpected thing, turns out my father had a 401k that was divided up amongst us. instructions were left that when I got it to do something that i would like to try. Not for bills, not for emergencies, but to enable me to "do something" (I've always wanted to try being a SAHM but still make a little bit of cash kwim?)

We are for the most part debt free, we have utilities, our house payment, etc, but no credit cards, no loans on autos, equipment, student loans etc.

we've got good traffic (road frontage) about 6 acres, fenced, so it's more of a thing of i want to try a bit of everything (having a horse or two, maybe some chickens, want to try my hand at stained glass, first garden etc) while still be able to hang out and get to know my kiddos (I've always worked outside the home up until my mother did what she did, then i cut back to help my dad out..not that it seems to have done much but that's another story)


BUT - I'm one of those people that is terrified of failing. We've always done rescue for the four legged critters, but livestock and such is another story. I'd love to try, but "what if". Right now the only thing planned is to buy a cow for the freezer, and to do some stocking up for the winter, as well as buying a generator.
 

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If there was any interest baring debt I'd first apply it to that. Then use the money I was paying towards the interest baring debt prior to this towards and interest paying asset...or towards college funds for my kiddos, or a retirement fund for hubby and me.

I'm sorta weird huh :)

Marlene
 

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I'd buy a new to me car with most of it(possibly with a small Credit Union loan to build my credit) and set a couple thousand aside for an emergency or down payment fund.
 

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With that information, I'd setup a greenhouse and open a market garden! :)

Jinxie said:
a little bit of background maybe too much.

both of my parents committed suicide w/i the last two years.

fortunately there were life insurance policies that paid for the funerals etc.

we (as in kiddos) were also left something at the times these happened.

However, the whole situation has torn what's left of the family apart, and now my kiddos don't have grandparents (my parents were their ONLY grandparents, we do not associate w/ DH's family) nor their aunt and uncle.

hence the move, the ability to get some livestock if we wanted etc. I also have been a financial planner so have done a bit of investing in different things for later on in our years (we're not 30 yet)

This was an unexpected thing, turns out my father had a 401k that was divided up amongst us. instructions were left that when I got it to do something that i would like to try. Not for bills, not for emergencies, but to enable me to "do something" (I've always wanted to try being a SAHM but still make a little bit of cash kwim?)

We are for the most part debt free, we have utilities, our house payment, etc, but no credit cards, no loans on autos, equipment, student loans etc.

we've got good traffic (road frontage) about 6 acres, fenced, so it's more of a thing of i want to try a bit of everything (having a horse or two, maybe some chickens, want to try my hand at stained glass, first garden etc) while still be able to hang out and get to know my kiddos (I've always worked outside the home up until my mother did what she did, then i cut back to help my dad out..not that it seems to have done much but that's another story)


BUT - I'm one of those people that is terrified of failing. We've always done rescue for the four legged critters, but livestock and such is another story. I'd love to try, but "what if". Right now the only thing planned is to buy a cow for the freezer, and to do some stocking up for the winter, as well as buying a generator.
 

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in that case,

I would go and fence in my property. I would make a few "sections" I would get a cow, build a new chicken area and get chickens (since you dont have any) and I would likely get a few new shrubs and do a little landscaping
 

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The best way to make your money work is not to waste it by giving it away when you don't have to for interest.

First I would plan to give 10 percent off the top for charity. My favorite charities these days are the Heifer project and one in florida (can't think of the name) that teaches poor nations how to grow food with low tech and few inputs.

Then, I'd make sure I have $1,000 put back as an emergency fund. I have this so then I'd skip to the next. Most folks in bankruptcy get there by not being able to handle short term emergencies that happen all at once. Using credit cards can really sink you.

Next, I'd pay off all debt except mortgage--again saving thousands in interest if you are in that boat. You can always apply what you no longer have to pay to credit companies to do other things afterward. Since I have that, and also have no debt except mortgage I can skip this one.

Next I'd take the rest and invest in things that could make my family more self sufficient and to sell excess. Thinking here of fencing for animals, gardening, canning dehyrdrating expenses. Id make my home as energy efficient as possible so that there would be savings again in the future.

I'd save half for the next vehical we buy and drive the old one until we can afford to pay cash. By doing this, you save at least 4,000 by not paying interest.
 

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Pay off the medical bills and then save the rest for the next round. Even with insurance our co-pays are high!

Oh and buy more fencing to enlarge the goat pasture! I've got at least 3 more acres I could fence if only I could afford the posts!
 

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Down payment on land and my first two head of cattle. And by my hard working hubby a little something. Just something he would like but other wise does not get.
 

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Bills are paid. Just a mortgage left with 4 years to pay. So, I'd buy a good used p/u to replace the old one.

Otherwise - If I had CC bills I'd pay them. Fix what was broken with the remainder and buy heating fuel for winter and some supplies.
 

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Discussion Starter #18
CJ said:
With that information, I'd setup a greenhouse and open a market garden! :)
CJ I LOVE this idea....can I pm you w/ some ideas I have for this?
 

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Jinxie said:
CJ I LOVE this idea....can I pm you w/ some ideas I have for this?

I think it is a great idea, too! Requires lots of time...at the right times. You have to start your seeds in a certain window of time, pick corn when its ready, etc.

I think the biggest mistake people starting in business is that they spend too much or start too big. In my experience, a large percentage of businesses that fail are due to WAY too much spending to get started. For example, don't buy a $25,000 truck when you can skimp by with an $800 truck or an old minivan. If you are innovative, and IMHO you need to be to be successful in business, you can build a small greenhouse from cheap or salvaged materials. This would be much better than spending $10,000 on a new one.

You are going to need the cash later, when the business really takes off.

It will be much better to lose your shirt on a little bit of money, rather than a pile of it.

Limit your start up costs to $2500. This will give you a chance to see if you like it, and if it is profitable.

I know a guy that makes $25,000 a year selling starts, plants, tomatoes, corn and cut flowers. He sells zennias, daisies and black eye susans at 20 cents a stem or $2 a dozen, you cut. He hand built all of his own green houses, heated them with wood in the winter, keeps his own seeds, patches together a 30 year old tiller, etc.

Good luck!!!
Clove
 

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Is there an art association near you? Anytime someone expresses a desire to do "art" I certainly encourage it. Stained glass (leaded glass?) brings good prices and there is a great deal of satisfaction in creating something beautiful. You can set up and get started for less than you may think. You would be able to create beautiful art and be inside with your children. It would also allow you "some" time to have chickens, a garden, etc. I am sorry to hear about your parents. God bless you.
 
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