What would you do if you just got a check for $50,000?

You have $30,000 in debt, are a single mom, have no investments or savings, and have a professional and decently-paying job. What would you do with your money?

Would depend on what the debt is and what the interest is on it. If the interest on the debt is less than 5% I would put the $50,000 in an interest bearing account which should earn at least 6%. Other wise pay off the debt, put some in an emergency account, and start a Roth Ira account with the maximum legal limit.

For me that's a no brainer ~ I would pay off the debt, put a little down on a house or vehicle and invest the rest.

Pay off the debt, save the rest. Put about 3-6 months worth of expenses into a safe, liquid account, and invest the rest for the longer term (college for your child? retirement for yourself?).

pay off my debt and maybe buy a car or something?

I'd pay off my debt first, then save the rest since i have a new house and a new car...

enjoy some... save some...

I would pay off my debt and put the rest in a savings account. I would start saving up to buy a house.

im going to have a breast implant!hahahha...

Pay off your 30G debt, put the remaining 20G in savings.

Obviously, paying off the debt is going to be the most popular response. Definitely DO THAT. If it were me, I would then stash at least $5 - 8,000 in a CD or other long-term account for your child (or children) for their future, keep another few thousand as a back-up in case of future hardship (the rainy day money)... then I would maybe put the rest into starting my own business.

If you don't want to have your own business, then take another $5,000 and invest it (maybe save toward a new home if you don't have one yet). Oh and then I'd take some and either go on a trip with the kids (don't go overboard)... and/or a shopping spree where you can all spruce up your wardrobe a bit or get at least a couple of new things for yourself to enjoy the reward. And then give at least $500 + bucks to a charity (God rewards you even more if you share with others less fortunate).

Whew, I spent all your money pretty good! :)

1. Pay off the debt--and commit not to get into any more!!
2. Up my contribution to a 401k (if you have one), since you will have fewer monthly expenses (no more debt payments).
3. Put $4000 in a Roth IRA for 2007.
4. Put the rest in cash, earning 5% interest or more.

When you have emergencies or unexpected expenses, you can dip into the cash. But you should add to the cash stash each month because this is where you will get money for a car when you need one (no more debt, remember?) and for a home downpayment, for vacations, for special shopping trips etc.

I would immediately pay off all of the debt, as it will only increase with interest and time value of money. Then I would put half of the rest into a CD, and then open a margin account at a brokerage to invest the other half of the 20 k with.

Just like you, I am a single mom. And I have learned that having a debt is a great burden especially if it's $30,000!!! If I were you, pay the debt first. Remember that if you keep the debt longer, you'll never have peace of mind and you'll always think of that debt and think of how and when you will stop paying it. The earlier and faster you pay the debt, the better your life will be. TRUST ME! Everything will suddenly become clearer as to what you could do with your spare money. Don't forget to save for you and your kid's health, needs, emergency situations and for your future.

Pay off all of the debt so that you have free cash every month, put $10,000 in an investment that you can't touch, $5000 in an invsetment that you can, but not easily, and the rest in your account to use to buy things that you need.

And...send me some...

:)