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In response to
"bonus color of money chat q: how should they handle this $10k windfall?"
by
cupixie
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Michelle's response:
Posted by
cupixie (aka chris)
Feb 10 '11, 11:24
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Michelle Singletary :
You got most things right. But I still don't know why you need to wait two months to pay off the $2,500 in credit card debt. Just get rid of it once and for all.
I would do two things
-- emergency fund (at least one month's of living expenses to start)
-- Keep a few thousand for life happens fund.
Then I want you to consider if you really truly NEED to get a car right now. If you don't, why not save the money you were putting on a monthly basis toward the student loans, personal loans and credit card debt to save up to buy the car outright?
That's what I would do.
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