Sunday, November 04, 2012

Spending a $100,000 Windfall

If someone handed you $100,000--say you won the lottery or received an inheritance--what would you do with the money? That was the question Americans aged 18 or older were asked in a recent Harris Interactive survey. Here are the answers...

Pay off debt: 59%
Save for a rainy day: 42%
Invest for my retirement: 33%
Go on vacation: 19%
Donate to charity: 18%
Buy a car: 17%
Treat myself: 15%
Buy a house: 13%
Pay for my kids' college: 10%
Go back to school: 6%

Paying off debt was the number-one response of Millennials (55 percent), Gen Xers (73 percent), and Baby Boomers (60 percent). Among people aged 67 or older, saving for a rainy day was the number-one response (51 percent), and paying off debt was number two (44 percent).

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