What to do with settlement?

[Rockinlittle325i]

I dont know if you guys remember but I was hit by a yukon back in october and I should be getting the final settlement sometime in the up coming months

my question to you all is what should I do with it?
my e30 does not have a straight body so I dont want to do any mods to it.
I'm thinking about buying another e30

let me know...

[Ral]

wait for the market to go back down again (I think it's slightly overvalued at the moment) then buy stocks.

or, the nicest, cleanest collector car you can find that will go up in value. (personally, I've got a hard-on for Audi Quattro Sports, or VW golf Rallye's. I'm sure there's more though.)

[Wh33lhop]

"Send it to me" gets my vote.

[88e30is]

How much are you getting?

[StereoInstaller1]

Here is what NOT to do:

Do NOT pay off your credit cards

Do NOT have a wild party

Do NOT buy anything small

Do NOT buy a huge stereo/LCD TV/JetSki, whatever...

Do buy whatever you car needs to make it stable (yes, urethane trailing arm bushings and new shocks count) and reliable...work hard now, you will get to play with much greater ease later.

Instead of blowing your money, try this:

If you have old nasty collections, bargain with the collection agency. Pay your old shit off for 10% to 20% of what you owe. Those guys are HUNGRY right now...pay your shit, get your credit squeaky clean.

Carefully bargain down your credit cards so you have no more than 49% of the available balance used...keep it under 49%.

Drop as big a chunk as you can into a basic savings account and DO NOT TOUCH IT!

In 6 months or so, buy a house. Use 70% of what you kept in that account as a down payment, then the other 20% can buy furniture/drapes/pots and pans/washing machine/refridgerator.

Now of course if your settlement is like $3500 or some shit, buy another car or paint yours, maybe buy a new set of seats, whatever.

GL!
Luke

[daniel]

giving the amount would help.

[z31maniac]

giving the amount would help.

[Massive Lee]

Change your credit card carrier. They will offer 3 or 4% interest for 6 months (instead of the 20% you currently pay). Then pay off as much as you can on your credit card. Not continuously paying interests is a way to get richer.

[Rockinlittle325i]

I'm liking all this,
I dont know exactly the range I should expect but I know it's going to be 2000-10,000 if everything goes right
I have no credit cards, I dont want to get into debt untill I'm set in a career

[Jean]

If you have old nasty collections, bargain with the collection agency. Pay your old shit off for 10% to 20% of what you owe. Those guys are HUNGRY right now...pay your shit, get your credit squeaky clean.

I've read that doing that messes up your credit, it's not the same as paying your debt in full.

YMMV

[StereoInstaller1]

I took the credit rating of my 2nd wife from a deadbeat 320 (welfare mom, no positives at all, blah blah blah) to a solid 680 with her making $8.50/hr in under 3 years doing just what I described.

Showed "paid" on her CR

[z31maniac]

^That's what I understand as well.

I'm liking all this,
I dont know exactly the range I should expect but I know it's going to be 2000-10,000 if everything goes right
I have no credit cards, I dont want to get into debt untill I'm set in a career

Keep the idea of no debt even once you have a career established, with the exception of a mortgage.

[2002maniac]

pay off high interest debt. then have some fun!

[Rockinlittle325i]

well what should I look into getting?
a 318i(s) and do a motor swap?
325i(s) and the whole art car tribute paint?
325e(s) and do a motor swap?

or none of that?

[xwill112x]

318i, you'll love the m42 ;)