You get 50k dollars tax free no catch what do you plan to do with it?
Put it in the bank and live every day like the day before!
Yup. Wife made us invest 64k this year. That’s half a dozen pinball machines I could have had!
*index fund
Buy enough solar and batteries to become energy independent for the rest of my life.
With that money i could build one myself from scratch
You’d only need a fraction if you DIY, which is definitely worth it to learn how to do so you can fix it yourself.
I do actually know how to build them from scratch i am a semiconductor and microeletronics PhD student ,unfortunately i don’t have the time or money to do it :(
Straight to my mortgage principal. Because I’m dull like that.
Fuck yeah I’d probably do the same
Down payment on a house
$50k is a weird amount.
If you’re currently financially in crisis, it will probably save your life. But if you’re doing okay, it probably won’t change your life much. And if you’re even mildly rich, like six figure salary, you might not even notice.
I’d probably just put it in vanguard or a high yield savings, in preparation for bigger expenses that are probably coming (eg: moving, unemployment)
I’m doing ok but 50k would let me put a down payment on a house which would still be life changing.
You’re making me grapple with how expensive housing is here. A down payment for a two bedroom apartment in Brooklyn is going to be like $100-200k.
It’s fine, I tell myself. I can walk to everything I need and take transit to everything else.
If you’re living in Brooklyn and not making six figures, you don’t need to be living in Brooklyn.
I went to school in Brooklyn. Where should I have lived?
What does that have to do with it?
You suggested only people making six figures should live in Brooklyn. So when I was a grad student going to school on Brooklyn, where should I have lived?
As a child or in college?
Apartments here are ridiculous. I can get a home loan with payments half of a comparable apartment. Yes, I would be responsible for maintenance but I’ve owned before and it is still less expensive than renting even with maintenance.
My thoughts exactly. It wouldn’t change things day to day for me other than going from renting to owning.
And if you’re even mildly rich, like six figure salary, you might not even notice.
All depends on where in that range.
Low end? That’s like half a years salary and would absolutely make a difference.
That’s like half a years salary
Also, it’s a post-tax $50k, whereas your earned income is a pre-tax $100k in that scenario.
Breathes deeply in making less than 50k/yr before taxes.
I’m so sorry. Seriously.
It makes a difference, but it’s a few years savings, not life changing money.
Or well, it depends on how you want to change your life. It’s around what I used to quit my job and move from a red state to a blue one. It can get you a new degree. It can be a down payment on a house. And in all these cases it involves a level of slumming it that had you been comfortable with you’d’ve been able to save it up relatively quickly if you had a 6 figure income
Ok boomer.
Same, or maybe split it and use half to pay off a bit of my mortgage principal.
I’d buy two sticks of RAM. I know I’ll have to use some of my own money but I think it’ll be worth it.
Renovat my bathroom, install an air conditioning system, use the rest to pay the mortgage.
Pay off mortgage, not glamorous but it works.
wow even 50k is not a glamorous amount ? Or you mean to just use it on a mortgage ( surprisingly most people here pick that)
Not if you have a mortgage over 200 to 500 thousand Dollars because you bought a house on credit (which is how most people buy a house because that really is an amount, even the well-earning middle class needs decades to accumulate).
It’s nice, but not life-changing.It makes a dent, that’s easily more than 2500 a year in interests.
Yeah, definitely nice to have - but not glamorous or life-changing.
I had that happen in January, I built my own bookstore.
what is that, like 10% of the cost?
They meant a “little library” for the front of their house.
The little free library I did for under $500. 😉
Nice!
Nope, I opened a full bookstore for less than $10,000. The other $40+ is operating funds. I can keep this going for some time!
Huh? How?
How do you open a bookstore for under $10,000?
Well, first you find a location with $600 a month rent. LOL.
Floor was $350 and $500 to install it. Bookshelves were $1,100. UV window tint to protect the product was $500.
From there it’s a matter of setting up accounts with major wholesalers and ordering product.
Most folks don’t realize this, but in general, the markup on books is around 35% to 55% depending on the publisher and the service.
I bought a bunch of nice Halloween stock for $6.50 a book, retail is $28.95, which is ridiculous. I’m selling them for $12.95 and still making money on them.
How much could a bookstore cost Michael, $10?
I love it. A Blacks Books fantasy of mine.
Do you have the little book of calm?
Not work a day in my life. My country is so poor that’s enough to sustain me for 50 years.
imma move to this dude’s country and stop working.
Where am I moving to?
Where i live it’s a great amount too no work needed for years but not for life
Which country? Phillipines?
I’d try to work out what the scam is as I work in sterling or euros usually.
You mean you’d be suspicious of that amount? In this case let’s say it’s not something shady what would you do with it?
Nope. I’d be trying to work out why I have USA funny Money being sent to me rather than a normal local currency.
In all seriousness (and ignoring the USdefaultism) I would pay off mortgage for myself and any family members and any remainder would go to a local chapter of https://menssheds.org.uk/ or similar organisation.
I’m impressed that 50K is enough to pay off not only your mortgage, but other family members as well.
It would be for my parents but not for myself. I would pay the last bit of theirs off and take a chunk of mine and try to get my brother out of rental.
Tbf am not from the US i picked that currency because most people here speak American English so i just went with it, It’s interesting how pretty much almost everyone went for the mortgage route
Put it in the investment account. (I do want to retire some day.)
Pay off bills for the year. Donate the rest to food pantry. Fuck money.
I’d pay off my house. No hesitation.
EDIT: I owe just a bit over $50K on my house. By chance, the amount OP chose fits my circumstances exactly.
Damm, where can you buy a house for 50k?
Pay off means the rest of the mortgage. So either at the end of a typical loan, or the rare cheaper houses where they still owe about half.
Or they could just mean they would pay down the house, which can be a big financial boon, even if not completely paid off. If you are in the US and have a normal 30 year fixed rate mortgage, then paying down 50k means you get to save on the remaining interest due on that 50k - so you don’t just save 50k, but the compounding interest due on that 50k across the remaining liftime of the loan.
I missed the /s
Yes. But I think it’s possible to find 50k property. Just don’t expect much of it and to be near anything. A tiny house on a corner parcel that no one else wants.
What’s wrong with a corner parcel?
Depends on where it is, how it’s cut, and the size mainly. The biggest issue I see with a corner lot is you have two sides of your property that aren’t really yours, since the street takes up some of the “right-of-way”, aka ditches and such. I could be wrong, but I always thought that and other reasons make the value of a corner lower, so the cost as well.
The reason i ask is because in a suburb, the corner can get twice the street parking, and sometimes extra sunlight.
Same. I’d use the rest to get solar and dig a well if there was some left.
Instead of digging a well, you might invest in AWG if you’re thinking of a prepper/solar punk kind of future.
