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
$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 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?
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.
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?
Buy some solar panels and throw the rest at my mortgage
Same. Would love solar but its very expensive here.
I’d make my own solar panels since it’s part of my Field of studies
Fun: new car, some kind of spicy electric thing.
Boring: Pay off mortgage. I died a little just typing that.
Having paid off the mortgage has it’s monthly benefits, or so I have heard
Yeah, works out to around $250 per month saved interest.
But which would you rather, $250 per month or a pair of jetskis?
jetskis wont stop me from blowing my brains out from this economy
Its not the jetskis themselves, its the fun and exciting bad financial decisions you meet along the way :D
Jesus H Christ, there are just some things that should be rented, not owned. Tempted to buy a jetski? Go rent a jetski every weekend you feel like during the applicable season(s) for one year. Feel like jetskiing this weekend? Just rent a jetski, have a great time, and don’t even worry about the cost. Sure, shop around for a good rental place. But once you’ve found a good one, just go to it as often as you feel like, ignore the cost entirely. Yes, it will feel like you’re throwing money away. It will go against every instinct that tells you it’s cheaper to buy than rent. But you’re not throwing money away. You’re buying insurance against potentially making a real bad financial decision. It’s fine to spend money on things you love doing. But the risk in owning an expensive rapidly depreciating toy is that you will simply lose interest once it’s no longer shiny and new. If after a year, you’re still in love with the thing and are firmly convinced you’ll want to jetski long into the future? Only then consider buying one. And even then you should calculate what the actual payback period is for renting vs. buying. If you love jet-skiing, but only a couple times a season? It’s probably not ever worth buying one. Use it the majority of weekends through a whole season? Might be worth it.
It’s just the nature of the rental business that it will take at least several years worth of the average person’s use of a thing to make buying a better option than renting. Same goes for RVs, regular boats, really any big expensive motorized thing that you can either buy or rent. (Cars and other modes of daily transport are the exception. These simply a necessity for many people. For millions, the need for vehicle ownership is a near-lifelong requirement, so there’s no risk of buying a car and then two years later never driving it. )
I agree, but would go further. Many people buy cars much bigger than they need, in the hope that “One day I’ll need the tray” or “4wd is useful when I go camping”, but the reality is that they could buy a city car and do 99% of their day to day driving, with a lower up front cost and maintenance costs, and then with the money they have saved they can just rent the 4wd/truck/whatever.
I needed a truck one time for an hour. $200 to rent it, didnt even fill it up again and return it. Way cheaper than owning a truck.
Enough seriousness.
The reason to buy instead of rent is to avoid the excessive premiums when you inevitably send it to the bottom of the pond you’re dicking about in. Its YOUR jetski, YOU have the FREEDOM to park it WHEREVER you LIKE!
Or buy one that’s 10 years old and learn to maintain it yourself. Worst case, you decide you don’t want it after a year and sell it. Depreciation from year 10 to year 11 is close to zero.
This sounds like a guy who’s desperate to get rid of his 10 year old jetski and pass on the buck to the next unlucky sap. My brother in laws family owns a christmas tree farm on 100+ acres of land and they have a fleet of snowmobiles that are an absolute bitch to keep running let alone maintain. I dont imagine jetskis being that much easier to own.
I suppose I don’t know a whole lot about the lifespan of jetskis.
You mean Ala pair of motorbooters?!
I could just show you better than I could explain it. I’ll dm you my Venmo.
Two women at the same time.
Funnily I managed that far more when I was dirt broke than comfortable.
Well you’re not a short, balding, chubby guy with a tiny dick.
Thanks Lawrence.
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50k on black
So, what would you do if you won?
LET IT RIDE
Exactly the answer I expected.
Someone has to buy bottles at the club to subsidize the rest of us, this is that person.
Straight to my mortgage principal. Because I’m dull like that.
Fuck yeah I’d probably do the same
Build a sauna. On a boat.
Ok, I guess I don’t really need 50k. Give it to someone else.
I appreciate the honesty xd
Boats are holes in the water that you throw your money into. Waste imo
I choose to believe that in this dream of yours, it’s actually a house boat, and the only cabin onboard is a sauna. You just live in a sauna sailing around on the sea. You own no clothing other than an abundant supply of towels.
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.
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.
Invest it all and forget about it for a few years.
Aaaand its gone.
🤣🤣🤣
