You get 50k dollars tax free no catch what do you plan to do with it?
Pay off bills for the year. Donate the rest to food pantry. Fuck money.
Down payment on a house
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 :(
Renovat my bathroom, install an air conditioning system, use the rest to pay the mortgage.
Straight to my mortgage principal. Because I’m dull like that.
Fuck yeah I’d probably do the same
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
Slap in a bank account and feel a little more secure but still nowhere near being able to retire.
It’s crazy to think this is no where near that for some people
If you want a roof over your head, most places have property taxes of $3-4k per year even if you own it outright. If you want to ever leave your house a car costs about $5-10k per year. If you aren’t living on rice and beans food costs about $3-6k per year. This doesn’t include any clothing, taxes, medical expenses, hobbies, travel, or other bills like water, natural gas, electric, etc.
If you’re incredibly frugal and quality for public assistance, $50k might last you a few years in the US.
Key point here in the US, where i live 50k dollars is enough to be a rich investor +house +car + years of necessities
How relaxed or strict are your immigration laws? I paid $40 just to park my car for a few hours a few days ago.
If you’re american you can literally just drive down to mexico and nobody checks or cares
Oh uh am in what you call a third world country, it’s nice to visit but idk if you’d want to live here , also 40 dollars is what a regular person like me make in a month, it’s actually crazy to hear that you pay that just for parking parking costs like ~0.2$ to 0.39$ max
probably give my 10 favorite people $5k. id do it anonymously too.
Put it in the investment account. (I do want to retire some day.)
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.
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
$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 would invest in something useful, for example, put aside a few dollars for expensive treatment if they are needed in the future, donate small pieces to projects or organizations that are interesting to me, or open source programs, if I really like the program, the rest of the money would be spent on things for my work, like a good computer, and other all sorts of necessary things, and I would also invest in crypto, which is reliable in cold wallets 😀
