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)
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.
Straight to my mortgage principal. Because I’m dull like that.
Fuck yeah I’d probably do the same
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’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 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.
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.
I am debt-free; I save it for when I need to replace my GPU.
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
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
This thread is depressing.
Straight into the investment account. It’s not nothing but I’m not strapped for cash, and 50K USD alone can’t do much where I live…
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 :(
Put it in the investment account. (I do want to retire some day.)
