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You randomly get a free 50k no catch what do you do with it? (lemmy.world)
submitted 2 months ago by to c/asklemmy@lemmy.world
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You get 50k dollars tax free no catch what do you plan to do with it?

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[–] 32 points 2 months ago* (last edited 2 months ago) (10 children)

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.

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  • [–] 4 points 2 months ago (7 children)

    Damm, where can you buy a house for 50k?

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  • [–] 28 points 2 months ago (6 children)

    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.

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  • [–] 7 points 2 months ago

    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.

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  • [–] 0 points 2 months ago (4 children)

    I missed the /s

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  • [–] 3 points 2 months ago (3 children)

    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.

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  • [–] 1 point 2 months ago (2 children)

    What's wrong with a corner parcel?

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  • [–] 1 point 2 months ago (1 child)

    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.

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