You get 50k dollars tax free no catch what do you plan to do with it?

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[–] 128 points 2 months ago (2 children)

Put it in the bank and live every day like the day before!

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  • [–] 42 points 2 months ago (10 children)

    I had that happen in January, I built my own bookstore.

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

    what is that, like 10% of the cost?

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

    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!

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  • [–] 4 points 2 months ago (1 child)
  • [–] 3 points 2 months ago

    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.

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

    Not work a day in my life. My country is so poor that's enough to sustain me for 50 years.

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

    Buy some solar panels and throw the rest at my mortgage

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  • [–] 58 points 2 months ago (8 children)

    $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)

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

    I'm doing ok but 50k would let me put a down payment on a house which would still be life changing.

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

    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.

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

    If you're living in Brooklyn and not making six figures, you don't need to be living in Brooklyn.

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  • [+] 2 points 2 months ago* (last edited 1 month ago) (2 children)
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  • [–] 2 points 2 months ago

    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.

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  • [–] 18 points 2 months ago

    I could just show you better than I could explain it. I’ll dm you my Venmo.

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  • [–] 18 points 2 months ago (10 children)

    Fun: new car, some kind of spicy electric thing.

    Boring: Pay off mortgage. I died a little just typing that.

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  • [–] 9 points 2 months ago* (9 children)

    Having paid off the mortgage has it's monthly benefits, or so I have heard

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  • [–] 6 points 2 months ago (8 children)

    Yeah, works out to around $250 per month saved interest.

    But which would you rather, $250 per month or a pair of jetskis?

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

    jetskis wont stop me from blowing my brains out from this economy

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  • [–] 3 points 2 months ago (5 children)

    Its not the jetskis themselves, its the fun and exciting bad financial decisions you meet along the way :D

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

    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. )

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  • [–] 2 points 2 months ago* (last edited 2 months ago)

    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!

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

    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.

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  • [–] 1 point 2 months ago

    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.

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  • [–] 17 points 2 months ago (1 child)

    Straight to my mortgage principal. Because I'm dull like that.

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

    Two women at the same time.

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

    Build a sauna. On a boat.

    Ok, I guess I don't really need 50k. Give it to someone else.

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  • [–] 15 points 2 months ago* (last edited 2 months ago)

    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.

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

    Pay off mortgage, not glamorous but it works.

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  • [–] [S] 1 point 2 months ago* (3 children)

    wow even 50k is not a glamorous amount ? Or you mean to just use it on a mortgage ( surprisingly most people here pick that)

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

    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.

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

    I am debt-free; I save it for when I need to replace my GPU.

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

    Might want to save most of it for your next memory upgrade too.

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  • [–] 1 point 2 months ago

    Yeah, should really have gone for 128 GiB instead of just 64 in 2024. On the other hand, DDR5 RAM training really is uncomfortably slow. Always looks like it's dead when there's just a black screen for half a minute before the actual boot happens.

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  • [–] 10 points 2 months ago (1 child)

    Vanguard ESGV is a decent investment. It's like the S&P 500 but with less guns and war.

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  • [–] 4 points 2 months ago*

    Thats a nice ETF. Expense ratio is pretty low and its performance YTD and 1Y are within about .5% of the S&P500 (with it beating the S&P500 YTD).

    For others, if you'd received this magical $50k exactly 1 year ago and invested it in ESGV, you'd have about $60k today.

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

    Invest it all and forget about it for a few years.

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  • [–] 9 points 2 months ago (1 child)

    I’d probably go to a really much bougie rehab. I’m not addicted to anything but I feel like I won’t get a whole month off work otherwise.

    I always answer these in case OP is loaded and wants to give someone 50k because they are bored.

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  • [–] [S] 4 points 2 months ago

    Unfortunately i am quite poor but i was curious, and apparently most people here don't really need that amount but tbf in my country 237$ is enough to save someone like me so it's economic matter

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  • [–] 17 points 2 months ago (4 children)
  • [–] 8 points 2 months ago (3 children)

    So, what would you do if you won?

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

    This thread is depressing.

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  • [–] 7 points 2 months ago

    Pay off my car or put it into my mortgage and live like I didn't get 40k. The remaining 10k I would split among my 3 kids. They deserve something nice.

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  • [–] 7 points 2 months ago

    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...

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

    Turn my basement into properly approved living space, increasing the value of my house by roughly 33%. Then it's time to renegotiate my mortgage rate.

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

    I'm too young to own property in my life time and don't understand the renegotiate mortgage meme.

    How come the rates are lower if the house goes up in value?

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  • [–] 3 points 2 months ago

    In short, if your house increases in value, the money you owe vs the things that you own changes in your favor, resulting in less risk for the bank. It is therefore likely that a bank (not necessarily the one who currently has your mortgage) is willing to give you better terms/interest based on the new circumstances, and your current bank will therefore make an effort to be competitive.

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

    I'd put it towards building a new roof for my house. Current one is 100 years old now and somewhat falling apart. Would still only cover about half of it though.

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  • [–] [S] 6 points 2 months ago

    For me, I'd have my and my family's medical bills paid, I'd buy equipment and other things for my PhD (specialized antenna, LCR meter, a well-paid internship, cadence virtuoso semiconductor pdk rf tsmc 65nm and 180nm maybe more since I already got the 90nm from my institution) also air quality monitor to conduct a city-wide personal study for personal reasons, and get a bigger counter and an emf to explore abandoned buildings and see if certain suspected areas are radioactive, get native species of mycorrhizae fungi fertilizer for nearby trees, get a good PC and probably adopt a street cat, the rest I'd invest in solar energy

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