You get 50k dollars tax free no catch what do you plan to do with it?
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Pay off debt.
Edit: adding context
My wife recently lost her job to AI. She wound up finding a job that she actually likes, but at about 50% of her old salary. At the same time, I racked up some healthcare bills and we have a child trying to get out of the country for college, but of course the loan from Sallie Mae may not get to school in time for the first year, despite the fact we started the process about a year ago. About the only way we can think of to temper the loss of income is to sell the house and use the cash to pay off debt and live… somewhere.
If we could get out of the debt we are in, my wife would be able to keep her job and we would be able to help pay for college without selling the house.
Hopefully, we will find another way because ain’t nobody willing or able to give money away in this country lol
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
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.
Get my bathrooms renovated professionally.
That takes the whole 50k?
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
Stop paying home insurance because I’m self insured now.
Add to my pension. The current amount will make me destitute.
Everyone knows you don’t quit when you’re on a winning streak. Come on black!
$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)
Same, or maybe split it and use half to pay off a bit of my mortgage principal.
I’m doing ok but 50k would let me put a down payment on a house which would still be life changing.
Buy a two-flat in the neighborhood to fix up for my father and father-in-law to live in.
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.
I would use it to cover expenses while I continue to look for a job. COBRA isn’t cheap, and I need good coverage for my various issues.
I’d pay off my house. No hesitation.
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.
Buy someone’s leg.
Straight to the mortgage.
