if you suddenly got $50,000 how would you spend it?

snake · Post by **snake** » Sat Jan 29, 2011 7:11 pm

just wondering...i always loved the speculation game...$10,000 $100,000...a million....but realistically i might get $30,000...how to spend/invest?

oneeyeddick · Post by **oneeyeddick** » Sat Jan 29, 2011 7:12 pm

Buy some property in California, move there with my RVs, and grow pot.

delle · Post by **delle** » Sat Jan 29, 2011 7:20 pm

Don't even acknowledge it.

Once it knows you know it's there, it just disintegrates on it's own.

You're just going to have to trust me on this one.

(OED: Spat up an almond on that new sig of yours. My husband may find it funny too once the swelling goes down from where it hit him)

motskyroonmatick · Post by **motskyroonmatick** » Sat Jan 29, 2011 7:21 pm

Read The Investors Manifesto by Bernstein and invest it all for your retirement years.

Or choose a target date retirement fund.

Use a low fee brokerage firm.

Not exciting but the most responsible thing we can do is provide for our selves in our old age.

Post by **Sham** » Sat Jan 29, 2011 7:28 pm

There are two ways to get $50,000. One is to amass it by saving and the other is to have it given to you somehow.

If you earn this money, you will spend it wisely and sparingly and if you win a lottery, you will go on a spending drunk until every penny is gone.

The answer to the question by the OP all depends on which one of the two types of person you are.

My mindset is to spend every penny on something that you would have to buy anyway. Pay down any existing bills, including car payments, mortgages, credit cards. Any necessary home or car repairs are also a very sensible idea.

Now you will have extra money from your regular paycheck, and you can either save this money, or buy some luxury things for yourself.

The biggest thing to do is to live within your means, and not get deeper in debt because you feel you got a $50,000 windfall.

This is probably not the most glamorous answer, but it's the most sensible one. Boy, am I a dull person.

Thecatman · Post by **Thecatman** » Sat Jan 29, 2011 7:35 pm

motskyroonmatick wrote:Read The Investors Manifesto by Bernstein and invest it all for your retirement years.

Or choose a target date retirement fund.

Use a low fee brokerage firm.

Not exciting but the most responsible thing we can do is provide for our selves in our old age.

+1

unfortunatly $50,000 ain't much these days, but I'd pay off my car and wifes Jeep and then do the above.
That or blow it all on a new Dodge 3/4 ton with a Cummins

Trishntek · Post by **Trishntek** » Sat Jan 29, 2011 7:46 pm

In response to "how would you spend" it,,,

1. Pay off debts.
2. Purchase durable goods of necessity (solar panels, windcharger, private bunker) or anything which results in more independence.
3. Help my daughter with college (another story entirely why she's not #1).

JStep · Post by **JStep** » Sat Jan 29, 2011 7:55 pm

Pay off my debts, buy my friends school bus, get completely prepped for BM and stick the rest into savings.

Rabbi Dali Rick · Post by **Rabbi Dali Rick** » Sat Jan 29, 2011 8:38 pm

lotsa Cocaine...

the rebbi

lucky.bastard · Post by **lucky.bastard** » Sat Jan 29, 2011 8:51 pm

pay down the mortgage and set just a little bit aside to go camping in the desert.

FIGJAM · Post by **FIGJAM** » Sat Jan 29, 2011 8:57 pm

There's this BM ebay package...........

JStep · Post by **JStep** » Sat Jan 29, 2011 9:27 pm

FIGJAM wrote:There's this BM ebay package...........

50k would only cover the down payment.

FIGJAM · Post by **FIGJAM** » Sat Jan 29, 2011 9:33 pm

It's still an auction.

JStep · Post by **JStep** » Sat Jan 29, 2011 9:43 pm

FIGJAM wrote:It's still an auction.

Not really, it's a Buy It Now with a Make An Offer option. There's no bidding, with or without reserve.

chris2010 · Post by **chris2010** » Sat Jan 29, 2011 10:04 pm

snake wrote:just wondering...i always loved the speculation game...$10,000 $100,000...a million....but realistically i might get $30,000...how to spend/invest?

Travel & take pictures

Post by **Sham** » Sun Jan 30, 2011 12:25 am

The question being asked is an interesting one that is very real. It happens often that someone gets this amount of money given to them for various reasons. Inheritance, settlement of a lawsuit, lottery winnings, worker's comp claim, or a gift from a relative.

I know from experience as an employer, that advice is usually asked, but almost always this person is going to do what they want with the money. If it's a settlement of an injury, the money is usually chipped away while that person stays unemployed by choice. Exotic vacations are often justified, expensive pick-up trucks (often financed) boats and other sport toys are items purchased.

The money is kept liquid and handy, and used in small cake like slices until the entire cake is eaten over a several month period. I have seen this money burning a hole in their pocket until every last penny is gone.

I am saying this to the OP, not to be a smart ass, but in hopes that they will avoid the pitfalls of spending every penny down to zero.

The whole concept of saving money vs. spending it, is the subject of the book, The Millionaire Next Door.

If I can ask the question of the OP, why are you getting this money given to you?

Post by **AntiM** » Sun Jan 30, 2011 6:55 am

My SIL has blown through $150K of insurance money in two years, she just called me to ask for a loan for her health insurance (and paint for her house). ((I said no)). She knew she has no other income, and her job prospects aren't good, but she didn't set aside a penny. She took trips, "upgraded" her degree, and is now fixing up her house "so she can sell it and move to CO where she can get a job because the Mormons have all the UT jobs locked up". Uh-huh.

I got a little insurance money myself, and it all went onto debt. Granted, debt I shouldn't have in the first place, luxury debt I suppose, but I pay my bills on time and with as little interest as possible.

C.f.M. · Post by **C.f.M.** » Sun Jan 30, 2011 7:10 am

- pay off student loan

- invest and try to live off it for the rest of my life

Elorrum · Post by **Elorrum** » Sun Jan 30, 2011 7:33 am

Realistically I'd probably get a new car, and look for a nicer place to live.
What I should do though is say, "I didnt' get any money," put it all into a safe investment for retirement. I live o.k. as it is, currently have no debt, and don't think I started saving early enough in my working life.

Post by **mdmf007** » Sun Jan 30, 2011 8:12 am

FIGJAM wrote:There's this BM ebay package...........

lol - 95K... There are other companies, with a proven history doing this already for alot less than 95K, with first class service.

id take the money and put it into retirement.... boring I know.

Simon of the Playa · Post by **Simon of the Playa** » Sun Jan 30, 2011 8:37 am

i'd take my father to burning man before he dies of cancer, if he lasts that long.

the rest would go towards a down payment on some property in Southern Oregon, so i can listen to JPR in my old age.

and i'd finally after 15 years without insurance go get my teeth fixed.

FIGJAM · Post by **FIGJAM** » Sun Jan 30, 2011 9:28 am

mdmf007 wrote:
FIGJAM wrote:There's this BM ebay package...........
lol - 95K... There are other companies, with a proven history doing this already for alot less than 95K, with first class service.

id take the money and put it into retirement.... boring I know.

I would'nt touch that package with your 10ft pole.

I've had luxury and it did'nt impress me.

Setting everything up myself means it's just the way I like it.

$50,000........how about 1200 give tickets to TTITD?

LorenRose · Post by **LorenRose** » Sun Jan 30, 2011 11:39 am

1. I would buy a new car.. as in my car is in the process of dying.

2. save the rest for future use on something. probably travel or investment.

Rabbi Dali Rick · Post by **Rabbi Dali Rick** » Sun Jan 30, 2011 11:50 am

and lotsa Cocaine...

can I have the money now?

the rebbi

Post by **Eric** » Sun Jan 30, 2011 1:13 pm

Pay off our debt, invest, and decadently spend abut 5k on this:

I have a serious weakness for single malt.

tamarakay · Post by **tamarakay** » Sun Jan 30, 2011 1:45 pm

well, what we did was pay cash for the well, septic and elec tap. That way we didn't have to roll it into the mortgage.

if we received some now, 10% would be blown on nonsense and the rest invested for our even more golden years.

maryanimal · Post by **maryanimal** » Sun Jan 30, 2011 2:45 pm

I think I would invest a portion of it, put a large protion of it for retirement, take my mom to see family in CA for a month and spend a little on a nice vacation for myself. I would give some to my 4 sons, my brother and sister, take my niece and nephew some place fun, start a college fund for my granddaughters.

MyDearFriend · Post by **MyDearFriend** » Sun Jan 30, 2011 2:59 pm

FIGJAM wrote:
mdmf007 wrote:
FIGJAM wrote:There's this BM ebay package...........
lol - 95K... There are other companies, with a proven history doing this already for alot less than 95K, with first class service.

id take the money and put it into retirement.... boring I know.
I would'nt touch that package with your 10ft pole.

I've had luxury and it did'nt impress me.

Setting everything up myself means it's just the way I like it.

$50,000........how about 1200 give tickets to TTITD?

Mr. Figjam, you're the best. And I am stealing this.

knowmad · Post by **knowmad** » Sun Jan 30, 2011 3:30 pm

29 $1000 hookers, 9 $100 hookers, one cosco sized box o condoms. and beer.

theCryptofishist · Post by **theCryptofishist** » Sun Jan 30, 2011 7:26 pm

Simon of the Playa wrote: and i'd finally after 15 years without insurance go get my teeth fixed.

What poverty does to teeth is not pretty. I know it; I'm going through it and I have a friend who is going through it and just not pretty.

if you suddenly got $50,000 how would you spend it?

if you suddenly got $50,000 how would you spend it?

Re: if you suddenly got $50,000 how would you spend it?