First thing you would do if you won 50K.

[ZAP]

And no I didn't win 50K but I thought it would be fun to hear different peoples ideas of what they would do with it.

50K is not going to drastically change anyone's life in general meaning they aren't going to quit their job or anything crazy.

 

I think my first action would be to pay off the house. It is one of those finish lines that as you get closer seems to move away from you. It would feel good to finish it off.

 

Thoughts?

[Ryan3773]

Sadly it would all go towards a house payment. Not even close to paying it off

[Boogs2]

I love these questions cause it does make me think about the ramifications of winning money. Have taxes already been deducted and I net 50k or is it 50k but then I have to worry about paying taxes the following year?

 

But to answer the question, I’d probably pay off my student loan and car note and credit card bill. It’s always nice to think about winning a large sum of money lol.

[golfandfishing]

Quit my job, move to the Keys, buy a boat and fish until I’m dead. Which better be in about 45 days I guess.

[No_Catchy_Nickname]

 

 

In reality, I'd probably spend it on booze and blow, then waste the rest.

 

OK, OK, seriously, club membership and mortgage. But that really IS wasting it.

[Qqq123xx]

Buy a vehicle. My current ride is getting a bit long in the tooth.

[Wriggles]

I'd probably just throw it in the bank and forget about it. Currently, it'll cover about five months in a nursing home, if I ever need one. Seriously, I'd buy a nice antique car, from the 1930's, after I accounted for income tax.

 

Back in 1972, in the dark ages, I was a young guy in the US Army. The PA state lottery was in its infancy. If I remember correctly, one Wednesday drawing a week for $50K. I believe a ticket was a dollar, or maybe 50 cents. I was home on pass one weekend and I bought a ticket. I recall thinking if I won the $50K, I'd be able to retire for life. Back then, $50K would buy a lot of things, and the 5% bank interest would get you $2,500 a year, more than minimum wage. (Instead of $10 a year now if you're lucky.)

 

Anyhow, did not win. I played a few more times.

 

Realized, I'd have to work for life.

[chickenpotpie]

Buy something like 4.5465321642266322663225 bitcoins

 

Edit: 4.5528842674367

 

Edit2: 4.537642774263

 

Edit3: F’it, hookers and blow

[thug the bunny]

I'd probably just throw it in the bank and forget about it. Currently, it'll cover about five months in a nursing home, if I ever need one. Seriously, I'd buy a nice antique car, from the 1930's, after I accounted for income tax.

 

Back in 1972, in the dark ages, I was a young guy in the US Army. The PA state lottery was in its infancy. If I remember correctly, one Wednesday drawing a week for $50K. I believe a ticket was a dollar, or maybe 50 cents. I was home on pass one weekend and I bought a ticket. I recall thinking if I won the $50K, I'd be able to retire for life. Back then, $50K would buy a lot of things, and the 5% bank interest would get you $2,500 a year, more than minimum wage. (Instead of $10 a year now if you're lucky.)

 

Anyhow, did not win. I played a few more times.

 

Realized, I'd have to work for life.

 

I remember when interest rates on money you gave the bank were commensurate with interest rates on money they lent to you. Now interest rates on money you give the bank are like 0.00025% vs. 5% they charge when they give you money.

 

The gap continues to grow....

[Johnny_Fairway]

Drop it into the mortgage and pretend I never won it.

 

21 year old me is likely very disappointed in that answer.

[PZero]

CZ Scorpion

[bigmoneyp]

Pay off my car.

Pay off my wife's car.

Pay off student loan.

Take family to Disney.

New Golf clubs.

Rest in savings.

[MtlJeff]

Make a few upgrades to my house renos, downpayment on new car , give wife current car.

 

Pretty uneventful

 

If I had any leftovers, I'd pay 2 hobos to fight each other

[cbrwn425]

Payoff student loans. Then probably save the rest. By itself it’s not life changing but freeing up the money going towards loans would be

[Springsteennut]

Pay off the kids college loans. Then I can afford to buy golf equipment and play more often.

[spazo]

You guys seem to have an inflated understanding of how much money 50k is. It's really not a lot. Put it in an ira and enjoy a slightly better lifestyle in retirement

[chickenpotpie]

You guys seem to have an inflated understanding of how much money 50k is. It's really not a lot. Put it in an ira and enjoy a slightly better lifestyle in retirement

 

Yeah, you’re right....hookers have to put their pimps kids through college, and college ain’t getting cheaper.

[MtlJeff]

You guys seem to have an inflated understanding of how much money 50k is. It's really not a lot. Put it in an ira and enjoy a slightly better lifestyle in retirement

 

What did people say that was so unrealistic? Paying back loans, buying a car, putting it towards mortgage....50k can't help with that?

 

Does everyone in this thread live in San Jose?

[Jkellender]

You guys seem to have an inflated understanding of how much money 50k is. It's really not a lot. Put it in an ira and enjoy a slightly better lifestyle in retirement

[Jkellender]

Don't forget you have limits on IRA contributions.

 

5500 per year if you're under 50 years old, 6500 per year if you're older than 50

[SetTheBarrHigh]

Isn’t the obvious answer a longneck Circle T?

 

In reality, the unaminous answer was a massive house payment and I’d do the same...after tthe Circle T.

[spazo]

You guys seem to have an inflated understanding of how much money 50k is. It's really not a lot. Put it in an ira and enjoy a slightly better lifestyle in retirement

 

What did people say that was so unrealistic? Paying back loans, buying a car, putting it towards mortgage....50k can't help with that?

 

Does everyone in this thread live in San Jose?

It's not that anyone said anything "unrealistic," it's that on virtually anything cited, 50k doesn't matter that much. Yeah it would be nice to pay more on a house but median home price is 200k, so it's not like it's getting rid of the cost (not to mention buying a home is a terrible investment)

 

Paying off cars is great but most of us don't have 50k in car notes, and, if you do, then 50k probably doesn't mean a ton to you anyway.

 

Paying off student loans would be a solid use and right in the ballpark.

 

I guess it's just that the topic is kind of underwhelming. 50k wouldn't really cause me to do anything different really, and I suspect most feel the same way. If you don't earn much, then 50k solves some temporary problems but doesn't fix anything long term; if you make substantial money, 50k really isn't much to you.

 

I've been fortunate enough that, although not "winning" that much, I've found some strange and unique ways to increase gains several times that amount. My life hasn't changed. I still rent. I still drive a 20-year old car with 180k miles on it. I still golf at generally low-end places.

 

I dunno..it's just...I dunno

[highergr0und]

50k would be really nice. Redo floors downstairs, take a family trip and pay off my truck and some school debt. May not be life changing but it would accelerate our goal to be debt free as I take the hundreds per month that's now free and clear and pay off other stuff more rapidly

[prsgtrman]

pay off the wifes 4runner,

 

drop an LS engine and th400 tranny in my 67 c10.

 

use the rest for my down payment on the club i am trying to join.

[chickenpotpie]

While 50k isn’t life changing, it can be game changing for many folks. About 6 years ago, we had to take on some loans we didn’t want, but really had no choice. I wish I had someone give me 50k then and there to be done with the burden. It took us 3-4 years to get out from that and the associated aftermath of things you forgo to deal with the debt (like maxing our retirement savings!). So like I said, not necessarily life changing, but game changing. I don’t stress as much about money now as I did a few years back.

[Gamble Gamble]

Put it on Tiger Woods to win both this week at the Valspar and again at Bay Hill. Enjoy your life changing amount of money. ;)

 

 

[blaird]

Renovate my house the way I want it done, then down payment on the vehicle I want. Pretty boring but would solve a bunch of issues

[Gamble Gamble]

Put it on Tiger Woods to win both this week at the Valspar and again at Bay Hill. Enjoy your life changing amount of money. ;)

 

Just kidding about this btw... I think I would use it as part of a down payment on a multifamily in phl, or I would start a college fund for my future kid.

[CHuntsman]

Pay off my car.

Pay off my wife's car.

Pay off student loan.

Take family to Disney.

New Golf clubs.

Rest in savings.

 

After Disney, there will be no savings. :taunt:

[CHuntsman]

Black!!! I would put it all on black!!!