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

  • lonefighter@sh.itjust.works
    0·
    12 days ago

    Pay off my student loans, go on a small (3-4 day) vacation, put the rest in the bank, and enjoy not laying in bed at night panicking about how I’m going to pay for the new battery and repairs that I know my car will need in the next few months.

  • one_old_coder@piefed.socialEnglish
    0·
    12 days ago

    I’m torn between spending everything in physical products that would last, or putting it all in savings and stock market accounts. Buying physical products would be a better investment for an eventual collapse, but a %7 savings account would still be interesting in the long run.

    Anyway, nothing would goes to any kind of entertainment, life is too shitty at the moment.

      • Rhaedas@fedia.io
        0·
        12 days ago

        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.

        • blarghly@lemmy.worldEnglish
          0·
          12 days 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.

          • Rhaedas@fedia.io
            0·
            12 days ago

            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.

              • Rhaedas@fedia.io
                0·
                12 days ago

                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.

      • CameronDev@programming.dev
        0·
        12 days ago

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

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

            • isleepinahammock@lemmy.blahaj.zoneEnglish
              0·
              11 days ago

              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. )

              • Ajen@sh.itjust.works
                0·
                10 days ago

                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.

              • CameronDev@programming.dev
                0·
                11 days 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!

  • Zwuzelmaus@feddit.org
    0·
    12 days ago

    10% to charity immediately. A brand new set of harddisks for my home server. For my son and my daughter each a nice vacation with their dear ones. Jewellery for my dear wife. A party night for 6-10 friends. The rest goes into savings.

  • PonyOfWar@pawb.social
    0·
    12 days ago

    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.

      • PonyOfWar@pawb.social
        0·
        12 days ago

        You could say that. At least it’s a type of roof that’s now rare and that is difficult to work on. It’s a mansard roof with a very steep part and a flatter part towards the top. Something like this.