If you were given $50,000USD (tax free) today, what would you spend it on?

United States
July 24, 2008 8:38am CST
I had this question asked of me today, so I thought I would ask you the same question: If you were given $50,000USD (tax free) today, what would you spend it on? My answer was that I would have listened to DH about investing in the stock market. First a little background. DH started dabbling in the stock market but would never sit on a stock very long, it seems every time he sold it the stock then soared. So we came up with the saving, "Sit on it Potsie" (remember from Happy Day's). Well Google was going public right around the time my mom's estate was clearing up and he wanted me to invest the money (a very large sum of money) and I wouldn't. What a dingbat!!!! I would be sitting in my house in Bluffton, SC without a care in the world if I would have only listened to him. I love google but get sick everytime I click on their name.
1 person likes this
7 responses
@PearlGrace (3172)
• United States
26 Jul 08
Hello kimbers867. If someone gave me $50,000 tax free today, I would invest all of it except for what it would cost me to have our walk-in closet re-done, which I think would be somewhere between $5,000 and $8,000. I would have "closet people" like California Closets to come in and design me a very functional, lovely closet with drawers, double hanging rods, cubbies for my purses, and a great shoe keeper. I do plan to have this done someday anyway. It's just that it's pretty much the last thing on our "re-do" list. We've got 2 bathroom remodels to do first. With the rest of the money, I'd put it in to my retirement accounts or purchase stocks and bonds with it. And then, "sit on it, Potsie" for another 10 years or so. Thanks for the fantasy money, kimbers867. That was very generous of you!
• United States
28 Jul 08
Oh you are welcome for the fantasy. We had our closet redone, when we had to have our house remodeled due to the 10,000 gallons of water that ran through it. We live in a capecod that is 40+ years old. We use one of the upstairs bedrooms and we had these horrible doors that had to be custom made because the closets are angled to be flush with the roof. Well when we had the closet redone we actually lost 3 feet of closet. Ugh It's sad that my 11 year old has the biggest closest that we all share. LOL Thanks for the response.
@maddysmommy (16233)
• United States
24 Jul 08
Clear our debt, put a down deposit on a house and put the rest away in savings.
1 person likes this
• United States
25 Jul 08
Yep, clearing up debt is the first thing to do, so you won't have it along with a house payment. Good idea. Thanks for the response.
@luvstochat (6914)
• United States
24 Jul 08
I would pay off all of my debt. Put a down payment on a house and donate a little bit to the Make a Wish Foundation I love what they do for children. I would also put some in a savings account so I could earn some money on it too although interest rates are horrible right now.
1 person likes this
• United States
25 Jul 08
I like the idea of Make A Wish program. I love reading the stories on how they help kids. I offered my time to our local organization and I have never heard back from them. Thanks for the response.
• United States
24 Jul 08
If I were to get that much money, most of it would be put away in the bank to go towards my kids' college fund. Keeping out maybe $1,000 or less to go out and pamper myself a little and pay off some overdue bills.
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• United States
25 Jul 08
Good idea about college. I am hoping to get scholarships for my girls for college. Thanks for the response.
@heart4u (409)
• Philippines
24 Jul 08
i will put it in bank time deposit for 7 years since im still a student so that it goes up till i get married hehe..so it will earn more hehe..
1 person likes this
• United States
25 Jul 08
A very good idea and a practical one. Thanks for the response.
@ahgong (10064)
• Singapore
28 Jul 08
Well, I would definitely invest it and try to grow it to a million dollars in the shortest time possible. Then I will think of ways to make that million grow to a point where it could be come a constant source of income. This will allow me to retire without having to worry about money anymore! That is my dream. To be financially free without having to worry where my next dollar will come from when I spend my money. So, if I were given $50,000USD tax free, I will make good of this opportunity to make my dream come true. Not that I cannot do it without the $50,000. It would just take a little longer to accomplish it though!
@snowy22315 (72421)
• United States
28 Jul 08
I would probably talk it over with my broker and figure out after talking to him what to do with it. Between he and I we have done a pretty good job of making me money. I would also consult with others in the know. First things I would do though would be to buy a new car and build a garage. Whatever would be left would be invested.