What To Do With $50K?

If you were given $50,000USD (tax free) today, what would you spend it on? That's the question on Hank's (from My Investing Blog) mind.  So here's my answer:

50K would be enough for me to split amongst different goals. I’d pay off a little debt (5K), build a better cash savings (5K), buy another piece of real estate (30K for down payment), and use the remaining 10K for our 2008 IRA contributions. Easy!

If you'd like to get in on Hank's contest, there's only a few days left so hurry over to Hank’s Holiday Handout #3! where M.I.B Is Giving Away $300! You can also answer here in the comments, but to be eligible for the contest you'll need to visit My Investing Blog.

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Last Edited: July 21, 2014 @ 10:40 pm
About Philip Taylor

Philip Taylor, aka "PT", is a former practicing CPA, blogger, podcaster, husband, and father of three. PT is also the founder and CEO of FinCon, the conference and community dedicated to helping other financial influencers and brands. He created this website back in 2007 to share his thoughts on money, hold himself accountable, and to meet others passionate about moving toward financial independence.

PT uses Personal Capital to keep track of his financial life. This free software allows him to review his net worth regularly, analyze his investments, and make decisions about his financial future.

PT keeps a portion of his emergency fund in Betterment, the automatic investing tool that makes investing super simple. Betterment focuses on what matters most: savings rate, time in the market, investing costs, and taxes. PT recommends this service to anyone looking to get started investing for themselves.

All the content on this blog is original and created or edited by PT.

Comments

  1. Pay off the car ($22K), $18K Orange Savings, $10K selected stocks. Need better credit for real estate (which takes time anyway), so may as well get the interest in savings at the same time. Really hate car payment, it’s the only thing not paid off. Current selected stocks are beating the market…but that’s always a gamble regardless.

  2. Thanks for the shout-out PT!

  3. @john – I’d like to own some rental property someday. there’s plenty here and the market is pretty stable here in Dallas. we grow 4% every year regardless of what’s going on elsewhere it seems.

    as for the bottom, i think there are definitely areas in the country that went up WAY too high in years past, so yes, some of those areas will still see some more bottoming out.

  4. What kind of real estate are you looking at right now? While there are great discounts out there I wonder if we are even close to the bottom of the real estate market.