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Posted on 6/11/24 at 6:30 am to Blast from the past
quote:. More like $55,000 once Ukraine gets its 45%.
$100,000 (one time payment) life changing money
so frick no.
Posted on 6/11/24 at 6:32 am to Blast from the past
Taxes will take half, so you are left with 50K. Not life changing.
Posted on 6/11/24 at 6:34 am to GravelLotinCanada
Many people living in poverty do so because of life choices and giving ghem 50000 dollars would definitely not rehabilitate their ability to make good choices.
Posted on 6/11/24 at 6:35 am to athenslife101
quote:
I struggle to not believe this isn’t life changing money for 99% of the people on here.
It wouldn't be. Trust me
quote:
I’d be able to pay off all outstanding debt, have money for a house down payment, and still have money left over for a big boost to savings/being able to go on a vacation.
And then you would be right back in the debt that you had before the money. The only thing 100K does to people who are basically middle class is give you a few more nice things. Nobody is retiring, nobody would be quitting their job for long enough to matter
Unless that 100K somehow hit big on a bet or investment, which does not happen often, it will only give you a few nicer things, temporarily pay off debt.
It goes fast
Posted on 6/11/24 at 6:37 am to LanierSpots
I agree. All it should really do it’s speed up your financial timeline/decisions a bit. Maybe you treat yourself to a slightly nicer vehicle than usual or something, or go on a nice vacation, but your actual lifestyle shouldn’t change
Posted on 6/11/24 at 7:14 am to GreatLakesTiger24
quote:
I agree. All it should really do it’s speed up your financial timeline/decisions a bit. Maybe you treat yourself to a slightly nicer vehicle than usual or something, or go on a nice vacation, but your actual lifestyle shouldn’t change
I won 96K in a Bassmaster event in 2006. I was not in "deep" debt but had a few things. I had a mortgage that had 5 years left on it (original 15 years in 1996) and a few little credit debts and my wife had a small car payment. We did not touch any of that.
I gave her 15K to put hardwood floors on the bottom floor of our home, I spent 5K on electronics and I traded my junk truck in on a 2004 Tahoe that one of my customers sold me for 22K. Yes I got a great deal.
Fortunately fishing was my business so I was able to protect as much of the winnings as I could from Uncle Same through my business.
I put about 30K in savings and that's it. Sorry, that is not life changing. No we didnt really splurge. I needed a new vehicle, I got a great deal on the Tahoe. Wife spent her money on floors, paint and a few needy home things
I was in my upper 30's when that happened
I think the only way 100K is life changing for middle class people is if you are somehow in some seriously debt that is about to come due and it just saves you from foreclosure or getting shot
Posted on 6/11/24 at 7:18 am to Blast from the past
Maybe.
Maybe not.
Depends on where you are in life. For me it wouldn’t move the needle. For my 24 year old nephew who just graduated college a couple years ago, it would be epic.
Maybe not.
Depends on where you are in life. For me it wouldn’t move the needle. For my 24 year old nephew who just graduated college a couple years ago, it would be epic.
Posted on 6/11/24 at 7:20 am to Blast from the past
Tax free?
It’s a damn nice boost for a 20 something year old if they can invest it.
It’s a damn nice boost for a 20 something year old if they can invest it.
Posted on 6/11/24 at 7:40 am to Blast from the past
quote:
Is $100,000 (one time payment) life changing money?
Depends on who you are and how you spend it. Most rednecks inherit a sum similar to this from parents and immediately spend it on side by sides, tractors, or a new truck. If you invested it in say your house, or paying off debt, or even in the stock market, then yes it could be life changing money and offer the security that you need to change your life.
Posted on 6/11/24 at 7:43 am to Blast from the past
Depends greatly on taxed or no, who gets it and their “situation” and what that person decides to do with it. It may or may not be “life changing”. It would be nice for sure.
Posted on 6/11/24 at 7:43 am to Blast from the past
quote:
Is $100,000 (one time payment) life changing money?
it would be for me.
it would pay off literally everything I have financed (house & vehicles) with some left over to stash.
meaning all of my checks from here on out would be all mine (ok, still have to pay utilities, insurance, etc. but that's minor compared to mortgage and car notes).
Posted on 6/11/24 at 7:44 am to X123F45
quote:you have 100K in non housing debt? Good lord
100k just removes all non housing debt.
Posted on 6/11/24 at 7:44 am to Blast from the past
My wife and I are early 50’s. A 100K would pay off the rest of our mortgage and fund a home renovation job or two.
A huge break, yes. Life changing? Not really.
A huge break, yes. Life changing? Not really.
Posted on 6/11/24 at 7:44 am to athenslife101
quote:
I’d be able to pay off all outstanding debt, have money for a house down payment, and still have money left over for a big boost to savings/being able to go on a vacation.
If you are over 30 and have any debt other than a mortgage and car note you are doing something wrong
Posted on 6/11/24 at 8:54 am to Cosmo
quote:
any debt other than a mortgage and car note
o rly?
Posted on 6/11/24 at 9:14 am to Blast from the past
quote:
Is $100,000 (one time payment) life changing money?
i wanna say yes, but honestly i'd probably just boost the emergency savings by a little bit and prepare for the next couple of car purchases that we have coming up within 5 years and then put the rest in the 401k and basically forget it's even there.
Posted on 6/11/24 at 9:19 am to LanierSpots
quote:
It wouldn't be. Trust me
I see people spend 100k plus from life insurance in a matter of a month or less. People grossly underestimate cost of living or greatly overestimate the value of 100k.
If you make 100k, that’s ONE year of income replacement. If you’re working another 20-30 years, that 100k isn’t doing anything.
Posted on 6/11/24 at 9:20 am to Blast from the past
It could be depending on your circumstances.
ETA: thinking in the context of paying off student or car loans and having a $500-1000 more per month to save, find a better apartment, etc. That qualifies as life-changing imo.
ETA: thinking in the context of paying off student or car loans and having a $500-1000 more per month to save, find a better apartment, etc. That qualifies as life-changing imo.
This post was edited on 6/11/24 at 9:24 am
Posted on 6/11/24 at 9:21 am to cgrand
quote:
have 100K in non housing debt? Good lord
It's really not that difficult. Student loans for me and my wife are 60k, I can see how someone could be really close to 100k non housing debt without vehicles or credit cards.
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