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re: Is $100,000 (one time payment) life changing money?
Posted on 6/11/24 at 9:32 am to LanierSpots
Posted on 6/11/24 at 9:32 am to LanierSpots
quote:
I gave her 15K to put hardwood floors on the bottom floor of our home
Likely increased the value of your home, so it didn’t disappear.
quote:
I spent 5K on electronics
Fine to buy yourself something nice when you hit a windfall as long as it’s in moderation. I think $5k qualifies as moderation in this instance.
quote:
I traded my junk truck in on a 2004 Tahoe that one of my customers sold me for 22K.
This is $22k of your previous savings that you didn’t have to touch to get a new truck. That’s a big win. You also didn’t have to take out a loan to get the car.
$30k in savings on top of this is a pretty good win imo. Life-changing may be a stretch, but without it you’d have a less valuable house, $30k less in savings, and either no new car, a hefty car payment, or an additional $22k taken out of savings. It improved your position a good bit.
1
Posted on 6/11/24 at 9:49 am to Blast from the past
It depends on what your net worth is.
$100k for a lot of people would or at least could be life changing. If you’re an average earner, schlepping away at some $75k a year job and you had $100k drop in your lap and you weren’t stupid with it sure.
If you have a net worth of a few million or more (the average OT baller) I would say less so.
I wouldn’t turn down $100k, but it’d probably just go toward something fun like a decent fishing boat.
$100k for a lot of people would or at least could be life changing. If you’re an average earner, schlepping away at some $75k a year job and you had $100k drop in your lap and you weren’t stupid with it sure.
If you have a net worth of a few million or more (the average OT baller) I would say less so.
I wouldn’t turn down $100k, but it’d probably just go toward something fun like a decent fishing boat.
Posted on 6/11/24 at 9:51 am to Crowknowsbest
I agree with your total assessment. It was certainly a win and an improvement. Most of those things I would have done anyway, it just expedited them and paid for them
It was a life improvement but not life changing
It was a life improvement but not life changing
Posted on 6/11/24 at 10:00 am to Mid Iowa Tiger
quote:
It depends on what your net worth is.
quote:
I wouldn’t turn down $100k
yep, my wife had a friend/co-worker that died last year after a lengthy illness and had been in assisted living for several years, he was an eccentric old coot, kind of a left over hippie type, brilliant and talented in his field though, he had no heirs and since my wife took care of him, visited him, took him to doctor appointments, oversaw his finances and everything else, he left her everything he had, including his savings, 401K, Roth, etc., it was a substantial chunk of money, my first response(silently,) when the checks were issued to her and she gave them to me to "do something with this," was "motherfricker! I just finished fighting with the IRS over 2022, and still have unresolved issues regarding some inheritance from my mom's estate from three years ago, and now I'm going to have to fight with the feds over this!"
This post was edited on 6/11/24 at 10:19 am
Posted on 6/11/24 at 10:31 am to Blast from the past
quote:
Is $100,000 (one time payment) life changing money?
When I think about "life changing money", I think about the outfall from lottery winnings or large sums of money like that. $100,000 isn't going to drastically change my current lifestyle. I will still have to wake my arse up every day and work. Life changing money to me is allowing me to retire comfortably for life and focus more on things I actually enjoy.
Posted on 6/11/24 at 10:36 am to Blast from the past
Life changing? Yes
Quit your job money? No
With $100k, one could likely pay off all of their non-mortgage debts, take a dream vacation, and either buy a car for cash, put a down payment on a house, or invest in starting a new small business. Those are all things that could immediately change someone’s life for the better.
Quit your job money? No
With $100k, one could likely pay off all of their non-mortgage debts, take a dream vacation, and either buy a car for cash, put a down payment on a house, or invest in starting a new small business. Those are all things that could immediately change someone’s life for the better.
Posted on 6/11/24 at 10:47 am to Blast from the past
It depends on your age and socioeconomic status.
If grandma dies when you are 20 and leaves you 100k then you could pay off any college loans and have a down payment on a first house as well. That's a major head start in life for most middle class kids that will pay dividends down the road - so, life changing.
Or if you are say 30 and have paid off debt and secured a home then you could instead use that as a retirement account which would also be a major head start for most middle class workers that will pay dividends down the road.
But that's the rub - delayed gratification. Most people want to spend windfall money NOW on things that release endorphins. Using it as a wealth building tool is boring. New car, new clothes and a jetski in the driveway is going to be the end result for most - decidedly not life changing.
Posted on 6/11/24 at 10:52 am to AUFANATL
Posted on 6/11/24 at 11:31 am to Blast from the past
Retired school teacher/ coach here…. Hell yea it would change my life 
Posted on 6/11/24 at 11:42 am to Blast from the past
It can be depending on what you do with it.
Posted on 6/11/24 at 11:56 am to Blast from the past
For a middle-class American family, $100,000 wouldn't be "life-changing" in the sense that you would live in a completely different way, but it would make your current life MUCH easier. I am saying this as a middle class married father of 3 with a mortgage, car payments, and private school tuition. Wife works also.
We can afford our lifestyle now, but we certainly live within a budget and we don't splurge. If we needed access to a significant amount of money (let's say $10k+) for an emergency or unplanned situation, we would have to borrow.
$100,000 would allow us to easily pay off our cars, any credit card debt (not much), invest in a few home upgrades to increase property value, and save for school tuition. Plus throw probably 20k at least in some type of investment account.
I figure we could increase our monthly take home pay by at least $2,000 just by paying off cars, credit cards, and pre-pay one year of tuition. That is a lot more comfortable to most people.
We can afford our lifestyle now, but we certainly live within a budget and we don't splurge. If we needed access to a significant amount of money (let's say $10k+) for an emergency or unplanned situation, we would have to borrow.
$100,000 would allow us to easily pay off our cars, any credit card debt (not much), invest in a few home upgrades to increase property value, and save for school tuition. Plus throw probably 20k at least in some type of investment account.
I figure we could increase our monthly take home pay by at least $2,000 just by paying off cars, credit cards, and pre-pay one year of tuition. That is a lot more comfortable to most people.
Posted on 6/11/24 at 12:34 pm to Blast from the past
quote:
Is $100,000 (one time payment) life changing money?
Considering you could pay off a substantial amount of debt and potentially increase your monthly take home at that point, I would think it could be considered as such. Curious to know if others feel the same.
I don't think there is a simple answer. I would think many people, upon receiving 100k, would think of things to do with the first 50k.
Yes, it would be great to have that as a "cushion" in your savings account if you can determine to keep it there unless a significant need arises.
Posted on 6/11/24 at 7:15 pm to cgrand
quote:
you have 100K in non housing debt? Good lord
Truck, 13k left at 5.99
Sxs, 17k left at 2.99
Amex loan for shop, 45k at 5.99
Amex monthly balance 12k
I mean it isn't THAT far off.
Posted on 6/11/24 at 7:30 pm to Blast from the past
For many people it could help, but many people are poor because they make bad decisions regarding money.
It may not help the people that make bad decisions.
It would help someone with motivation and a plan.
It may not help the people that make bad decisions.
It would help someone with motivation and a plan.
Posted on 6/11/24 at 7:52 pm to Blast from the past
It would definitely be situation changing money but life changing, maybe. 5 out of 10 people, at least, would figured out a way to frick up the opportunity given and a couple years later would be in the exact same situation as before. Sad but true.
A few would take full advantage and get the kickstart they need to come out 10 times better in the end than they would have. The key to saving is to get the first chunk working for you and compounding into visible results. It’s contagious watching that quail egg turn into a duck egg and wanting an ostrich egg
In short it’s a loaded question with no absolute answer
A few would take full advantage and get the kickstart they need to come out 10 times better in the end than they would have. The key to saving is to get the first chunk working for you and compounding into visible results. It’s contagious watching that quail egg turn into a duck egg and wanting an ostrich egg
In short it’s a loaded question with no absolute answer
Posted on 6/12/24 at 2:34 pm to DCtiger1
quote:what do you do? How do I do it too?
DCtiger1
Posted on 6/12/24 at 2:38 pm to EyeOfTheTiger311
quote:
I figure we could increase our monthly take home pay by at least $2,000 just by paying off cars, credit cards, and pre-pay one year of tuition. That is a lot more comfortable to most people.
This is where I was coming from with the OP. That’s a significant mount of money monthly that isn’t being “pissed away” anymore
Posted on 6/12/24 at 2:38 pm to Blast from the past
In the US? No
But I could live for years off of $100k assuming no taxes paid in a foreign country.
But I could live for years off of $100k assuming no taxes paid in a foreign country.
Posted on 6/12/24 at 2:39 pm to Blast from the past
Hookers and blow are a life changing experience.
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