Jump to content

what would you do with $50,000


  • Please log in to reply
78 replies to this topic

#1 *melrose*

Posted 15 December 2012 - 05:19 PM

Not going into any detail but I have be given $50,000 and not sure what to do with it, I am in need of a new car so thinking of spending $12,000 on that. I don't have house payments as I rent....should I just keep it in the bank and use it when I need it? help needed.

thanks biggrin.gif

#2 fruitbat72

Posted 15 December 2012 - 05:21 PM

Lucky you!

I'm jealous  cool.gif

#3 Sif

Posted 15 December 2012 - 05:22 PM

As you asked what *I* would do - I would buy a car. We don't have one, but desperately need one and 50K would well and truly cover our needs!

#4 PatG

Posted 15 December 2012 - 05:24 PM

If you have no foreseeable need for it for a while, buy your car and put the rest in a term deposit for later.  Pay off any debts, CC etc. first.  I guess it depends on what your current savings situation is.

#5 Not Escapin Xmas

Posted 15 December 2012 - 05:25 PM

I'd put the rest of it into some term deposits at the highest rates you can find, and then figure out what tondo with it. Whatever you do, don't leave it in an 'every day' bank account earning no interest!

#6 *melrose*

Posted 15 December 2012 - 05:25 PM

I have no credit cards, no loans etc.

Edited by *melrose*, 15 December 2012 - 05:29 PM.


#7 MintyBiscuit

Posted 15 December 2012 - 05:27 PM

If it were me in your position, I'd probably think about whether I wanted to buy a house in the near future and look at using it for a house deposit once I'd bought the car. Even if you buy the car and put the rest in a term deposit for a while to let you decide.

In my position, I'd use it to pay down the last of our debt, landscape our backyard and probably do a small reno on the bathroom

#8 Peridot

Posted 15 December 2012 - 05:28 PM

I would pay the remaining on our car loan ($12,000)

Use $3,000 to buy new furniture and housey things, clothes, perfume, bits and bobs

Split the other $5,000 in two, putting $2,500 in each of our two girls bank accounts

Leave $5,000 in my everyday account, and put the other $25,000 in a term deposit account original.gif

#9 ELH05

Posted 15 December 2012 - 05:28 PM

Deposit on a house

#10 whydoibother

Posted 15 December 2012 - 05:30 PM

pay any debts off first
If I didn't have my own home, I would use it as a deposit perhaps

#11 AdelTwins

Posted 15 December 2012 - 05:35 PM

I would use the money to pay down our mortgage.

If I were you I would buy a house - either to live in or rent out.

#12 lclb

Posted 15 December 2012 - 05:39 PM

I would renovate both of the bathrooms in my house. I don't think I'd have much change after I'd done that!

#13 brazen

Posted 15 December 2012 - 05:41 PM

overseas holiday and onto mortgage and redraw to buy new car in a few years when we need it original.gif

#14 FeralZombieMum

Posted 15 December 2012 - 05:43 PM

Buy an investment property.

#15 Born Slippy

Posted 15 December 2012 - 05:44 PM

Pay off loans ($15,000)
New car ($10,000)
And the rest ($25,000) towards a house deposit.

#16 MAGS24

Posted 15 December 2012 - 05:48 PM

If we had that much we would put it towards a mortgage deposit.

#17 Cranky Old Woman

Posted 15 December 2012 - 05:49 PM

Probably share it between my three children.

#18 namie

Posted 15 December 2012 - 05:56 PM

If I were in your situation I would buy a new car and put the rest in a high interest bank account for a while until I worked out what to do with it (most likely buy a house). I'd treat myself to something using the interest earned, every so often. Something you'd normally think 'That would be nice to do/see/go to' but can't quite justify out of the normal budget without saving for a bit.

Then when I was ready, and had sourced a mortgage, I'd buy a house.



#19 Fright bat

Posted 15 December 2012 - 06:00 PM

Take six months off and go on a trip around the world.

#20 NunSoFeral

Posted 15 December 2012 - 06:01 PM

QUOTE (MsN @ 15/12/2012, 06:00 PM) <{POST_SNAPBACK}>
Take six months off and go on a trip around the world.


Yep, me too.

#21 busymum01

Posted 15 December 2012 - 06:01 PM

I'd ask the bank to give it to me in $50 notes then fill up my bath and just sit in it with a glass of champers or two. Then I'd take it back to the bank and put it some high interest earning account....

#22 FeralRebelWClaws

Posted 15 December 2012 - 06:17 PM

QUOTE (busymum01 @ 15/12/2012, 07:01 PM) <{POST_SNAPBACK}>
I'd ask the bank to give it to me in $50 notes then fill up my bath and just sit in it with a glass of champers or two. Then I'd take it back to the bank and put it some high interest earning account....


LOL this is awesome...

I'd use a little for our wedding and then start renovating our house so that we can sell it ASAP. The renos would cost less than $10k though, so the rest would go in the bank to go towards the new house.

If I were you, I'd buy a car and then if you are in a position to, I'd put the rest towards buying a property.

#23 Gumbette

Posted 15 December 2012 - 06:20 PM

QUOTE (ZombieMum @ 15/12/2012, 06:43 PM) <{POST_SNAPBACK}>
Buy an investment property.

Somewhere where you'd be happy to live and rent it out until you're ready to move in.

#24 Mimikyu

Posted 15 December 2012 - 06:20 PM

Pay off my non-mortgage debts and then spent the rest on renovations.

Just having the other debts out of the way would free up so much of our money on a weekly basis.

#25 *Nasty*Squeekums*

Posted 15 December 2012 - 06:27 PM

QUOTE (busymum01 @ 15/12/2012, 06:31 PM) <{POST_SNAPBACK}>
I'd ask the bank to give it to me in $50 notes then fill up my bath and just sit in it with a glass of champers or two. Then I'd take it back to the bank and put it some high interest earning account....



Best idea ever!
Id do that, small holiday, rid myself of any debt and throw rest in bank




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

'My mum doesn't seem that interested in my baby'

Q: My mother and I have always been close, but now that I have a baby, she has not helped out as much as I thought she would.

This mum has donated over 2,000 litres of breast milk

The mother-of-two was diagnosed with hyper-lactation.

New guidelines: "Bottle-feeding mums need support too"

Breast is best, but mums who can't, or choose not to breastfeed need support too.

Call to teach kids about breastfeeding at school

The aim is to increase breastfeeding rates and reduce stigma.

Dads also struggle to 'have it all', study finds

Men and women both experience work-family conflict.

'Working for nothing': Childcare crisis pushes Sydney parents to the brink

Most parents are experiencing substantial difficulties with the financial burden and lack of availability of childcare, as costs have more than doubled for some families in just over a decade.

Language development may start in the womb

Study found babies can recognise foreign languages before birth.

Paying $2.50 for a babycino? This is why...

Aren't babycinos just a bit of froth? Not so, it seems...

I'm a stay-at-home mum who's an awful housewife

"Hey, come here a second," my mum said as she replaced the book in my hands with a wooden spoon covered in what I prayed was red sauce. Together, we walked into the kitchen and hovered over the skillet like we were peering into a crystal ball. Looking into my future, I saw me eating a lot of take away.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

From our network

Five things you need to know about flu and pregnancy

As the 2017 flu season begins in earnest, here?s what you need to know to protect yourself and baby.

Mum tips to keep your pre-baby budget in check

Money might be funny in a rich man's world (or so ABBA told us), but for the rest of us it's a major consideration – particularly before having a baby.

5 easy ways to make your maternity leave last longer

Maternity leave is a special time for you, your partner and your new little bundle. The last thing you want is for financial worries to stand in the way of that joy.

10 ways to keep your 'buying for baby' costs down

Becoming a parent is full of surprises – not least of all finding out that, for such small beings, babies cause a lot of chaos and expense.

5 ways to prepare to go from two incomes to one

Here are some ideas for getting that budget in shape, ready for being a one income family.

 

Baby Names

Need some ideas?

See what names are trending this year.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.