Jump to content

what would you do with $50,000

  • Please log in to reply
79 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 Escapin

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 Let_it_Rain

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 Squeekums Da Feral

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

1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users


Kourtney Kardashian goes nude for art

We've all done some pretty radical things after a big break-up, but Kourtney Kardashian has gone one better.

Video shows babies 'singing' to music in the womb

A new study has shown that babies may actually be able to hear from as early as 16 weeks – 10 weeks earlier than was commonly thought.

Prevent pelvic pain with pre-pregnancy exercise: study

Women who want to stave off aches and pains in pregnancy should exercise regularly before they conceive, experts say.

Dad's hilarious blog about life with twins

A stand-up comedian in the UK has plenty of new material since becoming a dad to twin boys.

Dinosaur products for babies and toddlers

Dinosaurs are one of those classic childhood crazes. We've put together a host of products for dinosaur-mad parents, babies and toddlers.

Restaurant manager sticks up for noisy baby

A mum was left upset by a note from neighbouring diners saying her screaming baby had ruined their dinner.

His name is Cayden: Mum and social media hit back after racist Facebook attack

When a man posted a selfie with a co-worker's son to Facebook, it became a magnet for racist comments.

The Chinese tradition for new mums that can now cost $37,000 a month

Opulent rest time is becoming the gold standard in postpartum recovery, inspired by a Chinese confinement custom known as "sitting the month".

How the media can shape our decisions when it comes to labour

We all like to think that we make our choices in fair, reasoned and well-thought out ways. Not many of us would admit that we allowed the media to influence us in our life choices.

Mum told to express in pet relief area at airport

A woman who flew from Boston to Washington says staff with United Airlines at Washington's Dulles Airport suggested she pump her breast milk in the pet-relief area.

Heartbreak as mum dies and her baby chokes to death

An Australian woman living in the US collapsed and died while feeding her baby, who then choked to death on his food. 

The hidden mental health illness of anxiety

Anxiety took over Robyn Read's life to such an extent she could not even buy the groceries and felt suicidal.

Two children fall from second storey window

Two young boys have been rushed to hospital after falling out a second-storey window of a home in Eastwood.

Mum gives birth to India's heaviest baby

An Indian woman has given birth to a baby boy weighing a whopping 5.97kg, setting a new record for the country's heaviest baby.

Grandma surprised with brand new granddaughter

Finding out you’re going to be a grandmother can be a very emotional moment. Finding out that you’re a grandmother and the baby is already here is just out of this world.

Saltwater Sandals for babies and toddlers

Many mamas are wearing Saltwater Sandals - why not buy them for your babies and toddlers too?

How to spring clean your body and mind

Whether you're pregnant, already a mum, or are just trying to be a bit more healthy, there are ways to use the rejuvenating season to give yourself a boost.


What's hot on EB

Stella McCartney honours mum with lacy bra

Fashion designer Stella McCartney has honoured her late mum, Linda McCartney, by designing a special bra for post-mastectomy patients.

Don't panic: A granddad midwife's guide for dads-to-be

Mark Harris has helped deliver 500 babies. And he's now telling fathers what to expect.

How to be a calm parent when you're feeling anything but

Being a calm parent takes a lot of work, sometimes more than is obvious to those around us.

The joy and isolation of being a stay-at-home dad

It's cool, kind of like a second childhood. I love him to bits and think, on average, I'm an okay dad. But I also want to talk about the other stuff.

How baby Teddy's short life is helping save thousands of lives

He may have only lived for 100 minutes, but that didn't stop baby Teddy from saving the lives of others.

A heartbreaking trail of missed chances in death of baby forgotten in car

A haunting reminder to stay mindful about babies in cars, especially as we approach summer.

What to do if your baby has tongue-tie

Tongue-tie can cause feeding problems. However once it is diagnosed, the condition can be easily treated.

How to move house without losing your mind

Some people move frequently, while others like to stay put. But everyone finds it stressful.

'She had nowhere to go': how new mum's life began to unravel

The birth of her first child should have been happiest of times for Campsie mother Phuong Cao, but friends say it marked the beginning of when her life began to unravel. 

Women giving birth to a son keep some of his Y chromosomes

It was an experiment doomed to failure - they were looking for male cells in female bodies. And their search was stunningly successful.

Photos: How babies fit in the womb

A gorgeous photo series shows babies in the first hours after their birth - as they were positioned in the womb.

Baby tries to persuade stubborn bulldog to walk, fails

We don't know what he's saying, but this baby has a very clear message for his bulldog pal: let's walk - NOW.

The best toddler gift ever? Nine gender-neutral play kitchen picks

Without a doubt, one of the best gifts for a toddler turning two or three is a play kitchen.

9 easy steps to improve your baby photography

With a few simple tips you can take your images from random happy snaps to lovely clean images that create beautiful lasting memories.



Can't decide?

Check out the Essential Baby Names section for some inspiration

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.