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 No-pants Agnodice

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

 

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

Toddler freed after getting trapped in escalator

A shopping centre escalator needed to be pulled apart to free a toddler's trapped hand.

Why I'm kind of excited about my daughter's nits

Is it weird to say that I am secretly thrilled to find that my daughter Edie has nits?

Baby born at 10:11 on 12-13-14

Well, it's actually 13-12-14 to us over here. But still, Clare Elizabeth Keane's consecutive numerical birth time is pretty special.

On holding tightly and loving fiercely

We can't live in fear. This post is about Christmas and how at this time we should be celebrating life and grateful for what we have: our loved ones who we cherish fiercely.

Babies, relatives and coping with Christmas day

Everyone will love your baby but your baby may not be so happy to be passed around a lot of new people - nor may you want to feed with an audience.

Why I won't be posting pictures of my baby on Facebook

There are pros and cons to this policy.

The myths and truths of gender swaying

Here are a few popular methods hopeful parents-to-be use to try to get a baby of their preferred gender – and what an expert says about whether they really work.

10 easy DIY Christmas decoration ideas

It's officially time to get into the Christmas spirit. Why not branch out when you put up your tree this year and add a personal touch with a few DIY decorations? We've found the perfect easy-to-make ways to put more festive fever into your home.

The dangerous new trend of glucose challenge test refusal

A dangerous trend is seeing more mothers-to-be declining a relatively simple and painless test to check for gestational diabetes.

Office of Fair Trading reveals naughty toys ahead of Christmas

The Office of Fair Trading has pulled seven toys from shelves ahead of Christmas after they fail safety tests.

Video: Baby boy's trouble with twins

These twin girls will no doubt have fun fooling people in years to come, but nobody will be as confused as baby Landon.

Long-term reversible male contraceptive on its way

Men could soon have access to an injectable long-term contraceptive which works in a similar way to a vasectomy but promises to be easily reversed.

'I tried to kill my baby': one mum's story

After bathing and dressing her three-month-old son, Amanda had a rare moment alone with her baby.

Attack of the 'mummy brain'

I feel that almost every day, someone in my life - be they a friend, family member or complete stranger - feels the need to excuse my behaviour as I have other things on my mind.

Mum of baby who fell ill after drinking raw milk speaks out

A Melbourne mother has described how her son turned grey when he became seriously ill after drinking raw milk.

Australian divorce rate lowest since 1976

Modern newlyweds are now well into their 30s and marriage still offers something powerful a new book argues.

The aftermath of a traumatic birth experience

In Australia, 30 per cent of women find their birth experience traumatic, with 6 per cent going on to develop post traumatic stress disorder (PTSD).

Young mum burns 'from inside-out'

A young mum is in intensive care after she took a friend's antibiotic and wound up with an ailment that is burning her body 'from the inside-out'.

The disagreement that can break a relationship

If he doesn't change his mind, all I can hope is that I will. It would be a waste to spend the rest of my marriage mourning a baby that never was.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Co-sleeping or no-sleeping? Mum videos worst nap ever

One mother's futile attempt to sleep in caught on camera in a hilarious - and very cute - video.

Why children misbehave during the festive season

While we all like to imagine the holiday season as being a fun, loving and bonding experience; often our reality is quiet different.

I was fat-shamed by my doctor

The fear of being weighed is the most significant factor in women cancelling medical appointments - and now weight-shaming has happened to me.

End of an era: no more childcare

As we reach the end of 2014, we're closing the book on many things for another year, most notably childcare. Our last child has attended childcare for the very last time.

WIN an exclusive performance from Sam Moran!

To celebrate the release of children?s musical series Play Along with Sam, out now on DVD, we?re giving one lucky parent the chance to have Sam perform at their child?s pre-school or day care!

The 7-year itch is more like the 10-year itch: study

Contrary to popular belief, making it past the seven-year mark doesn't mean your marriage will be smooth sailing from there on.

Should children be forced to sit on Santa's lap?

We teach kids it’s okay to say no if they don’t feel safe, so why do some parents force their children to climb in to Santa's lap?

Stop telling us that parenting gets harder

I’m sure that parenting will get harder. But life isn’t exactly smooth sailing for many of us right now, either.

Baby born weighing almost 14 pounds

Yes, the bouncing baby girl was born by caesarean section. And mum says no more kids.

The dummy debate

I'm the first to admit that when I used to see tiny babies with dummies in their mouths, I thought "Hmm, lazy parenting." And now I apologise.

'I thought I was an only child'

Imagine meeting your double at a school sports event, or regularly being mistaken for someone you haven't met. Separated twins Margaret and Joy tell their story.

Carers admit to force-feeding children

As Sydney grieves the loss of Sydney siege victims Katrina Dawson and Tori Johnson, reports have suggested that both died as heroes.

 

How many weeks til Christmas?

On your To-Do list

Get the "Santa" shopping done without the kids in tow.

 
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.