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what would you do with $50,000

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#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 Grant Me Wings

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

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