$20,000 worth of low-fee S&P 500 index fund
Debt.
Same that would pay off all my debt.
It would cover about 20% of mine
Wouldn’t cover the rest of my house, but it could knock out everything else and that would make a world of difference.
Out of curiosity, how low would that dollar amount have to be for you to opt to spend it on something else? Would it still go to debt if it was only 1,000 or something?
It’s probably highly specific to how much money somebody makes. If my monthly paycheck is $2000, and you give me $1000, I would use that to get ahead by a half a month. If I make $10k a month and you give me $1000, getting ahead by a tenth of a month won’t do much. So hookers and blow all day.
It’d have to be less than a hundred for me personally. A grand less debt? That’s a nice feeling
I guess if it was a few hundred, I would just put it in the bank with the rest of my money where it would go towards food, bills, and any other day to day expenses. Probably anything over $1000 would go directly towards debt.
EDIT: I forgot about the by the end of the day rule. I can’t just save it for later. We’d do a Sam’s club run and put the rest towards a bill.
I think 1000 or 2000 for me. I know it’s optimal to put it on my mortgage but that’s an amount I would use the excuse of “having to spend it” to spend it on myself. 20k in cleared debt is like 1.4k yearly expense reduced which really moves the needle. If you pay off 1k a month you’re effectively increasing the payoff rate by 12%.
It would either go to the principal my mortgage or to Procter and gamble stock
Edit, actually right now I’d buy the rocket lab dip with half, then the other half to mortgage principal
I’ll buy $20,000 of gold. :3
i ran the numbers, and i was surprised to find that $20K would get you about 5 gold coins.
How big are the coins?
*Diameter:1.287 inches (32.70 mm) for 1 ounce coin which is a little less than $5k
You can add value by minting them with a Labubu relief.
What if I just melted them into some dubai chocolate and ate it instead? /s
Totally could, but you’d basically just be throwing it in the trash. Big sad, much depress.
Hammering it into gold leaf and covering cheap chocolate bars with it and you could probably at least double your money.
.2 oz troy of gold makes just over a half square meter.
:O Labubu chocolate bars would add at least 20% more.
about 24 loonies if you know what a Canadian dollar coin looks like.
otherwise, it’s about 18 us dollar coins.
I’m not familiar with either.
Laser hair removal, car, estrogen
Which one?
I think I could fit them all in if the car is cheap
Fool. I’d get laser hair installed!
Cat > car
Two chicks at the same time
No, I don’t think they are
Fuckin A, man.
In this economy?
Especially in this economy.
What are you going to do with the remaining 19880?
Yeah, paying off loans.
Alternatively and less boringly, upgrade my desktop and peripherals, new laptop for me and my wife, get nice homelab/server stuff, smart home stuff/sensors, surround sound system for my family room and office/gaming room, proper furniture for my office, new matresses for almost every bed in the house. That would most likely eat most of it, give or take ~$2,000.
Yeah I could probably spend almost all of that on just Ubiquiti gear
Ooh sensors would be nice
Shares.
Better answer than “debt” unless that debt is at a high interest rate.
Don’t discount paying off a modest 6-7% car or student loan. That’s a guaranteed and tax free return on investment. Historically the stock market returns about a 7% annual ROI. Not having a payment every month can make a big difference for liquidity and peace of mind
I would count that as “high,” especially when, as you suggest, you consider risk-adjusted rates.
Basically, just don’t prematurely pay off your mortgage if you have one of those 3% ones from a decade ago.
Like 15 abortions. God I love abortions.
I do not understand that, in my country abortions are free
(ok, not actually free. You need to pay 15 euro for the blood test, a 30 euro tax, 2 euro for the hospital parking fee and around 10 euro to buy the painkiller or antibiotics after the operation)
Dude, I wish I lived in a civilized country. My cancer treatment would have cost somewhere in the range of $5 million without insurance. Healthcare is a human right
Dude, I just got the post-exposure rabies vaccine. Was four trips to the ER at $125 USD co-pay a pop… however, without insurance, I learned it can be as much as like $15k if you don’t qualify for assistance and/or Medicaid.
We really need to take to the streets.
oooOOohh look at mr big spender here with their fancy thousand dollar abortions.
Would make the world a better place than any other kind of charity, tbh.
Debt, then idk. Maybe a burger or something?
Look at Mr. Humble Brag here with only $19,980 in debt. Oooooo. So fancy.
;)
A quintessentially American scene I want to see is, a guy wins a flamboyantly decorated game show to the applause of hundreds of thousands of people. The host leans in to ask him what he’s going to spend the money on. He replies all he can do with it is pay off half of his grandmother’s medical debt, and then go to his night shift to work on paying for the other half.
Many years ago, I worked at a fish market and one of the guys who sold us fish during the summer won a big fishing tournament one year where he got a brand new truck and a bunch of money. When they asked him what he was going to do with the money, he said, “Keep fishing until it’s all gone.”
Putting it toward my mortgage payment.
The boring but truthful answers of “I have bills that can easily soak it all up without an issue (mortgage, student loans, car, etc)” have been said, so assuming I cannot use it to repay any debts, and I have to make actual new purchases, I’d buy things that I could pay for now but enjoy for a long time. 3-year VPN plan, multi-year phone plan, gift cards to restaurants (especially with a bulk discount like at a Costco), etc. Upgrade my cockatiels to a cage that goes wall to wall with real plants hanging out and all that. The little things that cost enough that I don’t get them but not enough to be a life-changer. Probably be a good amount left, I’d get a moped or electric bike of some kind, and I’d upgrade my laptop to a stupid powerful one.
Yeah, they sound like good things to get :)
I’d do something quite similar, under the same assumptions, but would split the money four ways with my wife, kid, and house stuff. We’d all get decent laptops and computers and upgrade the server and backups. I need a new phone, so that would be sorted.
Selfishly, I’d get a new to me motorbike and get the current one serviced properly. Neither would cost too much, but they’re things that are not currently important enough to spend on.
I’d pay a cleaning company for a few days of cleaning and sorting, as we all have either ADHD or something close, and haven’t been able to get our shit together for long enough to make a difference 🫣
I’d like to get the garage insulated, as it’s part of the house and can be cold, and get the garden tidied enough that we can keep it under control.
I’ve probably overspent, but if not, I’d take the family and some close friends out for a nice meal. We haven’t all been together for a while, and there’s a really nice but reasonably priced restaurant nearby 🙂
Its going on the car loan. The whole amount.
I think I only have half that much left on my loan. Also my loan is at 2.49%. It really wouldn’t make sense to pay it off right now.
I’d take it all to the casino and bet it all on one game. Walk out ten minutes later with 100k or the nothing I’d have at the end of the day anyway.
I like your style
can I just throw it on my mortgage?
Technically you’re using it to buy a house, so I guess that qualifies as spending it?
Boring answer but with the 1974 built house I have that 20k disappears into the renovations void.
Take your pick: furnace, central A/C, driveway repairs.
I see your 1974 and raise you a 1931
My rented house was built around 1900 and I can see into the unfinished basement through a small hole in the floor by the front door. I’d still use that 20k for a down payment to purchase it.
I’d buy it as well. That 1900 house - AND the 1931 house were built with virgin lumber and chances are no drywall, but plaster and lath walls. Solid construction and NO modern building supplies outgassing chemicals.
There MIGHT be lead paint and asbestos pipe lagging insulation, but both can be dealt with in a pinch by encapsulation until you get the funds to have removal.
Yep it’s all lath. Can be a bitch but it literally took a 12ga buckshot blast with no damage to anything on the other side.
Thick solid wood siding too.
That is SO glorious.
I’ve been in the trades since 1980, and I won’t have a house built after the mid-80’s. That’s when the last of the mature timber lumber supply ran out. Now homes are built with selectively bred loblolly pine that gets 30 years worth of growth in 20 and it’s light like balsa. It’s garbage and part of why so many developments and new homes put up since the mid-90’s are now falling apart. I see SO much sheetrock slips, cracks, nail pops and settling it’s scary.
The list never ends yours is just longer 🤣
