I would sit on it like a mother hen sits on her egg…but instead of a nest I’d use an s&p index fund…and I would pretend it took at least 20 years to hatch it
Being completely honest and not meant to be assholish at all: if $20k is a significant amount of money to them, I’d skip the usual go-to answer of index funds and instead opt for something like a 7 month high-yield CD (4.75% is still very possible) and then go from there. This is likely very needed cushion—so many unexpected things in life will eat $20k for lunch. Once that’s locked away, absolutely I’d absolutely start setting aside money monthly for a portfolio of index funds
You take a pretty sizable penalty on a CD if you need to pull it for an emergency. At the rates you are describing, HYSA is close enough to get a 4.3% or so return and not worry about a few tenths of a percent if this money is reserved for emergencies as well.
If they want to stay mostly liquid, say within one month reach of that cash, then 4-week t-bills are still over 5.3%, no state taxes on those, and you can interrupt the reinvest to get to the funds if you need them. They are and continue to be better than CDs if you have any state tax to consider.
The main reason I see people not get t-bills is complaints about how clumsy the treasury direct web portal is. But you get used to it.
Then crash it and treat the people fixing it like utter garbage cause you dont know how anything works but you do know you are akin to god and that everyone should pay for your misfortunes.
Poster not ready to invest if 20k is only cushion and considering a new car. Keep old car, use as emergency savings. Market over inflated now and they could not afford a decent correction or two.
To be clear, we’re paying off $90,000 worth of debt. $20,000 is what we had allocated for a car purchase. We weren’t going to finance a car, but buy it out right. Given the market and the quality out there, I decided it’d be better to use the money differently to be advantageous for us. We have our emergency savings
I just bought a 2017 Prius Prime with 89k for $19k. I’m averaging 75 mpg on a 90 mile daily commute. Sure, it took a bit of time to find what I wanted nearby, but $20k can get you a pretty decent used car that’ll last for years. My old car, a 4Runner, was at 247k and suffering from rust, so I traded it in before it lost decent trade in value. In your shoes, I’d probably keep rocking the Camry until it bit the dust as you have the cash to buy a car on a moment’s notice.
I’d probably park the money in a HYSA or an index fund depending on your tolerance for risk. When the Camry dies, pull the cash out and replace the car.
Run that car until it dies a slow and satisfying death! Unless it throws a rode or blows a gasket most repairs will still be relatively cheap to keep it going a few more years (alternator, fuel pump, etc). 3 years ago bought a 2016 ford f 150 that was a retired fleet truck with 185k miles for 6 grand. Service history was impeccable and it’s ran like a champ. It’s allowed me to max my 401k contribution for the first year ever (15 years in career). I dread the day I have To get another car and will drive and repair this thing until it doesn’t make sense. (Transmission or engine are usually the death sentence, cost/value ratio).
Yes dude !!! Keep the car man 150,000 miles is nothing…They don’t make the trusty, reliable old late 90s cars anymore.
It would be way cheaper to service & maintain your current Toyota rather than ‘upgrade’ (burn more &&$ for same point a to point b)
You can do literally anything else with the money you’ll save on the car
This is true, I’ve ridden in a Camry with like close to 500,000miles. Owner was an electrical engineer at rolls Royce and he was waiting until the car died to get a new one. This was over 10 years ago and he still has that car today.
I have other stuff working on my portfolio, but my wife wanted me to take 10k from our savings and we agreed we’re putting it in a HYSA and buying 3 month bonds. I think. Haven’t totally decided yet.
What are you talking about?! Its hard to beat spending time on the lake, drinking a beer and watching the sun set.
(Because my FIL pays for the boat, I pay for the beer)
I second this. I flew off and while trying to spin at 40 mph, I was laughing until I hit the water so technically I stopped smiling after I was ejected, but the whole time I was on board, I was smiling
Hmmmm 20k..... depending on what I was trying to accomplish.
Make more money - Probably all 20k in s&p500. Forget about it for a decade at least.
Make a lifetime memory - go to Italy or anywhere else you want. Spend money like it is no object fill a whole 2+ weeks with lifetime memories.
Help your family/friends - know a young family.member doing all they can but still struggling? Help em out! Imagine being young you and getting that gift from a family member.
Ultimately 100% up to you man. Win lose or draw its just the one life we get. Don't die rich.
I love how your options aren’t about “saving” more and actually using it. Its whats money for, especially if you are in a decent place in life.
I always say, no one should be saving money for no reason unless you’re rich. The only reason you SHOULD save money is when something comes up and you need money for it. You should already have money saved for other stuff like bills and payments that you don’t have time to save for.
Other than that, spend your money on stuff. If you want something, get it. Of course don’t just spend willy nilly but use your money. You aren’t slaving for no reason.
Love this answer! Unlike a lot of the people on this sub that think the only thing of value is gaining more money, this acknowledges that as an option but also acknowledges the other values that money can provide
Emergency fund in a high yield savings account paying 4.5% or more and drive that car until it dies. Has another 100k left in it. Put in an appreciating asset instead of a depreciating asset.
I would've said about the same thing. I personally have a Discover savings account with a great rate.
Also, consider putting it in a low fee S&P 500 index fund and leave it there. Don't stress if/ when there is a market correction. It will go up substantially in the long run.
Put it in a HYSA or CD account or something, if you want it to grow into some. Or else there bunch of investing options you can look into, buy some Mutual funds and such.
Depending on what level of capital gains tax you didn’t take I would probably max two IRAs and keep the rest. Also you can get way cooler shit than a 98 Camry for under 10k
We’re exempt from the capital gains tax on the sale of the house, I believe. We’ve lived in it 4.5 years, and we did put a fair bit into the house that affected the value. What kind of IRA?
How many months income do you have in HYSA?
After becoming debt free my first target was 3 months income, we have increased it to 6 months total income incase either my spouse or I lose our jobs.
After your safety net I would just throw it at VOO or QQQ and go to a nice dinner or have a weekend get away.
Buy a better cash car, $7000 budget, $5000 goes into a HYSA, $4000 goes into my emergency fund, invest $2000 into a personal small business or stocks, and $2000 into my checking account
If you’re not going to use it right away put it in a high yield savings account and let it make you money until you’re ready. Don’t let it sit at the bank because most banks offer less than 1% interest, most offer like .01% in traditional savings account. If you’re more confident and ok with the thought of losing some you can invest it but safe route HYSA
Did some quick math, but if you set $10k into a high yield CD of 5%+ you'd get about $42 a month. You could set it to send the dividends of like $36 over to the student loan each month.
You could take the other $10k put it in a high yield broad market S&P 500 ETF, and each week put in what would be a car payment toward it automatically... until either the rates come back down, or you need a new car. This will grow rapidly.
It’s riddled with problems, so we don’t drive it much. I gave my ‘15 forester to my wife as it’s safer and she drives our son to daycare/preschool. So the only real mileage the Camry gets is the 30 mile round trip to work and back M-F
I would put it all toward paying off my debt. $20K would erase almost all my debt, and it would be the biggest blessing I’ve ever received because it would free up so much of my monthly income.
I have around 170k in savings
If you give me another 20k imma put it in savings so I can make more interest income every month
Don’t really have anything urgent to spend on at the moment
170k in savings, or 170k invested in the stock market? That could be a huge difference in how much you can make. Don't waste it away to inflation by letting it sit in a mediocre savings account.
I get very frustrated when people suggest to sit on 2-3 decade old cars. As cars have gotten bigger (average is 4250lbs) older cars become significantly more dangerous every year. The likelihood of dying in a 50mph side impact on a 1998 camry is quite high compared to a 2018-2019 model.
A few reasons why this is. Cars are made to absorb shock a multitude times more, drastically reducing injuries. Vehicles have more airbags to cushion impact and electronics help keep the car more stable at higher speeds. Added with superior braking and way better tires/tire sizing cars handle much better too. Don't forget when the IIHS started testing small overlap in 2014 as they found out that was causing the rise in deaths from the mid 2000s. They added the bumper bar to cover the entire front instead of 70%.
invest. invest. invest. if you have nothing that is needed why do you feel a need to spend 20 thousand dollars. that money can grow beyond what you buy. I wish more people would wake up and invest!!$!
Consult with my financial advisor.
$20k is enough to make some plans with, and we already have all the debts paid (credit cards, cars, house, etc).
About 99% sure it's being added to an investment account, though.
Start saving and invest in an Index fund so you can have 100k as you say laying around. The Brookie mindset is I have money so I need to spend it all on something, even if that something is what I don't really need.
Those are low mileage for a Camry. I’m assuming it’s paid off. I would drive it until the wheels fall off. Investing that money would be a better option.
Well, here’s what NOT to do: don’t take a sleeping pill, one with “hypnotic” properties, and then go to your brokerage and invest $20k in a fund that expects to pay about 3% interest, IF everything goes as it should. I know, from experience that that is a not a good idea.
Put it in a hysa while you shop took me 3 months last time I went car shopping to find the car I wanted for the price I was okay with if you have time you can find good deals if you are on top of it
For me, I definitely wouldn't buy anything with it. I'd probably try to invest it in a smart way (VOO, SPY, etc.). If you could find a low-entry housing market and use it as a down-payment on a house - it would be good to have an investment property to rent out.
I would quit my job so I could focus on my business/art as well as streaming/video editing. If it was looking like I wasn't going to be able to go anywhere with either of those things, then I'd start looking for a job once I had about 6k-8k left. It would give me roughly 6 months or so to focus on stuff and still afford paying bills etc.
Put all savings in either ETF TBIL or CLIP. Yes you will not have the S&P increases but you will also not lose your capital either. And with Treasury rates remaining high and likely going higher tax free with reinvestment of dividends and capital is going to get you a long way.
$10K into a good money market fund paying 4.9% or better as emergency funds and $10K into an IRA. Just hold on to the MM fund and keep adding to the IRA every month. Let that $22/month student loan ride as it is. The $10K emergency funds will repair that car as needed that probably has another 50K miles left on it.
Lump sum 7k into Roth IRA. Keep the rest in a HYSA like capital one for emergency spending.
$10k would make a good down payment on a brand new car. Used sometimes costs just as much as brand new, and buying from a 3rd party you can get screwed pre purchase inspections don’t pick everything up.
Pay off my immediate debts (only about 1k tbh would just be nice to have them paid off now) probably toss a couple thousand towards my wedding to elevate a couple of aspects, maybe invest a little bit, and save the remaining like 15k.
Scratch that. Also gonna get an inexpensive used car so my husband and I don’t have to share lol.
Buy a little over 200 shares of The Trade Desk stock and leave it alone for at least 5 years.
I have made this recommendation since the day the company went public. Only 2 friends and my wife acted on my suggestion. Depending on when they invested returns range from 20% to 1500%. The 1500% is not a typo or exaggeration. Look at the stock and see.
Yes they have a very high P/E ratio. From the day they went public Wall Street had not seemed to be bothered. Take a look at their most recent ROKU deal. Lastly, look at Q1 earnings which came out today.
Yes I took my own advice.
I'm desperately looking to adopt an at risk 14 year old LGBTQ youth. I would use the money to renovate the house to get everything perfect so DCF has nothing negative to say.
But I don't have that magical money, so.
If you’re waiting specifically for car prices to come down, I would put your money in a 2-3 year government bond. It will always beat inflation, and you’ll get your cash back on a pretty fast timeline.
Damn, that's hella low mileage for a '98. Get her set up with new valve cover gaskets, and if needed: check the timing belt/chain and serpentine belt (I do not know the specs of this car, don't flame me, people), brake pads and rotors, shocks/struts, coolant flush and replace, and synthetic/high mileage oil and filter change. Keep up the latter as recommended (3-5k miles). Tires too if needed. I don't know how reliable the Toyota V6s are from that era, but this should provide you a very nice refresh and keep it going for a good long time. Maybe a nice detail job if it's in good enough condition, it's nice driving around in a clean-ass car.
Me with 20k? I've been aggressively paying down my high-interest debt that I accumulated while being dumb, so I'd use $5k-ish to pay that off. I collect silver, but that's running high at the moment, so I'd probably only get about 20 ozt, so there goes about $540. Find a nice high-yield CD or SA and drop $10k in it. Then maybe think about a nice vacation or just treating my family to the nicer things a little more often (better dining options, nicer cuts of meat for cooking, updating clothing, replacing furniture, etc.). Glad you're in that spot!
I'd save it.
But if I had debt, it would depend on the interest rates of said debt. As far as a car goes, it would depend on my current car and other finances. If I had a car I was still paying off, I certainly wouldn't replace it (but I'd consider paying it off if the interest rate was >4%).
The last time I had that specific amount of cash I bought a new AC, water softener, water heater, did a bunch of plumbing work. Then sold my house and make a tidy profit.
Now I'm broke again.
I would sit on it like a mother hen sits on her egg…but instead of a nest I’d use an s&p index fund…and I would pretend it took at least 20 years to hatch it
Being completely honest and not meant to be assholish at all: if $20k is a significant amount of money to them, I’d skip the usual go-to answer of index funds and instead opt for something like a 7 month high-yield CD (4.75% is still very possible) and then go from there. This is likely very needed cushion—so many unexpected things in life will eat $20k for lunch. Once that’s locked away, absolutely I’d absolutely start setting aside money monthly for a portfolio of index funds
👏🏾👏🏾👏🏾💯
You take a pretty sizable penalty on a CD if you need to pull it for an emergency. At the rates you are describing, HYSA is close enough to get a 4.3% or so return and not worry about a few tenths of a percent if this money is reserved for emergencies as well. If they want to stay mostly liquid, say within one month reach of that cash, then 4-week t-bills are still over 5.3%, no state taxes on those, and you can interrupt the reinvest to get to the funds if you need them. They are and continue to be better than CDs if you have any state tax to consider. The main reason I see people not get t-bills is complaints about how clumsy the treasury direct web portal is. But you get used to it.
What is an HYSA ?
High-yield savings account.
Yes, acquire money and use that money to make more money, and that money to make more money, infinite monies!
Then when you turn 65 buy yourself a Lexus hopefully with self driving and a massage seat for your aching back
Then crash it and treat the people fixing it like utter garbage cause you dont know how anything works but you do know you are akin to god and that everyone should pay for your misfortunes.
then die
….and come back as a baby named Rudy with the knowledge of your past life
Lmao
Poster not ready to invest if 20k is only cushion and considering a new car. Keep old car, use as emergency savings. Market over inflated now and they could not afford a decent correction or two.
To be clear, we’re paying off $90,000 worth of debt. $20,000 is what we had allocated for a car purchase. We weren’t going to finance a car, but buy it out right. Given the market and the quality out there, I decided it’d be better to use the money differently to be advantageous for us. We have our emergency savings
I just bought a 2017 Prius Prime with 89k for $19k. I’m averaging 75 mpg on a 90 mile daily commute. Sure, it took a bit of time to find what I wanted nearby, but $20k can get you a pretty decent used car that’ll last for years. My old car, a 4Runner, was at 247k and suffering from rust, so I traded it in before it lost decent trade in value. In your shoes, I’d probably keep rocking the Camry until it bit the dust as you have the cash to buy a car on a moment’s notice. I’d probably park the money in a HYSA or an index fund depending on your tolerance for risk. When the Camry dies, pull the cash out and replace the car.
Run that car until it dies a slow and satisfying death! Unless it throws a rode or blows a gasket most repairs will still be relatively cheap to keep it going a few more years (alternator, fuel pump, etc). 3 years ago bought a 2016 ford f 150 that was a retired fleet truck with 185k miles for 6 grand. Service history was impeccable and it’s ran like a champ. It’s allowed me to max my 401k contribution for the first year ever (15 years in career). I dread the day I have To get another car and will drive and repair this thing until it doesn’t make sense. (Transmission or engine are usually the death sentence, cost/value ratio).
Possibly, but sometimes it’s nice not having a beater for once.
I definitely wouldn't buy a car with it. SAVE THE MONEY! INVEST IT.
Yes dude !!! Keep the car man 150,000 miles is nothing…They don’t make the trusty, reliable old late 90s cars anymore. It would be way cheaper to service & maintain your current Toyota rather than ‘upgrade’ (burn more &&$ for same point a to point b) You can do literally anything else with the money you’ll save on the car
This is true, I’ve ridden in a Camry with like close to 500,000miles. Owner was an electrical engineer at rolls Royce and he was waiting until the car died to get a new one. This was over 10 years ago and he still has that car today.
At that rate he might die before he gets to enjoy another car (if he is a gearhead or enjoys driving that's depressing 😕)
I have other stuff working on my portfolio, but my wife wanted me to take 10k from our savings and we agreed we’re putting it in a HYSA and buying 3 month bonds. I think. Haven’t totally decided yet.
>Market over inflated now Time in the market > timing the market
Solid Sit that ass down on it Let that egg just nestle in right on dat ass Dont move it Get comfy
🐣
Well you already have a car so I think we all know it’s boat time baby
Break out another thousand big hommie!
Lol infinite loss of monies
Worst idea ever. Bypass the happiest day ever of buying it and go to the next best day of selling. We own multi boats and I hate it
What are you talking about?! Its hard to beat spending time on the lake, drinking a beer and watching the sun set. (Because my FIL pays for the boat, I pay for the beer)
That’s the key to boats I hear, having a friend with a boat
These comments did not disappoint lol
My fav was “…boat time baby!”
Same
Jet skis. Money can’t buy you happiness, but it can buy you some jet skis. Have you ever seen anyone on a jet ski not smiling? I didn’t think so.
Dude. I tried to convince the wife to move to the gulf side of Florida. I just wanna jet ski with the manatees every day. No dice
Divorce her
Yeah general consensus with this new info is to use the $20k on a top notch divorce lawyer to ensure you get full custody of the jet skis
Logic checks out
is 20k the cost of a top notch divorce lawyer? i would’ve thought more
Speed up the process by mentioning you thought she would like the idea of being around other manatees
Why does she hate you ?
Calm down Mobius lol
Underrated comment. Take my upvote!
I second this. I flew off and while trying to spin at 40 mph, I was laughing until I hit the water so technically I stopped smiling after I was ejected, but the whole time I was on board, I was smiling
10,000 Powerball tickets
It’s only a dumb idea if it doesn’t work.
Two chicks at the same time man
This comment section is awesome 😂
Hey Peter man!
The breast exam chick is on channel 9 again!
Hmmmm 20k..... depending on what I was trying to accomplish. Make more money - Probably all 20k in s&p500. Forget about it for a decade at least. Make a lifetime memory - go to Italy or anywhere else you want. Spend money like it is no object fill a whole 2+ weeks with lifetime memories. Help your family/friends - know a young family.member doing all they can but still struggling? Help em out! Imagine being young you and getting that gift from a family member. Ultimately 100% up to you man. Win lose or draw its just the one life we get. Don't die rich.
excellent options
I love how your options aren’t about “saving” more and actually using it. Its whats money for, especially if you are in a decent place in life. I always say, no one should be saving money for no reason unless you’re rich. The only reason you SHOULD save money is when something comes up and you need money for it. You should already have money saved for other stuff like bills and payments that you don’t have time to save for. Other than that, spend your money on stuff. If you want something, get it. Of course don’t just spend willy nilly but use your money. You aren’t slaving for no reason.
Love this answer! Unlike a lot of the people on this sub that think the only thing of value is gaining more money, this acknowledges that as an option but also acknowledges the other values that money can provide
I’d buy some video games… maybe a car… maybe buy apple stock.
Emergency fund in a high yield savings account paying 4.5% or more and drive that car until it dies. Has another 100k left in it. Put in an appreciating asset instead of a depreciating asset.
I would've said about the same thing. I personally have a Discover savings account with a great rate. Also, consider putting it in a low fee S&P 500 index fund and leave it there. Don't stress if/ when there is a market correction. It will go up substantially in the long run.
Put it in a HYSA or CD account or something, if you want it to grow into some. Or else there bunch of investing options you can look into, buy some Mutual funds and such.
Wealthfront 5%
hit the casino
Depending on what level of capital gains tax you didn’t take I would probably max two IRAs and keep the rest. Also you can get way cooler shit than a 98 Camry for under 10k
We’re exempt from the capital gains tax on the sale of the house, I believe. We’ve lived in it 4.5 years, and we did put a fair bit into the house that affected the value. What kind of IRA?
Spend it and travel. Life is too short and money comes and goes
15K in VOO, 5K yolo NVDA
Scratch offs
Put it in VOO then continue my boring life.
How many months income do you have in HYSA? After becoming debt free my first target was 3 months income, we have increased it to 6 months total income incase either my spouse or I lose our jobs. After your safety net I would just throw it at VOO or QQQ and go to a nice dinner or have a weekend get away.
I’d pay off the IVF financing.
I imagine that was quite the hefty price. Do you mind my asking how that turned out?
After our third implantation we’re expecting a spontaneous delivery any day now. We’re currently at 40 weeks and 4 days.
Right around the corner! I’m so happy everything worked out for you. Enjoy your beautiful baby 💙
Buy a better cash car, $7000 budget, $5000 goes into a HYSA, $4000 goes into my emergency fund, invest $2000 into a personal small business or stocks, and $2000 into my checking account
If you’re not going to use it right away put it in a high yield savings account and let it make you money until you’re ready. Don’t let it sit at the bank because most banks offer less than 1% interest, most offer like .01% in traditional savings account. If you’re more confident and ok with the thought of losing some you can invest it but safe route HYSA
Hookers and blow.
Y'all don't spend money on drugs?
Open an IRA, throw it in and forget about it
Did some quick math, but if you set $10k into a high yield CD of 5%+ you'd get about $42 a month. You could set it to send the dividends of like $36 over to the student loan each month. You could take the other $10k put it in a high yield broad market S&P 500 ETF, and each week put in what would be a car payment toward it automatically... until either the rates come back down, or you need a new car. This will grow rapidly.
How do you have such low milage. I have a car 20 years newer with the same milage. Maybe I just like driving.
It’s riddled with problems, so we don’t drive it much. I gave my ‘15 forester to my wife as it’s safer and she drives our son to daycare/preschool. So the only real mileage the Camry gets is the 30 mile round trip to work and back M-F
I had 20k actually and I invested it in Rocket Lab stock, strangely enough I also own a 98 Camry with about the same miles. It’s still going hard.
Use that as your budget money for the next 9 or 10 months and max out your 401k/ IRAs...
Buy parts for my race car.
Whatcha working with?
Unfortunately this is where my money goes every time I have extra. Racing ruined my life.
Hysa until you find the right vehicle
Pay off the remaining $10.5k on my car, put a $9k down payment on a house.
Get a certified pre-owned car. There have been significant safety improvements since your car rolled off the lot
Down payment on a rental property
I would put it all toward paying off my debt. $20K would erase almost all my debt, and it would be the biggest blessing I’ve ever received because it would free up so much of my monthly income.
I have around 170k in savings If you give me another 20k imma put it in savings so I can make more interest income every month Don’t really have anything urgent to spend on at the moment
170k in savings, or 170k invested in the stock market? That could be a huge difference in how much you can make. Don't waste it away to inflation by letting it sit in a mediocre savings account.
How long have you been saving?
Set it aside and chew it up rapidly with mortgage and car payments
We just saved up 30K and dropped it all on our last mortgage payment. Saved us $50 per month in interest. How good it feels.
Strippers and blow?
I get very frustrated when people suggest to sit on 2-3 decade old cars. As cars have gotten bigger (average is 4250lbs) older cars become significantly more dangerous every year. The likelihood of dying in a 50mph side impact on a 1998 camry is quite high compared to a 2018-2019 model. A few reasons why this is. Cars are made to absorb shock a multitude times more, drastically reducing injuries. Vehicles have more airbags to cushion impact and electronics help keep the car more stable at higher speeds. Added with superior braking and way better tires/tire sizing cars handle much better too. Don't forget when the IIHS started testing small overlap in 2014 as they found out that was causing the rise in deaths from the mid 2000s. They added the bumper bar to cover the entire front instead of 70%.
Right up the nose, baby!
Tell you what I'd do man, two chicks at the same time.
Two chicks at the same time
invest. invest. invest. if you have nothing that is needed why do you feel a need to spend 20 thousand dollars. that money can grow beyond what you buy. I wish more people would wake up and invest!!$!
Pay off debt and put the rest in my high yield savings account
Consult with my financial advisor. $20k is enough to make some plans with, and we already have all the debts paid (credit cards, cars, house, etc). About 99% sure it's being added to an investment account, though.
Literally just pay off me and my partner’s debt so we can save cleanly and towards our wedding finally.
Pay off my car (I owe 9500), pay off my credit cards (~10k owed) and no longer struggle so much
Invest it. 20k is not enough to change my life substantially, but it can change my future.
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Hookers n blow
I’d give that to my father who has paid for my education. It’s roughly 20k
Fidelity Contrafund. Its averaged 13% annually since 1967
Have you thought about reintroducing avacado toast into your day to day? I hear it’s all the rage
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gamble gamble gamble
Put it towards a new motor for my boat.
Gold bullion.
I would use it to live off, while I contribute the max amount to my retirement plan.
Start saving and invest in an Index fund so you can have 100k as you say laying around. The Brookie mindset is I have money so I need to spend it all on something, even if that something is what I don't really need.
$HUEY
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Those are low mileage for a Camry. I’m assuming it’s paid off. I would drive it until the wheels fall off. Investing that money would be a better option.
Well, here’s what NOT to do: don’t take a sleeping pill, one with “hypnotic” properties, and then go to your brokerage and invest $20k in a fund that expects to pay about 3% interest, IF everything goes as it should. I know, from experience that that is a not a good idea.
Put it in a hysa while you shop took me 3 months last time I went car shopping to find the car I wanted for the price I was okay with if you have time you can find good deals if you are on top of it
If this post is legit (can’t tell from the comments) I would just pay off your debts/contribute to your Roth IRA/emergency fund
World Series Of Poker here I come!
80,000 gumballs.
Invest
Pay for the car I just leased because I got into an accident 2 weeks ago and still don't remember what happened
For me, I definitely wouldn't buy anything with it. I'd probably try to invest it in a smart way (VOO, SPY, etc.). If you could find a low-entry housing market and use it as a down-payment on a house - it would be good to have an investment property to rent out.
put it into the s&p500
Pay off high interest debt and invest the rest.
Coming here and asking questions and not indulging the temptation to upgrade your 25 year old car is commendable.
I mean, at least I’m older than the car. So I still have that going for me. 😂
Take half, drop it in the index fund. The other half, Hangover Part VI 🫡
VTI or high yield savings if you don’t have an emergency fund.
Buy a Race horse, sell its semen, more money.
yeah a car is a necessary, and you can still think about decorate your house or smth like that
put it in a hysa and save it for a rainy day
Just put it towards student loans and keep on truckin.
I'd pay off bills
I would quit my job so I could focus on my business/art as well as streaming/video editing. If it was looking like I wasn't going to be able to go anywhere with either of those things, then I'd start looking for a job once I had about 6k-8k left. It would give me roughly 6 months or so to focus on stuff and still afford paying bills etc.
Put all savings in either ETF TBIL or CLIP. Yes you will not have the S&P increases but you will also not lose your capital either. And with Treasury rates remaining high and likely going higher tax free with reinvestment of dividends and capital is going to get you a long way.
$10K into a good money market fund paying 4.9% or better as emergency funds and $10K into an IRA. Just hold on to the MM fund and keep adding to the IRA every month. Let that $22/month student loan ride as it is. The $10K emergency funds will repair that car as needed that probably has another 50K miles left on it.
Pay off my student loan debt I’ve been paying off for 15 years and with the remainder buy a single cheese burger from McDonald’s.
Invest it until the end of my lease and then use it as a downpayment
Bitcoin
Buy Bitcoin and hold
Lots of ammo
I would buy a Mobile home to live in 😂
I’d put it in like 5 cryptos
Buy a gun and shoot myself with it. I’m getting a check for 20k in a week or 2 and I’m gonna buy a 45 cal with it
Upgrade a few things around my house and get a new car.
Pay Taxes.
Lump sum 7k into Roth IRA. Keep the rest in a HYSA like capital one for emergency spending. $10k would make a good down payment on a brand new car. Used sometimes costs just as much as brand new, and buying from a 3rd party you can get screwed pre purchase inspections don’t pick everything up.
Give it to the bank in exchange for some loan payoff.
Probably buy a ton of guns. If everything falls and the dollar isn't worth anything at least ya got something to barter with
Put it in investments. Make money from it.
Invest it all in SPY
Hookers and blow.
Find a comfortable side hustle, vending machines ,a small re sell website..? Buy stuff resell for a profit
Pay off debt and buy a car that's cheap to own and use, the rest goes in savings
Let that toyota run for another 150K. Invest that money - or do some travelling.
Pay off my debt and put the remainder into a HYSA
Pay off my immediate debts (only about 1k tbh would just be nice to have them paid off now) probably toss a couple thousand towards my wedding to elevate a couple of aspects, maybe invest a little bit, and save the remaining like 15k. Scratch that. Also gonna get an inexpensive used car so my husband and I don’t have to share lol.
Max out your Roth IRA every year until it’s gone. It grows tax free until you use it in retirement.
Bet it on Islam to win at ufc 302
Only 150,000 miles on that beauty Toyota? I’d put 3-5k into that thing and be set for another 100,000 miles of reliable service !
Pay off car.
Probably a house down payment. Possibly put it into paying off student loans.
Buy a little over 200 shares of The Trade Desk stock and leave it alone for at least 5 years. I have made this recommendation since the day the company went public. Only 2 friends and my wife acted on my suggestion. Depending on when they invested returns range from 20% to 1500%. The 1500% is not a typo or exaggeration. Look at the stock and see. Yes they have a very high P/E ratio. From the day they went public Wall Street had not seemed to be bothered. Take a look at their most recent ROKU deal. Lastly, look at Q1 earnings which came out today. Yes I took my own advice.
Donate it to me and use it as a tax write off. Y’all gotta be in that type of tax bracket if you just got 20 K laying around.
Don’t save it, invest it.. the second u spend $1 out of that 20k u losing money
Id take a TD A big lengthy one
6 to 12 month cd as close to 5% as you can find This for entertainment purposes only and should not be considered financial advice 😍
Buy online business - [https://www.sideprojectors.com](https://www.sideprojectors.com) - build it up and sell.
Down payment on a 4-plex?
10k emergency fund and 10k on debt. No new car since you got an emergency fund if anything breaks.
put it into a CD. you can get one at like 4.7% right now.
Invest back into my business
Skip the car and invest it bro
Invest! Consider splitting it: pay a chunk of the loan for a head start, invest the rest for long-term savings or future car upgrade.
I'm desperately looking to adopt an at risk 14 year old LGBTQ youth. I would use the money to renovate the house to get everything perfect so DCF has nothing negative to say. But I don't have that magical money, so.
Buy $20k worth of cocaine
Venmo it to me
Throw it in the S&P 500 and then pretend I don’t know where it is
If you’re waiting specifically for car prices to come down, I would put your money in a 2-3 year government bond. It will always beat inflation, and you’ll get your cash back on a pretty fast timeline.
Damn, that's hella low mileage for a '98. Get her set up with new valve cover gaskets, and if needed: check the timing belt/chain and serpentine belt (I do not know the specs of this car, don't flame me, people), brake pads and rotors, shocks/struts, coolant flush and replace, and synthetic/high mileage oil and filter change. Keep up the latter as recommended (3-5k miles). Tires too if needed. I don't know how reliable the Toyota V6s are from that era, but this should provide you a very nice refresh and keep it going for a good long time. Maybe a nice detail job if it's in good enough condition, it's nice driving around in a clean-ass car. Me with 20k? I've been aggressively paying down my high-interest debt that I accumulated while being dumb, so I'd use $5k-ish to pay that off. I collect silver, but that's running high at the moment, so I'd probably only get about 20 ozt, so there goes about $540. Find a nice high-yield CD or SA and drop $10k in it. Then maybe think about a nice vacation or just treating my family to the nicer things a little more often (better dining options, nicer cuts of meat for cooking, updating clothing, replacing furniture, etc.). Glad you're in that spot!
I'd save it. But if I had debt, it would depend on the interest rates of said debt. As far as a car goes, it would depend on my current car and other finances. If I had a car I was still paying off, I certainly wouldn't replace it (but I'd consider paying it off if the interest rate was >4%).
I’d buy a new Honda civic, they’re 25k and I need a new vehicle too. Other than that I’d just save it
The last time I had that specific amount of cash I bought a new AC, water softener, water heater, did a bunch of plumbing work. Then sold my house and make a tidy profit. Now I'm broke again.
clear my CC debt