Weekend debate: is 500k life changing money?
Weekend debate: is 500k life changing money?
depends how rich you are already. if you have 0k, and suddenly get 500k, that's not enough money to retire in most first world countries.
He didn't ask about making it, he asked if it was life-changing. From 0$ to 500k gets you a modest house, car, emergency fund, with some left over to start a poorfolio. I'd say that's life-changing.
Also what phenotype is this, because that's how I dress and I stand like that.
heavily depends on where you're from
median home value in america is 417k
median new car price is 48k
you get a car and a house and 35k unless you're buying someone elses used goods
For me, a little. I'd just get my 2nd floor remodeled, and buy an additional property to rent out.
It would just propel my life forward by a few years.
depends
is outright owning a house a lifechanging event?
This guy gets it. grounded.
Also it depends on your age, what you need (car house) and what your will do further.
Sure you need to keep job and other security
On the other hand in a turd world shithole you can life there for a while.
I say its life-changing.
Yes and so is $50K
Test
There's no debate. Buying a house or a car is terrible advice. If you suddenly get 500,000, you put it into a stable/low risk investment and make $25,000 a year passively while continuing to work. Knowing you'll always have $25,000 a year as a baseline is life changing because all of the stress about getting fire out of the blue and being out on the street is gone. Even with a meager job you could save money each year, adding to the 500k, making your baseline passive "salary" higher as you age.
Yes, simple as.
would change my life for sure
10k is unironically life changing money to some people. All depends on the capabilities and talent of the individual. Give an experienced entrepreneur 100k and he'll turn it to a billion, give you 100k and you'll cry that it isn't enough to retire in Thailand with
If you have less than 100k then yes sure.
experienced entrepreneur not only doesn’t already have a billion, doesn’t have 100k
Or its all a crapshoot mostly
If youre a single guy 500k is life changing, you don't need a giant house you could do the RV life or just travel if you wanted and live good
implying you forced them to fresh start with nothing
100k is life changing money if you're not a midwit. 500k, and you'd pretty much be set. Slap 400k into a 2.5% savings acc and literally never work again. Some banks offer even up to 3.5%-4% for promotional stuff.
you put it into a stable/low risk investment and make $25,000 a year passively
Which investment?
You can get 5% bonds from the US of A now
What about dividend etfs like SCHD?
10k would change my life.
100k is life changing money
Sure, but it's not THAT life changing.
Hell 5k would change my year.
You're a midwit. lmao
40k down and 40k to renovate a 200k house to 300k. House equity after one year: 150k. 20k down and borrow 50k from home to buy a second one. Rinse/repeat
Slap 400k into a 2.5% savings acc and literally never work again
literally who can afford to never work again with 10k a year before taxes?
Some banks pay out monthly, bro. lmao
I have $1m, and having $1.5m would be life changing
shut the fuck up FAGGOT
Yes but not 2.5% you retard. That'd be like 30+% per year
I maxed out the WAIS-IV when I took it.
100k will not change your day to day, nor is it a retirement plan. Maybe you can get a down payment on a house or a degree without loans, but again it is nowhere near the same ballpark as 500k. You cannot escape wagie life with 100k without extreme luck.
just flip houses what could go wrong
oh man
Yes but not 2.5% you retard
If you're only holding money in an American bank maybe. lmao
Do your research, lil bro.
Don't live in Chicago, and you'll be fine with $100k. Maybe don't spend $10k a year on your funko collection either.
gm sir
send me 500k and I'll let you know
Dude you can make more money flipping cheap cars to young kids and middle class families than you will from houses unless youre rich rich. Why do you think people get into real estate? Its easier to make money off of someone else's property than it is to sell your own.
500k is absolutely life changing. it would take someone earning $100k 10-12 years of diligence to accumulate 500k.
income 100k
taxes 30k
rent: 2k/mo
car and insurance: 750/mo
food: 450/mo
food and entertainment, gas, misc. expenses: 550/mo
let's say someone making 100k has 25k leftover to invest in s&p. its going to take 10-12 years to accumulate 500k.
500k is life changing and equals 10 years of earning a decent salary.
And how exactly would it change the life of someone already making 100+k a year?
And how exactly would it change the life of someone already making 100+k a year?
that's not the question. the question is "is 500k life changing money", and i put 500k into perspective.
but ill still explain how its lifechanging money for someone making 100k/yr:
gives freedom and flexibility
puts you decades ahead for wealth compounding
provides psychological benefits of security
it took over 10 years for the 6fig earner to accumulate 500k. he doesnt have to add another dollar and he will accumulate another 500k in 10 years for doing nothing.
25k would change my life.
Having $500k post-tax suddenly available would allow me to move out of a tiny 1bed condo, put down a downpayment on a single family home to keep for life, and use the rest of the cash to gain roughly $25k/yr in passive income
Even the full 500k wouldn't get you 25k/yr in passive income.
yeah you've made that clear retard, go get a job
Absolutely. That sort of money would let me quit my shit wagie job, go back to college and get a graduate degree, and still have plenty left to actively invest with and build up money to buy a farm upstate. It would be revolutionary