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The key here is that 50g's has the potential to turn in to very much money
Long term? Yeah, if you get 50k at 18 and invest it you'll be in great shape at retirement. But turning it into much money in a short period isn't very likely.
Pfff. Yolo it all on GME, like a real man.
I was thinking more cocaine but yeah
Student debt put that into perspective for me real quick.
Depending on how much you pay in rent, that could be "free rent" for 2-4 years. And 2-4 years can go by soo quickly.
Someone just figured out what context is
How many people have actually had $50K? Not assets or retirement funds, but actually cash in the bank or in hand? I'm 67 and the most money I ever had in savings was $17K back in the 80s.
Great insight would love to hear as well!
I mean, most people who want to buy a house these days are gonna need around $50k cash. Average SFH in the US is around $300k and you need 20% to be competitive in this market. And that's if you don't have to cover an appraisal gap, fix the place up or worry about furnishing jt. You could do it with less, but $50k ain't near what it used to be. I waited till I had $100k before buying in that price range cause I wanted to make sure I could afford the house, closing costs, furnishing and still have a healthy emergency fund.
6% is the average down payment, you definitely don't need anywhere close to 50k
Geez buddy, thats rough. I sold my house last year, and the next house was cheaper so I ended up with $150k in the bank in cash.
One in ten? Twenty?
Seems like 90-95% kind of money.
I had 60k in my retirement account by 21. Not quite regular savings but that seems to count to me. Also had around 40k or so before buying a car.
Would you say it's Schrodinger's Cash?
$50K is enough to change my life but not enough to allow me to quit my job etc.
$500,000.00 isn't enough for me to quit my job.
It is if you change your life enough. Moving can make a huge difference.
Depends on where you are in life and what country. 50k usd in southeast Asia will go a long way.
Or even someone in their mid 20s or something in the US. Maybe not a lot later in life once your established but at that stage it would be a godsend.
My taxi driver from Vietnam told me today that you can go to Vietnam with two thousand in your pocket and live like a king.
I asked him why he doesn't just save up and go and he said it's too hot and sticky.
So I guess being in a cab driver in a mild climate beats being a king in a hot climate.
live like a king… for how long?
This goes for any amount of money more or less. 50k flat isn't a lot. 50k extra is.
50k would change my life forever.
It is the minimum my bank will loan for home purchase, and the lowest amount I would pay in interest on that $50K would earn the bank $16K over 5 years. What a scam! :0
Winning this at a casino would be awesome. Salary? Awful.
… awful? $50,000 salary is awful! TIL
I dont know how people manage to survive on such low salaries.
Then again, im white and male so obviously I have tons of privilege.
Where do I get mine? I make much less than 50k as a white male.
You get money when you get skills.
For me. That would be a very inappropriate offer.
If you live in a high cost of living city, it's pretty bad 🥲
I mean, I wait tables and make $52K. I can't imagine what paying for a bachelor's degree would be like on $50K.
Context is important where you are in your career and the cost of living. Here minimum wage is 15/hour and so for me 20 years into my career with a degree if i was only making 25/hour yeah that would be absolutely terrible.