fame & fortune

size08
size08 Posts: 101 Member
in Chit-Chat
:laugh: What would you do if you lived with your not so well paid job or welfare; suddenly you stand to inherit a Quarter of a million dollars. What would you do? How would this win change your life?:drinker:
«1

Replies

  • sixout
    sixout Posts: 3,128 Member
    Quarter of a million wouldn't buy much these days. I'd probably stay on food stamps. The American dream.
  • _John_
    _John_ Posts: 8,646 Member
    Quarter of a million wouldn't buy much these days. I'd probably stay on food stamps. The American dream.

    250,000 would absolutely not change the course of my life at all...I may not even buy a new fishing reel after we added that to investments.
  • jnichel
    jnichel Posts: 4,553 Member
    $250 grand? If I was on welfare, I'd buy a house so that I wouldn't have to pay rent ever again (or pay off the mortgage), take what's left and get a degree. Wouldn't be from Harvard, or anywhere like that, but even a community college degree > no degree.
  • asamuels85
    asamuels85 Posts: 170 Member
    with that amount id still have to choose between a home and (mostly) student loan debt.. what a dream :/
  • sixout
    sixout Posts: 3,128 Member
    Also, who considers an inheritance a win?!?!
  • jnichel
    jnichel Posts: 4,553 Member
    Also, who considers an inheritance a win?!?!

    I have a few relatives that I'm not fond of. :laugh:
  • Guns_N_Buns
    Guns_N_Buns Posts: 1,899 Member
    Quarter of a million wouldn't buy much these days. I'd probably stay on food stamps. The American dream.

    250,000 would absolutely not change the course of my life at all...I may not even buy a new fishing reel after we added that to investments.

    This. Although I already bought a new reel.
  • AllTehBeers
    AllTehBeers Posts: 5,030 Member
    :indifferent:

    I guess I'm a minimalist, I'd never have to work again.
  • sixout
    sixout Posts: 3,128 Member
    :indifferent:

    I guess I'm a minimalist, I'd never have to work again.

    Unless you're old, you'd probably have to work again.
  • AllTehBeers
    AllTehBeers Posts: 5,030 Member
    :indifferent:

    I guess I'm a minimalist, I'd never have to work again.

    Unless you're old, you'd probably have to work again.

    Nope, just smart with my money.
  • sixout
    sixout Posts: 3,128 Member
    For someone in their 20s, even making 20k per year, it's not as much as you think. If you get it as an inheritance, it'd be taxed. So figure the government taking about 70k out of it (not sure what your local taxes are, so just a rough estimate), that would put you at about 180k. So that's about 9 years at 20k per year.

    You'd have to be pretty good with investments to get a return on it to live off of it for another 20-30 years.
  • AllTehBeers
    AllTehBeers Posts: 5,030 Member
    For someone in their 20s, even making 20k per year, it's not as much as you think. If you get it as an inheritance, it'd be taxed. So figure the government taking about 70k out of it (not sure what your local taxes are, so just a rough estimate), that would put you at about 180k. So that's about 9 years at 20k per year.

    You'd have to be pretty good with investments to get a return on it to live off of it for another 20-30 years.

    If I paid off my car, bought a house in the country which you can get for $50,000 or less with property and even bought a boat, I'd still have over $100,000 to invest with just reoccurring bills like electric, phone service and taxes left.

    I've lived off of less than $20,000 a year for long enough I know what I need and what I don't.
  • sixout
    sixout Posts: 3,128 Member
    I want to know where you live that you can get a house and land in the country for 50k lol
  • AllTehBeers
    AllTehBeers Posts: 5,030 Member
    I want to know where you live that you can get a house and land in the country for 50k lol

    I grew up in Ohio. My parents bought a home and 1/2 acre of land for $25,000.
  • sixout
    sixout Posts: 3,128 Member
    oh, when you said property I was thinking like a few acres.

    I'm in Texas and have been looking at a couple of acres with a house and it's running into the 75-100k range, not even for a big house. land be expensive, yo.
  • jacques57
    jacques57 Posts: 2,129 Member
    From experience:
    Inherited $250K from proceeds of deceased parent's home.

    Bought two rental properties in Texas. Earning roughly 8% annual income on the investment. It is enough income to keep us above water on tuition loan payments for 3 different colleges at the same time. No Fame No fortune, but hope that we will one day retire free from debt.
  • sixout
    sixout Posts: 3,128 Member
    rental properties is definitely the way to go if you're going to try that route.
  • AllTehBeers
    AllTehBeers Posts: 5,030 Member
    oh, when you said property I was thinking like a few acres.

    I'm in Texas and have been looking at a couple of acres with a house and it's running into the 75-100k range, not even for a big house. land be expensive, yo.

    This makes sense. I've lived in New Orleans for almost 10 years and land with a home there is expensive there too. I guess it just depends on what you want.
  • kinkyslinky16
    kinkyslinky16 Posts: 1,469 Member
    I want to know where you live that you can get a house and land in the country for 50k lol

    I grew up in Ohio. My parents bought a home and 1/2 acre of land for $25,000.

    I think the key is your parents. I live in the country and have 1/2 an acre and my house + land originally cost $175k, and now its valued $225k.. Oh, this is in Texas..

    The only land + house you can get that, I know of, for $50k has wheels...

    The best option is to look in to tiny living.. Yes...... $10k for a home thats itty bitty, requires 10 minutes of light cleaning, and prevents family from wanting to come over? SOLD!
  • mrspinky85
    mrspinky85 Posts: 79 Member
    $250,000 is a lot more than I have right now. I probably would use some towards a house and some just to save or in some interest earning account possibly towards my son's college. I am so glad I joined the military so I have no student loan debt.

    Honestly, I am fine right now so some would go to other family that may need it and some in tithes too.
  • sixout
    sixout Posts: 3,128 Member
    From experience:
    Inherited $250K from proceeds of deceased parent's home.

    Bought two rental properties in Texas. Earning roughly 8% annual income on the investment. It is enough income to keep us above water on tuition loan payments for 3 different colleges at the same time. No Fame No fortune, but hope that we will one day retire free from debt.

    Do you work as well, or just live off that?
  • AllTehBeers
    AllTehBeers Posts: 5,030 Member
    I want to know where you live that you can get a house and land in the country for 50k lol

    I grew up in Ohio. My parents bought a home and 1/2 acre of land for $25,000.

    I think the key is your parents. I live in the country and have 1/2 an acre and my house + land originally cost $175k, and now its valued $225k.. Oh, this is in Texas..

    The only land + house you can get that, I know of, for $50k has wheels...

    The best option is to look in to tiny living.. Yes...... $10k for a home thats itty bitty, requires 10 minutes of light cleaning, and prevents family from wanting to come over? SOLD!

    Texas sounds expensive. My parents have a 3 bedroom, 2 bathroom home that is not on wheels.
  • sixout
    sixout Posts: 3,128 Member
    But when did they buy it?
  • kinkyslinky16
    kinkyslinky16 Posts: 1,469 Member
    I want to know where you live that you can get a house and land in the country for 50k lol

    I grew up in Ohio. My parents bought a home and 1/2 acre of land for $25,000.

    I think the key is your parents. I live in the country and have 1/2 an acre and my house + land originally cost $175k, and now its valued $225k.. Oh, this is in Texas..

    The only land + house you can get that, I know of, for $50k has wheels...

    The best option is to look in to tiny living.. Yes...... $10k for a home thats itty bitty, requires 10 minutes of light cleaning, and prevents family from wanting to come over? SOLD!

    Texas sounds expensive. My parents have a 3 bedroom, 2 bathroom home that is not on wheels.

    Even still.. if you wanted to buy cheap, a tiny house is the way to go. So simple. You could travel.. It is the epitome of freedom... I am all for anything that takes 10 minutes to clean, but more importantly, keeps my family at bay.

    week-in-review-darren-criss-gifs-awesome.gif
  • salembambi
    salembambi Posts: 5,585 Member
    id buy a car
    and a new trailer

    and some vegan ice cream
  • jnichel
    jnichel Posts: 4,553 Member
    oh, when you said property I was thinking like a few acres.

    I'm in Texas and have been looking at a couple of acres with a house and it's running into the 75-100k range, not even for a big house. land be expensive, yo.

    This makes sense. I've lived in New Orleans for almost 10 years and land with a home there is expensive there too. I guess it just depends on what you want.

    You're not going far enough out. My parents bought 60 acres of land out in Folsom, and built a 5 bedroom, 3.5 bath, 3000 sq ft house for under $100k.

    Of course, this was in 1976. :wink:
  • kinkyslinky16
    kinkyslinky16 Posts: 1,469 Member
    oh, when you said property I was thinking like a few acres.

    I'm in Texas and have been looking at a couple of acres with a house and it's running into the 75-100k range, not even for a big house. land be expensive, yo.

    This makes sense. I've lived in New Orleans for almost 10 years and land with a home there is expensive there too. I guess it just depends on what you want.

    You're not going far enough out. My parents bought 60 acres of land out in Folsom, and built a 5 bedroom, 3.5 bath, 3000 sq ft house for under $100k.

    Of course, this was in 1976. :wink:

    That's the key... when i said the key was your parents, this is what I meant lol.. That doesn't happen anymore ever... anywhere. :ohwell:
  • branflakes1980
    branflakes1980 Posts: 2,516 Member
    I would pay off my house and my cars and then continue to work. $250K would definitely change my life. I would have no bills anymore other than utilities. That's huge!!
  • NotRailMeat
    NotRailMeat Posts: 509 Member
    $250K (assuming I didn't have to pay taxes on it) wouldn't even cover paying off HALF of my mortgage. So no change to my lifestyle at all.

    BTW, I'm in Southern California. $250K won't even buy you a 1 bdrm condo in a crappy neighborhood here.
  • jnichel
    jnichel Posts: 4,553 Member
    oh, when you said property I was thinking like a few acres.

    I'm in Texas and have been looking at a couple of acres with a house and it's running into the 75-100k range, not even for a big house. land be expensive, yo.

    This makes sense. I've lived in New Orleans for almost 10 years and land with a home there is expensive there too. I guess it just depends on what you want.

    You're not going far enough out. My parents bought 60 acres of land out in Folsom, and built a 5 bedroom, 3.5 bath, 3000 sq ft house for under $100k.

    Of course, this was in 1976. :wink:

    That's the key... when i said the key was your parents, this is what I meant lol.. That doesn't happen anymore ever... anywhere. :ohwell:

    I'm not the Ohio guy. I don't know how long ago his parents bought that house.

    Key for my parents, outside of the year, was that Folsom, Louisiana was out in the sticks. People from New Orleans were moving north, but they weren't going as far as Folsom, and the land was cheap ($300 per acre). My dad's side of the family owns an electrical contracting company, so much of the work was done dirt cheap.

    You can still find land under $500 an acre, IF you are willing to live out in the boonies, but unless you can build a house yourself, that's where the real cost is going to come in. Even without labor, the cost of building materials has far out-paced the average income increase.

Categories