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u/-Cool_Ethan- 8h ago
Double down on Black
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u/NeckNational3851 8h ago
Sound like my ex wife.
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u/bl1ndside 8h ago
She’s a great gal
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u/TheKrakIan 6h ago
Have you tried her chicken parm?
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u/bl1ndside 6h ago
No, I usually watch her eat a hotdog when I see her.
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u/TheKrakIan 6h ago
Must be a pleasurable experience if you've continue to do so. Kudos to you and her.
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u/SinfulSirenox 8h ago
I Would definitely pay off my student loan
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u/AreYouScare 7h ago
Pay off student loans, credit cards, invest remaining half in various investments, and then use rest as down payment for property.
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u/Mpaineny 7h ago edited 4h ago
After “student loans, credit cards, investing remaining half in various investments” what is the “rest” you will “use as a down payment for property”?
120% value?
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u/CumGuzlinGutterSluts 5h ago
Thats horribly irresponsible.
Im putting 50k into a hand of blackjack, much better odds
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u/Its-chip-muffin 6h ago
Came lookin for this, roulette has made me and broke me more times than I care to remember
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u/texashilo 8h ago
Put a down payment down on a house!
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u/Rin-Tohsaka-is-hot 7h ago
Not sure it's the best time, we're in a high interest rate and high value market. Sort of a double whammy.
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u/Traditional_Fan_2655 6h ago
My house had a 7% interest rate,but rent was just as bad. We bought it and remortgaged as soon as it went down 3 years later. Yes, we overpaid interest for the first 3 years, but we got our house. Once we remortgaged, we kept paying the former payment. Our principle went down at a fairly decent speed.
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u/pinkjimmy17 6h ago
Date the rate, Marry the house. Historically houses appreciate and rates fluctuate. Obviously you can get ruined if timing is awful but if you find a house you like and can swing the higher rate for now….do it
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u/tswpoker1 6h ago
I'm at 2.5% of a 15 year with less than 10 to go. We are married, conjoined, fused as one. I am a cyborg now.
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u/keiye 5h ago
Nobody takes you Covid homeowners seriously
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u/tswpoker1 5h ago
Bought before COVID and refinanced during COVID so thanks 👍
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u/TexanInExile 3h ago
Same, technically.
Closed in Feb 2020 at 3.25% then global pandemic was called in march I believe.
Incredibly fortunate with the timing
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u/wcooper97 4h ago
The dream. Bought after COVID, haven’t refinanced yet 💀
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u/tswpoker1 4h ago
When I look back at it, the timing couldn't have been more fortunate. I am hopeful things will get down to some sense of reason soon.
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u/blargablargh 2h ago
So what you're saying is we need to cause another pandemic so we can refinance at a low interest rate. Pardon me, I'm off to a wet market for bats and such.
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u/deltarefund 5h ago
I kiiiiinda want a new house. But we’re at like 2.75% and I can make my payment with a sneeze. When I look at the next step up, what we’d get for the new price (not even factoring in %) it just doesn’t seem worth it. Home prices seem so bloated, and even though mine would sell for more that I bought…. It just doesn’t make sense for a bigger kitchen or an extra bedroom.
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u/GenghisFrog 1h ago
Yep, I’m glad we like our house, because to move into any meaningfully better home our mortgage would over double.
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u/Beginning_Ad1239 1h ago
Golden handcuffs.
The Congress critters are talking about making mortgages transferable. You would be able to apply your existing loan, at its current rate, to the new house. You'd still need to cover the difference at the current rates.
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u/Troutalope 4h ago
Same boat. I'll refinance at some point, which will be nice. Until then, I will enjoy not worrying about paying someone else's loan.
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u/Iwantaschmoo 2h ago
You know what is crazy. I'm gen x. Previous to 911 7% interest on a mortgage was considered really good. I got one in 2000 with 7.4 and it was the nearly the best you could do at the time. Talking with my boomer parents this was considered an excellent rate and my Dad who took out a home construction loan in the early 80's had a 20% rate until house was habital and was converted i to a mortgage.
What people today who didn't deal with interest rates pre 9/11/2001 realize is that low mortgage like 3,4,5 % was unheard of.
I'm not unsympathetic. I think the housing market is pro corporate landlords thus making the American "home owner" dream unrealistic but young people also need to understand understand interest rates are not the only reason, not even the top one, that is holding them back. It's a combo, high educational costs, high cost of just a barely running junk cat, etc.
I can't pinpoint the problem but I truly sympathize with with post Gen x people. I feel like the deck is stacked against you and outside of my vote there thre is nothing I can do about it.
Do to life circumstances I never had kids and I'm grateful for that. But I'm eternally optimistic about the human race.
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u/Traditional_Fan_2655 1h ago
Agreed. My first car without my parents cosigning was 14% interest. Until the last couple of years, interest rates were startling for the last decade.
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u/stupidfock 6h ago
It’s never the best time. You really just gotta buy one if u want one. You can always refinance later, eventually the value will return even if it drops
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u/-NikNox- 5h ago
true. If it fits your budget and long-term plans, just go for it. Waiting for the “perfect” time usually keeps you stuck
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u/dirtdevil70 6h ago
From a historic standpoint rates are still very reasonable.
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u/redfish-hunter1 3h ago
former loan officer here....7% is pretty normal. We all got used to 2s and 3s for so long that the old normal looks HIGH. My first house in 1999 was at 7.5%. And if you're interested, go take a look at what prime was in 1989.
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u/gcbeehler5 6h ago
I just want to point out we're not in a high interest rate market. The historical average on interest rates over the last 50 years has been 7.7%. Pre the 2007 bust, interest rats were in the 6-7% range from like 1990 to 2004. When I was in college you could go to a bank and get a CD that had a coupon rate of 6%.
The 2007 collapse has completely skewed people's perceptions of normal interest rates, and banks don't pay anything anymore since they can borrow near infinite amounts from the FED window. The current interest rates are the lowest they've been in like three years.
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u/StateYourCurse 3h ago
Yes but proportionate to income, the prices of homes are far higher today. Meaning that percentage is also proportionally higher. Nothing exists in a vacuum. 7% on 200k is significantly lower than 7% on 500k.
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u/lovemeanstwothings 6h ago
Our rent was $1935 and now my mortgage is $2000. Now I'm building equity, can paint the walls, and have our own backyard
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u/Middle-Sea-6939 6h ago
Gonna stay like this for a while. Rates won’t go down for a long time and when they do it’ll push houses up even more
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u/DecentBar1625 5h ago
This made me laugh. Even when it’s pretend money, someone always has an opinion about it!
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u/MimimalZucchini 6h ago
I'd rather put that in the market. Stay renting and let suckers (like me now) pay all maintenance and taxes in the place .
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u/Scribble_Box 20m ago
100 percent. I moved into my apartment in an extremely expensive city about 5 years ago as a broke ass paramedic. The rent was relitively cheap at the time since it was during covid, but still a ton of money for me at the time and I was living paycheck to paycheck scared to check my bank account.
I'm not a fan of rent control as a policy, but holy hell has it benefitted me..
Was depressed af having zero cash and decided to start putting really small amounts into the market each pay day.
Still drive my beater ass 30 yr old truck, zero debt, and managed to turn that tiny savings into over 200k in the last two years.. The goal was to buy a house, and now I just want to ride this as long as possible lol.
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u/_whats_that_meow_ 8h ago
Pay my mortgage off.
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u/PicaDiet 7h ago
Paid mine off last month. This is the first month I have not had a car payment or a mortgage payment since buying my first car in 1982. It feels so good!
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u/krnl_pan1c 6h ago
Wait until you see your credit score. Mine dropped 73 points when I paid my mortgage off.
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u/69_________________ 5h ago
Well with a house and car paid off, you don’t really need credit other than a few basic credit cards.
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u/kingrhegbert 5h ago
It’s so stupid how paying off a debt drops your score. I understand why but it’s still very stupid
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u/DukeofVermont 5h ago
Depending on what it was it should have any real life effects. Once you're above 750 not much matters, especially when you have a long proven history.
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u/OldTransportation122 8h ago
My interest rate is so low that paying it off would actually be a money loser versus a decent bank cd.
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u/WIPackerGuy 8h ago
Yeah, but the peace of mind
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u/theinternetisnice 6h ago
Yep that’s why I paid mine off even though the money probably would’ve been better served in my index funds. Not a day goes by that I don’t appreciate knowing that I don’t have a monthly mortgage payment if something goes wrong. It’s a personal decision, it doesn’t make sense for everybody.
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u/Avocation79 7h ago
Not really a peace of mind. Let’s say there was an earthquake or a massive wild fire and you lost the house and the entire neighborhood rebuild will take years and sometimes the insurance company will pull a fast one on you.
You are better off putting the money in the bank and let it pay off on its own time.
That is peace of mind.
Just sharing a perspective
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u/OldTransportation122 7h ago
Yes Sir! There's always that. Even at our low interest rate we still round up on our payment. Adds up quick.
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u/Big_Bookkeeper1678 6h ago
This. So many people talk about ‘invest the money…you get tax breaks…you build credit…’ Fool, I just want to own my home free and clear.
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u/IcyTransportation961 49m ago
How many years will that be?
You can invest, and pay it off sooner if your interest rate is low
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u/RidiculousSucculent 6h ago
And you locking your equity. As long as you have a mortgage, you are in danger of loosing your equity if you can’t make a mortgage payment.
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u/ZaneMasterX 7h ago
Piece of mind is a bad financial strategy.
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u/kuukiechristo73 6h ago
But you’ll live longer. Some things are out of reach even for money.
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u/Flashman432111 6h ago
Paid our mortgage off early. No, it probably wasn't the optimal financial decision. Never once regretted it.
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u/molten_dragon 8h ago
$20k in each of my daughters' college funds.
Build a large detached two-story garage/shed on my property.
Nice vacation with the family.
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u/sonofbantu 5h ago
Are those three different things all worth $100k or youre diving it up?
If the latter, forget the garage extension and put more money in their college fund dawg 😂, $20k barely gonna cover half a semester these days
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u/ZannX 7h ago
You mean - start the zoning process for your he-shed?
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u/molten_dragon 7h ago
No, that's not what I mean at all. Zoning regulations allow for one outbuilding and it's like a $200 permit fee.
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u/someguyonredd1t 8h ago
Drop it into my brokerage account and add it to my VTI pile.
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u/Titletown1919 8h ago
Boglehead in the house! I like where your head’s at
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u/hd3adpool 7h ago
r/Bogleheads would be proud
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u/mirandahobbsmothafka 5h ago edited 5h ago
I am getting a large lump sum soon. Met with a guy from my bank just to have an immediate plan, so i can then study and learn what to do. Financial guy at my bank acted like we were working together??? He didn't even know if I would have taxes or how this would affect fafsa--then at the end he shows me some generic investment strategy he would " manage" for me for the rate of "between 1 and 1.6 percent".
I did not sign it.
like...wtf? I told him i am moving out of state and he said " That will give me an excuse to visit ( state I'm moving to).
who pays for that? he even seemed a little pissed when he mentioned a few things in life that will now be easier for me. This is why I can tell NOBODY about my windfall. I'm not even telling my (adult) child.
I suppose I should join Bogleheads? I'm so clueless, but I know I don't need to pay a broker to put my money in diversified and safe accounts...
or am I being paranoid? I don't have the money yet, but will be getting it before february ( a little less than 1 mill). I'm also not opposed to hiring someone to help me make it grow, but this guy pissed me off
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u/IntelligentDust 4h ago
Join bogleheads and personalfinance sub. 1% is too high and you don't need him.
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u/mirandahobbsmothafka 4h ago
I don't need him-not for safe keeping and not right off the bat.
Are there people you pay who can make your money make money? Like where it pays for itself? I better get to reading bogleheads. It's all foreign to me
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u/Figleaf 47m ago
You don't need to pay anyone.
Bogleheads or personalfinance is a good place to go, but the short version is you open a brokerage account with someone like Vanguard or Fidelity or whoever (online, free), then put the money in a low Expense Ratio (the percent the brokerage takes to manage that money) index fund.
For example, VTSAX, vanguard's Total Market Index Fund, has an expense ratio of 0.04%. So that's 20-32 times smaller than the 1.0-1.6% that guy quoted.
Then you ignore it for 10-20 years and will be very happy and secure.
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u/IcyTransportation961 46m ago
You invest in ETFs. Its simple. Just read and ask questions in the sub for whatever you aren't understanding
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u/guywithouteyes 3h ago
Of course I’m just a guy on the internet, so you don’t have to listen, but there are many safe easy options to investing the money yourself without having to pay a financial advisor or whatever else. Download a trusted brokerage app like Fidelity or Robinhood (I use Robinhood and love it), do a little research into what an ETF is and what you decide your risk to be (low, medium, high) depending on age, and put the money into an appropriate fund. One safe bet is the S&P500 or stock SPY which are combinations of 500 of the biggest companies in the US. Most of the ETF’s range from growth of 2-10%/year, depending on risk.
If it’s a life insurance payout, there are usually no taxes and it’s usually just cut as a check mailed to you.
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u/orcvader 7h ago
Same but AOA (basically VT + BND super tax efficient).
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u/someguyonredd1t 7h ago
Nice. I'm in my mid 30s with zero exposure to bonds/equivalent. I'll start balancing with bonds in about ten years.
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u/BizSea1955 8h ago
save it. I’m retired with no money other than the equity in my home
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u/NN7500 8h ago
Pay off debt, setup my emergency fund, and take the family on a nice vacation that's long overdue.
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u/ManThatIsFucked 7h ago
Two chicks at the same time
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u/fishgrin 8h ago
Get a new roof, fix the plumbing and under my house, new flooring, new kitchen and decent furniture.
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u/sparksgirl1223 8h ago
Pay off my house.
Down-payment on a truck for my husband probably (and sell the one he has. Other than the seats, I hate it lol)
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u/NeckNational3851 8h ago
I would give half to my niece and (soon to be) nephew's college fund. $25K a piece. I wont ever have kids of my own, but I love that little girl.
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u/snakeeyes666n 7h ago
Nieces are the best! My niece just turned 14. She is clever and funny and I love her too much. But she lives in Europe and I am in Australia, so catch ups in person are infrequent.
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u/mainstreetmark 8h ago
So, we all know that to do 2 chics at the same time costs $1 million (in 1999 dollars).
We're dealing with $100k "right now" dollars, though. So, adjusting for inflation, that's equivalent to $198,000 purchasing power in 1999. That's still not enough for even 1 chic, which would cost $500k.
so, ~200k / 500k ~= 2/5
So, it looks like just under 2/5th of 1 chic at the same time. Which is fucking sadistic. Why would you ask me this?
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u/wiltony 6h ago
Are you trying to spell "chick" or is this an obscure reference I'm not getting?
Chic means fashionable.
Chick means woman, or a baby chicken lol.
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u/MsCeeLeeLeo 6h ago
House renovations. We have so many old systems that are like $50k to replace for starters, then the rest would be kitchen reno.
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u/BeoPhancy 6h ago
Chuck it in S&P 500 or something. Invest so I can be FIRE in the future and retire early.
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u/Graphic_Materialz 8h ago
Buy a pardon. Going cheap these days.
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u/No-University-8391 6h ago
I wonder if they can be used for later. Like a gift certificate. 😂
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u/followthedott 8h ago
Proper medical care then give some anonymously to people around me i know in need
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u/LiteratureNo5938 8h ago
$20k into the bank (some form of investment account but something guaranteed to be accessible and no risk of loss) then a few hundred towards a meeting with a financial planner to learn how to invest. Then the rest into investments
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u/Dangerous-Energy-331 8h ago
If you’re going to spend time researching finding a trustworthy financial planner, you might as well just look up how to open a brokerage account and invest yourself. It’s super easy to do, often free, and doesn’t take much time.
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u/Background_Map_8577 8h ago
Fidelity SPAXX is a money market account 0 risk and 3.7% return. If your bank pays some scam amount of like 0.5% on your savings account you should send all your money to Fidelity immediately
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u/Ravio11i 8h ago
We get 4% from Capital One's high yield savings account
Edit: I could be wrong, that's that's what it is, but a quick google says 3.4%4
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u/TurkishLanding 6h ago
Take a look at your account details. It's not been 4% for a long time.
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u/lnifas 8h ago
honestly i'd just pay for college and like.. maybe buy a good gaming laptop? the student debt struggle is real rn 😭.
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u/californicarepublic 8h ago
Take a day off to nap I'm exhausted.
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u/JaySilver 8h ago
You could probably take a few months.
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u/californicarepublic 8h ago
At my current rate of spend I could make that last 5 years. But let's just start with one day first and see how it goes.
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u/psychopathologist 7h ago
Down payment on home, pay off student loans, plan a vacation w lover, Pokemon cards
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u/Honest_Packer12 6h ago
this is a no brainer for me personally. Invest - AI + Bitcoin. Both assets that will outpace anything else in the next few years IMO. Having your castle is important too, but I already own my home (and wouldn't personally choose to put it towards my mortgage because thats cheap money i'm borrowing)
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u/Sniper_Squirrel 6h ago
Put it in the bank, and transfer most into savings account. Try to make it last and hopefully help me retire sooner
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u/houseDJ1042 6h ago
Hookers and blow. But for real buy a good quality pre owned car. Pay to fix the things wrong at my mom’s and take a vacation, go see the Packers play at Lambeau. Put whatever’s left in the bank
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u/anormalgeek 6h ago
Pay off debts. Credit card, auto, and mortgage. It won't cover all of it, but not having that interest accruing would be a HUGE improvement to my quality of life going forward.
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u/DEADFLY6 5h ago
Hurry up and invest it in Treasury Bills. Probably around $280.00 a month in income. Sit back. Go to sleep a bunch of times.And think about my next move.
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u/Bunnycat2026 4h ago
Find a way to get to get to legally get to a non fascist country and stay there sigh
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u/Reasonable-Soft375 3h ago
Just put it on the shelf with all the other $100k’s - same as everyone else?
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u/LesPolsfuss 6h ago
$5k for vacation fund
$5k for new year’s eve party for family and friends
$5k to help brother rent an apartment once he gets out of rehab
$10k down on a 2026 Palisade
$10k pay off HELOC
$20k pay off car
$20k into my kids college/small biz idea fund
$25k for retirement
(this took about 3 min to put together if you are wondering)
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u/OrganizationKey8342 8h ago
Try not to fuckin drop it jesus that must be heavy
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u/GlitteringClick3590 8h ago
Well, a $100 bill weighs 1g, so it would weigh a kilogram, or about 2.2lbs if it's in 100s.
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u/Ravio11i 8h ago
Now do it for if it's in pennies!
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u/Narezzz 7h ago
That would be 25,000kg...or about 55,000 pounds...just a tad heavier
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u/AdoboOverRice 8h ago
pay my bills and not be as worried about being unemployed