If you where unexpectedly given $20k, what would you do?
- Thread starter lancer
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either way it still works (here or in the states) - be enough for you to shed that tomboy image you have going on 😛
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the value of money right now can go either way, because dollars actually disappeared, because jobs disappear as well, your money might be worth more in a few months then now, cash could be hard to find
on the other hand, with all the buyouts from the government, which translates into printing paper, combined with china reclaiming the debt and spending the assets they've acquired over these 8 years of borrowing by this country, the dollar could be worthlless.
it can actually go either way
the market has can continue to fall, it could go as low as 4 or 5 thousand, though I believe the bottom is closer to 7 or 8 unless there is a real recovery plan that does NOT give the money to the very thieves that stole it in the first place...waxman has a hand in this as he intends on providing the oversite that might actually do some good keeping paulson from giving this money to his pals
they've already squandered millions of dollars on frigging vacations and retirement so let's see how much of this "bailout" actually goes into the middle class
the only real answer is to buy an asset that retains it's (relative) value no matter what the dollar does.
what is that?
food is number one, but where would you store 20,000 dollars worth of food that doesn't expire?...no
so that's out, gold is another but there is so much speculating that I have no idea if it is over or under valued right now, not a bad choice would be a piece of used jewelery bought from someone you know paid much more for it, have it appraised to make sure it's what they say it is....if there are hard times you would have to take scrap value for the gold
so the answer is buy something you know as a fact you will need and use for years on end, this does NOT mean a car by the way, they might be worth paper in a couple of years.
think of something you know you want, you know you've needed, you know you will always need, go and buy that
on the other hand, with all the buyouts from the government, which translates into printing paper, combined with china reclaiming the debt and spending the assets they've acquired over these 8 years of borrowing by this country, the dollar could be worthlless.
it can actually go either way
the market has can continue to fall, it could go as low as 4 or 5 thousand, though I believe the bottom is closer to 7 or 8 unless there is a real recovery plan that does NOT give the money to the very thieves that stole it in the first place...waxman has a hand in this as he intends on providing the oversite that might actually do some good keeping paulson from giving this money to his pals
they've already squandered millions of dollars on frigging vacations and retirement so let's see how much of this "bailout" actually goes into the middle class
the only real answer is to buy an asset that retains it's (relative) value no matter what the dollar does.
what is that?
food is number one, but where would you store 20,000 dollars worth of food that doesn't expire?...no
so that's out, gold is another but there is so much speculating that I have no idea if it is over or under valued right now, not a bad choice would be a piece of used jewelery bought from someone you know paid much more for it, have it appraised to make sure it's what they say it is....if there are hard times you would have to take scrap value for the gold
so the answer is buy something you know as a fact you will need and use for years on end, this does NOT mean a car by the way, they might be worth paper in a couple of years.
think of something you know you want, you know you've needed, you know you will always need, go and buy that
I'd definitely use about half of it to pay off my school loan and car loan, that would free up hundreds per month in bills. I'd take the money I'm saving each month as a result and the rest of the 20k and save it, maybe buy a small toy or two... but nothing major. Come out with no debt, a good savings account and some fun gadgets to play with. 😀
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right now if you can forstall paying off debt without incurring damages, do it, I suggest paying the minimum on all debt till there is a handle on the financial crisis
this crisis is even worse then I predicted, I thought the bottom would be around 7, it might actually be about 4.
money might become a very valuable comodity and paying off debt is definately not the best choice right now
I say if you have payments, pay the minimum and wait to see what to do with this cash
normally I would send this advice through pm but this is advice everyone should be taking right now, hang on to your cash, keep as much debt as possible without incurring fines, do not pay it off.
I hate to get all political on a friendly greenroom thread but this is important stuff and these are "interesting times"
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The interst rate is going down. So Perris is right, if you had the cash, pay the minimum on debt.
ShepsCrook
Red Sox Fan!
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I'd pay off my debts.. Buy a couple lenses, flash, umbrellas and work on my photography more. Plus save whatever is left minus a little bit for typical expenses.
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Use it for a long ass world trip through: South America, Europe (West to East), Tibet, China, Japan, Australia.
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