If you were given $500,000 and had no debt or assets what would you do with the money?
- 8 months ago
Purchase real estate. Put a down payment of 20,000 on a piece of real estate and take a loan out for the rest (debt isn't taxed). Then I would let the assets pay for themselves making more than 500k in the long run.
- BLv 78 months ago
probably buy a nice condo and a little left over to travel
- red2queenLv 58 months ago
It would depend on why I was given the 500k. For that amount there are usually stipulations. Assuming I have no assets that would mean I don't have the knowledge to grow income or I sold my assets to cover my debt. I'd start a business and use the 500k to lure investors.
- zipperLv 68 months ago
I would go to five different banks and bank $100,000 in each bank and live off the total interest plus my pension and Social Security.
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- Anonymous8 months ago
I would buy assets, and invest on me with the $500,000.
Currently I am having a hard time trying to spend $5,000 that has conditions on it. If you don't have any conditions like myself then it should be easy to spend that amount of money if that's what you want to do with it.
I can think of other things to spend the money on as well besides buying assets.
- 8 months ago
Build rentals so that i can start earning from them
- 8 months ago
If I got $500,000 I would put about $200,000 into a payment for a midsized home and some basic furnishings and a move for all my other possessions. I would invest about $200,000 (maybe less) in the stock market. The last $100,000 I would keep some in a money market savings account then use it to make additional home payments and and pay for upgrades to the home, car upkeep and any medical bills that popup. I would probably put some in a CD with a term of 1 to 3 years to grow interest at a faster rate but with very high security just incase the markets collapse again. I would probably treat myself to a couple of treats like a darkroom setup in the new house and some nice stereo gear.
This is assuming there is $0 tax, which seems unlikely. Fortunately I have no debt and a pretty good job, so I am doing ok for my self. After writing all this out it is kind of sad to see that half a million dollars does not get you a lot in this day and age.
- JohnLv 78 months ago
I would invest it in stocks and make it much bigger.
- STEVEN FLv 78 months ago
I would START buy buying a home. The next step would depend on what was left.
- tiescoreLv 68 months ago
First buy back my stuff I still want. Then rebuild the portfolio I have. Be a bit ticked off they took it all out of my retirement accounts. Make a plan to add the annual contributions in as fast as I could going forward as I'm getting close to retirement age. Probably buy a few more REITs to use the income to help me live off of so I could max out my 401K contributions at work for the same reason.