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What Would You Do With $50,000 US?


maqroll

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If I ever reach a stage in life when a heap of money is best spent on paying off a mortgage, I might just cry.

Not much difference though in a way to paying off your mortgage or splurging it all in one go.

 

You could blow 30 grand in one go, or you could pay off your mortgage and have however much it is you spend on a mortgage every month to play with.

 

For me that would be £700 a month. That's like me getting a 8 and a half grand pay rise (not complicating things with tax) as well as having no debt. That's a very attractive proposition.

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If I ever reach a stage in life when a heap of money is best spent on paying off a mortgage, I might just cry.

 

 

That is what I was thinking.

 

 

 

I guess one way you could look at it is that IF you had a £31,000  mortgage and 20 years left at 4 % .. you'd be repaying back £46 ,000 give or take

 

so whilst not thrilling it would save you £15k in the long run , probably more as rates will could go up at some point during that 20 year period

 

 

I agree it's not exciting   .... but to some extent you'd be a bit daft to blow it on a holiday etc if it costs you £16,000 to do so

Edited by tonyh29
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If I ever reach a stage in life when a heap of money is best spent on paying off a mortgage, I might just cry.

 

Having a mortgage in the first place makes me weep on a monthly basis.

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Anthony's rule of thirds:

Third into some kind of long term savings/pay off debt/mortgage

Third on sensible stuff like fixing the sofas, fixing the flat and helping out mates

Third on, figuratively, coke and hookers.

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A week in Vegas, cocaine, binge drinking, partying, gambling.

 

In all honestly I would probably buy  a load of cheap booze, a big **** off TV and play FM all day until the money ran out.

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Pretty boring really, but chuck it into my savings until i can think of something I really want or need. I guess lopping a bit off the mortgage would help! 

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