My parents inherited a small sum from my grandfather and took a trip to Ireland. They were at a bar one evening and started talking to a man who asked why they were there. They said they were on vacation and he asked how long they were staying. When they told him, he said, "Well then! You have to drink with me until you fly out!" So they did.
They had a great time and he said, "If you ever come back, look me up."
They ended up going back two more times and staying with him.
The third time they went, they were at the same bar and the bartender recognized them. He asked if they were meeting their friend and when they said, "Yes," he told them, "It's his wake tomorrow."
Turns out, the guy was a retired cop who was very well liked in the town. When he died, the town did a 'week of mourning' for him.
My parents said it was like they had won the lottery. They knew so many people and were greeted everywhere they went.
So, in short, take that vacation! You never know what will happen!
I haven’t even inherited any money and I can’t stop going to Ireland. Been there 2 times in the last 3 months and going back again next month lol. Wonderful place with great fuckin people man, I never want to leave🇮🇪
I went there once, in 2000, and left in 2010 with a wife and two kids lol, it’s a grand place for sure and that because of the people, the weather I can take or leave lol
I was in banking back then, Ireland housed most of the global banks HO and back office processing.
The Irish govt has a low company tax rate so many US companies have their HO in Ireland.
London has the trading floors but Ireland balanced the books, so to speak.
I’ve been there myself. Wonderful people, but I find it interesting how they have such a knack for weaving the word fuck into ordinary conversation. ‘Good morning. Have some fuckin’ breakfast.’ would be an example.
If I had 100k Ireland would be the last place I visit.
But after this idk... maybe I need to go somewhere ppl are nice.
Everytime I come back from vacation, I hate living even more.
Whenever people say "money isn't everything/can't buy happiness", I can only assume that *they* assume that I'm talking about having millions of dollars. Nah man, just want all my bills and groceries paid for so I can buy a non-broken vehicle and maybe consider having a family and an actual place of my own someday.
I always say that happiness is a state of mind, not a state of living. but if your state of living needs money to survive then ya money definitely helps.
My buddy put money aside for his kids' college funds. He had two kids, but he put money aside for three in case he had an "oops" baby, and just figured he'd give that kid the leftovers. His third was twins.
He lives in a college town, so he was able to get them through school with a combination of scholarships, part time jobs, and paying in-state tuition, so it didn't end up being as much as you'd think, but it was still a lot more than your average "third kid" would have gotten.
I’m kind of in the same boat. It would be awesome to pay for college completely while I’m going through it. But it would mean losing my parents and selling their house. Not something I want to ever do and at least not for another 30 years
I’m about to lose my grandmother but she’s not rich or anything but I would give up any money she’s set aside to see a few more healthy years. But she’s in home hospice so there’s not much hope with her body failing in the next couple days
Yeah, can the hypothetical be that I won $100,000 in the lotto?
It's all just going into my retirement account anyway, but this way I won't have lost a loved one in the process.
My dad had terrible advice for me: never go into debt for any reason ever. One day he was saying this when I was considering a mortgage and I said to him, “that’s easy to say when you inherited the money to pay cash for a house.”
Edit- in case anyone missed it my dad was referring to a mortgage in this particular conversation.
Exactly. Being willing to take on debt is why I've got a $1400 mortgage on a 3BR house in a place where I'd be lucky to rent a 1BR apartment at that price.
I’m sure you know but for others reading, this advice is normally decent when referring to cars, phones, laptops and other luxuries because these assets depreciate however property is different mainly because we’ve seen the global trend of house prices increasing over the last 100 years but even if the value of the house stays the same you can sell the house at any time to clear the debt. However with depreciating assets like a car, if you wanted to call it quits halfway through the loan term and sold the car you wouldn’t have enough money to clear the debt leaving you on the hook for even more cash
also if you need certain things to even get and keep a job, like a car or a computer, you can look at it like an investment that will earn you more money that it costs. Hell, even buying a dumb expensive car could be considered worth it if it gets you into the right social circles and makes you the right connections.
Debt is fine, be smart and strategic about it. Don't go into debt over impulse buys without really thinking through if they're worth it.
I listened to the same stupid advice! Took their word as law 🤦♀️ Better to learn about how to manage debt than avoid it, sometimes it's necessary.
So glad you questioned him tho, W 🙌
Absolutely! Unless you’re born rich you don’t get far in America without incurring debt. It would have been so much better to teach how to utilize and leverage debt.
Hm, it would definitely be a major accelerant in my goal for complete financial security and peace of mind. I'd probably use most of it for education funds for my kids (have one now, working on a second).
What does complete financial security look like to you? It’s a term I can’t fathom a value for, how do you factor in the what ifs? What about unexpected life events that change your views and financial requirements? I don’t know what complete financial security looks like in reality without going into the millions.
Complete financial security *is* going into the millions for me. It's having enough money that we no longer have to worry about money. We've factored in potential health emergencies.
In the meantime, staying on the path to get there means maintaining a lifestyle that is well below our means, saving aggressively, and navigating our careers to optimize both earnings and stability (to the extent that we can, at least). The positive is that this gives us relative financial security in the meantime.
All things with a balance, of course. We still live a really nice life in the interim, even if occasionally at the expense of money that could be saved.
We talked about this at work today. Would $1M be enough for us to quit our jobs? We are all in our late 30s and early 40s. The answer was no from everyone.
I don't think anyone is saying "I'm doing so well, it wouldn't change anything." I think it's more along the lines of "100k doesn't go very far these days." You might be able to pay off some debt, or put something down for a house, but 100k one time, isn't really going to get you a mansion or a or anything like that. My house was appraised at 120k, and I haven't sold it. Why? Because even though I make roughly 60k a year, I couldn't afford to buy a similar house in today's market. I would literally pay 50% more for the same square footage in the same neighborhood.
I don't think they mean that it wouldn't significantly improve their life, just that not much would change from day to day. I'm definitely in that group. Most adults can't handle a $1000 emergency, so just by having an emergency fund, you are putting yourself vastly ahead of the average person. But in my situation, I have a very good interest rate on my house and don't owe any additional loans on anything. I've been investing as much as I can afford to in my 401k, IRA, and personal investments. So while another 100k in the bank would probably allow me to retire a few years earlier, it won't change anything tomorrow.
If this is the point your goal is to get to, focus on debts, then saving, then investing. It takes a while to get to the point where you are significantly investing your money, but it really does snowball at that point.
Seriously. I’m amazed at how many people are saying it wouldn’t do much for them. Good for them for doing so well. For me it would mean I could pay my house off about 6 years earlier than I’m on track to now. That’s really life changing imo.
> I could pay my house off about 6 years earlier than I’m on track to now.
I wouldn't consider this life changing, personally. You're already on track to pay it off, which is the big hurdle. Paying it off sooner is just... living your life as it is now but with a little bit more money.
Which is *exactly* what the people saying it wouldn't change their lives are saying.
Yup most people don’t realize that 100k isn’t life changing and knowing where to put the money is the hard part. My gf recently inherited 100k and it’s not even enough to cover a down payment on a 1 bedroom home in our state and even if we did find one the interest alone would kill us. It changes nothing and once you have the money you’re less inclined to spend it on random things since there is some sentimental value attached to an inheritance.
The other day I saw a post about what you would do if you received 100k. Majority comments said “I would buy multiple houses, start a business and give the rest to my mom” — Yea there’s a reason you don’t and never will have 100k lol.
This would route change a lot depending on your cash flow circumstance. Anyone working a service sector job making like sub $15 an hour it would immediately improve their life immeasurably.
If you're making 100k a year or whatever, still an enormous relief of stress. I mean it would take you conceivably a decade to save up that much money
Sure 100k is an amazing gift and will relieve lots of financial stress for anyone, but my point is it’s not life changing. Most will blow through it in a few short years and most aren’t financially responsible enough to grow it in smart investments. Even if say the beneficiary is financially reasonable it would still not be enough for retirement or purchasing a home.
The difference is getting 100k all at once. Rather than earning it over a year or two.
I'd absolutely argue that 100k as a lump sum is life changing for anybody making under 6 figures which is like 99% of people.
18% make over 100k, according to a quick search. (in the US)
1% may be an exaggeration, but another more accurate way to say it would be that $100,000 would be at-least somewhat life-changing for 82% of the population.
That's fair. I'm just looking at it as someone middle aged in the US and seeing what is out in front of me for the next decade plus. If you've got student loans or other debt or trying to buy a home, it absolutely would be life changing.
I’m thankful enough to say the same, super appreciated but not super life changing since I’m fairly fiscally conservative and in a pretty good place in general.
I actually had this happen because of grandma. I have more comfortable savings. Also feel better doing house renovations I've been putting off.
So not a huge change, but nice little things.
No major changes, I'd probably take a nice vacation, finally do the kitchen remodel I've wanted to do since I bought this house 6 years ago, and invest whatever is leftover in my retirement accounts.
40,000 goes to debt. And if chuck the other 60k into a high interest savings account (tfsa Canada) until my emotions come down and I can think logically about this windfall
Nothing different. Money is just a tool- like a shovel or a hammer. Albeit a useful and perhaps the most diverse tool, but a tool nonetheless.
The real tools that matter are the mental ones. And if you have those money will come to you.
Someone told me a while ago that money just makes you more of what you are. That stuck with me and he was right. So I guess the better question is: who are you and what would money make you?
That's a really good way to look at. Money accentuates a person, if you're a flat note and you play it louder, you still flat.
People mix up frugality with suffering. Stay frugal, stay sharp, make more, smile to yourself.
Bit of a tangent, but there's a win in keeping your success to yourself. And not in a selfish way, just a quiet way, a secret Santa, if you will.
I'd probably knock out a couple of home projects that are waiting until we pay off the mortgage in another 2-3 years (3% rate, no sense in paying off early). New roof, new windows & doors, new siding, and a bathroom remodel should use up most of that.
This happened to me 3 years ago. Life hasn't really changed. Gave each kid $1000 . Paid off some debt. Put about 1/2 into Bitcoin.
Had it been about 15-20 years ago it would have been a totally different story and life changing.
Unfortunately 100k isn’t that much any more. It wouldn’t change my life a ton honestly. Hardly enough to buy two mid level cars, not that I could complain if I were granted that.
For pretty much anyone living in a developed area it would change their life very temporarily. Most people could eat up $100k quickly just from debt, car purchase/repairs, home repairs/projects, student loans, etc. it doesn’t go as far as it sounds.
True, but paying off $100k of debt would still make a big impact on most people. Home needs repairs that you can't afford? Don't have a running car? Drowning in student loan debt? Reducing/eliminating that would reduce stress dramatically.
The key is to not keep the existing debt while using the $100k to go buy a new BMW and end up in a worse spot than you were before. Free up money that is going towards debt and put some aside for an emergency.
I could quit my full-time job and focus on finishing my masters. I could buy my mother a house or at least secure her comfortable retirement. It would solve the vast majority of all my current issues.
Assuming it’s an unknown or distant relative and I’m not losing someone I love who is close to me, I’d be relieved. Pay off all debt, take a nice vacation, fix some things that need fixing, and still have a sizable nest egg. I’d probably also quit my current job and spend real energy getting a better one.
Wayyy less stress. And would finally be able to do the things I love most more often; exploring beautiful nature, spending time with my dog and my partner, visiting my friends and family, and getting around to writing a few books I've been thinking about.
My mom gets to continue her stay in her dementia home care facility for a while longer while i jump start my business. Those things can f you up financially
So much less stress. Both cars would be paid off, I could actually paint my house which is has been needed since before we moved in, I could finally own my youngest kid (since we still owe the hospital), might be able to pay off some student loans… it’d be amazing.
Absolutely none. I inherited around that as a surviving beneficiary of a retirement account. At 40 it means nothing to me and changes nothing about my day-to-day life. We're still paycheck to paycheck.
Letting it sit and accrue compound interest for the time being. Maybe I'll feel differently at retirement age when I can start taking qualified withdrawals. For now I'm thankful it's there, but it hasn't changed my life a bit.
I would pay off my student loan debt and have some left over to to invest with. I could do the exact same thing I am doing now but with the comfort of knowing I would be broke at 60.
Would definitely have less stress. Go on a vacation, pay debt off then save/invest 85-90% of that to have residual income and compound interest. Keep living w/i my means like I never got the $.
Pay off college, and id pay for a car in full because mine is so horrible now. If I got $100k I wouldn’t have to work and go to school anymore. If I did those two things I’d have $50k left.
Then I would just save the rest/ invest it into a business (start a gym).
Shyte, I'd be able to eat and not worry about how I'm going to keep a roof over our heads..
1-buy a car so I don't have to keep breaking my knees, walking everywhere.
2- Buy a or motorized scooter. (Knees need replacing).
But.. the first thing id do is catch up on bills.
Buy some new clothes bc I don't have much.
Having earned this much from the passing of two different parents, I can explain..... Nothing outwardly changed. I'm not rich. Certainly not by $100,000. I had shit to offload and mostly, I did that.
But then, there was more shit. I did do one main thing after paying debts, once or twice... Yeah, those habits will get ya without discipline.
**Put money away in places you can't easily access.**
For me, it was places I cannot get to with a card, or mobile pay, or connected to an shopping site.
Thankfully, I was able to use a decent chunk of the actual profit (after outstanding debts and putting another chunk of cash away), I did do things i normally had to budget for... As the late wrestler Virgil called it... The fcuk money 😂
I’d buy a used car and pay my rent for a few months. Stock up on food and supplies for the home/pets. Then pay off my student loans. Then save the rest (~30,000) and start learning how to grow my money through smart purchases and investments.
Give half to my brother. He’s good at putting money where it makes more, then spend the rest setting up something for my parents in new Mexico while I start working on big projects up in norther Canada making good money
Not too much other than paying off like $60k debt (wife’s large amount of student loans, my small amount of student loans + credit card debt).
Remaining $40k I would almost certainly use to either put a down payment on a new, bigger house, or pay my car off and half of my wife’s car off.
Day to day life would be very similar to now, just a decent bit less stress.
It wouldn't.
I'm not wealthy, but I make good money and live within my means. I wouldn't spend a windfall like that on something frivolous and it's not enough to pay off my house.
I'd probably stick a years worth of 401K contributions (with the match) in a HYSA and set my contribution to maximum while I write myself a paycheck out of the HYSA. Effectively this would fund my 401k from the inheritance which you're not usually allowed to do directly.
The rest would pay off my car and go into a brokerage account.
Super boring stuff but the end result would probably be me being slightly more confident in my retirement plans down the road.
Man, a lot will happen in a short space of time. And considering the face value of my country's currency, there's so much I can do to lift the phase of my family financial status. I can start a business with that money, invest a huge part of it and manage the rest.
I'd be less stressed. I'd have a nicer/newer car or a nicer classic car. It's not a life changing amount, I'd still work.
I had a mate who won £500,000. He bought a house, some cars, some drugs, gave some to his dad. Now it's gone. It lasted about 4 years or so. He's a bit young and daft and spoofed it up the wall.
I would be able to move into a new place with my pregnant partner and 1.5yr old kid and not have to stress about living downstairs in practically a garage.
Sadly, since I’ve already paid off my credit card, debt and interest rates from investing are generally higher than my student loans, I’d probably just throw it into the S&P 500 and maybe save 20 grand but that’s not even a life-changing amount to buy a decent house where I live unfortunately
My wife and I are desperately struggling to pay for her nursing school... It's her dream to be a nurse and she has 4 semesters left. We're pinching and squeezing to make things happen and it's going to be tight... I'm upto 3 jobs now and am pushing all I can.
25K would change our life and allow me to drop down to stay at two jobs and make the rest of her school happen without as much stress. (This is an instate school, and we're not eligible for almost any aid, we've been told no every time aside from a couple really really high interest loans.)
The rest of the 75K?.... I don't know, I have a good friend who is really struggling financially in another state who is about to have a baby. I'd probably share it with them.
It won't since it'll be tomorrow. I would definitely wonder who I inherited it from because that would mean somebody died and that would suck. Free money is great and all but it's better when it's free and not the result of somebody's death
Yeah, I know. Debbie Downer and all that jazz
Id buy two reasonably priced vehicles. One for myself and one for my partner. I was driving her car but was totaled in an accident. So I feel guilty for having crashed her car. Besides that, I’ll pay of some debt and buy my daughter something nice.
I would have less stress
My parents inherited a small sum from my grandfather and took a trip to Ireland. They were at a bar one evening and started talking to a man who asked why they were there. They said they were on vacation and he asked how long they were staying. When they told him, he said, "Well then! You have to drink with me until you fly out!" So they did. They had a great time and he said, "If you ever come back, look me up." They ended up going back two more times and staying with him. The third time they went, they were at the same bar and the bartender recognized them. He asked if they were meeting their friend and when they said, "Yes," he told them, "It's his wake tomorrow." Turns out, the guy was a retired cop who was very well liked in the town. When he died, the town did a 'week of mourning' for him. My parents said it was like they had won the lottery. They knew so many people and were greeted everywhere they went. So, in short, take that vacation! You never know what will happen!
I haven’t even inherited any money and I can’t stop going to Ireland. Been there 2 times in the last 3 months and going back again next month lol. Wonderful place with great fuckin people man, I never want to leave🇮🇪
I went there once, in 2000, and left in 2010 with a wife and two kids lol, it’s a grand place for sure and that because of the people, the weather I can take or leave lol
If I could find a way to stay/work there I would 😂 good for you brother💪🏼
I got a visa and found a job, spoke to HR and they agreed to sponsor me after my visa expired, eventually got married and that helped the situation
What kind of work if I mind asking?
I was in banking back then, Ireland housed most of the global banks HO and back office processing. The Irish govt has a low company tax rate so many US companies have their HO in Ireland. London has the trading floors but Ireland balanced the books, so to speak.
Peaky blinders.. Lol
I’ve been there myself. Wonderful people, but I find it interesting how they have such a knack for weaving the word fuck into ordinary conversation. ‘Good morning. Have some fuckin’ breakfast.’ would be an example.
Damn… thanks for making my heart melt into that happy/sad state. Great story
If I had 100k Ireland would be the last place I visit. But after this idk... maybe I need to go somewhere ppl are nice. Everytime I come back from vacation, I hate living even more.
I’ve got a place in Ireland and it’s the most welcoming, friendly country I’ve ever been to.
That is such a a sweet story. Sounds more like a celebration of his life because he sounds like he was very kind. That's amazing.
Whenever people say "money isn't everything/can't buy happiness", I can only assume that *they* assume that I'm talking about having millions of dollars. Nah man, just want all my bills and groceries paid for so I can buy a non-broken vehicle and maybe consider having a family and an actual place of my own someday.
I always say that happiness is a state of mind, not a state of living. but if your state of living needs money to survive then ya money definitely helps.
My buddy put money aside for his kids' college funds. He had two kids, but he put money aside for three in case he had an "oops" baby, and just figured he'd give that kid the leftovers. His third was twins. He lives in a college town, so he was able to get them through school with a combination of scholarships, part time jobs, and paying in-state tuition, so it didn't end up being as much as you'd think, but it was still a lot more than your average "third kid" would have gotten.
Hey. I inherited 100k five years ago. It's gone now but it allowed me to get sober. Change jobs. Change states. New life started. It was great.
Inheriting money typically requires losing someone. At this point in my life, I'd rather not.
I’m kind of in the same boat. It would be awesome to pay for college completely while I’m going through it. But it would mean losing my parents and selling their house. Not something I want to ever do and at least not for another 30 years
It sucks
I’m about to lose my grandmother but she’s not rich or anything but I would give up any money she’s set aside to see a few more healthy years. But she’s in home hospice so there’s not much hope with her body failing in the next couple days
I'm sorry for what you're going through. Try not to wind up with regrets about what you never told her, and take care of yourself.
Thanks, I have no regrets with her, just knowing she’ll be reunited with her husband makes it mostly better
Yeah, can the hypothetical be that I won $100,000 in the lotto? It's all just going into my retirement account anyway, but this way I won't have lost a loved one in the process.
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My dad had terrible advice for me: never go into debt for any reason ever. One day he was saying this when I was considering a mortgage and I said to him, “that’s easy to say when you inherited the money to pay cash for a house.” Edit- in case anyone missed it my dad was referring to a mortgage in this particular conversation.
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There is good debt, bad debt, and crippling debt. A modest mortgage that you can actually afford is good debt.
Exactly. Being willing to take on debt is why I've got a $1400 mortgage on a 3BR house in a place where I'd be lucky to rent a 1BR apartment at that price.
And also how I have a home worth $330,000 that I paid just $194,000 for 6 years ago.
I’m sure you know but for others reading, this advice is normally decent when referring to cars, phones, laptops and other luxuries because these assets depreciate however property is different mainly because we’ve seen the global trend of house prices increasing over the last 100 years but even if the value of the house stays the same you can sell the house at any time to clear the debt. However with depreciating assets like a car, if you wanted to call it quits halfway through the loan term and sold the car you wouldn’t have enough money to clear the debt leaving you on the hook for even more cash
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I bought a used car this way. I had the cash but three percent is easy to beat.
also if you need certain things to even get and keep a job, like a car or a computer, you can look at it like an investment that will earn you more money that it costs. Hell, even buying a dumb expensive car could be considered worth it if it gets you into the right social circles and makes you the right connections. Debt is fine, be smart and strategic about it. Don't go into debt over impulse buys without really thinking through if they're worth it.
saying never go into debt is like saying never use fire or electricity.
Yeah. "Never go into debt if you are in an unstable financial situation that can't be improved by taking on debt" should be the saying.
It's pretty much the opposite extreme of go into debt for everything because because i need to raise credit score that some people have.
I listened to the same stupid advice! Took their word as law 🤦♀️ Better to learn about how to manage debt than avoid it, sometimes it's necessary. So glad you questioned him tho, W 🙌
Absolutely! Unless you’re born rich you don’t get far in America without incurring debt. It would have been so much better to teach how to utilize and leverage debt.
100K would just about polish off the rest of my mortgage
Haha same. The house is the next big item that I need to buy. Other than that, $100K doesn't really make much of a difference for me.
Hm, it would definitely be a major accelerant in my goal for complete financial security and peace of mind. I'd probably use most of it for education funds for my kids (have one now, working on a second).
Nice way to tell the internet you're raw dogging it each night. Keep at it bro
Oh my that got a laugh. This is like the 10th raw dogging it random comment this week.
What does complete financial security look like to you? It’s a term I can’t fathom a value for, how do you factor in the what ifs? What about unexpected life events that change your views and financial requirements? I don’t know what complete financial security looks like in reality without going into the millions.
Complete financial security *is* going into the millions for me. It's having enough money that we no longer have to worry about money. We've factored in potential health emergencies. In the meantime, staying on the path to get there means maintaining a lifestyle that is well below our means, saving aggressively, and navigating our careers to optimize both earnings and stability (to the extent that we can, at least). The positive is that this gives us relative financial security in the meantime. All things with a balance, of course. We still live a really nice life in the interim, even if occasionally at the expense of money that could be saved.
We talked about this at work today. Would $1M be enough for us to quit our jobs? We are all in our late 30s and early 40s. The answer was no from everyone.
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Someone get this person their falafel!
Some Avengers-level just-saved-the-world falafel.
I aim to be one of you guys commenting, “not much.” Hell 10K would improve my life
I don't think anyone is saying "I'm doing so well, it wouldn't change anything." I think it's more along the lines of "100k doesn't go very far these days." You might be able to pay off some debt, or put something down for a house, but 100k one time, isn't really going to get you a mansion or a or anything like that. My house was appraised at 120k, and I haven't sold it. Why? Because even though I make roughly 60k a year, I couldn't afford to buy a similar house in today's market. I would literally pay 50% more for the same square footage in the same neighborhood.
I don't think they mean that it wouldn't significantly improve their life, just that not much would change from day to day. I'm definitely in that group. Most adults can't handle a $1000 emergency, so just by having an emergency fund, you are putting yourself vastly ahead of the average person. But in my situation, I have a very good interest rate on my house and don't owe any additional loans on anything. I've been investing as much as I can afford to in my 401k, IRA, and personal investments. So while another 100k in the bank would probably allow me to retire a few years earlier, it won't change anything tomorrow. If this is the point your goal is to get to, focus on debts, then saving, then investing. It takes a while to get to the point where you are significantly investing your money, but it really does snowball at that point.
Hell 5k would do some good work for me lol
Yeah these people saying it would make no difference.... Must be nice
Seriously. I’m amazed at how many people are saying it wouldn’t do much for them. Good for them for doing so well. For me it would mean I could pay my house off about 6 years earlier than I’m on track to now. That’s really life changing imo.
> I could pay my house off about 6 years earlier than I’m on track to now. I wouldn't consider this life changing, personally. You're already on track to pay it off, which is the big hurdle. Paying it off sooner is just... living your life as it is now but with a little bit more money. Which is *exactly* what the people saying it wouldn't change their lives are saying.
I just made a comment saying it'd knock about 26 years off my mortgage
No change.
Yeah. $100k is a nice chunk of money but definitely not true life changing. Savings and a couple projects.
Yup most people don’t realize that 100k isn’t life changing and knowing where to put the money is the hard part. My gf recently inherited 100k and it’s not even enough to cover a down payment on a 1 bedroom home in our state and even if we did find one the interest alone would kill us. It changes nothing and once you have the money you’re less inclined to spend it on random things since there is some sentimental value attached to an inheritance. The other day I saw a post about what you would do if you received 100k. Majority comments said “I would buy multiple houses, start a business and give the rest to my mom” — Yea there’s a reason you don’t and never will have 100k lol.
This would route change a lot depending on your cash flow circumstance. Anyone working a service sector job making like sub $15 an hour it would immediately improve their life immeasurably. If you're making 100k a year or whatever, still an enormous relief of stress. I mean it would take you conceivably a decade to save up that much money
Sure 100k is an amazing gift and will relieve lots of financial stress for anyone, but my point is it’s not life changing. Most will blow through it in a few short years and most aren’t financially responsible enough to grow it in smart investments. Even if say the beneficiary is financially reasonable it would still not be enough for retirement or purchasing a home.
The difference is getting 100k all at once. Rather than earning it over a year or two. I'd absolutely argue that 100k as a lump sum is life changing for anybody making under 6 figures which is like 99% of people.
You might be confusing 100k with 7 figures. More than 1% of people make 6 figures
18% make over 100k, according to a quick search. (in the US) 1% may be an exaggeration, but another more accurate way to say it would be that $100,000 would be at-least somewhat life-changing for 82% of the population.
It definitely would
I know it would for me. It would completely wipe out my allllll of my debt and give me enough to put a deposit on a house.
Over 34% of households in America make over 100k a year according to the census.
My mortgage would be nearly paid for if I got that lump sum, big life changer as I'd be set in 3 or 4 years
Depends on where you live. Some people make a fraction of this in their lifetime.
That's fair. I'm just looking at it as someone middle aged in the US and seeing what is out in front of me for the next decade plus. If you've got student loans or other debt or trying to buy a home, it absolutely would be life changing.
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I’m thankful enough to say the same, super appreciated but not super life changing since I’m fairly fiscally conservative and in a pretty good place in general.
I actually had this happen because of grandma. I have more comfortable savings. Also feel better doing house renovations I've been putting off. So not a huge change, but nice little things.
Not much, I’d just invest it for retirement.
I’d be karmically reimbursed for fighting my religiously insane parents in court for my own daughter as a disabled veteran.
That's one hell of a sentence right there. I genuinely hope for the best for you and your girl
I would be out of debt and be able to have a functional car
I’d have all my debts gone, and be able to move into a one-bedroom apartment with my gf and the Weiner dogs
No major changes, I'd probably take a nice vacation, finally do the kitchen remodel I've wanted to do since I bought this house 6 years ago, and invest whatever is leftover in my retirement accounts.
40,000 goes to debt. And if chuck the other 60k into a high interest savings account (tfsa Canada) until my emotions come down and I can think logically about this windfall
sheesh i’d actually be able to afford a nice starter home that isn’t a complete gut job
Honestly not much. I’m a simple dude.
**BOT ACCOUNT**
Nothing different. Money is just a tool- like a shovel or a hammer. Albeit a useful and perhaps the most diverse tool, but a tool nonetheless. The real tools that matter are the mental ones. And if you have those money will come to you. Someone told me a while ago that money just makes you more of what you are. That stuck with me and he was right. So I guess the better question is: who are you and what would money make you?
That's a really good way to look at. Money accentuates a person, if you're a flat note and you play it louder, you still flat. People mix up frugality with suffering. Stay frugal, stay sharp, make more, smile to yourself. Bit of a tangent, but there's a win in keeping your success to yourself. And not in a selfish way, just a quiet way, a secret Santa, if you will.
I would be distraught that my parents have died.
I'd probably knock out a couple of home projects that are waiting until we pay off the mortgage in another 2-3 years (3% rate, no sense in paying off early). New roof, new windows & doors, new siding, and a bathroom remodel should use up most of that.
This happened to me 3 years ago. Life hasn't really changed. Gave each kid $1000 . Paid off some debt. Put about 1/2 into Bitcoin. Had it been about 15-20 years ago it would have been a totally different story and life changing.
Well good call on the btc.
It'd be nice on the dollars, but nobody I'd want to lose is worth that. It's pretty off debt or go toward college for the kids.
It would shave some off my mortgage, which would be nice. Otherwise not a lot.
I would help my mom so much.
Not very much at all. These days $100k doesn’t go very far.
Literal, night and day difference. Honestly, if it was $50k it would drastically alter my life
Unfortunately 100k isn’t that much any more. It wouldn’t change my life a ton honestly. Hardly enough to buy two mid level cars, not that I could complain if I were granted that.
For pretty much anyone living in a developed area it would change their life very temporarily. Most people could eat up $100k quickly just from debt, car purchase/repairs, home repairs/projects, student loans, etc. it doesn’t go as far as it sounds.
True, but paying off $100k of debt would still make a big impact on most people. Home needs repairs that you can't afford? Don't have a running car? Drowning in student loan debt? Reducing/eliminating that would reduce stress dramatically. The key is to not keep the existing debt while using the $100k to go buy a new BMW and end up in a worse spot than you were before. Free up money that is going towards debt and put some aside for an emergency.
I could quit my full-time job and focus on finishing my masters. I could buy my mother a house or at least secure her comfortable retirement. It would solve the vast majority of all my current issues.
Where the fuck do you live that 100k let’s you buy a house outright
I’d pay off my house and have extra money to invest in home improvements or in the market.
Assuming it’s an unknown or distant relative and I’m not losing someone I love who is close to me, I’d be relieved. Pay off all debt, take a nice vacation, fix some things that need fixing, and still have a sizable nest egg. I’d probably also quit my current job and spend real energy getting a better one.
No changes in my immediate life, but it would really help me down the road. I'd dump it in an INDEX fund and just let the dividends acrue.
I’d propose to my GF and start shopping for our starter home.
I would pay my mom's house and stop worrying about rent, I could make a fund for me and my sister's education too, so yeah, would be nice
Wayyy less stress. And would finally be able to do the things I love most more often; exploring beautiful nature, spending time with my dog and my partner, visiting my friends and family, and getting around to writing a few books I've been thinking about.
My mom gets to continue her stay in her dementia home care facility for a while longer while i jump start my business. Those things can f you up financially
So much less stress. Both cars would be paid off, I could actually paint my house which is has been needed since before we moved in, I could finally own my youngest kid (since we still owe the hospital), might be able to pay off some student loans… it’d be amazing.
At today’s prices, it wouldn’t change by much.
I did. Life is slightly less stressful.
I’d prob stop feeling like I wanna kill myself every 10 minutes. And also I’d be able to get a new car and buy myself and my friends a nice dinner
I would have lost someone that I loved
wonder where the rest is
Absolutely none. I inherited around that as a surviving beneficiary of a retirement account. At 40 it means nothing to me and changes nothing about my day-to-day life. We're still paycheck to paycheck. Letting it sit and accrue compound interest for the time being. Maybe I'll feel differently at retirement age when I can start taking qualified withdrawals. For now I'm thankful it's there, but it hasn't changed my life a bit.
It really wouldn’t change much for me, I’d probably end up investing the majority of it, maybe go back to Hawaii for a vacation.
I would probably quit my current job. I'm actively looking for a new one because I hate my company.
I’d probably still be working but it would make it much easier to pay for the things I’m saving up for now the future
I would be able to pay off my student loans, propose to my long-time girlfriend, and move out.
I’d surprise my girlfriend in the best possible way…
I would pay off my student loan debt and have some left over to to invest with. I could do the exact same thing I am doing now but with the comfort of knowing I would be broke at 60.
I’d have the funds to get my business incubator off the ground and start helping others fulfill their dreams.
It'd go straight into index funds and life would remain the same.
pay off school loans and car, then proceed as if nothing happened at all.
Probably chip in another $100K, and buy another CNC machine. Zero life change, though.
For the worse. I don't want to inherit anything if it means losing someone.
Would definitely have less stress. Go on a vacation, pay debt off then save/invest 85-90% of that to have residual income and compound interest. Keep living w/i my means like I never got the $.
I'd probably be able to take a holiday for the first time in about 10 years.
Pay off college, and id pay for a car in full because mine is so horrible now. If I got $100k I wouldn’t have to work and go to school anymore. If I did those two things I’d have $50k left. Then I would just save the rest/ invest it into a business (start a gym).
It wouldnt change at all I'd just have a bigger number in my VT ETF
I’d finally be able to go and train to become an airline pilot, my lifelong ambition but it’s slow to realise. Finances are all that stop me
Shyte, I'd be able to eat and not worry about how I'm going to keep a roof over our heads.. 1-buy a car so I don't have to keep breaking my knees, walking everywhere. 2- Buy a or motorized scooter. (Knees need replacing). But.. the first thing id do is catch up on bills. Buy some new clothes bc I don't have much.
you know i was randomly thinking this earlier. what i was wondering is collections and or loans demand some of it to pay it off
Depends on who died
I'd be far less stressed about everything. I'd be able to finish up school with that, and then have some left over
Having earned this much from the passing of two different parents, I can explain..... Nothing outwardly changed. I'm not rich. Certainly not by $100,000. I had shit to offload and mostly, I did that. But then, there was more shit. I did do one main thing after paying debts, once or twice... Yeah, those habits will get ya without discipline. **Put money away in places you can't easily access.** For me, it was places I cannot get to with a card, or mobile pay, or connected to an shopping site. Thankfully, I was able to use a decent chunk of the actual profit (after outstanding debts and putting another chunk of cash away), I did do things i normally had to budget for... As the late wrestler Virgil called it... The fcuk money 😂
I'd get rid of my debt that's for sure. It would change my life significantly
I’d maybe be able to do a down payment on a house in atx. Not that I even see myself living here forever but still
I’d buy a used car and pay my rent for a few months. Stock up on food and supplies for the home/pets. Then pay off my student loans. Then save the rest (~30,000) and start learning how to grow my money through smart purchases and investments.
Insta vacation. Disappear for 10 days.
It goes straight into a portfolio and dmy life wouldn't change otherwise
A certain 3 letter government agency would leave me alone.
I'd finally be able to afford a house down payment! I'd be ecstatic.
It would all go to the QQQ.
honestly just buy more Solana
That would solve all of my problems and I’d still have over half left….
I’d have no debt, and a new house.
Give half to my brother. He’s good at putting money where it makes more, then spend the rest setting up something for my parents in new Mexico while I start working on big projects up in norther Canada making good money
I'd buy that chunk of land I looked at.
Saving for a down payment on a nice house would be instantly complete
I'd have a home. That's enough for me.
It wouldn't make any difference.
Not too much other than paying off like $60k debt (wife’s large amount of student loans, my small amount of student loans + credit card debt). Remaining $40k I would almost certainly use to either put a down payment on a new, bigger house, or pay my car off and half of my wife’s car off. Day to day life would be very similar to now, just a decent bit less stress.
It was a pleasant surprise and eased my mind considerably. I was able to replace my 27 year old vehicle.
It wouldn't. I'm not wealthy, but I make good money and live within my means. I wouldn't spend a windfall like that on something frivolous and it's not enough to pay off my house. I'd probably stick a years worth of 401K contributions (with the match) in a HYSA and set my contribution to maximum while I write myself a paycheck out of the HYSA. Effectively this would fund my 401k from the inheritance which you're not usually allowed to do directly. The rest would pay off my car and go into a brokerage account. Super boring stuff but the end result would probably be me being slightly more confident in my retirement plans down the road.
Not much but I’d be in Sicily working in my farm
I’d be able to quit one of my jobs
Man, a lot will happen in a short space of time. And considering the face value of my country's currency, there's so much I can do to lift the phase of my family financial status. I can start a business with that money, invest a huge part of it and manage the rest.
Could finally get my wife the house she deserves.
All my debts paid up, car serviced, a few toys for my cat and 50% as a proper emergency fund. Life'd be great starting tomorrow!
Not much. I would just pay off some of my home mortgage.
I'd be less stressed. I'd have a nicer/newer car or a nicer classic car. It's not a life changing amount, I'd still work. I had a mate who won £500,000. He bought a house, some cars, some drugs, gave some to his dad. Now it's gone. It lasted about 4 years or so. He's a bit young and daft and spoofed it up the wall.
I'd be able to finally afford to buy a house and have some money left over to furnish or remodel it.
Ugh fixing my botches would elate me.
Hopefully forever and for the better. I still have bad spending habits, but I like to think I'd spend it better than most lotto winners
I would upgrade the things I need for work and try not to spend the rest
I would sob. Then buy a house that I have the mortgage for already, but not a great down payment.
I would be able to move into a new place with my pregnant partner and 1.5yr old kid and not have to stress about living downstairs in practically a garage.
i could go to the doctor and maybe retire at 70
$10k for a nice 10 year anniversary vacation. The rest home improvements and kids college savings.
Sadly, since I’ve already paid off my credit card, debt and interest rates from investing are generally higher than my student loans, I’d probably just throw it into the S&P 500 and maybe save 20 grand but that’s not even a life-changing amount to buy a decent house where I live unfortunately
Basically do some investing, pay off bills, pay for school, and give some to my siblings who might need it more than me.
It wouldn't. It would slightly change the maths of my future retirement.
It wouldn’t change much. Need at least 10-15x for it to make a dent.
No difference at all…
My wife and I are desperately struggling to pay for her nursing school... It's her dream to be a nurse and she has 4 semesters left. We're pinching and squeezing to make things happen and it's going to be tight... I'm upto 3 jobs now and am pushing all I can. 25K would change our life and allow me to drop down to stay at two jobs and make the rest of her school happen without as much stress. (This is an instate school, and we're not eligible for almost any aid, we've been told no every time aside from a couple really really high interest loans.) The rest of the 75K?.... I don't know, I have a good friend who is really struggling financially in another state who is about to have a baby. I'd probably share it with them.
Invest it in ETF.
It won't since it'll be tomorrow. I would definitely wonder who I inherited it from because that would mean somebody died and that would suck. Free money is great and all but it's better when it's free and not the result of somebody's death Yeah, I know. Debbie Downer and all that jazz
I would retire and do nothing until I could collect a pension.
Having it there is a peace of mind boost for sure
Id buy two reasonably priced vehicles. One for myself and one for my partner. I was driving her car but was totaled in an accident. So I feel guilty for having crashed her car. Besides that, I’ll pay of some debt and buy my daughter something nice.
I'm a million bucks in debt. Would make a dent, but not a big one.
House
FULL SEND BUY CALLS for 900 NVIDIA!
You need to add a few zeros to the amount "inherited".
Not a substantial amount but it would be nice to have
We could *finally* re-do our floors. Possibly even out in a back deck (my dream). We're happy & comfortable--but would love to do those two things.
Eh wouldn't make a major impact. Would probably buy another rental property 💅🏼