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$50k is a weird amount.
If you're currently financially in crisis, it will probably save your life. But if you're doing okay, it probably won't change your life much. And if you're even mildly rich, like six figure salary, you might not even notice.
I'd probably just put it in vanguard or a high yield savings, in preparation for bigger expenses that are probably coming (eg: moving, unemployment)
I'm doing ok but 50k would let me put a down payment on a house which would still be life changing.
You're making me grapple with how expensive housing is here. A down payment for a two bedroom apartment in Brooklyn is going to be like $100-200k.
It's fine, I tell myself. I can walk to everything I need and take transit to everything else.
If you're living in Brooklyn and not making six figures, you don't need to be living in Brooklyn.
I went to school in Brooklyn. Where should I have lived?
What does that have to do with it?
You suggested only people making six figures should live in Brooklyn. So when I was a grad student going to school on Brooklyn, where should I have lived?
Apartments here are ridiculous. I can get a home loan with payments half of a comparable apartment. Yes, I would be responsible for maintenance but I've owned before and it is still less expensive than renting even with maintenance.
All depends on where in that range.
Low end? That’s like half a years salary and would absolutely make a difference.
Also, it's a post-tax $50k, whereas your earned income is a pre-tax $100k in that scenario.
Breathes deeply in making less than 50k/yr before taxes.
I’m so sorry. Seriously.
It makes a difference, but it's a few years savings, not life changing money.
Or well, it depends on how you want to change your life. It's around what I used to quit my job and move from a red state to a blue one. It can get you a new degree. It can be a down payment on a house. And in all these cases it involves a level of slumming it that had you been comfortable with you'd've been able to save it up relatively quickly if you had a 6 figure income
Ok boomer.
Same, or maybe split it and use half to pay off a bit of my mortgage principal.