Tomorrow you wake up, You got 50000$ in your hand. What will you do?

[airbin]

if this is the case, it means that I am doing something right, and then I would only think about continuing to do the same thing, I would repeat everything I did the day before, starting with a redbull.
In serious discussion, the reality here is to think why don't you generate money while you sleep, so that when you wake up you will see a $1 in your account, that you didn't have before.

[wallet4bitcoin]

$50000 seems like a lot of money but to someone who has an idea to develop and implement into societal application, it's  not much as loads of channels are already existing towards the appropriate use of the funds.

Let's say one has an idea on production of charge storm for electric cars, you'd need to build a factory for multiple production and some test samples with which you'll use as MVP and then get feedback before hitting investors with your numbers for expansion.

 I'm actually talking about me but from a general standpoint

[alecfisker]

arrange thanksgiving dinner for 1000 usd, share some money for holiday presents, remaining 40k to cash, call air uber for caribean island transfer

[Richbased]

Inasmuch as I don't believe in Miracles of getting money I didn't work for, I can say that this amount is too huge for someone to get from airdrops or lottery but notwithstanding that if such Miracle occur to me what I will just do is to build a school, employ the services of experienced and reputable teachers and start running a school as Director because I'm so much concerned on our children attaining a high level of education.

It's very unfortunate that education isn't really given the right attention it requires as the social and fundamental well being of the society is dependent on the kind of knowledge we are able to pass to the next generation. So it is our duty to create an environment whereby almost every citizen in the country attain the best education that can project them to achieving their dreams and goals.

[digaran]

I have evolved ever since last time I posted here, now when I get that money, I'm gonna open a whorehouse and accept no clients, just me and my little whores all day, all night, if I can survive more than a week though. Lol

[Y3shot]

I don't really believe you can just wake up and see a huge money intoyour account that was not worked for but  if at all something like this happens, I think this is a huge money to be lavish, some parts of this money needs to be invested into anything that can generate good money. 
If I should have money like this I will invest part of it into crypto against the bull market,  hodling will really yield to good profit against the bull market coming.

[Uhwuchukwu53]

Inasmuch as I don't believe in Miracles of getting money I didn't work for, I can say that this amount is too huge for someone to get from airdrops or lottery but notwithstanding that if such Miracle occur to me what I will just do is to build a school, employ the services of experienced and reputable teachers and start running a school as Director because I'm so much concerned on our children attaining a high level of education.

It's very unfortunate that education isn't really given the right attention it requires as the social and fundamental well being of the society is dependent on the kind of knowledge we are able to pass to the next generation. So it is our duty to create an environment whereby almost every citizen in the country attain the best education that can project them to achieving their dreams and goals.

All you said here is good one idea, it's as part of my mind you have just stated. Three things in my mind , school, hospital and Bitcoin if such money is possible. I would like build hospital that can solve some problem of health, where most advance machine can be use to handle poor health care system from our nation and subsidized the charges for poor citizens. Secondly my Bitcoin investment I will increase the investment to sustain my financial income.

[KonstantinosM]

Set aside money for taxes, no-one mentioned that yet.

After I set aside 35% for taxes, I would first max out my roth IRA

Taxes                            17500
Roth IRA                       6000
Fix my fucked up car      5000
Home repairs                10000

Keep the remainder as an emergency fund.

Continue life as normal


How did no one else mention setting aside money for taxes?

[PytagoraZ]

Set aside money for taxes, no-one mentioned that yet.

After I set aside 35% for taxes, I would first max out my roth IRA

Taxes                            17500
Roth IRA                       6000
Fix my fucked up car      5000
Home repairs                10000

Keep the remainder as an emergency fund.

Continue life as normal


How did no one else mention setting aside money for taxes?

We will only get the money tomorrow, why should we think about the taxes now, tomorrow we will just think about how the money will be used and most importantly we wait for tomorrow to come.

But since you're talking about taxes, is there a way to avoid them? 35% is big guys, let's talk about the odds ... 

[Sanugarid]

Let's imagine tomorrow when you wake up and check your exchanges and wallets. Somehow from an airdrop, giveaway, lottery. What will you do? Would you invest? put it in a bank? Buy real estate, business or what else will you do?

I will put 10000$ in the bank first. Get at least 1 Bitcoin and the rest will spend on a trip to Thailand. What will you do if you get this kind of money suddenly?

If I wake up with $50,000, I will definitely keep half of it in the bank, after that I will turn the rest into bitcoin and business so that half will grow and continue. The one I put in the bank might be used to buy a car and of course travel to the country I want to visit. It's nice to dream, but all that won't happen, you have to move, work hard to earn money to fulfill all the things you want to happen. If you don't act nothing will happen to you.

[Iamcrypticguy]

Let's imagine tomorrow when you wake up and check your exchanges and wallets. Somehow from an airdrop, giveaway, lottery. What will you do? Would you invest? put it in a bank? Buy real estate, business or what else will you do?

I will put 10000$ in the bank first. Get at least 1 Bitcoin and the rest will spend on a trip to Thailand. What will you do if you get this kind of money suddenly?

If I wake up with $50,000, I will definitely keep half of it in the bank, after that I will turn the rest into bitcoin and business so that half will grow and continue. The one I put in the bank might be used to buy a car and of course travel to the country I want to visit. It's nice to dream, but all that won't happen, you have to move, work hard to earn money to fulfill all the things you want to happen. If you don't act nothing will happen to you.

I'll convert into alts on cosmos chain and take it all. In 5months I'll go on vacation 😎

[citb0in]

If I were to suddenly receive a windfall like that, my approach would depend on my financial goals, risk tolerance, and current circumstances. I might allocate a portion to savings or investments for long-term growth, diversifying across assets like Bitcoin or stocks. Additionally, I'd consider using some funds for experiences or enjoyment, such as travel or personal development. It's important to balance prudence with seizing opportunities and enjoying life, so I would likely create a well-thought-out plan to make the most of the unexpected wealth.

[KonstantinosM]

We will only get the money tomorrow, why should we think about the taxes now, tomorrow we will just think about how the money will be used and most importantly we wait for tomorrow to come.

But since you're talking about taxes, is there a way to avoid them? 35% is big guys, let's talk about the odds ... 

Well, if the person that gave you the 50,000 didn't put it in your bank account and gave you cash, or crypto in an address that isn't somehow linked to you you could try to avoid taxes.

If it's crypto and it made sense you could go to a country that crypto gains aren't taxed and renounce any citizenship that requires you to pay taxes on crypto if that makes sense for you and end up paying 0 tax legally.

[KupaCrypto]

Firstly, I will invest in my dreams, have always wished to have a big cyber security firm, so 95% goes to that,
Then with the remaining 5% , I will go to an orphanage, because here in Africa people are really suffering,

[Kelward]

It's timely that Bitcoin is dropping so, $26k for Bitcoin to own 1BTC.

Firstly I I'd say that waking up and finding that you're $50,000 richer without making the slightest efforts to earn it is simply wishful thinking, unless it's handed down to you by some rich relation that you don't know. There's 99.8% chances of that happening, if it however happens I'll invest half of it in Bitcoin, because despite it's price now, we're still expecting a massive bull run, then I'll still invest half of what's remaining in other profitable assets, then I'll blow the rest, afterall it's free money.

Another wishful thinking, that Bitcoin is still $26k that would've been awesome, you could buy 1 Bitcoin and still have plenty change left.

[Claymore2]

If $50,000 appeared in my wallet, I would take it as a chance to safeguard my financial future. I would utilize half of my money properly for long-term investments and the other half to achieve personal goals like owning a house. In addition, I would start a long-term business to help orphanages by giving them resources and hope for the future.

[JayJuanGee]

If that's enough to buy me a comfortable house, I'd love to do it. It's been one of my goals to have my own house of my design but I don't think that's going to be enough considering the inflation and cost of materials have been increasing.

So, as a solution, I'll just put it all in to Bitcoin and the roller coaster ride determine its future use and that might be my ticket to that house that I have been dreaming of designing.

And if there are some excess, some vacation to release the stress hormones that I have acquired all of these years.

Well, just think at the time of the start of this thread, investing a good amount of the $50k into bitcoin would have done quite well for anyone with such insight in terms of investing rather than strict consumption.  Surely there is nothing wrong with consumption, but if you think about the thrust of the responses in this thread, it is not easy to figure out how so many guys seem to first think of consumption and many also talk about investing into various other things that are not called bitcoin, even though surely we are in a bitcoin forum and many of us should have already come to the conclusion that bitcoin is a good investment....

Think about the hypothetical one more time.. it is an extra $50k that you had not otherwise expected to have.  

So surely there should be differences in the financial status and/or the financial preparations of guys in regards to their buying bitcoin, yet might we not already assume that guys in this forum already have some kind of bitcoin related investment plan that also may well involve a kind of projection in regards to where the guy is going and how long it might take to get there, so then $50k should advance the journey, so surely it could be possible to divide the $50k into four quarters, and so then maybe 1/4 goes into bitcoin right away, 1/4 goes towards buying on dip and DCA, maybe another 1/4 goes into shoring up cash reserves and other aspects in which a guy's finances might be coming up short. .and maybe another 1/4 could go towards consumption - though that seems a bit much.. maybe just 1/10 goes towards some various kinds of consumption.

Compare investing into bitcoin at the time of the start of this thread in August 2023, and so at the time of the starting of this thread there would have been considerable opportunities to buy bitcoin between around $26.2k and perhaps $27.5k depending on how the timing of the BTC buys went.

Of course your response to this thread (jossiel) was in early November 2023, so even then, BTC prices had largely been bouncing around in the price range of $36k to $38k, so it might have been perceived that some of the bitcoin opportunities had gone, but then again, where are we trying to go with our investment and what is our timeline, so if we put some or most of the money into bitcoin, since we conclude that it is not quite enough to invest it into something that costs way more capital, such as a personal property, then we might consider the personal property as one of our aims, yet it still seems problematic to sacrifice investing too much into property and to deplete our BTC investment, so there could surely be ways to attempt to achieve both, yet we would still need to build our BTC and also hope that our BTC is growing alongside with the investments that we put into it. with the time of your post.

Even with your March 2016 forum registration date, jossiel, you may well could be in a position in which you might have already built your own amount of BTC that some day you might use some portion of your BTC to buy a house, even though I question anyone who supposedly knows about bitcoin and who feels compelled to rush into real estate and/or concluding that it is better to be in real estate than it is to be in bitcoin... so there likely is some need for balance in terms of how much value to keep in various kinds of assets that are not bitcoin... and which place is going to be better to hold your value and/or how to balance those various interests.

Of course someone investing $100 per week into bitcoin for the past 8 years would have had invested around $42k and would have had accumulated nearly 12 BTC, which surely should give more options for buying a house, even if it might be just shaving off some portion of those BTC to invest into a house.

Getting the money today, would not necessarily materially change the kinds of weighing of the decisions and the balancing as compared with mid-August 2023 or early November 2023, even though there is a real life fact that BTC prices have come up around close to 2.5x since August 2023 and around 1.8x since November 2023, yet I am not sure if the mere appreciation of BTC prices would necessarily change the allocations, yet no matter what the amounts are still getting plugged into systems that the guy is already following, so likely there would be areas in which the cash side of his budget could be buttressed and other areas in which the investment side of his budget could be buttressed.. . .so sure there could end up being some differences based on differences in the BTC price, yet we are also ONLY able to act from today (or tomorrow, since OP mentions that we would be receiving the $50k amount "tomorrow.") , we cannot turn back the clock.

Set aside money for taxes, no-one mentioned that yet.

After I set aside 35% for taxes, I would first max out my roth IRA

Taxes                            17500
Roth IRA                       6000
Fix my fucked up car      5000
Home repairs                10000

Keep the remainder as an emergency fund.
Continue life as normal

How did no one else mention setting aside money for taxes?

The example did not say anything about having to pay taxes, and so the hypothetical seems to be that you have $50,000, so maybe you need to get some tax consulting with that money, but I would not assume that it would necessarily be the case that the amount is taxable, so in that regard, I am having trouble presuming that there is going to be a necessity to pay taxes on the amount received...  

Another thing you mentioned some places that you would put the money, yet you did not say anything about investing into bitcoin - which surely seems surprising.

Of course, I look at your forum registration date and I see that you have been here since October 2012 - so surely it could be that you did not mention buying any bitcoin since you already have enough bitcoin or you have too much bitcoin, so yeah, that could be understandable in terms of a possible explanation why you did not mention anything about buying any bitcoin with the extra windfall money, namely the $50k freebee money that rolled into one of our accounts.

If I were to suddenly receive a windfall like that, my approach would depend on my financial goals, risk tolerance, and current circumstances. I might allocate a portion to savings or investments for long-term growth, diversifying across assets like Bitcoin or stocks. Additionally, I'd consider using some funds for experiences or enjoyment, such as travel or personal development. It's important to balance prudence with seizing opportunities and enjoying life, so I would likely create a well-thought-out plan to make the most of the unexpected wealth.

Now, this is a good idea. Start out by developing a plan that has potentially investment components and also consumption components and then figure out how much is going to go towards each broad category and then thereafter narrow it down to more narrow ideas within each of the categories.. .. that sounds good.. ... part investment and part consumption, and how you divide up the investment versus consumption would depend in part upon how far you already are in your investment journey..

[Bravut]

If I were to suddenly receive a windfall like that, my approach would depend on my financial goals, risk tolerance, and current circumstances. I might allocate a portion to savings or investments for long-term growth, diversifying across assets like Bitcoin or stocks. Additionally, I'd consider using some funds for experiences or enjoyment, such as travel or personal development. It's important to balance prudence with seizing opportunities and enjoying life, so I would likely create a well-thought-out plan to make the most of the unexpected wealth.

Now, this is a good idea. Start out by developing a plan that has potentially investment components and also consumption components and then figure out how much is going to go towards each broad category and then thereafter narrow it down to more narrow ideas within each of the categories.. .. that sounds good.. ... part investment and part consumption, and how you divide up the investment versus consumption would depend in part upon how far you already are in your investment journey..

I buy this idea, firstly having a set plans and following through, using scale of preference, of which you start from the most prioritize one which for me is building a solid bitcoin portfolio first because I haven't accumulated much neither have I tried enough in respect to my bitcoin investment after that I can diversify after calculating  certain percentage that would be allocated from my finances monthly into Real Estate, buying of shares, and also owning a physical business.

Over the years I found out that the wealthy keep growing, and maintaining there wealth which is as a result of prioritizing growth, personal development over self-pleasure. The reason some are still stuck is because they are blind to recognize opportunities and make good use of it, they feel the right time is not now or they will need to have $1m before they think of something which I reality is far from the truth. Life is funny because it won't present opportunities the way you want it, everyone wants to live a happy lif but just few understand the system, I would invest the $50K, its worth it, because I know this $50k can worth $150k or more overtime than eating snacks, pizzas, going on vacation that I would spend instead of gaining especially in this my growth stage. Common on that's will be a mess. Am not saying doing all this is bad, but with proper planning you will know how to go about it,don't give room for Mediocrity.
In as much as everyone is entitled to there opinion, decisions likewise everyone will enjoy the dividend of there action.

[JayJuanGee]

If I were to suddenly receive a windfall like that, my approach would depend on my financial goals, risk tolerance, and current circumstances. I might allocate a portion to savings or investments for long-term growth, diversifying across assets like Bitcoin or stocks. Additionally, I'd consider using some funds for experiences or enjoyment, such as travel or personal development. It's important to balance prudence with seizing opportunities and enjoying life, so I would likely create a well-thought-out plan to make the most of the unexpected wealth.

Now, this is a good idea. Start out by developing a plan that has potentially investment components and also consumption components and then figure out how much is going to go towards each broad category and then thereafter narrow it down to more narrow ideas within each of the categories.. .. that sounds good.. ... part investment and part consumption, and how you divide up the investment versus consumption would depend in part upon how far you already are in your investment journey..

I buy this idea, firstly having a set plans and following through, using scale of preference, of which you start from the most prioritize one which for me is building a solid bitcoin portfolio first because I haven't accumulated much neither have I tried enough in respect to my bitcoin investment after that I can diversify after calculating  certain percentage that would be allocated from my finances monthly into Real Estate, buying of shares, and also owning a physical business.

Over the years I found out that the wealthy keep growing, and maintaining there wealth which is as a result of prioritizing growth, personal development over self-pleasure. The reason some are still stuck is because they are blind to recognize opportunities and make good use of it, they feel the right time is not now or they will need to have $1m before they think of something which I reality is far from the truth. Life is funny because it won't present opportunities the way you want it, everyone wants to live a happy lif but just few understand the system, I would invest the $50K, its worth it, because I know this $50k can worth $150k or more overtime than eating snacks, pizzas, going on vacation that I would spend instead of gaining especially in this my growth stage. Common on that's will be a mess. Am not saying doing all this is bad, but with proper planning you will know how to go about it,don't give room for Mediocrity.
In as much as everyone is entitled to there opinion, decisions likewise everyone will enjoy the dividend of there action.

Surely you seem to be justifying the deferred gratification idea, which also seems to imply a kind of situation in which you already have a system in place in which you are sufficiently gratified, so when you receive an additional $50k by surprise, you are able to pretty much dedicate all of it towards investing rather than consumption, since presumptively you are suggesting that you already have your consumption systems in place...

Even having had said all of that, I cannot really blame guys who want to dedicate a certain percent of the new value to consumption, but yeah, since the value is a surprise amount, it is difficult to consider that it would be necessary to dedicate very high amounts of that new surprise value to consumption rather than to investing... and perhaps one of the ONLY exceptions would be if your investment situation is already in a very strong place, so then when the $50k comes in, you do not feel any need to add  it to your investment, since you already have a very strong investment situation.. ..so then in that kind of a situation, you end up allocating more of that $50k towards the consumption side rather than towards the investment side..

So for example, if a guy had established an entry-level fuck you status of $2 million,^** yet he finds himself with around $10 million in value of his various investments (whether bitcoin or otherwise), so since he is around 5x higher than his goal, then he might already feel that he is overly invested, and so in that kind of a circumstance, he might end up putting most if all into the consumption side of the equation rather than in the investment side.

** Note:These numbers should largely work the same if we were to consider $200k versus $1 million (1/10th the above-described amount).. in terms of whatever a guy might consider his own idea of entry-level fuck you status... yet of course, $50k ends up being a way higher relative amount in terms of a guy who considers entry-level fuck you status as $200k versus the guy who considers entry-level fuck you status as $2 million, yet similar principles would still apply in regards to a guy who finds himself some proportion of multiples above his entry-level fuck you status tending to give lower priority towards needing to invest with any new amount as opposed to being o.k. with any decision to allocate that amount towards consumption

[Bravut]

If I were to suddenly receive a windfall like that, my approach would depend on my financial goals, risk tolerance, and current circumstances. I might allocate a portion to savings or investments for long-term growth, diversifying across assets like Bitcoin or stocks. Additionally, I'd consider using some funds for experiences or enjoyment, such as travel or personal development. It's important to balance prudence with seizing opportunities and enjoying life, so I would likely create a well-thought-out plan to make the most of the unexpected wealth.

Now, this is a good idea. Start out by developing a plan that has potentially investment components and also consumption components and then figure out how much is going to go towards each broad category and then thereafter narrow it down to more narrow ideas within each of the categories.. .. that sounds good.. ... part investment and part consumption, and how you divide up the investment versus consumption would depend in part upon how far you already are in your investment journey..

I buy this idea, firstly having a set plans and following through, using scale of preference, of which you start from the most prioritize one which for me is building a solid bitcoin portfolio first because I haven't accumulated much neither have I tried enough in respect to my bitcoin investment after that I can diversify after calculating  certain percentage that would be allocated from my finances monthly into Real Estate, buying of shares, and also owning a physical business.

Over the years I found out that the wealthy keep growing, and maintaining there wealth which is as a result of prioritizing growth, personal development over self-pleasure. The reason some are still stuck is because they are blind to recognize opportunities and make good use of it, they feel the right time is not now or they will need to have $1m before they think of something which I reality is far from the truth. Life is funny because it won't present opportunities the way you want it, everyone wants to live a happy lif but just few understand the system, I would invest the $50K, its worth it, because I know this $50k can worth $150k or more overtime than eating snacks, pizzas, going on vacation that I would spend instead of gaining especially in this my growth stage. Common on that's will be a mess. Am not saying doing all this is bad, but with proper planning you will know how to go about it,don't give room for Mediocrity.
In as much as everyone is entitled to there opinion, decisions likewise everyone will enjoy the dividend of there action.

Surely you seem to be justifying the deferred gratification idea, which also seems to imply a kind of situation in which you already have a system in place in which you are sufficiently gratified, so when you receive an additional $50k by surprise, you are able to pretty much dedicate all of it towards investing rather than consumption, since presumptively you are suggesting that you already have your consumption systems in place...

Even having had said all of that, I cannot really blame guys who want to dedicate a certain percent of the new value to consumption, but yeah, since the value is a surprise amount, it is difficult to consider that it would be necessary to dedicate very high amounts of that new surprise value to consumption rather than to investing... and perhaps one of the ONLY exceptions would be if your investment situation is already in a very strong place, so then when the $50k comes in, you do not feel any need to add  it to your investment, since you already have a very strong investment situation.. ..so then in that kind of a situation, you end up allocating more of that $50k towards the consumption side rather than towards the investment side..

So for example, if a guy had established an entry-level fuck you status of $2 million,^** yet he finds himself with around $10 million in value of his various investments (whether bitcoin or otherwise), so since he is around 5x higher than his goal, then he might already feel that he is overly invested, and so in that kind of a circumstance, he might end up putting most if all into the consumption side of the equation rather than in the investment side.

** Note:These numbers should largely work the same if we were to consider $200k versus $1 million (1/10th the above-described amount).. in terms of whatever a guy might consider his own idea of entry-level fuck you status... yet of course, $50k ends up being a way higher relative amount in terms of a guy who considers entry-level fuck you status as $200k versus the guy who considers entry-level fuck you status as $2 million, yet similar principles would still apply in regards to a guy who finds himself some proportion of multiples above his entry-level fuck you status tending to give lower priority towards needing to invest with any new amount as opposed to being o.k. with any decision to allocate that amount towards consumption

True,  those who have already had strong investment and a  working system that feel they have invested enough won't hesitate to spend the money on consumption, sighting the examples you gave that's example of people who have already accomplished major part of the task.
And we won't expect that other guys who haven't built to that stage would also want to spend as them and the neglect the need for investment.
Before someone would have return of 3x,4x and so on already  plan, had discipline to execute those set target of which he is enjoying the dividend, if the reverse was the case he won't have achieved that or if he prioritize consumption, we can't really determine his capital but surely it was a gradual process over years with dedication. In essence let us not prioritize unnecessary spendings over our investment whether the money was gotten free, you can still invest bit, in building  your portfolio.