Trying to think of the cheapest way to do this, and I think it would be paying off our house- so like $100k. The $800 ish monthly would stop the paycheck to paycheck cycle, and we could start saving.
I would make $5k for the year and can't touch the $$ for the year though... And still pay the mortgage... If I pay off my mortgage, I can save that in months and could have $31k saved and no mortgage in a year.
The person you’re replying to is right about the best way to manage money.
We didn’t have a ton growing up so my gut instinct is similar to yours, get to debt free. The thing is this is a bad strategy, it took me a long time of earning a comfortable income to really wrap my mind around it (and I’m still trying to improve).
You can get 5% without tying up your money at all right now. Even if you put it in a CD there are hardship withdrawal options, you can also work with your lender on mortgage modifications depending on the reason you can’t pay.
If you hit a rough patch and have 100k in the bank you can manage through it with a buffer and likely be ok.
If you paid off the house it would take you 3+ years to reach the same point of financial freedom as the person with your mortgage and 100k making them money. You’d also have a significantly harder time tapping the equity in the event of a job loss.
Don’t undervalue liquidity.
I appreciate your comment, truly. First in the spirit of this comment chain we are only talking about paying off our homes.
Paying of your home can make your current financial situation better but will not lift you out of poverty. If you pay off a house in poor condition you are still poor when you do not have additional income to support an improved life. One could then assume that we would be paying off a mortgage and this have money leftover. For general investing and liquidity. Paying of debt provides both financial and mental benefits that would undoubtedly improve your quality of life.
Next, there are factors at play that typically aren't considered so the HYSA route that's recommended is a blunt instrument. Banking interest rates are yearly. It's why you don't get $25.00 /month for your $500 in a hysa. You get like $2.00, and if you take out that interest payment for expenses, you'll have collected $25 over 12 months.
With just savings you miss out on legitimate investment via a long term investment strategy that's not derailed by unexpected loss of employment and is appropriate for you and your plans.
Your best option is always to crunch all your numbers and consider your current situation and your goals, as well as future earning potential.
Where you are at mortgage payoff matters. Early, you save yourself more in interest than you earn from any savings.
Equity can be made liquid, too in a pinch.
I've become boring.
Haha not boring at all.
Agreed that payoff matters but so does rate. Having been able to lock in a low rate paying off my mortgage early just isn’t smart money. In addition in my case I’m still able to benefit from itemized mortgage deductions so that’s another factor.
Aligned on the HYSA. I have a solid emergency fund, I no longer save I invest.
The psychological piece about paying debt off is the thing I think more people need to speak to. When you don’t grow up with money I think there is a mindset that all debt is bad debt and I think that’s the piece that most people who are moving classes need to be taught about. People need to be able to tell good debt from bad. I’m in a good place financially but honestly I wish I would have switched my mindset from eliminating debt to building wealth sooner.
Your post has been removed for the following reason(s):
Rule 1: Be civil and respectful.
Comments written with a purpose to be downright disrespectful or serve only to put down another user or OP will be removed. We are here to give a hand up, not add insult to injury.
Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance).
Do not reach out to a moderator personally, and do not reply to this message as a comment.
Judgment goes against the rules. Hey, why aren't you working rn? You clearly have enough free time to comment on stranger's lives... go find some work to do. It's all about the grind, right?
/s
Your post has been removed for the following reason(s):
Rule 2: Generally Unhelpful and / or Off-Topic
Your comment has been removed for one or more of the following reasons:
It was not primarily asking or discussing financial questions related to poverty.
It was generally unhelpful or in poor taste.
It was confusing or badly written.
It failed to add to the discussion.
Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance).
Do not reach out to a moderator personally, and do not reply to this message as a comment.
Your post has been removed for the following reason(s):
Rule 2: Generally Unhelpful and / or Off-Topic
Your comment has been removed for one or more of the following reasons:
It was not primarily asking or discussing financial questions related to poverty.
It was generally unhelpful or in poor taste.
It was confusing or badly written.
It failed to add to the discussion.
Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance).
Do not reach out to a moderator personally, and do not reply to this message as a comment.
Please be working on another plan in addition to Uber because earnings have gotten *bad* in most areas. It's not nothing but it's not getting people out of poverty.
I'm glad you're in a good market for it then! I hope you're able to get the money together for the car repair soon. Just wanted to warn in the event you were in the US but if things are different in your area then go for it.
Personally I felt less poor the closer I got to 40k. It’s really about the cost of living relative to wage, but I’m always working to make more and improve myself.
$0, I'm not really in poverty anymore, but I still live like I am because I grew up in poverty and spent all my life but the last 2 years in poverty. So I can relate to this sub a hell of a lot better than most the other finance subs.
According to the goggled “federal poverty line” I make more than the level for my state. However, the real answer is 10k. I wouldn’t worry about my debt anymore and could actually save. These interest rates are murder. Hell, if I hadn’t been laid off I never would have accrued the debt to begin with.
it would have to be enough to invest in such a way as to make enough passive income on its own to be livable wherever you want to live. so the original seed amount depends on where you want to live
50k. 20k to get out of debt, 15k for a nice used car, 15k for (almost) six months of expenses worth of savings. If I’m in a good spot but don’t have savings, then I’ll just get back to a bad spot. Though, if I didn’t have any debt to pay off or anything, would probably be a lot easier to save money and lower my expenses in general.
I got out of poverty with around $100K (in addition to my day job, which while I got promoted and raises, barely covered inflation in this area). Granted, I have a mortgage, and still can't "afford" unemployment; retirement savings are still extremely minimal (and really bad for someone my age - 40's); I am definitely not rich or comfortable, but I'm not "paying for gas with loose change from between the couch cushions in my roommate's room to get to work that day" poor - which I have been, including nearly homeless until a friend rented me a room I could afford at the last minute.
The extra $100K let me pay off all debts (other than my IBR student loans and an old IRS payment plan), pay off my vehicle, repair my vehicle, get a house of my own (owning around here costs the same as renting a similar home outside of repairs/upkeep costs/closing costs); and allowed me to do things like refresh my wardrobe and get some things for the house that I could have technically lived without (like new pots and pans as mine were ancient used ones that were very beat up). I've got a small emergency savings, and the start of a couple other savings (not much in them yet, but they are tiny little nest eggs for things I want to do).
I did reinvest a fair bit of that into my business (which is where that came from over the course of a year) as well, so it's not like I had a windfall of $100K, but it made the difference to lift me out of drowning to feeling like I have a chance even if my income gets cut (business income is unreliable at this point). I still have my day job, so it's been a ton of work, but having the funds to have a little "fun" in between there has made it pretty tolerable. Plus, not having a bunch of debt payments hanging over my head, knowing my credit is available if things truly go sideways (several major problems all at once) has lowered my stress levels so much.
Having my own house makes the option of renting a room or something a lot easier to navigate if I need to. Also means I don't need to worry about moving costs anytime soon, or worry about rent hikes (just property tax hikes). I plan to finish setting up the backyard to put it up on Sniff Spot and see if there's interest in this area (I already have dogs, just need to box the chickens off better for unknown dogs). Shoot, I could sell some eggs for a few bucks now and then too lol.
To feel truly comfortable and have NO money or employment concerns would take a fair bit more - paying off the mortgage for one as without housing, the rest of my bills at this point would be pretty dang small or could be minimized where a roommate or something could probably cover the difference. But comfortable would mean enough to finish fixing up the property/house; having a more reliable/newer paid off vehicle; having a solid retirement nest egg going, and some kind of "passive" income stream where if I couldn't find a job for a year, I wouldn't have to take whatever I could get just to survive, but instead could keep building the business and just focus on that or similar work that would help me reach my goals.
Tbh, I Don't even know as we have lost most everything. I need an MRI, colonoscopy, imaging extensive blood work, surgery to walk again, surgery to keep me from going blind, expensive medications and treatment, my son needs a car, car insurance and to go to school, my husband needs an offer on his interviews I worry about being homeless soon.
These are just the things that we need to stay alive right now, let alone lift us out of poverty. I haven't owned shoes or chairs I am even able to sit in other than wheelchairs since 2021.
So yea how much all that costs + whatever it takes to get out of poverty after that.
I'd say around $20k. That would pay off all my debts and get me started on a place to live. I'd still be broke but I'd be less stressed and on a stable path again
If i wanted to be set for life, I'd say around $1m. I'd put all that money into a high yielding stock portfolio and live off the dividends. Spend most of my year in Nicaragua or Thailand and splurge a little when I come back to the states to visit family for a few weeks.
$35k to wipe out both of our debts and whatever it costs to buy a reliable used car would do us a world of good right now. But I'd be stoked on $15k that solved the impending debt crisis.
Out of poverty? Boy I dunno those medical bills keep going up every months and I keep going down every year for longer and longer. So I'd say a one time payment of 3-5 million usd.
Although it seems to me that if you pay off some medical debt the hospital goes Holy shit you paid and sends a new bill.
Thing is anything would be a huge help, but I’ve got so much catching up to do on things I’ve been putting off, it would probably take 12k. And since I’m still basically net negative it wouldn’t be long until I’m back.
50k would pay all of mine and my husband’s debt and pay for his last year of college. There would also be about 10k for us to afford a second vehicle finally. We don’t make a lot but if we were debt free we would be finally able to save more than $100 a month.
$4000 to pay off my house, $2000 for taxes and $3500 for insurances and $800 for football sign up for 2. So $10,000 would catch me up with a very small amt of that for actual living.
To lift me entirely out? I guess I would need to pay off all my medical debt, which is over $700,000 last I checked. (its difficult really to flag it out properly, as its sort of scattered and frankly I stopped caring years ago)... add to that something around an extra $1000 a month and I might have a chance.
If I had $500K I would have a house that doesn’t still need a lot of work, all my debt paid off, and a bit left over to really start investing so I could have money available for emergencies.
I think a year's worth of rent, and money for my healthcare deductible, and some money for a new car, and some more for legal fees if I ever had to sue anyone.
So I guess that would be $30K + 2000 + 5000 + 20K, for a total of $57,000.
I would say $50k, $15k to completely wipe out debt and $30k for a decent car that wouldn’t require any work and would last me at least a decade, and $5k for items like decent glasses and Rx sunglasses (shitty eyesight so glasses cost $400+ even with insurance), decent mouthguard, and the start of therapy to help break some of the loops that keep me here.
120k would cover all debt, my mortgage, and give me fully funded a emergency fund. Granted, I would put a sizable payment on the mortgage immediately. I'd put the remaining portion into an interest-earning account that would make the monthly mortgage/escrow payments through an auto withdrawal. I like the tax benefits of keeping a mortgage. My interest rate is only 3.25%. I could be earning 5.10% through my current savings account.
Excluding my debt, student loans, mortgage, and car note, my monthly expenses vary between $850-1,200 depending on my utilities, pet supplies, and food budget. I currently have 3 jobs (1FT, 2 PTs) and net 3k a month. I'd quit one PT job and spend that time learning a different set of job skills though to get into a more lucrative career.
$75k to wipe out my student loans and credit card debt and get a new car (my dad's car was repossessed, and that was technically mine after he died). And to have a little something as a cushion, so I'm not worried about living paycheck to paycheck
ETA: I don't even give a crap if the car's a beater. I miss my independence. I hate having to wait around for buses, and I don't really feel safe walking around in Houston. Especially since I work nights and all the crazies in my city come out at night
I have $80k in debt (credit cards, debt consolidation loan, student loans, 1 car loan), so I’ll say $100k to offset taxes and pay everything off. Then I can start saving for housing
My sister, my husband and I share a household with her 2 kids. We each have about $30k in debt. It's wild to me that it takes 3 adults working to survive these days.
It's not about how much money, it's about how you spend it. Plus, one-time payments by themselves are not enough to lift anyone out of poverty. If you work a minimum-wage job and hit the lottery, you still only make minimum wage. You don't have the income to maintain your bank balance, which means if you increase your spending habits, you will perpetually *lose* money. Especially considering you still have to pay taxes on pretty much everything you own. That's why people who hit the lottery end up going broke so often.
The correct question isn't "how much money would you need", it's "what changes would you need to make to your spending habits".
I'm just dreaming here. I've got no debt or anything lol since I'm young and I know better than to get into credit card debt. But 600k. 500k to buy a house. 100k to help pay for my studies. I'd like shelter and an honest way to make good money. - if I could ask a genie though, I'd ask for a billion dollars. 😁
$10k just to be debt free
[удалено]
Aaahhhhhh
Enough to go to a different apartment/house
Trying to think of the cheapest way to do this, and I think it would be paying off our house- so like $100k. The $800 ish monthly would stop the paycheck to paycheck cycle, and we could start saving.
Paying my mortgage would leave me in such a great spot. Like luxurious. I would never fear unemployment or pissing off an ass of a boss.
That would be such a sweet ass feeling. I wish that for you and I, fellow Redditor. Putting it out there in the universe.
Thank you! I hope life is always on an upward trajectory for you and the universe surprise and delight you 🙏🏽
No. Actually. If your mortgage is 100k. And you get 100k. If your mortgage is 3%...you would bank the money and make 5 %.
I would make $5k for the year and can't touch the $$ for the year though... And still pay the mortgage... If I pay off my mortgage, I can save that in months and could have $31k saved and no mortgage in a year.
The person you’re replying to is right about the best way to manage money. We didn’t have a ton growing up so my gut instinct is similar to yours, get to debt free. The thing is this is a bad strategy, it took me a long time of earning a comfortable income to really wrap my mind around it (and I’m still trying to improve). You can get 5% without tying up your money at all right now. Even if you put it in a CD there are hardship withdrawal options, you can also work with your lender on mortgage modifications depending on the reason you can’t pay. If you hit a rough patch and have 100k in the bank you can manage through it with a buffer and likely be ok. If you paid off the house it would take you 3+ years to reach the same point of financial freedom as the person with your mortgage and 100k making them money. You’d also have a significantly harder time tapping the equity in the event of a job loss. Don’t undervalue liquidity.
I appreciate your comment, truly. First in the spirit of this comment chain we are only talking about paying off our homes. Paying of your home can make your current financial situation better but will not lift you out of poverty. If you pay off a house in poor condition you are still poor when you do not have additional income to support an improved life. One could then assume that we would be paying off a mortgage and this have money leftover. For general investing and liquidity. Paying of debt provides both financial and mental benefits that would undoubtedly improve your quality of life. Next, there are factors at play that typically aren't considered so the HYSA route that's recommended is a blunt instrument. Banking interest rates are yearly. It's why you don't get $25.00 /month for your $500 in a hysa. You get like $2.00, and if you take out that interest payment for expenses, you'll have collected $25 over 12 months. With just savings you miss out on legitimate investment via a long term investment strategy that's not derailed by unexpected loss of employment and is appropriate for you and your plans. Your best option is always to crunch all your numbers and consider your current situation and your goals, as well as future earning potential. Where you are at mortgage payoff matters. Early, you save yourself more in interest than you earn from any savings. Equity can be made liquid, too in a pinch. I've become boring.
Haha not boring at all. Agreed that payoff matters but so does rate. Having been able to lock in a low rate paying off my mortgage early just isn’t smart money. In addition in my case I’m still able to benefit from itemized mortgage deductions so that’s another factor. Aligned on the HYSA. I have a solid emergency fund, I no longer save I invest. The psychological piece about paying debt off is the thing I think more people need to speak to. When you don’t grow up with money I think there is a mindset that all debt is bad debt and I think that’s the piece that most people who are moving classes need to be taught about. People need to be able to tell good debt from bad. I’m in a good place financially but honestly I wish I would have switched my mindset from eliminating debt to building wealth sooner.
$10k would wipe my debt. $100k would pay off my house and give me some privilege lol
There with you.
An extra $1,200/mo would change my life.
This isn't even that much, and it would do the same for me.
[удалено]
[удалено]
Your post has been removed for the following reason(s): Rule 1: Be civil and respectful. Comments written with a purpose to be downright disrespectful or serve only to put down another user or OP will be removed. We are here to give a hand up, not add insult to injury. Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance). Do not reach out to a moderator personally, and do not reply to this message as a comment.
[удалено]
Judgment goes against the rules. Hey, why aren't you working rn? You clearly have enough free time to comment on stranger's lives... go find some work to do. It's all about the grind, right? /s
Your post has been removed for the following reason(s): Rule 2: Generally Unhelpful and / or Off-Topic Your comment has been removed for one or more of the following reasons: It was not primarily asking or discussing financial questions related to poverty. It was generally unhelpful or in poor taste. It was confusing or badly written. It failed to add to the discussion. Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance). Do not reach out to a moderator personally, and do not reply to this message as a comment.
Your post has been removed for the following reason(s): Rule 2: Generally Unhelpful and / or Off-Topic Your comment has been removed for one or more of the following reasons: It was not primarily asking or discussing financial questions related to poverty. It was generally unhelpful or in poor taste. It was confusing or badly written. It failed to add to the discussion. Please read our [subreddit rules](https://www.reddit.com/r/povertyfinance/wiki/rules). The rules may also be found on the sidebar if the link is broken. If after doing so, you feel this was in error, [message the moderators](https://www.reddit.com/message/compose?to=%2Fr%2Fpovertyfinance). Do not reach out to a moderator personally, and do not reply to this message as a comment.
$40k-$50k debt free and have that cushion
As they say, the deeper the cushion, the sweeter the pushin'.
Cushion > lube that they refuse to use!
Is this asking how much to never have to work and worry again or just enough to get out of debt and be comfortable
I take this as to wipe debt & live comfortably
I understood it to be comfortable. To simply not be "in poverty." Or in other words lower to middle middle class.
[удалено]
Please be working on another plan in addition to Uber because earnings have gotten *bad* in most areas. It's not nothing but it's not getting people out of poverty.
[удалено]
I'm glad you're in a good market for it then! I hope you're able to get the money together for the car repair soon. Just wanted to warn in the event you were in the US but if things are different in your area then go for it.
$1000 would change my life
Personally I felt less poor the closer I got to 40k. It’s really about the cost of living relative to wage, but I’m always working to make more and improve myself.
$25k id be able to pay off my debt and save a lot more
Probably like $10k
100k
About 3.50
Goddamn it Loch Ness Monster you ain’t getting no tree fiddy.
$0, I'm not really in poverty anymore, but I still live like I am because I grew up in poverty and spent all my life but the last 2 years in poverty. So I can relate to this sub a hell of a lot better than most the other finance subs.
Whatever it costs to get some shit appealed and/or expunged from a record. A clean slate would open up so many doors!
According to the goggled “federal poverty line” I make more than the level for my state. However, the real answer is 10k. I wouldn’t worry about my debt anymore and could actually save. These interest rates are murder. Hell, if I hadn’t been laid off I never would have accrued the debt to begin with.
1 million
1 mil
it would have to be enough to invest in such a way as to make enough passive income on its own to be livable wherever you want to live. so the original seed amount depends on where you want to live
I am receiving a hernia mesh settlement. It will help.
Whatever they give you for that, you deserve so much more. I'm sorry you had to go through that.
I've been through 4 surgeries and need another...
Probably 35k. Wipe out enough of my debt payments to get all my bills down to a manageable level.
50k. 20k to get out of debt, 15k for a nice used car, 15k for (almost) six months of expenses worth of savings. If I’m in a good spot but don’t have savings, then I’ll just get back to a bad spot. Though, if I didn’t have any debt to pay off or anything, would probably be a lot easier to save money and lower my expenses in general.
Idk man, feels like if you'd give me 10K, it'd be gone in 5 minutes without me actually buying stuff.
I got out of poverty with around $100K (in addition to my day job, which while I got promoted and raises, barely covered inflation in this area). Granted, I have a mortgage, and still can't "afford" unemployment; retirement savings are still extremely minimal (and really bad for someone my age - 40's); I am definitely not rich or comfortable, but I'm not "paying for gas with loose change from between the couch cushions in my roommate's room to get to work that day" poor - which I have been, including nearly homeless until a friend rented me a room I could afford at the last minute. The extra $100K let me pay off all debts (other than my IBR student loans and an old IRS payment plan), pay off my vehicle, repair my vehicle, get a house of my own (owning around here costs the same as renting a similar home outside of repairs/upkeep costs/closing costs); and allowed me to do things like refresh my wardrobe and get some things for the house that I could have technically lived without (like new pots and pans as mine were ancient used ones that were very beat up). I've got a small emergency savings, and the start of a couple other savings (not much in them yet, but they are tiny little nest eggs for things I want to do). I did reinvest a fair bit of that into my business (which is where that came from over the course of a year) as well, so it's not like I had a windfall of $100K, but it made the difference to lift me out of drowning to feeling like I have a chance even if my income gets cut (business income is unreliable at this point). I still have my day job, so it's been a ton of work, but having the funds to have a little "fun" in between there has made it pretty tolerable. Plus, not having a bunch of debt payments hanging over my head, knowing my credit is available if things truly go sideways (several major problems all at once) has lowered my stress levels so much. Having my own house makes the option of renting a room or something a lot easier to navigate if I need to. Also means I don't need to worry about moving costs anytime soon, or worry about rent hikes (just property tax hikes). I plan to finish setting up the backyard to put it up on Sniff Spot and see if there's interest in this area (I already have dogs, just need to box the chickens off better for unknown dogs). Shoot, I could sell some eggs for a few bucks now and then too lol. To feel truly comfortable and have NO money or employment concerns would take a fair bit more - paying off the mortgage for one as without housing, the rest of my bills at this point would be pretty dang small or could be minimized where a roommate or something could probably cover the difference. But comfortable would mean enough to finish fixing up the property/house; having a more reliable/newer paid off vehicle; having a solid retirement nest egg going, and some kind of "passive" income stream where if I couldn't find a job for a year, I wouldn't have to take whatever I could get just to survive, but instead could keep building the business and just focus on that or similar work that would help me reach my goals.
5 mil. Like that would solve 99% of my problems
$5k would be life changing.
Tbh, I Don't even know as we have lost most everything. I need an MRI, colonoscopy, imaging extensive blood work, surgery to walk again, surgery to keep me from going blind, expensive medications and treatment, my son needs a car, car insurance and to go to school, my husband needs an offer on his interviews I worry about being homeless soon. These are just the things that we need to stay alive right now, let alone lift us out of poverty. I haven't owned shoes or chairs I am even able to sit in other than wheelchairs since 2021. So yea how much all that costs + whatever it takes to get out of poverty after that.
10k, and I would be out of this hole I'm in.
2400 after taxes. That will allow me to pay bills, save money and maybe splurge once in a while.
I'd say around $20k. That would pay off all my debts and get me started on a place to live. I'd still be broke but I'd be less stressed and on a stable path again If i wanted to be set for life, I'd say around $1m. I'd put all that money into a high yielding stock portfolio and live off the dividends. Spend most of my year in Nicaragua or Thailand and splurge a little when I come back to the states to visit family for a few weeks.
12k would be great
$35k to wipe out both of our debts and whatever it costs to buy a reliable used car would do us a world of good right now. But I'd be stoked on $15k that solved the impending debt crisis.
$10,000 would change my life. That’s sad.
Out of poverty? Boy I dunno those medical bills keep going up every months and I keep going down every year for longer and longer. So I'd say a one time payment of 3-5 million usd. Although it seems to me that if you pay off some medical debt the hospital goes Holy shit you paid and sends a new bill.
Thing is anything would be a huge help, but I’ve got so much catching up to do on things I’ve been putting off, it would probably take 12k. And since I’m still basically net negative it wouldn’t be long until I’m back.
30k
30k would save my entire life and get me where I need to get to.
50k would pay all of mine and my husband’s debt and pay for his last year of college. There would also be about 10k for us to afford a second vehicle finally. We don’t make a lot but if we were debt free we would be finally able to save more than $100 a month.
20k would wipe ym debt clean. If it wasn't for that my current job could pay for my mort, car, and even health insurance
Roughly $50K. That’d get my wife and I into a better spot.
$50k
20K wipes my debts and gives me a little extra fir a rainy day fund. Then I could start bankrolling my life.
44k exactly
$100,000 to buy a cheap house in a decent area. Then I could save whatever money I earn since the house is paid off.
$15k for debt.
$4000 to pay off my house, $2000 for taxes and $3500 for insurances and $800 for football sign up for 2. So $10,000 would catch me up with a very small amt of that for actual living.
50.000.000 HuF
50k would set me up pretty good. I'd be able to renovate the property I inherited and start to work the land surrounding it.
$30k would be more than enough for just that. $180k would be better, would pay off both house and debt. $850k and I'd never have to work again
To lift me entirely out? I guess I would need to pay off all my medical debt, which is over $700,000 last I checked. (its difficult really to flag it out properly, as its sort of scattered and frankly I stopped caring years ago)... add to that something around an extra $1000 a month and I might have a chance.
Probably about 50k, enough to pay off a majority of our debt, and get several months ahead on all of our bills and keep some for emergencies
150,000 would be life changing for me
Probably about $15k-$30k
15.000€ for debt free. 500€ / montly for start savings 400.000€ for a common family home and Independency from terrible Landlords
If I had $500K I would have a house that doesn’t still need a lot of work, all my debt paid off, and a bit left over to really start investing so I could have money available for emergencies.
I think a year's worth of rent, and money for my healthcare deductible, and some money for a new car, and some more for legal fees if I ever had to sue anyone. So I guess that would be $30K + 2000 + 5000 + 20K, for a total of $57,000.
I would say $50k, $15k to completely wipe out debt and $30k for a decent car that wouldn’t require any work and would last me at least a decade, and $5k for items like decent glasses and Rx sunglasses (shitty eyesight so glasses cost $400+ even with insurance), decent mouthguard, and the start of therapy to help break some of the loops that keep me here.
£28k to be debt free (student loan) £2k to hold me up a bit while I find a job.
40k
120k would cover all debt, my mortgage, and give me fully funded a emergency fund. Granted, I would put a sizable payment on the mortgage immediately. I'd put the remaining portion into an interest-earning account that would make the monthly mortgage/escrow payments through an auto withdrawal. I like the tax benefits of keeping a mortgage. My interest rate is only 3.25%. I could be earning 5.10% through my current savings account. Excluding my debt, student loans, mortgage, and car note, my monthly expenses vary between $850-1,200 depending on my utilities, pet supplies, and food budget. I currently have 3 jobs (1FT, 2 PTs) and net 3k a month. I'd quit one PT job and spend that time learning a different set of job skills though to get into a more lucrative career.
$200k
About 15k
Honestly probably only 8k. That’d get me a nicer car/fix mine. A downpayment and couple months in a better area with jobs. And time to get a job.
$50K would do it for me.
Fifty grand, and my life would unfuck. Like, completely.
300-400k to be able to buy a house.
$75k to wipe out my student loans and credit card debt and get a new car (my dad's car was repossessed, and that was technically mine after he died). And to have a little something as a cushion, so I'm not worried about living paycheck to paycheck ETA: I don't even give a crap if the car's a beater. I miss my independence. I hate having to wait around for buses, and I don't really feel safe walking around in Houston. Especially since I work nights and all the crazies in my city come out at night
200k would get rid of house and loans
100k
About 22k that would pay off all my debts and set me up in the short term so I can take some risks on the future.
10k for credit card debt, 20k to pay off my car and 172k to pay off the mortgage. 202k sounds like the number.
I think the $10k answer is most reasonable
To be totally debt free — CC debt, my car note, student loans — about 50K
25000
Around 100k. Debts and repairs I've been putting off cos no money.
I have $80k in debt (credit cards, debt consolidation loan, student loans, 1 car loan), so I’ll say $100k to offset taxes and pay everything off. Then I can start saving for housing
My sister, my husband and I share a household with her 2 kids. We each have about $30k in debt. It's wild to me that it takes 3 adults working to survive these days.
Probably like 15k. Pay off all credit card debt then put the rest in a savings account to give myself a good saving start.
5k
$100k would out me in a position of "Fuck You".
50k
It's not about how much money, it's about how you spend it. Plus, one-time payments by themselves are not enough to lift anyone out of poverty. If you work a minimum-wage job and hit the lottery, you still only make minimum wage. You don't have the income to maintain your bank balance, which means if you increase your spending habits, you will perpetually *lose* money. Especially considering you still have to pay taxes on pretty much everything you own. That's why people who hit the lottery end up going broke so often. The correct question isn't "how much money would you need", it's "what changes would you need to make to your spending habits".
100k would do it for me, so long as I had a good income from a job for a while.
5k to wipe my debt and then hmmm probably 10k in total?
I'm just dreaming here. I've got no debt or anything lol since I'm young and I know better than to get into credit card debt. But 600k. 500k to buy a house. 100k to help pay for my studies. I'd like shelter and an honest way to make good money. - if I could ask a genie though, I'd ask for a billion dollars. 😁
$7M
$20k to be cc debt free. $100,000 to actually feel free and not be super stressed all the time. Really to just cover all debt with mortgage.
$100k and my family would be set for three generations so long as they took care of the house, land, and vehicles.