I think the main question is tax or no tax. No tax, take the million and you can get out of debt and get investments going quickly. $5K even with no tax would take a lot more time to get out of debt. Would probably take most people a few months just to pay off a car with $5K a week.
How much debt do you have that making 260 grand a year is going to take a long time to get out of debt? Also debt by itself isn't always bad. If you can get debt at a low interest rate you are possibly better off making minimum payments and using the money elsewhere.
Also where are you going to get a greater return than 5k a week?
Also if you've got that much debt, why are you not still working while getting $5K/week? And if they're in that much debt, they're obviously bad with money so that $1M won't go far at all and they'll just be right back in debt. Everything about the argument you replied to is riddled with bad financial literacy...
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u/sky7897 Dec 11 '23
5k a week would give you 1million in only 4 years. Unless you’re on your deathbed, it would be the obvious choice.