How would you invest $50,000?
runT1ME: Err, the first question we should be asking you is "why don't you have a mortgage".Unless you were given a house and have a chest full of gold bars, you are probably living off the income of interest, so you're still paying income taxes.Get a mortgage.  Its a tax write-off, along with the fact that RE is a pretty good overall investment, and very 'cheap' money.  Hell, if you have to, HELOC your place and put that money into a higher  yield investment.