Yours to spend!
By Jess
@JJ4Ever (4693)
United States
February 9, 2011 9:26pm CST
Let’s all take a moment to think outside the box today…
You are going to be given $50,000 next week. Perhaps this money is from an inheritance or lottery winnings or whatever. It doesn’t really matter where it came from. The point is, you don’t have to pay any of it back, you don’t even have to pay taxes on it, and there are no strings attached. The $50,000 is your money to do with as you choose.
Some people say that we ought to handle money in the following way—some to save, some to spend, and some to give. I’m sure you’ve heard people say, “Don’t spend it all in one place!” Do you agree with these statements?
Consider where you are in your life today and tell me how you would spend each and every penny of this money.
1 person likes this
6 responses
@ptower76 (1616)
• United States
10 Feb 11
50,000 dollars is really not so much but it can ease a lot of pressure and stress for many. If I got such a windfall, I would probably pay my rent for the next few months first. Then i would help my daughter and grand daughter gain solvency of their finances. I would distribute a good sum to each of my siblings so they can also breathe a little easier with their bills. I would finish paying off my burial fees then perhaps throw a nice get together with family and friends. Perhaps a bar b que. By then, it would be gone.
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
You're right. In this day and age $50K really isn't a ton of money. A person probably couldn't pay for their house with it. Although, if they had a lot of money down and only had a little ways to go, they could probably pay off their house...given they didn't have other things for the money to go toward. The money might also buy a really nice car, but it depends on what the recipient decided to do with it. I agree with you that in a couple days, all that money could be completely gone...very easily.
@GardenGerty (157427)
• United States
10 Feb 11
I am pretty traditional. I would give a tithe of it off the top to my church. I might put some funds to other charities in addition. I would pay off everything. I would put about ten thousand dollars into my emergency fund. With those things done, I would be able to have a lot of fun on the income I have, because all my debts would be paid off.
1 person likes this
@JJ4Ever (4693)
• United States
10 Feb 11
That sounds like a blast. With that amount of money, you'd have plenty left over to do with as you choose. Maybe the day will come when you will have this money at your fingertips! I would do the same - give some to the church, pay off the house, and spend some after putting a few thousand in savings for a rainy day.
1 person likes this
@GardenGerty (157427)
• United States
28 Feb 11
Yes, maybe there is a millionaire out there that can fund my dreams.
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@JJ4Ever (4693)
• United States
10 Aug 11
You never know! Have you heard of or seen 'Secret Millionaire'? (It's a TV show that aired a few months ago where a millionaire/billionaire goes to a poverty stricken society to help at various charities and then gives away a bunch of money at the end.) I watched the entire season of it, and it was very encouraging and inspiring. I would do the same, but I'm just waiting on the money part of it...lol.
@peavey (16936)
• United States
10 Feb 11
At this point in life I wouldn't even think twice about it. I would start looking for a small house out in the country. I know it wouldn't be the most logical thing to do, but at my age, logic isn't as important as it once was. I don't have to plan for the future so much. Today is what I have.
1 person likes this
@JJ4Ever (4693)
• United States
10 Feb 11
I think it's a great idea. A house is a definite investment after all, even if you're not ever going to sell. Might as well do something that makes you happy. The only thing to lose here is time. Life is short, and you never know what tomorrow will bring. Thanks for your response!
@GreenMoo (11834)
•
10 Feb 11
It's not as much as it sounds like, and I'm sure it wouldn't take long to spend.
Firstly I would set some aside as an emergency fund. Then I would earmark the remainder to finish building my house and completing some of the projects we have in mind to make the land more productive.
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
You have really great ideas, and given your situation, I can't think of a better way to spend the money than how you've listed. That's very wise! Hopefully you'd have a little "fun" money left over afterwards, but if not, at least your house will be built, and you can enjoy it!
@DanaS2011 (351)
• United States
17 Mar 11
I agree its not alot of money and can be spent in a blink of an eye but I would surely enjoy spending it. I would give some away save some and spend some. Spend it on a house or a car. A nice investment and some nice things for my children and I. I would share with my love one's that are having a hard time in life money wise and I would save as much as I can for future reference.
1 person likes this
@JJ4Ever (4693)
• United States
15 Aug 11
Investing would be a wonderful thing to do with the money, especially for your children, because in turn, you may be helping your grandchildren and great grandchildren down the road someday. I'm glad you'd have fun spending all that money; I sure would too! But I'd definitely want to plan out how to spend it or it would probably disappear before my eyes!
@Sitakalyani (133)
• India
15 Aug 11
First, I have that much money then I hide some money in the banks for my children. In remaining some is used for my daily needs. Remaining that I donate to service to God and others.
@JJ4Ever (4693)
• United States
15 Aug 11
What an excellent idea! I like how you say you'd "hide" the money. I need to do that with some of my money so I won't be tempted to spend it! That's great to invest in your children's future. Good idea! Donating money to charities and things of that nature, I believe, will have eternal rewards, so good for you and keep up the good work!
