Which would you rather have, $1 Million or a penny a day doubling every 30 days?

@ParaTed2k (22940)
Sheboygan, Wisconsin
September 26, 2011 6:31am CST
Remember the first time you heard this? I bet it was somewhere around 7th grade, because that's when most of us start learning math that means anything. Most of us blindly said, "Wow, I'll take the million!" because well, we know what a bunch of pennies look like, but very few 7th graders have ever seen a million dollars. Then the teacher, or taunting friend laughs in your face and informs you that you just gave up a fortune. Somewhere north of $5 million (which to you who can't imagine that much money, is more than $1 million). This lesson was never learned by people who think one time payments from the federal government to the state (or even to the people) are good or the economy. The lesson was partially caught by those who think weekly payments to the states (or to the people) do anything for the economy, but they got a "deer in the headlights" look when the answer was explained. You see, a healthy economy isn't the "$1 million" in this analogy. You might say that you would spend the money really slowly, so it's all you need, but no matter how slowly you spend it, it's still only $1 million. On the other hand, the mere pennies are the gifts that keeps on giving. The little copulating pennies start small, but cause this highly technical jargonic word called "expansion"... which IS the stuff of a healthy economy. So, when an elected official offers you the alleged "Million Dollar Bill", just laugh in his face and say, "Any 7th grader knows, we want the PENNIES!".
3 people like this
13 responses
@urbandekay (18278)
26 Sep 11
I would have the million dollars or preferably pounds, as they say a bird in the hand... A penny a day would soon bankrupt the giver and I would not get paid all the best urban
2 people like this
@surfer222 (1714)
• Indonesia
26 Sep 11
i realize that the discussion is more about polictical issues but i think i will respond the discussion from a personal point of view, not political... it seems like a simple question but it really hard to answer if you don't know the future. If i know i would die in a week, i would take the $1 million, but if i know i would live for a long time then i will have a penny a day doubling every month...
1 person likes this
@ParaTed2k (22940)
• Sheboygan, Wisconsin
26 Sep 11
So which would you rather base an economic recovery on? :~D
1 person likes this
@Taskr36 (13963)
• United States
28 Sep 11
If that penny doubles every month it only takes 2 and a half years to reach $5 million.
@surfer222 (1714)
• Indonesia
26 Sep 11
i think i would say the "double every month" but with a larger starting point than just a penny... but then again, i'm not understand much in politics and macro-economy and i also not from US so maybe my opinion didn't mean much...
1 person likes this
@GemmaR (8517)
26 Sep 11
It depends when you are offered this. If it is something that you have to choose when you are a child then it makes sense that you should take the penny option as you won't need to use your money for a fair amount of years. If, however, you're over 50 then life would be far too short for the amount to reach anywhere near the amount that they are being offered, so they would be more likely to take the million. I would take the million, because I know that there is so much that I would be able to do with that, and there would be no reason for me to need any more than that for the kind of life that I wish to lead.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
28 Sep 11
Yup, that's over $5 million on the 30th day... plus all the money you got during the first 29 days.
• United States
26 Sep 11
You don't plan on living 30 days? A penny a day for 30 days....on day 26 you've reached over $1 million and on day 30 over $5 million.
@nezavisima (7408)
• Bulgaria
26 Sep 11
My money is not the most important but I would take 1 million. most important is health but money should not be underestimated. everyone wants to have one million to spend in peace. nice day!
1 person likes this
@ParaTed2k (22940)
• Sheboygan, Wisconsin
26 Sep 11
Sorry, but all that means is you don't understand math, or logic. I'm sure you would rather be on the government dole than have a job.
1 person likes this
• Greece
27 Sep 11
i would take the million for sure and spend it right away. it is very important for me to have a big sum of money as i can invest and buy things i want. pennies are nothing. the wait is not worth it. i might not live that long to enjoy them.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
27 Sep 11
You do realize you're only waiting 30 days for over $5 million dollars.. right?
@ParaTed2k (22940)
• Sheboygan, Wisconsin
28 Sep 11
.01, .02, .04, .08, .16, .32, .64, 1.28, 2.56, 5.12, 10.24, 20,48, 40.96, 81.96, 163.84, 327.68, 655.36, 1310.72, 2621.44, 5242.88, 10,485.76, 20,971.52, 41,943.04, 83886.08, 467,772.16, 335,544.32, 671,088.64, 1,342,177.28, 2,684,354.56, 5,368,709.12. That's how. I'm beginning to see the reason why politicians can get away with saying ridiculous things, and their minions cheer.
@surfer222 (1714)
• Indonesia
28 Sep 11
i don't really follow how in 30 days we can get over $5 million dollars... if a penny a day then in 30 days we got 30 pennies... and doubling it would be 60 pennies.
@romscabs (310)
• Philippines
26 Sep 11
It is actually depends on the situation. Right now, I need the 1 million. So if I will be offered nowadays, I will take the 1 million dollars. However, if I have plenty of cash now, I would take the PENNY A DAY DOUBLING EVERY 30 DAYS. Because in the long run I can make more than 1 million.
1 person likes this
@ParaTed2k (22940)
• Sheboygan, Wisconsin
26 Sep 11
You do realize this is an analogy for the US economy, right? :~D
1 person likes this
@justhere (229)
• United States
27 Sep 11
I would rather have the penny a day, and in 30 days I will have a million and that will increase more each day.
• United States
26 Sep 11
At my age I will take the million dollars because I do not know how long I have left to wait on the accumulating pennies.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
28 Sep 11
Well, what you're saying is, you don't think you'll live another 3 weeks.
@Taskr36 (13963)
• United States
26 Sep 11
You'll find that even when you thoroughly explain the situation, the majority will still choose the million dollars now. We have become a short-sighted, instant gratification society. This is propagated by politicians who don't plan for a long term successful economy, but rather how to get reelected in the short-term. As for people who say they would spend the million slowly, the vast majority would fail miserably as evidenced by lottery winners. You'll see it with celebrities and professional athletes as well. Some kid grows up in the ghetto, living off minimum wage and yet he still goes broke after getting a million dollar football contract because he is programmed to spend what he has.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
28 Sep 11
Apparently we've also become a society that reads the subject line, but not the actual post. :~D
@kenzie45230 (3560)
• United States
26 Sep 11
It's sad, but the answers show why we're in such doo-doo with the economy today in the US and all over the world.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
28 Sep 11
Yup!
@ebuscat (5935)
• Philippines
27 Sep 11
For me of what is good it's better anyway.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
28 Sep 11
What a completely illiterate response.
@inertia4 (27961)
• United States
30 Sep 11
I like this discussion a lot. I would automatically take the pennies. I know that childhood story very well. I would rather have pennies multiply daily the have a million that can be blown in a month. Thanks for this topic.
@vivamir (671)
15 Oct 11
Hi ParaTed2k.. I cant actually say I have come across this before.. but now that I have, its sounds like a wise maths lesson for many..! (",)
@ParaTed2k (22940)
• Sheboygan, Wisconsin
15 Oct 11
Yes it is, and if you look over most of the responses, you can see the root of the problem. Most people aren't wise. :~D