- How would you spend the $100k, no strings attached? I would pay off my credit card, car, and house, making us entirely debt free!
- How would you spend the $100k, but it has to be spent on something constructive that wouldn't return a profit or financial return for at least one year? I would invest it. Max out a Roth IRA, buy mutual funds, put some in CDs...and leave these investments untouched until I got to official retirement age.
- How would you spend the $100k on something completely frivolous? I would take the entire family (60+ family members) on a cruise!
- How would you spend the $100k but it must be used only for philanthropic purposes? I would give $1000 to 100 random people who seem like they could really use it. I got this idea when I was working at the WSOP last summer and I asked my co workers why they were working the temp job (some worked this job full time in addition to their regular 40 hour a week job which just astounded me). They all had different reasons--to pay medical bills, to pay down debt, to pay for a vacation, to help out their kids, etc--so I think it would be really cool to just give people money that they could use any way they wanted to spend it.
How would you spend $100,000?
That would take some thought, especially on the frivolous one since I am not frivolous by any means. Hmmm....
ReplyDeleteWhat’s great question. A billion is too big for me to imagine, but not 100k....
ReplyDeleteSpend no strings attached: that’s easy. Half for long-delayed work on my house and half to boost my retirement savings. And oops, there’s taxes
Spend with no immediate return: also invest
Spend on something frivolous: a luxurious trip around the world!
Spend on philanthropy: that is also easy. There is so much need and a lot of good organizations. I would give a large chunk of it to a small charity I am involved with that works in Latin America. Because I know them, I could discuss the best use of the money with them and I trust them. I would spread out the rest of the money amount reputable charities.