I got ask a question a couple days ago that I still haven't totally sorted out.
If you were given $700,000 with the stipulation that you had to spend it within a short period.
You had to "spend" it on something. Couldn't just use it to set up a trust fund or buy stocks or bonds. What would you buy and why?
I found this to be harder than the usual simular question dealing with millions. I couldn't think of anything in that price range that I was lusting for.
I finely decided that I would buy rural property some where and make a nature park out of it.
What would you do?
Since I live in a town that has an abundance of rural property and conservation land, that wouldn't work for me. I guess I would help my kids pay off their house and help my younger son get settled.
Pay off the house and credit cards. Buy a couple of decent cars, (wouldn't have to be new) Pay off the house of a dear friend in OH who is struggling. Get my Sweetie the bigger diamond stud earrings she wants.
I guess I could blow a couple grand on strippers, but crap, I don't kniw what I'd do with the other $500,000.
Okay, this is just spend it, but not necessarily on one thing?
If that's correct, my first few things would be the same as some others...
-pay off debt
-buy a modest home intown - preferably w/a very, very small yard & renovate/decorate/furnish/landscape it
-buy a 'new' vehicle, but not necessarily new,
to haul my dogs in.
-10% to Ducatiman
-10% to my ex
-5% each to my step-brother & step-sister
-the rest donated to my church, my fave animal shelter & maybe a few other places.
Gotta "spend" it, on something corporeal..?
For starters: Contact an architect and begin the drafting of our retirement home. Buy my daughter and her husband their own home. Plus the furnishings, appliances and whatnot. That should pretty much take care of 700 grand.
I like spending $$$.
Although I once had $250K under my mattress for a bit.
I would probably buy a car...pre-owned..for each of my kids.
Buy a couple of foreclosed homes , complete w/stipulations of use, for each of them.
A round trip, expenses paid trip to Europe for each of them.
Pay off any odd debt for all of us.
Leftovers could be a vacation on Necker Island w/ Cowboy..... Once it's been rebuilt and cleaned up of course.
What's up Robbie....got some extra MOOOlaaa?
Is this like an essay contest???? Who's gonna win???
Nope, I was just surprised that I did not have a ready answer for that question. It made me realize how well off I am. Don't own much, but don't owe much. Pretty happy with my situation at this point.
So, just wondered how others would answer the question.
However, I did buy a couple lottery tickets today.
I'm as poor as a church mouse but not as bad off as some folks.
For that I am grateful...albiet as temporary as it may be.
I have everything I need plus what I want....all is good.
I might buy lotto from time to time....need contribute to the state of education you know....:-)
Could you heart possibly be any bigger? I don't think so.
I think I'll give DD my $$ too.
I'd prepay $100,000 worth of college tuition for each of My Beloved's two daughters...nifty thang, those prepaid tuition certificates...I figure this doesn't break the "rules" because one actually purchases a certificate that can be used immediately or anytime in the future.
I'd pay off DD's mortgage and give her $150,000 toward that wildlife rehab clinic.
Sell my house (at the beach) to Quinn for rock bottom and finance it for her, without interest. :>)
Then build the tiny, totally green, off the grid "pod homes" that D. and I had dreamed of, probably near DD so I could help with the rehabilitation. Live there in peace, unencumbered by possessions.
Go back to school with whatever was left over.