Relative posed this: You’ve unexpectedly been given $50,000. You can’t save it. You can’t spend it on Education or Mortgage or a car or home upgrades/ repair ( you can on furniture) You can’t give more than 10 percent to Charity. You can’t give any away and can spend on others only for things with you ( a trip, theater etc…) You must make all allocations now and spend within 5 years. Your allocations? Ours:
5 k to charity
20 K for one super nice vacation with adult kids
10k for nice dining over 5 years taking (friends/ family)
5k for theater with kids friends over the period
5 k for new bedroom set
5k on books, newspaper subs over the period that we would,t otherwise buy outright.
I would spend it all on a commodity like gold, sit on it for the required 5 years, and then spend it on anything I want and/or give it away! Some rules are meant to be broken.
Hmmm,
-$5000 to charity,
-A whole bunch to a young lady I know battling a cancer with a poor prognosis-to help with their medical bills and current medical travel
-Really nice John Deere lawnmowers for my sons (we can mow together, does that count?)
-A nice tractor (small farm size) with a good bucket and plow
My kids will never be away from home for more than a few days due to their 2nd businesses/livestock. I don’t want to spend a ton on travel for myself.
@sryrstress - prayers for the young lady, her family, and you. I hate cancer.
5k to charity - half to The Cure Starts Now, the rest to other charities to benefit children
20K for travel with family
10K for sporting events, theatre, dinners out
5K for new furniture for me
5K for new furniture for D
5K for new furniture for S
That went fast.
I’ll play.
5k to charity- mostly environmental and wildlife groups
45k for travel
I don’t need that much furniture anymore and I would love to take the kids and grandchild and us places!
"Who would give you money and specify that you cannot give it to charity?
I think the purpose of this “game” was to find out what non-charitable things we would prioritize spending on. (And also this relative has set up a charitable trust that we will get to control.) The other things were to also get at this question.
“I would spend it all on a commodity like gold, sit on it for the required 5 years, and then spend it on anything I want and/or give it away”. Nope. Someone tried that. He said that constituted savings. Lol!
5K charity - either food bank/garden related or child related
10K - furniture or other household items not related to repair
20K - travel to include kids and significant others - one trip per year for 5 years!
5k - furniture and beach toys (not the little kid variety!) for our cottage
3K - excellent concert tickets for 3-5 concerts (I MIGHT become a Coldplay groupie…)
7K - spontaneous cash for splurges - fabulous day trips with great food!
$5,000 to charity
$20,000 to repair/upgrade the house - roof etc. (I suppose someone might call me out on that because we expect to sell it soon, but it needs it.)
$25,000 for travel with family. Go somewhere interesting and they will want to come!
