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Money meme
Feb. 14th, 2013 10:32 amIf someone were to hand me, obligation-free...
$10 - Probably just stick it in my wallet.
$100 - Split it with Pygment. She needs cash more than I do, so she probably gets 60 of it.
$1000 - We recently rebuilt our security cushion to more comfortable levels so I'd probably toss this at our home equity, which has the highest interest of any debt right now.
$10,000 - I thought about this for a while. There aren't any big THINGs I want at the moment, but I'd probably give the first thousand to charity, then divide the rest into fifths. One fifth would be allocated to "fun" things, like going down to NYC to see a show and buying a new camera doodad. The other four fifths would go into the long-term accounts (IRAs for me and Pygment, college accounts for the kids)
$100,000 - This one is trickier because it's sort of on the border. For 100k we could definitely get the major house addition we've been thinking about. In fact, that wouldn't even take up the whole 100, so the leftover would probably be split in fifths along similar lines. If we decided we didn't want to mod the house after all, then I'd probably think seriously about whether it was time to make a major purchase like a new car (I think it's not, but if there's money on the table...) I would also try to donate 1/10th to various charities.
$1,000,000 - At this point it becomes reasonable to think about replacing the house entirely. Given the challenges of building in situ on our odd ground plot I would guess that half the money should be allocated that way. Half the money gets split into the kids' college funds. Taking off the top 10% for charity becomes a challenge in that I'd like to find some place that would use $100,000 for a project or endowment that I believed in; I feel like a single large contribution can make a difference in some places. If we decided not to replace the house I think I'd use that half for long-term annuities for retirement.
$10 - Probably just stick it in my wallet.
$100 - Split it with Pygment. She needs cash more than I do, so she probably gets 60 of it.
$1000 - We recently rebuilt our security cushion to more comfortable levels so I'd probably toss this at our home equity, which has the highest interest of any debt right now.
$10,000 - I thought about this for a while. There aren't any big THINGs I want at the moment, but I'd probably give the first thousand to charity, then divide the rest into fifths. One fifth would be allocated to "fun" things, like going down to NYC to see a show and buying a new camera doodad. The other four fifths would go into the long-term accounts (IRAs for me and Pygment, college accounts for the kids)
$100,000 - This one is trickier because it's sort of on the border. For 100k we could definitely get the major house addition we've been thinking about. In fact, that wouldn't even take up the whole 100, so the leftover would probably be split in fifths along similar lines. If we decided we didn't want to mod the house after all, then I'd probably think seriously about whether it was time to make a major purchase like a new car (I think it's not, but if there's money on the table...) I would also try to donate 1/10th to various charities.
$1,000,000 - At this point it becomes reasonable to think about replacing the house entirely. Given the challenges of building in situ on our odd ground plot I would guess that half the money should be allocated that way. Half the money gets split into the kids' college funds. Taking off the top 10% for charity becomes a challenge in that I'd like to find some place that would use $100,000 for a project or endowment that I believed in; I feel like a single large contribution can make a difference in some places. If we decided not to replace the house I think I'd use that half for long-term annuities for retirement.
