What would you do with $10,000? That was the subject of a recent article over on CNNMoney.com, where the editors decided that because of this wishy-washy economy, you probably have cash sitting unused in an account somewhere — and that you should be doing something with it.
At first I thought the article must be a joke, as who in this economy looks at their bank statement and thinks “Man, I just have too much money sitting in there going to waste. I should really go out and spend it right away!”, right? I especially thought this way about the article because the first thing on the list was to buy art with your $10,000. Listen, I am a fan and supporter of the arts, but it felt irresponsible to me to see this magazine tell readers to take that “just sitting there” $10,000 and buy art with it, like there was something wrong with just keeping the money in the bank. But then I continued reading the article thankfully, and saw that it wasn’t necessarily about just spending the money, but rather a list of things that you may want to do with the money because investing it may not be the best choice right now. Their list included buying Treasury bond ladders, invest in energy-efficiency upgrades for your home, moving your retirement-date fund around, doing some good in the community, and even bribing your now adult child to move out of your home. However, the concept of having $10,000 to do something with got me thinking — if you had that much money that you just HAD to spend this week, what would you guys do with it?
You can’t invest it and you can’t save it, but anything else is fair game. What would you do?
Personally, I would give 25% of it right off the top to a charity or organization that I believe in. It’s “found” money for me, so I might as well do some good with it for others. Whether it would be to help feed the needy, fight cancer, or protect the environment, I could feel good about giving some of the money away. After that, I imagine I would finally get started on one of my dream projects — restoring an original Mini Cooper or a 1950’s-era pickup truck. I would take the rest of the money I still had and spend it on the vehicle in the best shape for the dollar. Sure, I wouldn’t have anything left over to buy parts with, but at least I would have the skeleton vehicle to at least get me started on a project I have wanted to do ever since I was a teenager. I’m not getting any younger, for sure!
I know a lot of people would pay off debt with it, which is of course always an incredibly worthwhile way of using found money. I would too if I hadn’t already paid off my debt, but I would also keep a few hundred of it to do something fun with. That’s what I would recommend to others to do as well, as keeping a few hundred bucks can go a long way to helping one be OK with watching the rest of the thousands go towards debt.
Which leads me to you guys — what would you do with $10,000 that you just had to spend in some way? The CNN article wasn’t about this, but it inspired me to think about it for a while and to wonder what you would do. What would be your dream to use that money for?
(photo credit: Lana_aka_BADGRL)