Wednesday, October 15, 2008

What would you do with $297,500?

From Master Your Card, a breakdown of what might have happened if the government gave that $85 billion bailout directly to the American people.

What would *I* do?

Pay off school and student loans ~$20,000
Max out Roth IRA for 2008 and 2009 $10,000
Buy a condo or coop in New York--maybe. Even the full $297,500 is not enough for that, but it'd be a hefty downpayment.

And I would take a cruise.

What would you do?

6 comments:

  1. I would buy a condo...I would love to own a home right now...

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  2. I clicked over, and apparently it adds up to only $425.

    So, I'd just save it.

    But if it was the original number:
    1. Pay off my student loans
    2. Pay off sisters' student loans and parents home.
    3. Buy a property
    4. Buy a newer car
    5. Take a really great vacation. Several of them, actuall
    6. Save!

    ReplyDelete
  3. Bummer on it being just $425...if I was getting that though, I'd save it and use it towards my bellydancing classes, lol.

    If it was the $297k though, I'd:
    1) Buy an apartment...right now. ($200k)
    2) Pay off my student loans ($29k)
    3) Buy a new car ($22k)
    4) Go on a trip to somewhere ($10k?)
    5) Give some to my parents ($20k)
    6) Give my sister a belated wedding gift ($10k)
    7) Save the rest! ($6k)

    [sigh]...wouldn't that be nice?!

    ReplyDelete
  4. If I had tax free $297,500 -
    1.) $40k pay off my house
    2.) $11k pay off my student loan
    3.) $40k pay off my dad's house
    4.) $50k in trust for oldest son's retirement
    5.) $50k in trust for youngest son's retirement
    6.) $35k for oldest son to put down on a commercial building to open his own business
    7.) $35k for youngest son to further his education & towards his career aspirations
    8.) $36k for me & craig to take the kids to Italy and spend-spend-spend!!!

    If it was just the $425 ... help the oldest son who is presently uninsured - get some dental work done!

    That was fun!!!

    ReplyDelete
  5. I would:
    Pay off my car loan
    Pay off my student loans
    Pay off my credit card
    Fully fund my Roth IRA for 2008 & 2009
    Pay off my sister's student loans
    Pay off my parents' house
    Use 50k for down payment on my own place
    Pay off my parents' credit cards
    Pay off my sister's car loan
    Pay off my brother's car loan
    And save the rest

    ReplyDelete
  6. I'm glad that I'm not the only person who knew the math was wrong there. It was kind of hyped in the news as being erroneous.

    Also, I feel the need to be *that* person and point out that Master Your Card also got the figures wrong on AIG. The retreat was $23,000, not $400,000. Still painfully ridiculous, but there you have it.

    Still, to answer the question: If my husband and I had that much money, we'd pay off our credit cards ($11,000 and slowly lowering) pay back a loan from his parents and one from my mom. (She forgave the loan but if we had the money, I'd pay her back.) Since we still wouldn't be up to $20,000, we could get my husband his dream car (Mustang Selene) and still put a hefty down payment on a not-too-big 3 BR house. Or, use part of it for a down payment and part of it so that hubby could start his own card shop.

    ReplyDelete

Thanks for commenting!