What would you do?
- Thread starter steveny
- Start date
That's a WSOP circuit event every month :biggrin:
1,500-$3,000 Well if it was $3,000 I would have my car paid off in 4 months. All other debt paid one month after that. Then I would use it to pay my Spousal support (robbery) and Child support. That would leave me with 1,420. I would buy $300 in more food every month, have $120 more for gas every month. I would also be able to afford dental insurence, so there is $500 a month. The remaining $500 I would keep putting in a can. Once I had enough saved in the can, I would buy a very small business like a coin car wash or something. Those are usually like 500K to 1 million, so I figure a medium term CD savings might be in order. Once I bought a small business I would use the profit from that to create a free local magazine, once that is in place the advertising would pretty much cover the printing and delivery costs. Then sell the other business (unless it kept doing well). With the money from the magazine I would start buying homes in the neighborhood, one for myself included. I would rent them out or buy them from owners that are being forclosed, restructure the intrest somehow so that they could keep their home and I would make a small profit. One small profit from the rent or morgage is nothing, but if I could have 10 or 20 homes that may be a different story. If I ever reached this point in my life I would prove that it takes money to make money and I would be successful. But since this is a hypothetical question, none of the above will happen anytime soon. Unless the Govt is going to give every veteran a 100% pay raise. HAHAHAHA
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Ski_Banker
Suspended
I know you watched that CNBC Special Report a few weeks ago, so you know what I'd do it with. sorry, do with it... :biggrin:
To me there is no such thing as an EXTRA 3k.
I don't make the same amount of money in any month. I could make an extra 10K a month over what may have been my previous average and I wouldn't even know it. Happens quite often actually, and I just spend it on bills or modifying one of my 15 cars.
I don't make the same amount of money in any month. I could make an extra 10K a month over what may have been my previous average and I wouldn't even know it. Happens quite often actually, and I just spend it on bills or modifying one of my 15 cars.
Since I've always liked to spend my money rather than save it, I guess at this point in my life I'd bank it.
buy stocks. :biggrin:
good luck You would probably need 20 percent to get a loan for the coin wash and at $500 a month with a decent CD that would be about 13 years. Not bad but after waiting that long I'd rather just get an Elise and call it a day :biggrin: .
With the extra money 3K per month I would start on my moon colonization project. At that rate it would take 1,388 years for me to get to the R&D phase which I estimate to be 50M.
I think you're doing this because of our phone conversation this afternoon and what we were talking about aren't you?:wink::biggrin:
Don't count this as part of the 20 posts.
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I have to agree with Greg Z, I really don't believe there is such a thing as an extra $3K/month.
But if it where true of course $3K/mo would have a different impact on different people. To me I'd put a little more (probably 1/2 the extra) aside each month for my retirement, my son's education and of course my NSX savings and mod account :smile:, The other half I'd probably do more 'giving back' type stuff with. Some charities and stuff sure, but I was thinking more like my parents, inlaws and close friends that saw us through tough times and what not when starting out on life. Yes we do stuff for them when we can but it never seems enough.
But if it where true of course $3K/mo would have a different impact on different people. To me I'd put a little more (probably 1/2 the extra) aside each month for my retirement, my son's education and of course my NSX savings and mod account :smile:, The other half I'd probably do more 'giving back' type stuff with. Some charities and stuff sure, but I was thinking more like my parents, inlaws and close friends that saw us through tough times and what not when starting out on life. Yes we do stuff for them when we can but it never seems enough.
Woah! I think I said that on post #2. :biggrin:
Oh man, You're correct!! LOL Rewrite time :smile:
I have to agree with White92 and Greg Z.....
Well here you go I won't wait for 20 posts.
A lot of people here think the banks are going to fail anyways. A lot of the people who took advantage of the current housing market have already been purged through foreclosure. Many others are holding on by their finger nails. These are the people who want to keep their homes and I know lots of them who are on the edge.
What is the difference between people losing their homes and the banks failing OR people keeping their homes and the banks failing?
If the banks gave every debt owner an abatement of 200k in debt the banks would most likely fail but the economy would go gang busters as almost everyone who answered this thread said they would spend the 3k a month ~ the debt service on 200k. The fed could start new banks with the 700 billion, hire current employees of those banks. The automaker sales would pick up as people would start spending again now they don't have payments on that 200k. Consumer spending would go gang busters.
Add it up and I bet it's a pretty big figure but I bet it's still less than what this will cost before it's all over.
What does the average welfare recipient get over the period of a lifetime. I bet it's close to 200k. When does the non-welfare recipient get a break?
You guys know this is going to wipe out most of the middle class. The middle class supports more of this economy than anyone else.
Edit, BTW there isn't a single response to this thread that wouldn't help the economy to get going again.
A lot of people here think the banks are going to fail anyways. A lot of the people who took advantage of the current housing market have already been purged through foreclosure. Many others are holding on by their finger nails. These are the people who want to keep their homes and I know lots of them who are on the edge.
What is the difference between people losing their homes and the banks failing OR people keeping their homes and the banks failing?
If the banks gave every debt owner an abatement of 200k in debt the banks would most likely fail but the economy would go gang busters as almost everyone who answered this thread said they would spend the 3k a month ~ the debt service on 200k. The fed could start new banks with the 700 billion, hire current employees of those banks. The automaker sales would pick up as people would start spending again now they don't have payments on that 200k. Consumer spending would go gang busters.
Add it up and I bet it's a pretty big figure but I bet it's still less than what this will cost before it's all over.
What does the average welfare recipient get over the period of a lifetime. I bet it's close to 200k. When does the non-welfare recipient get a break?
You guys know this is going to wipe out most of the middle class. The middle class supports more of this economy than anyone else.
Edit, BTW there isn't a single response to this thread that wouldn't help the economy to get going again.
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Half fixed income and half high dividend paying stocks. Reallocate semiannually and eventually buy something actually worth something like matching red and black F40's. But what will I do? Give it to the government.
Would this be something that I would be getting every month?
If so, then I would spend 1/2 on paying off my mortgage early and the other half would go in bank.
If it wasa one time thing, I would buy my family a new clothes dryer and then pay off my only Visa card.
If so, then I would spend 1/2 on paying off my mortgage early and the other half would go in bank.
If it wasa one time thing, I would buy my family a new clothes dryer and then pay off my only Visa card.
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pay off the bills.
200k of your mortgage would be gone. Now you have the money you use to pay the mortgage with to spend on what ever you want and if you choose to save it the banks now have more money to lend out. It also looks like Maytag will sell a dryer and the store will get some money for selling it to you and the delivery guy will keep his job yada yada yada...
What if my mortgage is less than $200k? Do I get the difference?
no
200k in debt you get to pick which debt up to 200k and thats it. If you only have 20k in debt that is all you get. Basically wipe away up to 200k in debt so the debt service you were meeting each month can now be used for other purchases.
No money is being given away just debt being erased. Kind of a reward for working. I really like the plan as the people who haven't kept the economy going get nothing.
Well some would say its brilliant. Some might see how it could work, so it could realisticly work, so the odds of it happening 0
It would work. It wouldn't allow the middle class to be stripped of their wealth though which is the plan currently in motion.
Banks aren't lending out money so other banks will fail and then with the money they didn't loan out they can buy up other banks cheap. It's a game of blind mans bluff.
Goldman Sacks is going to come out of this owning half the financial system which will be awesome for all the people who use to work there but now work for the fed.
Banks aren't lending out money so other banks will fail and then with the money they didn't loan out they can buy up other banks cheap. It's a game of blind mans bluff.
Goldman Sacks is going to come out of this owning half the financial system which will be awesome for all the people who use to work there but now work for the fed.
