What if every 25 year old got £10,000?
- Thread starter Dr Ampersand
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I'd probably set aside $1000-$2000 for personal enjoyment and put the rest in a bank interest account. Grow the remaining 8000-9000 pounds slowly.
Oil tycoon inheritance is FAR beyond "well set"clippen05 said:
At least in my opinion, in debt, but making enough income to pay it off over a reasonable period of time while still living fairly well would still apply for the label. Look, the point is that ~$16,000 would certainly be of use to someone in that position, but does not make a major difference in the long run.
What I would do? Pay up with any debts, get a house or pay off some rent in advance then save the rest.
Not every 25 year old deserves £10k.
There's some disgusting, lazy, stupid slobs out there who would just piss it away and end up wasting other people's hard earned money. (assuming this will be through taxes?)
There's too many idiots for this to seem like a good idea. It'll life saving for homeless people who ended up that way despite their best efforts but no two situations are the same.
Earn your money, like everyone else. Why should someone who pisses around and hasn't worked a day in their life get that much free money? It's completely unfair.
Not every 25 year old deserves £10k.
There's some disgusting, lazy, stupid slobs out there who would just piss it away and end up wasting other people's hard earned money. (assuming this will be through taxes?)
There's too many idiots for this to seem like a good idea. It'll life saving for homeless people who ended up that way despite their best efforts but no two situations are the same.
Earn your money, like everyone else. Why should someone who pisses around and hasn't worked a day in their life get that much free money? It's completely unfair.
That's the question I've been asking myself for decades because that's exactly the position I'm in/going to be in soon: graduating uni with a (compared to my peers anyway) sizeable pile of savings and no debts.
The best I could come up with so far is buying a decent car and skipping the whole downpayment thing entirely. Also maybe one or two dapper outfits, they wouldn't hurt during job interviews I'm told...
And finally, to offset all that sensible boring stuff: a big phat gaming pc. There's several reasons for that last part. First is that the time seems right: pc game system requirements tend to hover around whatever the current consoles can handle. Since a new console generation will have just started by the time I graduate, a pc that beats their specs will likely run anything that comes out for years to come. Secondly I have this thing about having to earn nice things, even if I can easily afford them. And if I haven't "earned" a phat gaming pc after wrestling my way through kindergarten, elementary, highschool and uni, then when will I have?
We'll see though, I may end up doing none of the above. The thing with saving up that long is that you get used to having deep reserves. Suddenly depleting those would be awkward, even scary.
The best I could come up with so far is buying a decent car and skipping the whole downpayment thing entirely. Also maybe one or two dapper outfits, they wouldn't hurt during job interviews I'm told...
And finally, to offset all that sensible boring stuff: a big phat gaming pc. There's several reasons for that last part. First is that the time seems right: pc game system requirements tend to hover around whatever the current consoles can handle. Since a new console generation will have just started by the time I graduate, a pc that beats their specs will likely run anything that comes out for years to come. Secondly I have this thing about having to earn nice things, even if I can easily afford them. And if I haven't "earned" a phat gaming pc after wrestling my way through kindergarten, elementary, highschool and uni, then when will I have?
We'll see though, I may end up doing none of the above. The thing with saving up that long is that you get used to having deep reserves. Suddenly depleting those would be awkward, even scary.
Eh, here in the UK you don't actually have to pay off your student loans unless you're earning more than £21k per year. If your income drops below that, the repayments stop. At £21k per year, the repayments are small enough that you don't really feel them. So I guess it depends on where you live.clippen05 said:
If I were to get £10, 000 at 25 then that would pay off my degree and then some (it came to a little over £3000) if I were paying it back by then, so I'd probably put in my savings account. Need to start saving for my eventual pension :[
If I got $15,676[footnote]GBP to USD exchange rates make 10,000 quid = 15,676 dollars. And the OP didn't say it had to be 10,000 exactly of your home currency... =P[/footnote], I'd use it to figure out a way for my boyfriend and I to actually live together. Either by moving him here or jumping ship and moving in somewhere with him. It probably isn't the "smartest" thing to do, since truly I should use it to pay off college loans, but... yeah. When you adore someone, have been with them for the past few years, and want to find a way to properly live with them; that sort of thing kinda ends up taking precedent.
After all, sometimes making sure you're happy in the situation you're in is the best thing you can do before you can tackle what "actually" matters.
After all, sometimes making sure you're happy in the situation you're in is the best thing you can do before you can tackle what "actually" matters.
Assuming I got 10K USD... well, that would probably be disasterous on the economy and totally deflate the dollar value. doing that around the world, especially in places like India, china, other high population countries, would really hurt the world economy.
Though personally, I'd probably put it towards an apartment or a house.
EDIT: besides, thats not saying what you lose in taxes.
Though personally, I'd probably put it towards an apartment or a house.
EDIT: besides, thats not saying what you lose in taxes.
if i was giving $10,000.00 dollars i'd buy a few little things, like few PS3 games and then save half of the remainder and invest the other half.
That would give a college late-starter like me a great deal of help. I would appreciate it second only to a full scholarship.
Not as lame as you may think. This is exactly what I'd do; although half of it would be used towards paying off debts. Otherwise, I'd make sound and informed investments into companies I trusted. Make my money work FOR me. Yeah, the temptation to frivolously spend it all on something that I wanted would be there, but logic would overrule my greed.T0ad 0f Truth said:
I got handed $25,000 at age 29. I paid off my car fully and put $10k in a tax free savings account, then the rest in my savings account.
As I quit my job 8 months ago to write a book, the money's come in handy. Run out of savings by now though, other than the 10k I don't want to touch as that's travel money.
It's nice, having that security blanket. But I was taught to be very responsible with my money so other than my car I had nothing else to pay off, and I had everything I wanted to buy already cause I worked hard and spent wisely.
As for my friends, they're all responsible too so pay off their bills/mortgages and save the rest, they all have kids so they'd probably save it for education.
As for how it would affect the country; I'm too tired to think about it.
As I quit my job 8 months ago to write a book, the money's come in handy. Run out of savings by now though, other than the 10k I don't want to touch as that's travel money.
It's nice, having that security blanket. But I was taught to be very responsible with my money so other than my car I had nothing else to pay off, and I had everything I wanted to buy already cause I worked hard and spent wisely.
As for my friends, they're all responsible too so pay off their bills/mortgages and save the rest, they all have kids so they'd probably save it for education.
As for how it would affect the country; I'm too tired to think about it.
In reality it would go in a savings account and act as a buffer in case my rolo habit gets out of control and I spiral in to caramel dependency, plus debts and stuff.
In fantasy head-land, I'd buy a fancy new gaming PC load up on games and shun you pathetic mortals and your daylight for a few months, then realise I can't live off the remaining money and go back to working/studying. I might even live out a life long fantasy of mine and go to the supermarket and buy an entire box of sweets instead of a packet.
If this happened to most of the people I see at University then they would waste it all going on piss-ups. In fact I know someone who somehow managed to spend £12,000 in one year at Uni, not including tuition fees or rent. I have no idea what on, although booze and fags will be high up on the list.
In fantasy head-land, I'd buy a fancy new gaming PC load up on games and shun you pathetic mortals and your daylight for a few months, then realise I can't live off the remaining money and go back to working/studying. I might even live out a life long fantasy of mine and go to the supermarket and buy an entire box of sweets instead of a packet.
If this happened to most of the people I see at University then they would waste it all going on piss-ups. In fact I know someone who somehow managed to spend £12,000 in one year at Uni, not including tuition fees or rent. I have no idea what on, although booze and fags will be high up on the list.
Money from the government? It ain't free, someone is paying for it. Me probably in the future for all the future 25 year olds. Also, money from the government for "free" when Veterans can't even get their benefits? Fuck that, I'm not in need of 10k that badly. I could pay off debts and all but my money issues aren't anything I need to have a handout for when there are people with REAL problems in this country that don't get any Government help.
BTW in the US did you know that 33 states welfare programs pay better than minimum wage, some like Hawaii are paying out 60 grand for people to sit on ass all day? Take that into account when you think of the government handing out money. Then ask who is actually paying for that.
BTW in the US did you know that 33 states welfare programs pay better than minimum wage, some like Hawaii are paying out 60 grand for people to sit on ass all day? Take that into account when you think of the government handing out money. Then ask who is actually paying for that.
I am uniquely qualified to comment on this as I (26) have very recently received a lump sum of significant size (a relocation bonus from work that I'm not sure I'm allowed to divulge details about but it was significant to me).
I still have virtually all of it in my bank account. I bought some essentials for the move and am now using the amount as a security blanket. I intend to use the money to purchase a decent mobile home or 2 pretty shitty mobile homes, fix them up, and rent them out. Let someone else make my rent payments for me. I intend to then save enough to buy a second/third mobile home and continue the cycle ad infinitum using the rent payments to keep purchasing until I can move up to something more substantial than a mobile home.
My family has actually been doing this as far back as I can remember. When I was very young my family actually lived in a car for a time, we eventually bought a trailer in a trailer park, then a nicer trailer park, and eventually a house. Now my mother is systematically buying up every trailer she can get her hands on in that original trailer park and is actively trying to purchase the whole operation from the man who owns the land.
I know how the business works and being Mexican I've got a phenomenal support system as all my uncles work construction and my mother's husband installs flooring. We also have access to painters and always know of someone looking to rent something cheap.
So that is what I'm doing with my lump sum.
I still have virtually all of it in my bank account. I bought some essentials for the move and am now using the amount as a security blanket. I intend to use the money to purchase a decent mobile home or 2 pretty shitty mobile homes, fix them up, and rent them out. Let someone else make my rent payments for me. I intend to then save enough to buy a second/third mobile home and continue the cycle ad infinitum using the rent payments to keep purchasing until I can move up to something more substantial than a mobile home.
My family has actually been doing this as far back as I can remember. When I was very young my family actually lived in a car for a time, we eventually bought a trailer in a trailer park, then a nicer trailer park, and eventually a house. Now my mother is systematically buying up every trailer she can get her hands on in that original trailer park and is actively trying to purchase the whole operation from the man who owns the land.
I know how the business works and being Mexican I've got a phenomenal support system as all my uncles work construction and my mother's husband installs flooring. We also have access to painters and always know of someone looking to rent something cheap.
So that is what I'm doing with my lump sum.