Suddenly, 250 grand! - Where Responsible Reptile Keepers Connect!

stalk · #1 (**permalink**) 11-04-2007, 03:46 AM

Me and my brother were talking about this the other day. Someone we know inherited $250,000. It got us wondering what would be done with it. But I'd like to make for a interesting conversation by killing off any easy answers.

The conditions are as follows:

1) None of it goes to charity.
2) You will work minimum wage or slightly above minimum wage for the rest of your life. Factor that into your living costs.
3) You can't blow it all on entertainment. You can buy a house, you can set it aside for renting, and so on. No "Go on a 5 year vacation and blow it all! You have to use it for living too. If you want to set some aside for entertainment that's fine.

So tell me where the money would go, what kind of place you would live, what kind of job you would get (remember, it is a low pay job) and whether you'd work more than 40 hours a week, and what you'd use the extra income from your job for, and so on.

Thanks. I'll give my response soon.

xbigredtankx · #2 (**permalink**) 11-04-2007, 03:51 AM

I would work at walmart until i am 125 (like most who work there are!), buy some popsickles, and rent a one bedroom, no bathroom garden shed (i can use the tree outside to do my business). I will hunt squirils and have a small corn patch next to my hut for food.

then give the 250,000 to my grandkids to go to college and not have to work at walmart their entire lives and live in a hut!

(btw, i do not really live in a hut or work at walmart...but i would not waste the money either!!!)

This is a great post stalk, because most people would lose the money and waste it on stupid things...

Johnny Utah · #3 (**permalink**) 11-04-2007, 03:52 AM

Quote:

Originally Posted by stalk

2) You will work minimum wage or slightly above minimum wage for the rest of your life. Factor that into your living costs.

I don't make a spectacular salary or anything, but I would rather not receive the 250k if I had to work minimum wage for the rest of my life. (No offense to those making minimum wage!!)

stalk · #4 (**permalink**) 11-04-2007, 03:56 AM

I'm not including noble intentions here Bigred, the condition is you have to use it for yourself. Also Johnny consider that it's not a choice, you're stuck with what you have. That's the situation this person is in, he will never make much more than $10-12 a hour in his life. I'm asking that you guys project yourself in his situation what you would do.

I know we all have our own things we want to do, but I'm trying to see what people would do in that specific situation.

EDIT: Keep in mind that if you put the $250k in a house, assuming market goes up, you will have more money than you began with to give your grandkids so there's no sense in not buying a house if you were going to give it away at the end. As such since you're putting it in a house, where would you live and in what kind of house? For instance, with 250k you might be able to buy a one bedroom house in the bay area in a bad neighborhood, but if you move to Boise Idaho you can buy a 3 bedroom 1980-1990 house with an acre of land.

Johnny Utah · #5 (**permalink**) 11-04-2007, 04:01 AM

There is a particular stock that I'm thinking about investing in. It's pretty cheap right now, but I think it's going to grow in a major way over the next few years. I would invest some of the money in this stock for sure. The rest of the money would go towards other stocks, bonds, mutual funds, etc.

stalk · #6 (**permalink**) 11-04-2007, 04:06 AM

Quote:

Originally Posted by Johnny Utah

There is a particular stock that I'm thinking about investing in. It's pretty cheap right now, but I think it's going to grow in a major way over the next few years. I would invest some of the money in this stock for sure. The rest of the money would go towards other stocks, bonds, mutual funds, etc.

So you would rent a room or cheap apartment while investing the money? You have about say, 1200 a month to spend. I'm assuming $10 a hour at 40 hours a week and after taxes.

Johnny Utah · #7 (**permalink**) 11-04-2007, 04:14 AM

Good point. Maybe get roommates in a cheap area. Try to rent a room for about $500 a month.

Allysen · #8 (**permalink**) 11-04-2007, 04:15 AM

I'd buy a house most definitely. Nothing too spectacular, just comfy, probably off the beaten path a bit so someday I could have a horse or two, and I'd have some place to put my goats. I'd use some of it to start my own little pet shop and most likely make just enough to scrape by.

I'd probably set aside about 30 grand for various snakes... I've always wanted pied ball pythons and motley boas.

xbigredtankx · #9 (**permalink**) 11-04-2007, 04:18 AM

Quote:

Originally Posted by Allysen

I'd buy a house most definitely. Nothing too spectacular, just comfy, probably off the beaten path a bit so someday I could have a horse or two, and I'd have some place to put my goats. I'd use some of it to start my own little pet shop and most likely make just enough to scrape by.

I'd probably set aside about 30 grand for various snakes... I've always wanted pied ball pythons and motley boas.

On 10 bucks an hour and 250Grand ????? Goodluck with all that....(i hope the pet store goes well, get rid of the local petco....)

Johnny Utah · #10 (**permalink**) 11-04-2007, 04:21 AM

Quote:

Originally Posted by Allysen

I'd buy a house most definitely. Nothing too spectacular, just comfy, probably off the beaten path a bit so someday I could have a horse or two, and I'd have some place to put my goats. I'd use some of it to start my own little pet shop and most likely make just enough to scrape by.

It's a really bad time to buy a house though. Maybe in a year or two.