What Would You Do With $1,000?

Debt Free

As I am a founding director of a global networking system I have been taught and now teach 2 simple success principles. 1. Tithe to charity and 2. Pay yourself first.

With $1000, even today, I would give 10% to charity, 10% to an IRA (or invest in a part time business), and the rest towards "handling" life. If a 20 year old would put $100 per month away in a compounding interest entity, by the time he/she was 60, there could be well over $1 million in the account. This is what I have done and will continue to do and teach others to do.

Jeff of OR @ May 13, 2008 19:14:45 PM

As a grad student, I get paid significantly less during the summer than during the academic year (don't ask me why that is -- I have just learned to accept it). Unfortunately, summer is also the time when I like to visit college friends who are scattered around the country, since the weather is nice and they are usually less involved with their own grad programs. Even though it might do better going toward my student loans, an unexpected $1000 would likely go into my travel fund. What can I say -- I miss my friends!

Miss Grad of NY @ May 09, 2008 13:45:41 PM

What I would likely do...

is splurge a little, then use the rest as if it were just extra regular income, with an emphasis toward savings.

I think it would be important to use this windfall for a small luxury. Karma has given me something out of the ordinary and I should use it for something fun and cool and possibly not the smartest thing to do. I would use the $100/day rule before picking this item. If I wanted to get something for $300, I would have to wait 3 days then I could buy it. I would limit this to up to 1/2 of the money.

Then, whatever is left, I would do whatever I would be doing with extra money in my paycheck. If I was paying down debt, i.e. in the Ramsey baby steps, I would use it for that. If I was saving for a particular goal , like a house or school, then it would go there. Or to retirement.

Key for me would be to use some of it for a pure want to celebrate my fortune and perhaps the item will remind me of that, and then also to use some of it practically to make my financial life better.

Jim of MI @ May 09, 2008 13:00:30 PM

What would I do with $1000?

Currently, the student loan market is in a terrible state due to the credit crunch. There are lots of college students that can't get the loans they need to continue their education because investors fear to buy any debt. I would take the $1000 and lend it to college students via prosper.com. It’s a small start but perhaps it could make the difference between continuing or not for a student.

-Rick

Rick Francis of TX @ May 09, 2008 12:45:19 PM

what would I do with 1,000 dollars?

I would buy $1000 worth of Metro cards and get 200 free rides on public transportation here in NYC

juliett of NY @ May 09, 2008 09:37:30 AM

What I'd do with $1000

I am an author and I regularly contribute each month to Make a Wish, and I intend to contribute a percent of my book sales to Make a Wish also. I would donate the full $1000 to Make a Wish in my area, which would be Albany, NY. elaine

elaine williams of NY @ May 08, 2008 17:28:45 PM

Down Payment

My Husband & I spent all last year getting out of debt. We're working on getting our down payment for a house. So 90% savings for the house. 10% Give Give Give.

Jessica of MN @ May 08, 2008 16:09:15 PM

A Windfall

Seeing as how we're now nearly debt-free (only a student loan and the mortgage) I think I'd treat a windfall a little differently than I would the stimulus check, or my regular earnings.

My stimulus check will go straight to savings, and for my regular earnings, I put 30% into savings (20% to my 401K and 10% to ING) with the rest applied to bills and daily expenses.

For a $1000 winfall, I think I'd put 30% to savings and surrepticiously apply the remaining 70% to my parents' credit card debt. Mom had a major surgery about a year ago that wasn't fully covered by insurance. They wouldn't accept it if I tried to give them the money directly, but the bills are eating them up. This way I can say I kept some for myself, which will make them happy.

Gayle of CA @ May 08, 2008 15:42:32 PM