The other day, I was watching a video on CNN Money entitled “How Would You Spend $20,000?” Unfortunately, I can’t figure out how to link to it, but if you go to CNN.com and click on the Money tab, you’ll probably see it in the video section. They asked people on the street what they would do if they had $20,000 to spend. Most of the responses were unremarkable: pay bills, pay off student loans, take a vacation, buy a new car, that sort of thing. One respondent, however, had a tough time with the question. First, he said he’d like to buy a loft, but he’d need $2 million in addition to the original $20,000. Ultimately, he couldn’t really answer because $20,000 is just “not that much.” Really? Someone drops twenty grand in your lap and you can’t figure out how to spend it because it’s not enough?
Personally, I’d probably put $5,000 towards rebuilding the transmission in Steve’s car, put some towards the little yard project we’ve been working on, then put the rest in the bank.
What would you do with $20,000?
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That’s funny! I’d have no trouble – I’d pay off the 2nd loan on our house and then put the rest into savings.
It wouldn’t be hard to spend 20K but I understand what that person meant by saying it’s not that much. I could blow it on lots of frivolous things, but the more significant stuff is still too expensive. Turn it into a down payment on a home? Well, I’d probably need 100,000 for that. I could pay off student loans, but that would take half of the money, and why hurry to pay off debt with interest under two percent? It could buy a basic car, but then I’d have insurance, gas, and maintenance to pay for the rest of my life. It’s a tough choice. Maybe I’d go on a sweet vacation. Yeah, I’d probably do that.