I've got no debt, so [Game show announcer voice]a brand new car for me[/Game show announcer voice]. I'm gonna replace my 13 year old clunker soon anyhow.
And an iPhone for the wife.
And an iPhone for the wife.
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If you had to spend $40,000 in one day, what would you do/buy?
- Thread starter MoodyMedStudent
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^ Childish. I would invest half in mutual funds and take the over half over to my friend Samir who works in securities.
When I read this title I thought you were in a foreign county and had just hit the lotto on your last day.
If I had a windfall and had to use up all money in one day (24 hours), I would pay a few (yes, you guessed it...medical bills for accident/followup visits $6K), buy a used car ($4-6K) which gets considerably better MPGs than what I have, and drive around to the local charities I know and give the rest to them (SPCA, horse rescue, food charities, religious charities, united way, etc).
Being that it would take a day for the check to clear, I would assume this is cash in hand and I only have that 24 hours. So the first half of the 9-5 business day would cover the medical bills by lunch, and I would be able to hit the used car lot and several of the charities in town or within three towns driving distance either way and get to them before closing time.
What money I had left, which would still be a few thousand, I can give it to friends and family and then maybe go out and have a kick ass dinner for my wife and I.
At my age, I have done it all so I don't have a need for a sports car (too much on gas and speeding tickets), Swiss watch (I have cell phone which has an atomic clock), Mac (I have three), wine (been there, done that), boat (way too much work), or any sort of luxury item.
Keep in mind that when we first thought of this "exercise" you could buy a perfectly nice house for $20k and cars were going for $5k or $10k.
If I had to spend £25,000 in a day (no saving allowed) I'd buy;
Maxed out 27" iMac, then sell it when the new models are out and pay the difference -£2k
PS3, 3DTV, Racing wheel and GT5 -£2500
Pay off my girlfriend's student loan -£10k
Laser eye surgery -£1k
Good condition Triumph Spitfire -£2500
The rest on DVD's, games, and a night out in town with previously mentioned girlfriend.
Maybe an iPad. I always figured I'd like one, but only if I won one.
Maxed out 27" iMac, then sell it when the new models are out and pay the difference
-£2kPS3, 3DTV, Racing wheel and GT5 -£2500
Pay off my girlfriend's student loan -£10k
Laser eye surgery -£1k
Good condition Triumph Spitfire -£2500
The rest on DVD's, games, and a night out in town with previously mentioned girlfriend.
Maybe an iPad. I always figured I'd like one, but only if I won one.
Keep in mind that when we first thought of this "exercise" you could buy a perfectly nice house for $20k and cars were going for $5k or $10k.
You can still buy a perfectly nice house for 200k$. If you're making close to a 100k$ per day, why would you settle for a perfectly nice house ? Buy an entire 2 acres of beach side property, build a manor that would make the kings of old jealous of your dwellings, and hire staff to take care of it year round, including the stables, docks and helipad.
That's the point really, people who say "it's hard to spend that much money!" and then come up with things like 700k$ homes are really just lacking in the modern possibilities and opportunities of spending.
40k$ is a cinch to spend in a day. Heck, I'd be done spending it by noon and would have to put lunch on credit. Again : Asphalt for my driveway, patio in my backyard, in-ground pool. Takes of all of 3 hours to setup and pay for, just leaves waiting for the people to come do the work.
This is true, not to mention if you happen to be a car guy who is into muscle/classics/exotics, there is a man-ruining stream of highly desirable cars that you just couldn't live without. '71 Hemi 'Cuda convertible? That'll be about $8,000,000 right there...not to mention what could actually be a couple thousand highly desirable cars in the six and seven figures. Adds up fast.
No matter how much money you put in front of me, I could blow it on muscle cars faster than I could get it, millions of dollars at a time.
And as mentioned, the house/garage/warehouse/lifestyle to go with it. It wouldn't be difficult to find yourself eating out of a garbage can even with a few billion dollars.
Re-read my post. I said "twenty" thousand, not "two hundred" thousand...
Fine. Spend $40k in a day. Now you have $160k to spend the next day. Now, if you doubled what you spent the first day ($80k) you now have $180k to spend on the 3rd day.
I'm now saying that you couldn't spend it, eventually, but it takes time. And for each day a transaction takes to close, you have another $100k to spend. So, find yourself a $3,000,000 mansion. How long does it take to look at a selection (or are you going to buy the first one that pops up on the listings regardless of location?). Then, these things take time to close. Perhaps a month or 3. So, you'd better be shopping every day. Is your 'cuda just sitting on a corner lot? Nope. By the time you find it, close the deal, take possession you are at least $million richer.
It's insidious! But a chore I'd like to try.
If you don't think you could spend $100k a day, every day, you're not thinking about it very hard.
Hire a staff. I don't mean one or two people, I mean hire a staff of people. A personal assistant, a masseuse (or two, or three), a driver, a pilot, a nanny (one for each kid - why not?), a life coach, a personal chef - seriously, it wouldn't be hard at all. Just ask MC Hammer.
Hire a staff. I don't mean one or two people, I mean hire a staff of people. A personal assistant, a masseuse (or two, or three), a driver, a pilot, a nanny (one for each kid - why not?), a life coach, a personal chef - seriously, it wouldn't be hard at all. Just ask MC Hammer.
Well, I have about $140K on my mortgage, and I'm allowed to put about $30K into it per year on top of the scheduled payments without penalty. So I'd do that, and have $10,000 left. Which would cover the remaining balance of my car loan. I think I'd have enough left over for a 13" MacBook Air or perhaps a new 15" MacBook Pro to replace my Santa Rosa model.
This is the case 99.999999% percent of the time, it's good to pay off debts and avoid credit card use, student loans, home loans, car loans, and if you can (and I am not saying it's not easy), pay everything at once in cash and get that cash discount. I know a man who didn't speak English and came here with 10 cents after WWII and he built an empire of $100 million based on these simple concepts.
However, there was this one broke guitar teacher who maxed out his credit card to produce his own guitar CD, not knowing how to produce, and laid down his own drum and bass tracks which he had to learn how to play on the way while making the record. This would be a stupid music business model. But don't tell that to Joe Satriani. His greatness rubbed off on a few students, too, like Stevie Vai, Kirk Hammett, and Alex Skolnick. Not bad for maxing out a credit card on a dream.
If i had 40k to spend in a day i would pay off my first year of college (im still a freshman) which is 30k. Then blow 5k and put 5k in the bank.
And like I said, if you want me to spend 40k$ a day, I'd just get a bigger mortgage, staff to take care of the home and various other things that costs multiple thousands of dollars per day in finance charges alone.
There's nothing hard in spending money. You just lack imagination.
Again, you're missing the point. If you're making 100k$ a day, you don't buy a 3,000,000$ home, that's only 30 days to pay. You buy multiple homes for hundreds of millions of dollars which will tie up your income for... oh... 25 years. Just like someone with 300$ per day income buys a 250,000$ home and requires a few years to pay it off.
Why are you constantly coming back with that argument ? I told you, you're lacking imagination and not seeing the scales properly. 100k$ a day is 36.5 million dollars a year. Scale up that mortgage accordingly. Not 700k$, not 3,000k$. Think 500,000k$ and up worth in mortgages amortised over 25 years. Don't stop at that condo in New York. Think owning a floor or 2 above floor 100 of a high-rise, all as your personal "bachelor".
Get my wife a new car (she's driving one that's > 10 years old), pay off high-interest debt, and bank anything remaining.
--OR--
Get my wife a computer of her choice + iPad 2, get my daughter an iMac + 8 Gb iPod touch. Then splurge on a couple of high-end synthesizers (Roland V-Synth and Fantom) and a Mac Pro audio workstation setup for myself, and then pay off debt as above and bank the remainder.
--OR--
Get my wife a computer of her choice + iPad 2, get my daughter an iMac + 8 Gb iPod touch. Then splurge on a couple of high-end synthesizers (Roland V-Synth and Fantom) and a Mac Pro audio workstation setup for myself, and then pay off debt as above and bank the remainder.
Ok, I'll play. So many didn't follow the instructions (unless you are holding the investments forever and never cashing in). Also, how the hell is putting money in the bank spending it... ?
$14000 - Leica M9 x 2 (One Silver, One Black)
$1100 - Used Leica M6 Classic
$10500 - Leica 50mm Noctilux f/0.95
$5000 - Leica 35mm Summilux f/1.4
$4000 - Leica 28mm Summicron f/2
$1100 - Zeiss 50mm f/1.5 Sonnar ZM
$1000 - Apple 11" Macbook Air
$2500 - A very nice iMac
$800 - iPad 2
Also, how the hell is putting money in the bank spending it... ?$14000 - Leica M9 x 2 (One Silver, One Black)
$1100 - Used Leica M6 Classic
$10500 - Leica 50mm Noctilux f/0.95
$5000 - Leica 35mm Summilux f/1.4
$4000 - Leica 28mm Summicron f/2
$1100 - Zeiss 50mm f/1.5 Sonnar ZM
$1000 - Apple 11" Macbook Air
$2500 - A very nice iMac
$800 - iPad 2