Q: What would you do if you had an extra $100,000 a year to live on?
A: This is a challenge I have always wanted to try. Could I be humble, frugal, and the same "down-to-earth" me, if I was as wealthy as I wanted to be? Give me the test, please! See if I pass.
I would imagine that this "trial" would come as a result of hard work, not a sudden windfall (I don't play the lottery), so I think I'd have a few months of adjusting to the new income. In this adjustment period I'd like to do a few things: set up auto pay for all my bills, set up a savings and retirement account, fix anything broken or needing to be replaced in my home (I'd replace the broken lawn mower, and I could really use a new mattress!).
Once these things were out of the way, I think the extra income would allow me to live with more freedom: freedom to help others in need and give to charitable institutions, such as my kids' school, our church, cancer and juvenile diabetes research foundations, etc. Freedom to buy a larger home so all my children could have their own bedroom (instead of Jimmy sleeping in the room with the dryer and deep freeze). Freedom to have a reliable, newer, still-under-warranty car (imagine that!). Freedom to take a modest family vacation to Disneyland or Canada.
I am fairly certain I would not spend much of the extra income on clothes/shoes/accessories. I have found that these items don't bring me much joy. I do enjoy sewing a new dress for myself and Abby, so I'd probably still sew. I would like each of my children to have new shoes instead of garage sale/D.I. shoes. But I don't want to have to add lots of closet and storage space to my home because I have absorbed more "things" into my life.
I don't think I'd spend money on anything exorbitant: jewelry, furniture, flashy sports cars, recreational vehicles or boats, etc. That just doesn't seem like me. I like simple things... because simple means less complicated, and I don't want to complicate my life and lose appreciation for the simplicity I now enjoy. You've got to admit, being broke means you live a very simple lifestyle!
One final thought: I think money is well spent if it brings your child or family an "experience" rather than a "thing." For example, being able to afford swimming lessons means your child enjoys being at the pool or lake for the rest of his or her life. The same thing can go for a special summer camp, musical instrument lessons, a bike or skates that can be used all summer, or a weekend fishing or camping. If you gain a special memory or a lifelong skill, it enhances your life. If all you get is another toy in the toy box or an item in the closet, perhaps that's not the best use of the money.
What would you do with an increase in income? Leave a comment and let me know.
With extra money I hope that I wouldn't change my character. I'd like to think that I'd stay the same (I'm generous, I think)--but everyone probably feels that way. I'd like to pay my bills every month. Maybe take the children to the movies or dinner more than once a year. I HATE debt, so forget toys and crap.
ReplyDeleteI'd like to invest, have opportunities to help others. That's actually my life long dream. But no amount of money can every replace the love I have for and with my wife & children.