1 year, $25k, go!

[justginger]

You've won $25k on a scratchie. You've convinced your boss to let you have a year off work.

What would you do? Where would you go? What would you NOT do and where would you NOT go? Why?

 

[chrono]

I wouldn't take off work at all. After taxes, all I'll have left is around $15K, which isn't that huge a sum of money. I have no debt so there's nothing to pay off. Instead, I'll just save it, invest some, maybe splurge a little but life goes on as usual. Yes, I'm very boring.

 

[Cozystitches]

I probably won't take a year off either, however I would take a loooong vacation. I'm a teacher so my summer break would be my long break. I'd probably pay off some debt as well, and buy sparklies of course.

 

[movie zombie]

I wouldn't take off work at all. After taxes, all I'll have left is around $15K, which isn't that huge a sum of money. I have no debt so there's nothing to pay off. Instead, I'll just save it, invest some, maybe splurge a little but life goes on as usual. Yes, I'm very boring.

+1.
given we're paying this place off by March, 2014 [30 yr mortgage paid off in 10 yrs], i'd throw any $ after taxes at that.
if I had not already purchased a home, i'd save the after tax $ towards a down payment.

way to practical, I know.

 

[justginger]

I wouldn't take off work at all. After taxes, all I'll have left is around $15K, which isn't that huge a sum of money. I have no debt so there's nothing to pay off. Instead, I'll just save it, invest some, maybe splurge a little but life goes on as usual. Yes, I'm very boring.

Oh yes, I forgot about the American taxes on lottery winnings. In Australia, what you win is what you get. So you really do have $25k in my imagined scenario - would that change what you do with it?

 

[Kelinas]

Tahiti, over water bungalow.
/sigh

Then hop over to Australia & New Zealand to see friends before going back to boring Florida

 

[Kelinas]

Of course dream and reality is different. If I really won, 20 would go to my mortgage and 5 would pay off the remainder of my husbands truck.

But a girl can dream

 

[chrono]

Even supposing I get keep all $25K, life goes on as usual. Any debt must be paid off first, be it credit card, car or school loan/tuition or mortgage. If there's something important such as college tuition, buying a home or retirement, I would sock away almost the full amount in preparation for the large expense. Next under review is the 3 to 6 month liquid emergency funds.

If all the above does not apply or there is still leftover after that, the remaining sum will be invested with a lesser portion put aside as play money (bling, short vacation, or whatever your heart desires). I would still go to work as usual. $25K is a large sum in a certain sense but in reality, it doesn't go very far once you really examine how it can be very easily spent. I am often practical to a fault but I sleep better at night knowing my financial situation is stable and sound.

 

[justginger]

Even supposing I get keep all $25K, life goes on as usual. Any debt must be paid off first, be it credit card, car or school loan/tuition or mortgage. If there's something important such as college tuition, buying a home or retirement, I would sock away almost the full amount in preparation for the large expense. Next under review is the 3 to 6 month liquid emergency funds.

If all the above does not apply or there is still leftover after that, the remaining sum will be invested with a lesser portion put aside as play money (bling, short vacation, or whatever your heart desires). I would still go to work as usual. $25K is a large sum in a certain sense but in reality, it doesn't go very far once you really examine how it can be very easily spent. I am often practical to a fault but I sleep better at night knowing my financial situation is stable and sound.

That's fair enough. I am usually also on the financially conservative side, but can see a point in the near future where I would be happy to spend an unexpected windfall with glee. Our mortgage will be clear in 6 years, DH and I both have well-paid, permanent government positions, we have no other debts, and we have a good stash of emergency savings. If someone handed me $20k+ right now, my first instinct is no longer to save it all.

 

[MichelleCarmen]

Well, DH is the breadwinner and $25K wouldn't be enough for us to live off of for a year. Four people in the Seattle area...I'm pretty sure that $25K is poverty level here. lol So, if he took a year off work to live off the scratch ticket, we'd have to go on a vacation to the food stamp office.

Reality: we'd each buy something fun - I'd get a pair of diamond earrings and DH would get something - not sure what and the rest would go into savings. We'd also get a new computer for the kids and probably a new TV.

2nd Possible Reality: I buy a pair of diamond earrings, DH takes 2 weeks off work (which he COULD do), and we take a family trip for 4 to Hawaii. I'd also spent $$$ on new clothes for the trip. Then stick $2000 or what is left over into savings.

ETA - we don't have any debt, so there would also be the option of me using the $25K to buy a new car. The one I want is a bit over $30K, so it's be nice to pay for that. Then we could go on a road trip.

 

[TravelingGal]

I hear ya justginger.

If that happened to me, obviously I couldn't run off and do what I wanted, kid and all - but if I were sans child and were financially in a good place (like you) - I'd go where the wind took me. Pick a starting point, meet people along the way, get ideas at point A where I might want to go for point B, and run with it.

That's what I ended up doing when I was 30 and wandering around Europe, and it was the most liberating thing I've ever done. Nothing like looking at a big train destination board and thinking - where do I want to go today? And knowing that once you get there, it would be full of surprises because I wasn't expecting to go there in the first place.

 

[iheartscience]

Come on people, have some imagination! Investing it is a lame answer!

I'd definitely go on an awesome vacation. I've been to Europe pretty often so I think I'd do an epic trip to Japan and also go to Thailand and Vietnam while I'm in the neighborhood. It'd have to be a nice long trip to take the edge off the long flight!

 

[chrono]

I've been to Europe and Asia several times so both are nothing new to me. I'm not a beach person either. Backpacking is too much at my age too so that's out. So.....yeah, I guess that makes me lame.

 

[iheartscience]

I've been to Europe and Asia several times so both are nothing new to me. I'm not a beach person either. Backpacking is too much at my age too so that's out. So.....yeah, I guess that makes me lame.

Then BIGGER JEWELS is the answer, clearly!

 

[Dreamer_D]

Wait. Am I supposed to live on that $25k? Because I could only do that if I left my husband and kids and all the bills

So I guess if I won $25k on a scratchie and took a year off, I would get a second job

 

[diamondringlover]

OK if I really didn't have to worry about money too much, I would go where there is a sandy beach and a warm breeze and I would lay on the beach and watch the waves while drinking white wine...no stress, no worries..just straight relaxation, God I would love that after the week I am having..

 

[sonnyjane]

Tahiti, over water bungalow.
/sigh

I've priced that out when planning a (still imaginary) trip there... there goes half your winnings for a single a week!

 

[Kelinas]

Tahiti, over water bungalow.
/sigh

I've priced that out when planning a (still imaginary) trip there... there goes half your winnings for a single a week!

Yeah I know, I always look at prices whenever I want a vacation.
I'd only need a week to blow off all my stress though ^.^
My husband and I talked about it, but he wasn't thrilled about such a large chunk of our (Vacation) savings going to ONE place. We ended up taking a 11 day exotic Carribean cruise. So much fun but I still dream of Tahiti.

 

[smitcompton]

Hi,

My only choice would be warm place. I would choose Mexico. I would go to one of several areas that have ex-pat communities. I need a base. I could go other parts of Mexico as long as I ad someplace to come home to. I like the people, would like to experience another culture, have a hacienda type home, with a maid and/ or cook to take care of me.

I used to think I could retire in Mexico-even found several places I liked. But, then the drug lords took over and I became afraid.
I also got sick so it was no longer feasable, but I like the idea of Mexico. I have been there once and I can accept lowered American standards if they have hot water and indoor plumbing.

I coulde live and travel on the 25.000 for about 6 months. I get homesick and will want to come home by then. Six months would do it for me.


It was a fun trip ginger. My friends and I have talked about it.

Annette

 

[marcy]

We'd go to Italy. It is DH's dream vacation.

 

[Blackpaw]

Oh good one JG!! boo on these answers though

with 25k id do south america or asia. Hopefully for that in asia at least my SO could come, in fact im just going to assume he's coming. I think asia appeals more for a whole year, i can see 6months being enough for me for south america but thats just a feeling i get. If it was double (or lets face it triple) id do europe for sure!!

Anyways, asia, diving in sipadan and palau and anywhere and everywhere, burma (seriously cant wait to go there), thailand, vietnam (oh gosh the food), camboida, laos, then China, Tibet and Nepal (lots of trekking in nepal, i love hiking second to diving). And Malaysia, i forgot about there...and hey maybe id do the trans siberian into russia (russia is another place id like to go, very high on my list), seeing as id already be in china.

Im all for taking years off (im not financially responsible though yet, meaning i dont have a house), SO and i did it once and long to do it again

So ginger where would you go?!

 

[wildcat03]

Couldn't afford to live on 25k, so it would just have to be a splurge.

Thoughts:
- Dream vacation for me and the man: Australia
- Pay off a good chunk of one of my student loans and my car loan
- Savings for the rest

 

[justginger]

I hear ya justginger.

If that happened to me, obviously I couldn't run off and do what I wanted, kid and all - but if I were sans child and were financially in a good place (like you) - I'd go where the wind took me. Pick a starting point, meet people along the way, get ideas at point A where I might want to go for point B, and run with it.

That's what I ended up doing when I was 30 and wandering around Europe, and it was the most liberating thing I've ever done. Nothing like looking at a big train destination board and thinking - where do I want to go today? And knowing that once you get there, it would be full of surprises because I wasn't expecting to go there in the first place.

Ah...someone who shares my tendencies!

DH and I are just starting to discuss this possibility. Graduate in 3 years, hit the road. Our dogs (sadly) will likely be gone, or close to. The cats can be cared for by fellow foster carers. We'd have the mortgage covered by the rent we'd get for our place.

Work has let others off for 1-3 years, without pay, holding their positions. Though realistically, DH and I would be very close to our 16 weeks paid long service/annual leave anyway, so that would help too.

I think we could do it for about $20k/year, taking advantage of the lower cost of living in other areas (can't spend extended amounts of time in Scandinavia, for example).

The possibilities have my stomach doing backflips!

 

[packrat]

We have about 40k total in debt between the house and truck and two cards. So..that's where it would go.

However, what I'd LIKE to do w/it is go to Australia. The four of us, and then take my parents and my gramma so she can see the place she loves so much one more time.

Then if I'm still playing and not being smart w/bills, then I'd want to put the rest towards remodeling the rest of our place.

 

[Polished]

If it was compulsory to spend the money on something fun, I'd choose to amble around England. We spent two and half years working and travelling around many different countries 25 years ago, it would be so interesting to see England again, with new eyes after all this time has passed. Work was so good and well paid in London when we were there, I now think it would have been great to have had our children while over there and incorporated them into the sightseeing. I remember being on a guided tour in one castle and there was a fellow with a small toddler in a backpack. Toddler caught sight of a dog in a tapestry and started excitedly shouting: "dog, dog dog!" Priceless! I think it was a hopelessly insipid idea that we needed to be settled in order to have children; they would have loved the stimulation; even though I know for others, small kids and travel would be their idea of a nightmare.

 

[tbaus]

Jumping out of lurkdom because this is my FAVOURITE subject!

(Hi justginger, I met you at the Perth GTG the other week, I'm HOT's friend).

DH and I just got back from an 8 month trip, we budgeted $40k. This didn't include our flights (we used frequent flyer points). We spent 3 months driving across the US, a few weeks in the UK, some time in Greece and Turkey before flying to Russia and slowly making our way back across Europe from east to west (kind of doing what TGal just said, standing at the train station and picking our next destination). Then we flew to Egypt, popped up to Jordan and then down to South Africa, Zimbabwe and Botswana (where we blew $5k in 5 days on the most awesome safari). We came home with change

We've been back almost 3 months, and we constantly talk about doing it again.

Sorry about the long backstory, I just think it's interesting to know and see how we would change it next time around.

If we had $25k to do it again, we'd probably travel around Asia (Philippines, Malaysia, Vietnam, Thailand, Laos, Burma and China), then the tran Siberian to Russia, and do Eastern Europe all over again! I'd also find some way of sneaking a few weeks of Turkey in, just because....

Tell us more about where you are thinking of going!?

 

[justginger]

Jumping out of lurkdom because this is my FAVOURITE subject!

(Hi justginger, I met you at the Perth GTG the other week, I'm HOT's friend).

DH and I just got back from an 8 month trip, we budgeted $40k. This didn't include our flights (we used frequent flyer points). We spent 3 months driving across the US, a few weeks in the UK, some time in Greece and Turkey before flying to Russia and slowly making our way back across Europe from east to west (kind of doing what TGal just said, standing at the train station and picking our next destination). Then we flew to Egypt, popped up to Jordan and then down to South Africa, Zimbabwe and Botswana (where we blew $5k in 5 days on the most awesome safari). We came home with change

We've been back almost 3 months, and we constantly talk about doing it again.

Sorry about the long backstory, I just think it's interesting to know and see how we would change it next time around.

If we had $25k to do it again, we'd probably travel around Asia (Philippines, Malaysia, Vietnam, Thailand, Laos, Burma and China), then the tran Siberian to Russia, and do Eastern Europe all over again! I'd also find some way of sneaking a few weeks of Turkey in, just because....

Tell us more about where you are thinking of going!?

Hi T! It was lovely meeting you - the combo of your story and another friend who is headed to Colombia/DR to volunteer are what planted the seed. Plus this feeling of stagnation that I can't shake. It feels like I am simply not doing whatever it is that I'm meant to, yaknow?

Like I said, we've only just started thinking about this. My first thoughts are to spend 2 months or so in each location, doing volunteer work in some places, maybe just being a tourist in others.

NYC - I have a friend living in the W Village, tourist stop, maybe New Years?
Scandinavia - really want to see the Norweigan fjords, and of course run into the Skarsgard clan in S Stockholm.
Argentina - to stay for a while
Peru - to stay for a while
Nepal - we support an organization here, would def stay for a while
India - ditto above, but wouldn't stay as long
Russia - I also mentioned trans-Siberia to DH. Got raised eyebrows in response - "Isn't that where they send their prisoners?"

Those are the first destinations that come to mind, with Nepal and India being definites.

DH told me I might have to consider selling off a couple of pieces of jewelry if I really want to do it. You know I'm excited about an idea if that doesn't stop me in my tracks, lol.

 

[monarch64]

I'd run away and tell no one where I was going!!!

 

[Dancing Fire]

Buy me a $25K diamond or a $25K watch...

 

[chel180]

[quote="justginger|1366864388|
DH told me I might have to consider selling off a couple of pieces of jewelry if I really want to do it. You know I'm excited about an idea if that doesn't stop me in my tracks, lol.[/quote]
Haha