What would YOU do with $20K of disposable income?

[volksdragon]

Someone posed this question to me today, so I thought I'd post it here, along with my answers.

Assuming you had $20,000 disposable income right now, what would you buy with your $20,000 today?

1: Used reasonable-mileage 1997 Mazda Miata, autocross car. - $7500 for a good example, plus autocross-ready goodies.

2: One week Racing School (Skip Barber, etc) - $2000

3: Suzuki Sv-650S Motorcycle - $6500

4: New Snowboard and Boots/bindings - $800

5: 5-7 day Ski vacation in Austria - $2500

(let me note at this point, I'm struggling to come up with other things that spring to mind immediately)

6: Mosquito Magnet - $300

7: Only very large Barbecue at a state park. - It could probably be done for $400.


That's it, that's my $20k. I'm a simple guy. :)


What would YOU do?

Comments

[joeylemur.livejournal.com]

Easy: Get my fat arse out of debt. $20k could take care of my credit cards and my computer loan, get me caught up on my bills, and practically pay off my truck.

[dietbubba.livejournal.com]

$2800=pay off student loan
$6800=pay off car
$4000=Take Bink to the Basque region of Spain
$6400=Principal payment on the house.

[goldispikes.livejournal.com]

Hmmm. So many possibilities. I know!

$2400 - debts
$2000 - new furniture for condo
$5400 - six months mortgage payments
$10200 - Six months traveling the world

[dollraves.livejournal.com]

I'm assuming that, when you say "$20k disposable income," we're assuming that we're relatively solvent and that $20k would not immediately go towards paying debt:

1) Enclose the patio ($14k-ish)
2) Attempt to redo a bathroom with the remaining $6k.

[joeylemur.livejournal.com]

THE UNIVERSE LAUGHS AT YOUR PUNY DREAMS OF SOLVENCY! MWHAHAHAHA!

[dollraves.livejournal.com]

Laugh it up, Universe!!

Other than my student loans and mortgage, I have no debt. No car payment, no credit cards, nada.

And one day, oh yes, ONE DAY, this house will be paid of, too. MUHAHAHAHAHAHA!

[scirocco.livejournal.com]

That's what I was referring to, yes. Disposable, to me, means Not needed for bills, regular debts, etc. Apparently not everyone shares this opinion of disposable income. :)

[sarahparah.livejournal.com]

Add new bathroom onto house? I have no concept of how much it would cost do that.

[scirocco.livejournal.com]

Sadly, probably a lot more than $20k. Bathrooms and kitchens are apparently the most expensive single rooms to add onto houses. It would probably be a great principal downpayment towards an equity home loan, however.

[wavemaster.livejournal.com]

sanity... it would put me in a place where i could be going to grad school now.

[rawrin.livejournal.com]

If I had $20k to spend on whatever, I'd:

Pay off all debts: $7k
Buy a halfway decent used car: $10k

For the remaining $3k, I'd put it into a little travel account and use it to go to contests.

And if I were to assume that I'm debt-free in such a situation, I'd probably put that $7k in the travel account and use it to go to fun things like the Hawaii Pro-Am, the Arnold, WSW, and stuff like that.

[en-ki.livejournal.com]

I'd look for a job in Seattle, Chicago, San Francisco, or Santa Fe and put down a down payment on a house there.

[dchenes.livejournal.com]

If I had that much money and didn't have to spend it on debt:

ATA meeting registration,airfare, hotel and food: $1500
iPod: $200
CAT software: $700
Futon frame: $200

After that, it's all incidentals (flannel sheets, bigger desk, etc.) and pipe dreams (car and associated expenses).

[scirocco.livejournal.com]

You can get SOFTWARE TO MAKE CATS?!


*BZZZT* MEW!

[dchenes.livejournal.com]

Oh, probably. In my case, however, it means Computer-Assisted Translation.

[enochs-fable.livejournal.com]

You're killing me!

[stemware.livejournal.com]

I'd pay off my Amex and buy a ring.

Will $20K cover it?

[cranapril.livejournal.com]

A completely new kitchen. Floors, counters, cupboards, dishwasher, sink, fixtures, lighting. The fridge, stove, and microwave were purchased new three years ago, so I guess I could keep those. Sigh.

Re: Will $20K cover it?

[scirocco.livejournal.com]

Again, possibly not. Kitchens and bathrooms are the most expensive rooms to re-do. A real nice kitchen Re-do can run you $50k or more, so I suppose you could probably get a DECENT kitchen job for $20k, but it depends on what kind of quality you're looking for.

[enochs-fable.livejournal.com]

I'd park about $15K in something guaranteed to get a high rate of return to eventually use as a downpayment for a house, take the other 5K and get some toys (digital camera, iPod, Brooks Brothers clothes) and maybe a trip.

Man am I suddenly boring or what?

[whuffle.livejournal.com]

Aside from the requisite comment that everyone has made about paying off debts, which, since you said that you should assume those are already taken care of, I will ignore, I'd do the following:

1. Save it for a down-payment on a house. (That should take up more than the total $20k)

-or-

1. 10 day trip to Portugal. (About $3000)
2. 10 day trip to Bora Bora. (About $5000)
3. Safari in Africa. (About $2500)
4. New Olympus digital SLR camera with lens set. (About $1000)
5. Get both our cars stripped, sanded, and repainted/rust-coated. (About $2500)
6. Renter's insurance. (About $500/yr)
7. Veterinary health insurance (About $300/yr for 2 bunnies. Fuzzface can't get coverage because of pre-existing conditions.)
8. Veterinary Emergency Savings Fund for Fuzzface (About $5000)
9. A new home stereo system with JBL/Harmon Kardon surround sound speakers, a CD changer, Cassette deck, Tuner/Amp, LP Turntable, computer digital sequencing output, etc.

[liddle-oldman.livejournal.com]

Beer.

Good beer.

And a whole damn pint of fried clams.