So what to do with an extra $50,000 that magically falls into your lap? Free money, as my mom describes it. I can tell you one thing for sure. If that happened to me, it wouldn't last long - even if I didn't use it for that condo I've been trying to buy for the last 15 years or so.
For starters, my car is about 15 years old. Thank God I bought Japanese. The car has run flawlessly and only needed a few repairs (like brakes, tune-up, muffler and tires) for 150,000 miles now. She's been good to me. But I fear she's getting ready to quit. I'd probably give her to my nephew to get around in for a while. I would have traded her in when the cash for clunkers program was around, but the Feds only wanted your car if it got terrible mileage, like an old SUV, so you could get a new SUV with a little better mileage. Amazing, is all I can say about that. I guess a new car would run around $30,000. I would want to replace my old car with the model I currently own; that's how much I love my old car.
That would leave $20,000. I haven't had a vacation in a while. I would treat myself and my significant other to a stay in Europe for maybe 10 days or so. I'm sure France or Italy or both would light her up like a Christmas tree. I figure that would run another $10,000 to $15,000 for sure, especially with the exchange rate the way it is. But we love Europe, so we would go anyway.
That leaves around $5,000 to play with. I think I'd probably donate the rest to a charity - one that puts more of your money into the cause it represents than it takes out in salaries and other operating expenses. Dad always said, "Spread the wealth around so that one day, it would come back to you."
Read more: http://www.nydailynews.com/blogs/impact_panel/2010/01/tony-virardi-money-that-magica.html#ixzz0di8EyJG6
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