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What Would You Do With $10,000?

Posted By Jim On 07/15/2007 @ 6:25 pm In Personal Finance | 18 Comments

After all those lottery [3] questions [4], this one probably made you think that I won the lottery and $10,000 huh? Well, no, this question was prompted by a question to Gerri and is the focus of her Gerri’s Top Tips [5] column for this week. The question itself is:

I am a 26-year-old professional. My parents just generously gave me $10,000. I want to use this money to begin saving for my retirement. I will contribute $4,000 to my Roth IRA. Any advice on what to do with the remaining $6,000?

Gerri recommends:

  • Consider a stock fund from one of the big brokerages, T Rowe, Vanguard, Fidelity, etc.
  • Emergency fund if you don’t have one

Yeah yeah, that’s pretty vanilla answers… and honestly they’re not that much fun. What would I do with $10,000?

  • Put a down-payment on a sweet new ride [6] (okay, so it’s sweet only because it’s easy on gas and it’s green), or,
  • Two person 12-night Mediterranean-Eastern (Civitavecchia to Venice) cruise from Crystal Cruises ($5860 per person for an Oceanview room), or,
  • $10,000 in quarters so I can put it in a big vault and dive into it Scrooge McDuck style, or,
  • a ridiculous vacation to Hawaii or somewhere really warm and sunny and nowhere near here, or,
  • put it on red, or,
  • enter the World Series of Poker.

Any of those ideas sound a lot more fun than a stock fund or an emergency fund… what would you do? (I mean fun things, not the boring/responsible stuff you tell your parents)

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[2] Email: mailto:?subject=http://www.bargaineering.com/articles/what-would-you-do-with-10000.html

[3] lottery: http://www.bargaineering.com/articles/if-you-won-the-lottery-would-you-tell-anyone.html

[4] questions: http://www.bargaineering.com/articles/win-and-tell-and-why-do-people-play-the-lottery.html

[5] Gerri’s Top Tips: http://money.cnn.com/2007/07/13/pf/saving/toptips/index.htm?section=money_latest

[6] sweet new ride: http://www.toyota.com/prius/models.html

Thank you for reading!