If you were to win $25,000 a month for life, with whom would you share the prize? Of course, there is the usual cast of characters – family (spouse, children, etc.), close friends, people less fortunate/people in need, charities, and religious organizations; but don’t let the ideas stop there. After all, if you were to win, then it’d be your money so you could do just about anything you want with it.
In a certain sense, sharing can be both compulsory and voluntary. For example, nearly everyone is forced to “share” a bit of their monthly finances with a landlord or mortgage holder, not to mention the holder of a car lien, financer of student loans, etc. With $25,000 a month to share, there also are plenty of opportunities to indulge in some voluntary sharing, or giving money to the things that make your life, and the lives others, better. Consider:
• Sports/music/theater – Tickets, gear, and travel to be with your favorite team or band would be a fun way to spend part of $25,000 a month for life.
• Animals – Think about shelters, rescue organizations, and more. Yes, the recipient(s) of your largesse doesn’t even need to be human!
• Support groups – Funds that provide for the families of America’s soldiers and law enforcement go a long way toward thanking our heroes.
• Schools – Foster the next generation of America’s leaders by ensuring today’s kids have all the resources they need to succeed.
On the other hand, remember when you were younger and someone would give you a little change, then admonish you not to spend it all in one place? Well, if that was good advice when you had 25¢, then it’s surely wise counsel for a potential PCH millionaire.
A close friend of mine is a financial planner and I asked her the question, “how would you spend a monthly income of $25,000?” At first, eyes lit up and she smiled widely – likely imagining all the fancy things she could add to her wardrobe, jewelry collection, etc. After a little consideration, she broke it down for me like this:
• $8,000 per month (almost 33%) on investments
• $7,500 per month (about 30%) on insurance (car, home, etc.), recreation, and bills (Note: I’m assuming this includes rent/mortgage payments.)
• $6,500 per month (about 26%) toward savings for emergencies or future opportunities
• $2,500 per month (10%) toward helping others through charities, community involvement, etc.
She also told me that if you’re married, then it’s usually a good idea to share your finances with your spouse.
By the way, before you can spend it, you have to be in it to win it so enter now to win $25,000 A Month for Life!
P.S. How would you spend $25,000 a month for life? Tell us in the Comments!