Comments on: The $100 Question – And What It Means http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/ Simple, applicable personal finance advice for the modern world Thu, 18 Mar 2010 12:46:50 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: Michelle http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-131632 Michelle Thu, 13 Dec 2007 20:09:39 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-131632 $100,000 would be put to good use in paying off my high-interest student loan, and my house. That wouldn't really leave any money left over after taxes. But then my husband and I would be able to put away over $3,500 every month directly into savings...or use some of that extra income to pay off other debts like cars. $100,000 would be put to good use in paying off my high-interest student loan, and my house. That wouldn’t really leave any money left over after taxes.

But then my husband and I would be able to put away over $3,500 every month directly into savings…or use some of that extra income to pay off other debts like cars.

]]> By: Michelle http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-131631 Michelle Thu, 13 Dec 2007 20:03:36 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-131631 I've actually FOUND a $100 bill before. =) I was working retail in a store around Christmas time. I was the only one closing the store and right when I went to close the gate, I noticed the crisp bill just laying on the floor in front of the counter! At the time, I didn't have many bills and was not thinking of my future. So I made the mistake of going shopping a few days later and instead of leaving it at home, I took it with me. But I didn't spend it on myself. I found a Dale Earnhardt racing jacket for, guess how much...$100...that I just KNEW my now father-in-law would love. It sure was great to see his face on Christmas day! And he still wears it to this day, so I feel as if it was a good investment. However, if I were to find $100 today, I would definitely do things differently. My husband and I want to buy a new house...but are going to end up owing money on our current house since the market is so bad. We also have student loan debt and lots of other bills that we didn't have a few years ago. So I can definitely see that $100 going right into savings or being put towards debt. Now if only I could find a $100 bill more often! I’ve actually FOUND a $100 bill before. =) I was working retail in a store around Christmas time. I was the only one closing the store and right when I went to close the gate, I noticed the crisp bill just laying on the floor in front of the counter!

At the time, I didn’t have many bills and was not thinking of my future. So I made the mistake of going shopping a few days later and instead of leaving it at home, I took it with me. But I didn’t spend it on myself. I found a Dale Earnhardt racing jacket for, guess how much…$100…that I just KNEW my now father-in-law would love. It sure was great to see his face on Christmas day! And he still wears it to this day, so I feel as if it was a good investment.

However, if I were to find $100 today, I would definitely do things differently. My husband and I want to buy a new house…but are going to end up owing money on our current house since the market is so bad. We also have student loan debt and lots of other bills that we didn’t have a few years ago. So I can definitely see that $100 going right into savings or being put towards debt.

Now if only I could find a $100 bill more often!

]]> By: Lazy Man and Money http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-9438 Lazy Man and Money Wed, 07 Mar 2007 17:10:45 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-9438 The hundred dollars would go into my wallet and be forgotten about for quite some time. Because I use credit cards (full paid off each month) cash tends to get forgotten in my wallet until I run into a case where I really need (which is quite rare). So I guess it eventually gets spent, but that's $100 that I don't have to go to the ATM for. In a way it goes to savings or expenses that I would typically have anyway. The difference is a $100 in cash vs. $100 in check form. If it's in check, it has to go to my bank anyway, so that's a no-brainer. If it's $100 in cash, I hate to put it in the bank. I don't trust ATMs with cash and finding a teller is never easy or convenient. The hundred dollars would go into my wallet and be forgotten about for quite some time. Because I use credit cards (full paid off each month) cash tends to get forgotten in my wallet until I run into a case where I really need (which is quite rare). So I guess it eventually gets spent, but that’s $100 that I don’t have to go to the ATM for. In a way it goes to savings or expenses that I would typically have anyway.

The difference is a $100 in cash vs. $100 in check form. If it’s in check, it has to go to my bank anyway, so that’s a no-brainer. If it’s $100 in cash, I hate to put it in the bank. I don’t trust ATMs with cash and finding a teller is never easy or convenient.

]]> By: LivingAlmostLarge http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8541 LivingAlmostLarge Fri, 02 Mar 2007 02:24:11 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8541 $100 spend it on dinner out we don't spend that much usually and DH loves sushi. $100k is a different story, we'd save all but $1k of it probably. $100 spend it on dinner out we don’t spend that much usually and DH loves sushi.

$100k is a different story, we’d save all but $1k of it probably.

]]> By: plonkee http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8409 plonkee Thu, 01 Mar 2007 08:43:51 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8409 I'm not sure about this. If you found $1 would you spend it or save it? I bet almost everyone has an amount below which they wouldn't consider it important enough to matter (regardless of whether they spend it or not). Maybe $100 is a little high but in real life its not an all or nothing proposition. When I get a payrise, I usually plan to invest or save half and spend half and they are pretty small amounts. I’m not sure about this. If you found $1 would you spend it or save it?

I bet almost everyone has an amount below which they wouldn’t consider it important enough to matter (regardless of whether they spend it or not). Maybe $100 is a little high but in real life its not an all or nothing proposition. When I get a payrise, I usually plan to invest or save half and spend half and they are pretty small amounts.

]]> By: Rob http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8396 Rob Thu, 01 Mar 2007 06:48:12 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8396 For $100 I would spend it. I spend money. I need to eat, sleep, etc. But it would mean that I would then have extra cash in the bank that I didn't need to take out that week. At the end of the month - that goes into savings. For $100 I would spend it. I spend money. I need to eat, sleep, etc.

But it would mean that I would then have extra cash in the bank that I didn’t need to take out that week. At the end of the month – that goes into savings.

]]> By: Chris http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8375 Chris Thu, 01 Mar 2007 04:18:34 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8375 At $100, I might spend it. My wife and I already invest about 13% of our savings each month and still have plenty to pay off whatever debt we have. For $100,000, I would look into purchasing or starting my own business. You can easily get one of several franchises for that kind of cash. And since banks generally require at least 20% down for a business loan, you could qualify to purchase something larger than a $100,000 business. I still have 30 years to retirement. While that $100,000 would be a great boost to my retirement accounts, it certainly isn't necessary. A business of your own gives you true financial independence immediately, without having to wait decades for your $100,000 to grow to a much larger amount. Yes, it's risky and yes, it could fail. But, it's also risky having one job with one boss with sole decision-making power over you and your career. At $100, I might spend it. My wife and I already invest about 13% of our savings each month and still have plenty to pay off whatever debt we have.

For $100,000, I would look into purchasing or starting my own business. You can easily get one of several franchises for that kind of cash. And since banks generally require at least 20% down for a business loan, you could qualify to purchase something larger than a $100,000 business.

I still have 30 years to retirement. While that $100,000 would be a great boost to my retirement accounts, it certainly isn’t necessary.

A business of your own gives you true financial independence immediately, without having to wait decades for your $100,000 to grow to a much larger amount. Yes, it’s risky and yes, it could fail. But, it’s also risky having one job with one boss with sole decision-making power over you and your career.

]]> By: Stephanie http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8325 Stephanie Wed, 28 Feb 2007 23:42:50 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8325 I actually did a post on this a couple days ago, having no idea you were asking people a similar question! I wrote about what I would do with $10, $100, $1000, $10,000, $100,000, and finally $1,000,000. You can read the whole post here: http://kgazette.blogspot.com/2007/02/if-you-give-girl-dollar.html For $100, I said I would put it towards my next car and credit card payments. For $100,000 I put a lot of things, but paying off all of my credit card and student loans was a part of it. I actually did a post on this a couple days ago, having no idea you were asking people a similar question! I wrote about what I would do with $10, $100, $1000, $10,000, $100,000, and finally $1,000,000. You can read the whole post here: http://kgazette.blogspot.com/2007/02/if-you-give-girl-dollar.html

For $100, I said I would put it towards my next car and credit card payments. For $100,000 I put a lot of things, but paying off all of my credit card and student loans was a part of it.

]]> By: Keith http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8311 Keith Wed, 28 Feb 2007 21:55:31 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8311 It depends on the situation. I set aside a certain limit for retirement savings, regular savings, etc. If I'm below the limit, I'll plunk some cash down on "important things". If not, it's good to spend. It depends on the situation.

I set aside a certain limit for retirement savings, regular savings, etc. If I’m below the limit, I’ll plunk some cash down on “important things”. If not, it’s good to spend.

]]> By: Christy http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8295 Christy Wed, 28 Feb 2007 20:59:51 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8295 It doesn't have to be an all or nothing proposition, does it? When I won almost $600 a few years ago, I spent roughly a third on myself, a third paying off bills, and a third donating to charity. To me, that's a fair way to deal with unexpected money. If it was $100,000, a lot more would go to debt and savings, less to charity, and a lot less to myself for fun, but I'd still divide it up. It doesn’t have to be an all or nothing proposition, does it? When I won almost $600 a few years ago, I spent roughly a third on myself, a third paying off bills, and a third donating to charity. To me, that’s a fair way to deal with unexpected money. If it was $100,000, a lot more would go to debt and savings, less to charity, and a lot less to myself for fun, but I’d still divide it up.

]]> By: Citoahc http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8275 Citoahc Wed, 28 Feb 2007 19:46:42 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8275 It is probably a good thing that my first thought was "That $100 would save me $10 in interest over the next year and the year after that until I pay of the credit card." It is probably a good thing that my first thought was “That $100 would save me $10 in interest over the next year and the year after that until I pay of the credit card.”

]]> By: noah kagan http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8272 noah kagan Wed, 28 Feb 2007 19:24:53 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8272 It would depend on my situation. At my current level I would spend it on a friend and buy them something unique and surprising. If I had more financial troubles I would put it in my money market account. It would depend on my situation. At my current level I would spend it on a friend and buy them something unique and surprising. If I had more financial troubles I would put it in my money market account.

]]> By: Ellen http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/comment-page-1/#comment-8258 Ellen Wed, 28 Feb 2007 16:41:36 +0000 http://www.thesimpledollar.com/2007/02/28/the-100-question-and-what-it-means/#comment-8258 I've actually been in this situation, sort of--the first one, anyway. I worked a job a few summers ago that involved per diems on top of salary--every week we got handed $280, cash. Some people went crazy with it--sushi every off-night!--but the ones who realized that we were being handed about 3 grand pre-tax for the run of the job ate bus food and kept the cash (despite the pretty strong temptation--it's so much FUN to break hundreds!). I’ve actually been in this situation, sort of–the first one, anyway. I worked a job a few summers ago that involved per diems on top of salary–every week we got handed $280, cash. Some people went crazy with it–sushi every off-night!–but the ones who realized that we were being handed about 3 grand pre-tax for the run of the job ate bus food and kept the cash (despite the pretty strong temptation–it’s so much FUN to break hundreds!).

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