George Bush offers to give you $2 million, BUT...
Fun, right? haha... while the majority of the questions center around good looks and/or just really really childish stuff, they almost inevitably go down the money route as well, like the famous, "What would you do with a million dollars?" one. Not EXACTLY a "would you rather" question, but nonetheless interesting ... and thus the reason for this post ;)
So the other day when i came across a questions and answer posting by Frugal Dad, I thought to my self - what better way to participate than by submitting my own wild question?
And here's what i came up with:
“George Bush offers to give you $2 Million in exactly 3 years from now (signed contract and all), BUT in order for you to get it, you have to give up EVERY PENNY you have right now - all savings, retirement, etc. Would you do it?”Before you answer it yourself, keep in mind the following:
- All savings, home equity, brokerage, 401(k), etc are all wiped out to a zero balance, both for you and your spouse/partner - so as of today, you'd have $0.00 to your name.
- BUT, you'd also still have your current salary, part-time jobs, etc., so money would flow in.
Basically, you'd be somewhat screwed in an emergency (as your emergency fund would also have been wiped clear), BUT you'd be all set 3 years from now! If you're already in debt and don't have much saved anyway though, then the answer is easy. But what if you have a family to feed, or have amassed quit a bit over the years? Is it worth the sacrifice?
Well, here's how Frugal Dad answered it (w/out my further clarification) -
Smart man ;) I can only *hope* to make the same money-related decisions if/when I become a dad! As it stand right now, i'd have to take the $2 mil in 3 years for sure. Even w/ my super savings plan , I still have 15 years or so to go until I reach the $1mil mark anyways, so it's an easy call. This, of course, is without running it by Mrs. Budgetsaresexy though! haha ... I'm not sure she'd want to start out married life flat broke ;)"Creative question! Well, you didn’t mention my income - would I have to give that up, too? If not, I suppose we could continue to live on my income and put off saving and investing for the future windfall. However, if I had to completely give up all forms of money and income, then my answer would be no deal. Maybe if I was a single guy I could just float though life for the next three years, but as a husband and father with mouths to feed I need to maintain a certain quality of life for my children. No amount of promised money in the future could cause me to sacrifice their well-being, even temporarily."!
Either way, I always enjoy hearing how others would handle such questions. It certainly makes life more interesting!
Labels: george bush, randomness 3000, would you rather
posted by J. Money at
12:35 PM
8 Comments:
I read this article this morning and thought I'd give myself sometime to think about it before I responded.
My initial gut reaction was to take the $2 million but after some thought I've changed my mind.
I would NOT take the offer. My husband has a healthy 401K we're at just under $500,000 and the equity in our ranch is at about $400,000 so I'll stick with my money.
I loved this topic! It really got me thinking.
I'd like to be a fly in your car on one of those long road trips. LOL
Heck yes I would.
I only own $200,000 in equity, cash, stocks, etc right now, but here is how I see it. It would be like going backrupt now without the penalties but with the complete loss of money. Otherwise, I get to keep my job and I could swing it.
Okay what is the next would you rather?
my crazy debt - you are too funny :) that's very interesting that you'd not take it...but it makes sense - you are already close to the $1mil mark, and i'm sure you guys feel super safe! thx for commenting.
mj @ dyslexic research - awww yeah, good pick! would def. suck in the short term, but would pay off later for sure.
And per your request, here's another would you rather for ya ;)
"Would you rather... Default on all loans, credit cards, mortgages, etc for 5 months straight (no payments allowed at all, no matter what even if you have the money) - OR would you rather give Uncle Sam a one time $20,000 check to avoid it all together?"
For me it is a no brainer, I would take it. I live in NYC and rent, so no house equity to lose for me, and my 401K+retirement accounts, in 3 years would not be close to even 1M.
I would not like to lose my emergency fund, *BUT* I would still have my job, and be able to save again. And if some emergency did happen before I could save for it, I would put it on credit card.
LOL!!!! I wouldn't take anything George W. Bush promised to give me in three years, even if no strings were attached. The man lies.
Seriously, there's no such thing as a free lunch. If you suddenly had no assets, you suddenly would have no credit. Even if you got to keep your salary, over three years you'd need at least one charge account, you'd need to be able to rent an apartment (no credit, no lease), you'd need to start the utilities, get a telephone...and if an emergency happened, you'd need to take out a loan to pay for it. With no assets and no credit, you'd be up the creek.
Interesting. That's where we all are right now, after eight years of George Bush. Are you sure this is a game, and not real life?
The problem with this is, at the rate of inflation what would 2 Million dollars mean in 3 years? Chances are I would it take because I'm single and don't have any real assets or savings. So it wouldn't be much of a difference.
In all honestly I think I'd fall down on the floor and be unable to produce any kind of answer. I don't know George Bush personally, but I never envisioned him as being quite that nice...
hahaha...come on now, you know Good ol' Georgie would have your back ;)
NYCChris - i'm with you on this one.
Funnyaboutmoney - if you lost all your current $ and assets, you'd lose your credit too? Are you sure? I've never heard of that one (although it's not like anyone actually PLAYS these types of games to find out! haha) but I'd be interested to find out if that would indeed occur. If your credit score remains the same, you'd still be able to get a credit card, even IF it's at a highter rate since you won't have any assets, in which case you'd be covered in an emergency...and for the sake of the game, let's pretend G.B. is backed 100% and you will, in fact, get the money. Would that change your view?
Hamik - even if inflation went buck wild, that is still a $hit load of money!
Mike - George Bush loves you, but not as much as Obama does ;)
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