So a blogger just emailed me this totally random question, but now I can’t stop thinking about it and curious to see how you guys would answer it ;)
Would you play it safe, or try to max the rewards??
Here’s his note:
Hope you are all well and having a great day, and the little buddy has a good affinity for sleeping :)
Was just reading your “What Does Wealth Mean to You?” post, and when I got to the “peace of mind” and “not thinking about money” part a thought experiment popped into my mind.
Curious how you’d answer?
Imagine if you check the mail tomorrow and there is a blank envelope with a magical credit card in it that you never have to pay off.
This card comes with a manual, and inside it it tells you that from this day forward you can buy anything you want with it forever, however there’s one restriction:
The card has a DAILY limit, but the only thing you know about it is that it’s more than $100. If you go over it, the card will freeze up and you’ll never be able to use it again.
How would you use this opportunity?
Here was my answer, which I’m sure isn’t that hard to guess :)
Personally I’m way too conservative to ever risk it (and there’s not much I desire THAT bad anyways), so I’d just play it safe and *never* go over $100 in any given day. Not only would this be a helluva gift on its own (that’s $3,000 a month – ABSOLUTELY FREE!!!) but it would last my entire lifetime at that!
And then maybe towards the end of it I’ll try to do something really big and cool like pay off someone’s $100k of debt, or buy a house for someone and if it freezes then, oh well, haha…
I then posed this question to a good friend of mine who also loves these types of games, and here’s what he said after hearing my answer:
I’d probably do pretty much the same as you for a few years until I was out of debt, and then I’d double it every day for 5 days until it was $3,200/day. If I didn’t bust, I’d keep that for six months and then try again. Etc.
Clever!! Of course the real question is whether this *daily max* is set in stone or if it fluctuates daily (I assumed the latter, but it actually didn’t specify?), but either way it’s an interesting thought exercise to go through and says a lot about your personality.
What would YOU do if you got this magical card in the mail?? Would you risk it for ultimate rewards, or play it safe like me and be thankful for the free Benji every day? What could you do with an extra $3,000 every month???
So far my blogger friend who emailed me this question didn’t answer it himself (you can’t make up a game and then not play along! Haha…) but maybe blasting his email out will get him to chime in ;)
Oh, and that blogger is HaltCatchFire.com btw – a newish one on the scene who writes from the heart of Europe “in the country which is called Serbia (at the moment).” So his perspective on life/money are intriguing to say the least.
Have fun checking your mailboxes when you get home :)
**UPDATE** Our blogger friend who devised this game chimed in! “I would take what is granted, so no payments above $100 for me also. Such a magic card would push me into FIRE immediately. Actually to a very luxurious one as our current spending (if I take everything into account) averages around $1k/month. If I had such a golden goose at hand which grants three times that amount I would not dare to risk. Let’s add another 50% for a safety margin, buy ETFs with the rest and still if I put these numbers into an ER calc it tells me that in 16.6 years I could even retire from using the card. In terms of charity and helping others my choice would be a little bit different. If this magical card would free me from the rat race I would be giving away my time and skills. I could work on coding projects which could make people’s life better, or volunteer for organizations which cannot afford a coder. Even I could teach kids coding maybe… I have some ideas for such a situation :D”
PS: Another way to play it? Buy 100 lottery tickets every day and get your millions that way without having to risk freezing up the card, haha… The opportunities are endless!
PPS: For more scenarios like these, check out our “Would You Rather” series
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!