Recently, the question has been posted on the forums: “What would you change if you were rich?” Many of the respondents claimed that they would use the money in some very responsible ways. I wondered what I would do with a lot of money. Would I still try to live frugally? Would I change the way I spend my time during the day? Really, it’s hard to say. But this is what I think I might do…
1. Pay off debt
This was the same thing that nearly everyone listed as their number one priority. We still have a bit of student loan debt and a car loan that need to get paid off. Those things would be high priority.
2. Buy a house
I would love to be able to buy a decent-sized home that my family can grow into. Either that, or I would buy a smaller home on a large lot, with the prospects of adding on as we need more space. In addition, I definitely would spend money decorating my home nicely, one passion that I have had to tame for lack of funds. Still, I can’t see myself in a humongous house or with lavish furniture.
3. Donate Money
Donating money is another popular item on the lists of others. I would give money to my church, to political causes or candidates that I strongly support, and to other charities as I see fit.
4. Invest
I would definitely sit down with a financial planner and make some investment plans. I probably wouldn’t get too heavily involved in investing; just enough to make sure my family’s future was secure.
4. Get a master’s degree
I plan on going back to school eventually to get my master’s, but plan on waiting until we can pay for it in cash. Being rich would definitely help me reach that goal sooner.
5. Live frugally, but only to a certain degree
There is a certain amount of frugality in me that will never go away (nor would I want it to). I love to cook meals from scratch, I will always budget my money, I will never give my kids a lot of toys, clothes, or gadgets, and I definitely will always love the thrill of a great bargain. Still, I will not pretend that I won’t spend more money on clothes, restaurants, and vacations. I think anyone would do that…no matter how frugal they claim to be.