Good morning Dinks. Let’s talk about a perfect world…a world without rent or the need to make a mortgage payment every month. For some of us this is a reality, if you purchased your home at a young age maybe you are currently living mortgage free. But for many of us our monthly rent or mortgage payment is a reality – and it’s also usually the biggest expense that we have each and every month.
A little extra pocket change per month
But what if you didn’t have to work to pay your mortgage every month? What would you do with an extra $1100 per month? That’s the amount of my monthly rent payment. If this was three years ago I would happily live rent free and use the money to pay off my debt – and trust me I would have paid it off a lot faster. Now if I had an extra $1100 per month I would save half long term for retirement and half short term of other goals such as new furniture and travelling. I think we can all agree that having an extra $1100 per month would be really nice.
What about a lot of extra pocket change per month
I keep seeing a commercial for Publishers Clearing House where they surprise lucky people with $7000 a week for life. Now that’s definitely a lot of extra pocket change and it’s definitely a lot more money than I need to live each and every month. Even if we still had to pay rent, an extra $7000 would definitely improve my quality of life. I would travel more, save more and maybe even upgrade to a bigger apartment – but not too much bigger because more space means more cleaning. I would definitely stay in the city because suburban living is just not for me. What would you do with an extra $7000 per month?
Would you give money to your family?
I would like to be a good person and say that I would give lump sums of cash to my immediate family members, but that is just not true. My Dad lives with a psycho woman who controls every single aspect of his life from his car and his computer to his money and his friends. I would love to give my Dad money to make his life better but I know that he wouldn’t be able to spend it at his own free will so I wouldn’t give him anything. However, I would tell him to pick one place in the world and pay for this entire vacation for as long as he wanted – the psycho step Witch would not be invited. The sad thing about that is she wouldn’t let him go without her so once again my Dad wouldn’t be able to enjoy my money.
I would offer the same vacation deal to my mother, sister and my best friend – an all expenses paid vacation anywhere they want. I would also set up an education fund for my 5 year old niece to make sure that she can afford to go to school anywhere in the world and not have to work full time while studying.
What would you do with an extra $7000 per month?
Photo by tahnyakristina
Kristina Tahnyak
Tahnya is a Certified Financial Planner and former Investment Advisor turned marketing and communications professional She holds a degree from Concordia University, is debt free and currently works in the field of digital marketing.
Isn’t it fun to dream? Just like when the lottery gets over $100M. My hubby and I are fortunate to have zero debt. No mortgage, no car payment, no credit card debt. So all of the extra money would go toward investments and also toward more giving to charities we like.
I would totally invest the bucks in blue chip stocks.
If I had an extra $7000 per month, a lot of the people I love will benefit from that savings and more! It’s a dream for me to be able to extend a helping hand because I find it so hard to say no whenever someone would ask for financial assistance and I don’t have extra money.