fullygoldy (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
fullygoldy) wrote2013-02-19 07:17 pm
fullygoldy) wrote2013-02-19 07:17 pm
Windfall Meme
Windfall Meme, spotted @ resonant: what I would do if $N dropped into my lap in some legal non-taxable (or post-tax) way?
$10 most likely, it would end up in the boy's gas tank. He can be bribed to do most anything around the house for $10
$100 I'd try acupuncture for the first time. DH tried it last week and it looked very appealing.
$1,000 Either new floor coverings in the great room (2 area rugs) or new dining room chairs.
$10,000 Pay off AMEX and/or small personal loan, plus a weekend at a nice hotel/resort/spa
$100,000 Remodel and repair this old house. My most recent wish list added up to ~$90K, and there is *always* gonna be scope creep.
$1,000,000 Pay off mortgage, car, small debts, remodel from above, beef up 401k, add a hot tub and some other luxuries, gifts to PP, Habitat, etc. and to family members.
$10,000,000 and up This is where it gets cool. I've been playing with this idea for a couple of years, and I would totally have to hire someone smarter than me to pull it off correctly. But I would purchase the mortgages of as many of my friends and family as possible. Which would make me into a bank (more like a credit union?). I wouldn't pay off their debts, because then they have to deal with gift taxes. But I'd refinance them at some ridiculously low rate, just enough to theoretically cover my operating expenses. And then I would never foreclose. So if they quit paying, well, that's their choice, but I think the rest of the concept is compelling enough to keep them making payments. If the homeowners get into a situation where they *can't* pay, they won't ever have to fear losing their home - this bank will never foreclose. And if they keep paying, then the credit union accumulates resources, so that every year, the members of said credit union can nominate new members. If everyone plays along, eventually the entire paradigm of home mortgages will shift so that we as a society expect that everyone deserves a good home that matches their means and should never fear becoming displaced due to illness or lack of employment or really any other reason. That initial $10MM will buy up a lot of mortgages. I'm figuring anybody with a >$500k house isn't really going to need (or welcome) this type of assistance. But think about it, you're doing perfectly fine with your house payment, then your kids hit 18 and you have to pay tuition. What if you could take a mortgage holiday during the college years? Or your mom needs assisted living, or your dad needs hospice, or your company laid off 20% of it's workforce. If you didn't have to make a mortgage payment, could you survive those events? It would still be *hard* right? But it might actually be survivable. I like to think about it on days when the universe is showing me it's butt. It would be SO COOL to be the one to set this into motion. Also, sticking it to the 1% in this way seems especially subversive. That's it's own appeal right there.
resonant: what I would do if $N dropped into my lap in some legal non-taxable (or post-tax) way?$10 most likely, it would end up in the boy's gas tank. He can be bribed to do most anything around the house for $10
$100 I'd try acupuncture for the first time. DH tried it last week and it looked very appealing.
$1,000 Either new floor coverings in the great room (2 area rugs) or new dining room chairs.
$10,000 Pay off AMEX and/or small personal loan, plus a weekend at a nice hotel/resort/spa
$100,000 Remodel and repair this old house. My most recent wish list added up to ~$90K, and there is *always* gonna be scope creep.
$1,000,000 Pay off mortgage, car, small debts, remodel from above, beef up 401k, add a hot tub and some other luxuries, gifts to PP, Habitat, etc. and to family members.
$10,000,000 and up This is where it gets cool. I've been playing with this idea for a couple of years, and I would totally have to hire someone smarter than me to pull it off correctly. But I would purchase the mortgages of as many of my friends and family as possible. Which would make me into a bank (more like a credit union?). I wouldn't pay off their debts, because then they have to deal with gift taxes. But I'd refinance them at some ridiculously low rate, just enough to theoretically cover my operating expenses. And then I would never foreclose. So if they quit paying, well, that's their choice, but I think the rest of the concept is compelling enough to keep them making payments. If the homeowners get into a situation where they *can't* pay, they won't ever have to fear losing their home - this bank will never foreclose. And if they keep paying, then the credit union accumulates resources, so that every year, the members of said credit union can nominate new members. If everyone plays along, eventually the entire paradigm of home mortgages will shift so that we as a society expect that everyone deserves a good home that matches their means and should never fear becoming displaced due to illness or lack of employment or really any other reason. That initial $10MM will buy up a lot of mortgages. I'm figuring anybody with a >$500k house isn't really going to need (or welcome) this type of assistance. But think about it, you're doing perfectly fine with your house payment, then your kids hit 18 and you have to pay tuition. What if you could take a mortgage holiday during the college years? Or your mom needs assisted living, or your dad needs hospice, or your company laid off 20% of it's workforce. If you didn't have to make a mortgage payment, could you survive those events? It would still be *hard* right? But it might actually be survivable. I like to think about it on days when the universe is showing me it's butt. It would be SO COOL to be the one to set this into motion. Also, sticking it to the 1% in this way seems especially subversive. That's it's own appeal right there.