Joker Posted January 8, 2011 Share Posted January 8, 2011 I'm taking an Economics class this semester. We were given the question of what we would do if given $100. It was clearly stated we were to get used to economic terminology and use rational choice, incentive, opportunity cost and benefit. I don't want to say how I answered because I want to see how you all will answer. So far, my answer has been different from the class and I'm wondering if I was that far off. Thanks! Quote Link to comment Share on other sites More sharing options...
Lacie Posted January 8, 2011 Share Posted January 8, 2011 My answer would probably receive and F in an economics class, but here goes. If I was given $100 to do with however I pleased, I would go buy somethings our family needed. I would get new dress shoes, dress coats, and more socks for the boys and some dress socks for dh. The rest would go in my wallet until we needed it. Boys' dress shoes: $10 each Boys' coats (with pants): $25 each Boys' socks: $5.50 Dh's socks: ~ $10 Total: ~ $85.50, with tax ~ $92.55 Leaving me with about $7 in my wallet. Like I said, probably an F, but honest. Quote Link to comment Share on other sites More sharing options...
Peela Posted January 8, 2011 Share Posted January 8, 2011 Right now, I would probably just put it away for emergencies, and consider it part payment toward the Mac computer I intend on buying when we are more financially solvent. Quote Link to comment Share on other sites More sharing options...
cdrumm4448 Posted January 8, 2011 Share Posted January 8, 2011 Save it. Quote Link to comment Share on other sites More sharing options...
Joker Posted January 8, 2011 Author Share Posted January 8, 2011 My answer would probably receive and F in an economics class, but here goes. If I was given $100 to do with however I pleased, I would go buy somethings our family needed. I would get new dress shoes, dress coats, and more socks for the boys and some dress socks for dh. The rest would go in my wallet until we needed it. Boys' dress shoes: $10 each Boys' coats (with pants): $25 each Boys' socks: $5.50 Dh's socks: ~ $10 Total: ~ $85.50, with tax ~ $92.55 Leaving me with about $7 in my wallet. Like I said, probably an F, but honest. I actually love your answer because you used the word "unexpected". I took the question to mean extra money as well. I chose some curricula for school later this year and the rest for me. So far, everyone in the class has answered "food" and flamed me for basically being selfish. I just wondered if I was the only one who wouldn't automatically assume it meant "extra" not "all". Quote Link to comment Share on other sites More sharing options...
cara Posted January 8, 2011 Share Posted January 8, 2011 This week I would use it towards groceries since DH isn't working that many hours and our grocery budget has been cut in 1/2 for this week. If I didn't need the extra money for groceries, I would finish buying the books I want for Geography. Quote Link to comment Share on other sites More sharing options...
Virg Posted January 8, 2011 Share Posted January 8, 2011 Books! It says someone was giving it to me which, to me, sounded like a gift. I love to read and I read my books over and over so it is the purchase that keeps on giving :) Quote Link to comment Share on other sites More sharing options...
Dobela Posted January 8, 2011 Share Posted January 8, 2011 I read this when it was first posted and decided to wait to answer. I too thought it was 'unexpected' money. Maybe because I would have already budgeted all of our other money and made plans accordingly. In real life I unexpectedly received $100 for Christmas this year. I used that money to buy necessary supplies for a new sidewalk to the front door of our house because I hated the uneven rock walkway the previous owner put in. With the money left over I took myself out to eat at a favorite restaurant - and I mean all by myself LOL - and bought myself some more knitting needles at the thrift store. Now if I had received the money at Thanksgiving, I most likely would have used it for gift purchases. Quote Link to comment Share on other sites More sharing options...
dakarimom5 Posted January 8, 2011 Share Posted January 8, 2011 For me an unexpected gift of $100 right now would go towards groceries. If we didn't need food at the time given...homeschool supplies...I go through a lot of dry erase markers and printer paper!! Quote Link to comment Share on other sites More sharing options...
Elaine Posted January 8, 2011 Share Posted January 8, 2011 I'm taking an Economics class this semester. We were given the question of what we would do if given $100. It was clearly stated we were to get used to economic terminology and use rational choice, incentive, opportunity cost and benefit. I don't want to say how I answered because I want to see how you all will answer. So far, my answer has been different from the class and I'm wondering if I was that far off. Thanks! Tithe 10% Save 10% Roll the rest into the house budget. Most likely beef up a few things like the school envelope and the vacation envelope. (That one always seems to be lacking.;)) Quote Link to comment Share on other sites More sharing options...
Danestress Posted January 8, 2011 Share Posted January 8, 2011 100 bucks should be good for two vodka martinis with extra olives, a beer for DH, and a good bit of sushi. We could use a date. Quote Link to comment Share on other sites More sharing options...
Catwoman Posted January 8, 2011 Share Posted January 8, 2011 Tell your classmates they can keep their stupid food. I'm using my free hundred bucks to buy makeup. So there! :tongue_smilie: Cat Quote Link to comment Share on other sites More sharing options...
Dawn in OH Posted January 8, 2011 Share Posted January 8, 2011 If someone gave ME $100, I would go buy myself some new clothes. I've lost weight and could use some, and I tend to the put the kids clothing needs first when it comes to the household budget. If someone gave THE FAMILY $100, then I would probably use it on books and school supplies. Or save it for later. I also understand it to be unexpected money. Quote Link to comment Share on other sites More sharing options...
AndyJoy Posted January 8, 2011 Share Posted January 8, 2011 I would have assumed it was "extra" money as well, because I don't have anyone giving me money for essentials. Could it be that most of your classmates are young and childless and living off what their parents give them? Maybe some of them are living off of the stereotypical college diet of Ramen noodles and beer?:001_smile: I would save the $100 towards an inflatable bouncy house for Keaton! Quote Link to comment Share on other sites More sharing options...
myfunnybunch Posted January 8, 2011 Share Posted January 8, 2011 I'd make a rational choice ( ;) ) to get an 90-minute massage. The leftover would be meant for a tip, which would give the therapist an incentive to do a great job. Although I'd rather buy a new pair of shoes (opportunity cost), a massage would benefit my whole family in the long run because I would be a relaxed mama. (J/k. I know I didn't use most of the terminology correctly, but it was fun anyway.) If most of the other students in your class are full-time students, then they are likely not working, which means that they don't already have another source of income, which means that even if they've got most of their basic expenses covered an unexpected $100 isn't extra in the way that that I think of extra. When I was a college student, I'd have spent it on food too. (Or shoes... :leaving: ) Cat Quote Link to comment Share on other sites More sharing options...
Mrs Mungo Posted January 8, 2011 Share Posted January 8, 2011 If most of the other students in your class are full-time students, then they are likely not working, which means that they don't already have another source of income, which means that even if they've got most of their basic expenses covered an unexpected $100 isn't extra in the way that that I think of extra. When I was a college student, I'd have spent it on food too. (Or shoes... :leaving: ) Cat :iagree: We're all families here. Most of us have budgets that already include food. I would have assumed that the question meant extra money too. We just received an unexpected gift from my uncle and I bought a better microscope with it. Quote Link to comment Share on other sites More sharing options...
LidiyaDawn Posted January 8, 2011 Share Posted January 8, 2011 I'm taking an Economics class this semester. We were given the question of what we would do if given $100. It was clearly stated we were to get used to economic terminology and use rational choice, incentive, opportunity cost and benefit. I don't want to say how I answered because I want to see how you all will answer. So far, my answer has been different from the class and I'm wondering if I was that far off. Thanks! I haven't read any other answers - and I don't really understand the bolded part.... with that said, if someone handed me $100 right here, right now - I'd go pay my cell phone bill that's due. Okay, overdue. :tongue_smilie: Quote Link to comment Share on other sites More sharing options...
LidiyaDawn Posted January 8, 2011 Share Posted January 8, 2011 Wait, you mean everyone else assumed it was that you ONLY HAD $100 to live off or something? I'd have never taken the question that way unless it specifically said so. Quote Link to comment Share on other sites More sharing options...
Ibbygirl Posted January 8, 2011 Share Posted January 8, 2011 I assumed it was an "extra" $100.00 also. I would buy some new bass guitar strings and then probably save the rest. Quote Link to comment Share on other sites More sharing options...
Mama Geek Posted January 8, 2011 Share Posted January 8, 2011 I don't know of much that we need or want that can be bought. I am used to being out of debt and having enough money to buy the things we need. I would either put it in the bank or use it to do something fun. My dh has taken a few flying lessons, I might put it towards another flying lesson for him, just because it is something he enjoys, but won't spend the money on. Quote Link to comment Share on other sites More sharing options...
GypsieFamily Posted January 8, 2011 Share Posted January 8, 2011 I'd go out for dinner. Not being selfish, but most money goes on kids and necessities. Quote Link to comment Share on other sites More sharing options...
nd293 Posted January 8, 2011 Share Posted January 8, 2011 Because this was an economics course, I would assume that they were looking for an economically solid choice, so the money would go into the mortgage. $100 put into the mortgage now would save a lot over the life of the mortgage. Actually, that's not just an economic course answer, as all our extra money does go into the mortgage - I do budget for an annual holiday, entertainment etc, but anything extra goes to the mortgage. Once I did take an extra $100 and hire a babysitter for 4 hours, though... Quote Link to comment Share on other sites More sharing options...
elegantlion Posted January 8, 2011 Share Posted January 8, 2011 I would have assumed extra as well. I would have bought books, staring on the school list for next year. Quote Link to comment Share on other sites More sharing options...
Chris in VA Posted January 8, 2011 Share Posted January 8, 2011 I'd buy makeup, obviously. :D:D Quote Link to comment Share on other sites More sharing options...
Nakia Posted January 8, 2011 Share Posted January 8, 2011 If someone gave me $100 today, we would take the girls to Tony's Tube World. We've been wanting to go, but haven't had the extra money. It would help stimulate the economy and support a local business. What could be better? :D Quote Link to comment Share on other sites More sharing options...
Remudamom Posted January 8, 2011 Share Posted January 8, 2011 How about "I'll spend it however I please, it's none of your business. Bring on the bad grade." Quote Link to comment Share on other sites More sharing options...
MrsMe Posted January 8, 2011 Share Posted January 8, 2011 (edited) I'm taking an Economics class this semester. We were given the question of what we would do if given $100. It was clearly stated we were to get used to economic terminology and use rational choice, incentive, opportunity cost and benefit. I don't want to say how I answered because I want to see how you all will answer. So far, my answer has been different from the class and I'm wondering if I was that far off. Thanks! Well, LOL, but $100 is not a rational savings amount and gives me no incentive to do much with it. There would be not much benefit to save it for anything other than piddling it away on groceries since the cost of groceries are extremely high. Even having the opportunity to put it into an account, would do nothing since that's the minumum you have to have to open one. :tongue_smilie::lol: My rational choice would be that this question would be, "what would I do if given $1,000+ dollars?" Edited January 8, 2011 by alilac Quote Link to comment Share on other sites More sharing options...
mommaduck Posted January 8, 2011 Share Posted January 8, 2011 Curtains! Quote Link to comment Share on other sites More sharing options...
melissel Posted January 8, 2011 Share Posted January 8, 2011 Right now, I'd make the rational choice to put it in our savings account, because my DH (in sales) is not happy about his income for the coming year, so we are trying to build our E-fund as much as possible. Quote Link to comment Share on other sites More sharing options...
mcconnellboys Posted January 8, 2011 Share Posted January 8, 2011 Pay down debt or invest it! Quote Link to comment Share on other sites More sharing options...
Ibbygirl Posted January 8, 2011 Share Posted January 8, 2011 How about "I'll spend it however I please, it's none of your business. Bring on the bad grade." :lol::lol::lol::lol: You tell 'em Remuda! hehe Quote Link to comment Share on other sites More sharing options...
mommaduck Posted January 8, 2011 Share Posted January 8, 2011 I actually love your answer because you used the word "unexpected". I took the question to mean extra money as well. I chose some curricula for school later this year and the rest for me. So far, everyone in the class has answered "food" and flamed me for basically being selfish. I just wondered if I was the only one who wouldn't automatically assume it meant "extra" not "all". I don't understand how that is "selfish". It was for the benefit of your family. Quote Link to comment Share on other sites More sharing options...
melissel Posted January 8, 2011 Share Posted January 8, 2011 (edited) I actually love your answer because you used the word "unexpected". I took the question to mean extra money as well. I chose some curricula for school later this year and the rest for me. So far, everyone in the class has answered "food" and flamed me for basically being selfish. I just wondered if I was the only one who wouldn't automatically assume it meant "extra" not "all". Wait, I missed this. So every other person in the class assumed that this was subsistence money--like, your whole paycheck--and not, say, a birthday gift from your parents or something? Are they all 19 and jobless? Were they not all planning to be eating already? If they were, how is spending an extra $100 on even more food not also selfish/greedy? I'm so confused by their responses to you. Did the professor weigh in at all? ETA: OK, I just saw that others raised the same questions. I'm still curious to hear what the professor said, though. Edited January 8, 2011 by melissel Quote Link to comment Share on other sites More sharing options...
Joker Posted January 8, 2011 Author Share Posted January 8, 2011 Wait, I missed this. So every other person in the class assumed that this was subsistence money--like, your whole paycheck--and not, say, a birthday gift from your parents or something? Are they all 19 and jobless? Were they not all planning to be eating already? If they were, how is spending an extra $100 on even more food not also selfish/greedy? I'm so confused by their responses to you. Did the professor weigh in at all? ETA: OK, I just saw that others raised the same questions. I'm still curious to hear what the professor said, though. I'm taking this one as an online class so I don't know if the professor will weigh in or not. We had to post our answer to a discussion board and then respond to others. I was surprised the majority said food. I just took the question to mean figure out, using the terminology and what we just read in our text, what you would buy and explain. I responded to other students and said that if we all said food then there is no discussion. Many of them do have children and they put their answer as saying how could you not choose food for your family.:001_huh: I was confused too and thought maybe I was the only one to see it as "extra". I feel better about it now though seeing how many here read it the same as I did. Quote Link to comment Share on other sites More sharing options...
melissel Posted January 8, 2011 Share Posted January 8, 2011 I'm taking this one as an online class so I don't know if the professor will weigh in or not. We had to post our answer to a discussion board and then respond to others. I was surprised the majority said food. I just took the question to mean figure out, using the terminology and what we just read in our text, what you would buy and explain. I responded to other students and said that if we all said food then there is no discussion. Many of them do have children and they put their answer as saying how could you not choose food for your family.:001_huh: I was confused too and thought maybe I was the only one to see it as "extra". I feel better about it now though seeing how many here read it the same as I did. Oh, weird! It might just have to be one of those things that you put in your "OK, whatever!" file :D Quote Link to comment Share on other sites More sharing options...
Mejane Posted January 8, 2011 Share Posted January 8, 2011 I responded to other students and said that if we all said food then there is no discussion. Honestly, if your online class is anything like my daughter's online class, they're really not interested in discussion. They're looking for the easiest answer. Quote Link to comment Share on other sites More sharing options...
Joker Posted January 8, 2011 Author Share Posted January 8, 2011 Honestly, if your online class is anything like my daughter's online class, they're really not interested in discussion. They're looking for the easiest answer. Yeah, I'm getting that same feeling. It bums me out because I'm really enjoying the text and the questions and I didn't think I would at all. I'm getting much more from dh than I am from the other students. :glare: Quote Link to comment Share on other sites More sharing options...
Scarlett Posted January 8, 2011 Share Posted January 8, 2011 100 bucks should be good for two vodka martinis with extra olives, a beer for DH, and a good bit of sushi. We could use a date. I actually tried to 'like' this post. :glare: Too much time on Facebook I guess. Quote Link to comment Share on other sites More sharing options...
HRAAB Posted January 8, 2011 Share Posted January 8, 2011 If it was extra money, I would probably use it for some type of enjoyable activity. Dh and I haven't had a real, honest to goodness date night for ages. Since we're naturally cheap, there might enough left over to do something fun with the girls - movie or swimming maybe. We save anyway, we're frugal. That's why I would enjoy it. Quote Link to comment Share on other sites More sharing options...
justamouse Posted January 8, 2011 Share Posted January 8, 2011 hmmmm.... I'd probably spend it at the auction. Or makeup. :001_smile: I'd get better value at the auction and most likely be able to make a return on my investment. But makeup is pretty. :D Quote Link to comment Share on other sites More sharing options...
justamouse Posted January 8, 2011 Share Posted January 8, 2011 100 bucks should be good for two vodka martinis with extra olives, a beer for DH, and a good bit of sushi. We could use a date. places by us are having great sales, order 40 $ worth and they take 50% off. So we basically get 4 rolls for 20. NOM! you're making me crave sushi. Quote Link to comment Share on other sites More sharing options...
Ibbygirl Posted January 8, 2011 Share Posted January 8, 2011 hmmmm.... I'd probably spend it at the auction. Or makeup. :001_smile: I'd get better value at the auction and most likely be able to make a return on my investment. But makeup is pretty. :D LOL Looks like we have a few makeup junkies on these boards. I know I'm lemming for a couple of those new eyeshadows from Mac's Peacocky collection myself. :) Quote Link to comment Share on other sites More sharing options...
Bootsie Posted January 8, 2011 Share Posted January 8, 2011 Your classmates said FOOD??? I am an economics professor and never get that kind of answer from students. Quote Link to comment Share on other sites More sharing options...
jewellsmommy Posted January 8, 2011 Share Posted January 8, 2011 Dh and I have different philosophies on "extra/unexpected" money. He chooses fun and I choose practical. So, we split it. This happened recently. We were given a hundred in a Christmas card, completely unexpected. We went and had an *inexpensive lunch and then went to the movies with half and the other $50 went to pay down a balance faster on a bill. * I wanted to break this down because I was quite proud of what we got out of this $50 :D: mexican restaraunt, everyone had water. We bought a large nacho and a quesadilla plate (with 2) ala cart. It was $11.16 and $13.66 after tip. This would not normally be enough food, but with the anticipation of all the popcorn plus the chips and salsa, it was just right. This is the cheapest we have ever eaten! Eating was not part of the original plan, btw, the first matinee was sold out and we had to wait for the second one. movie: voyage of the dawn treader matinee (thursday daytime before Christmas) $5 x 4= $20. We bought a concession saver which you pay $4 but get $5 off concessions. a #1 combo which gives a really big drink and big popcorn for $12 -$5 (concession saver) = $7 Movie total = $31. Both are refillable and we share 4 ways. day out total = $44.66 Quote Link to comment Share on other sites More sharing options...
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