What would you do with an extra $1,000? Would you pay off bills, or treat yourself?
Given that 60% of Americans are unable to cover unexpected expenses (like a $500 emergency room visit or a car repair bill), you’d think that the money would go to into an emergency fund.
Not necessarily....Yahoo Finance’s Rick Newman took to the streets of New York City’s Times Square to ask people what they would do with $1,000.
The results were mixed but nearly everyone we spoke to would be generous with the money. Three people told us they would give the money to their children—to pay for college or just some shoes. One man said he’d buy a round for everyone at a local bar while another woman said she’d give it to the homeless. When asked why he wouldn’t use the money to pay off his bills a man in his early 20s said that there was a difference in his mind between this extra money and the money he works for – if he doesn’t work for the cash he uses it for discretionary spending.
The average tax return so far this season is about $3,000. According to a survey by Bankrate about two thirds of people plan to pay down debt or save the money they get back. However about 15% plan to spend it by splurging on something discretionary.
Watch the video above to see what people had to say about having enough money.
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