What would you do if you get an extra $1000 every month?

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What would you do if you get an extra $1000 every month?

Postby CHUCK NORRlS » Sat May 25, 2019 6:59 pm

Some time ago, I was interested by a proposal for universal basic income from Andrew Yang, a man who is running for the 2020 Democratic nomination. His proposal would give all (opting in) American citizens a financial foundation, a basic income of $1000 a month.

Suppose that something like Yang's proposal is implemented, and you do get an extra $1000 a month on top of whatever money/income you have. Assuming that there are no issues that have to be accounted for (e.g. basic income is feasible here), what would you do if you get $1000 unconditionally every month?

If I get $1000/month, I'd like to pay some of my university tuition since I could worry less about financial standing and more on my studies. I'd also like to set aside some of the basic income for a fund that I could use in case of a small emergency or in case I want to make small investments in the future. I might also be able to help out some of my entrepreneurial friends interested in running their own businesses, by making sure that they are off to a good start with some investments and additional financial support.

What about you, NSG?

I found this poster while snooping around. There seems to be several approaches to finding Yang's UBI:
  • financial transaction tax
  • carbon fee & dividend (not sure if this'll be possible in America)
  • societal well-being
  • economic growth (presumably as a result of various activities such as investments)
  • re-appropriated spending (I assume overlap with pre-existing welfare systems/social security? may also consist of diverted spending from excessive expenditures like defense)
  • value-added tax, set at 10% (I think it was explained somewhere how the cost will ultimately not end up with the consumers)
Also, there are several videos explaining how UBI won't cause a huge surge in inflation (e.g. raising price of goods, higher housing costs). For example, JDiculous's video explains why renting costs may not be inflated with a UBI. Perhaps the only thing to worry about is whether UBI has to be indexed with inflation when dealing with wages/salaries.
Last edited by CHUCK NORRlS on Sun May 26, 2019 10:41 am, edited 1 time in total.
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Postby Sanctum and Ultima » Sat May 25, 2019 7:00 pm

Save it because why not.
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Postby Trollgaard » Sat May 25, 2019 7:04 pm

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Postby CHUCK NORRlS » Sat May 25, 2019 7:04 pm

Sanctum and Ultima wrote:Save it because why not.

It does make sense. $1000 every month would be quite a bit of money to save if it's well-managed.
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Postby Pensyltuckee Island » Sat May 25, 2019 7:06 pm

Use it to pay off.. well, whatever needed to be paid off. In my current situation, it would be costs associated with college. And then I could have extra income from my job. Course, $1000 ain't gonna cover everything in a month for the average life, but it definitely helps out. I find that I'm a little more motivated to work more hours if I know that I'll have 'fun money' afterwards instead of it being 'pay off the bill money'. Basically, I'd see it as 'money I didn't really earn but I'll use it for debt alleviation anyway'.
Last edited by Pensyltuckee Island on Sat May 25, 2019 7:07 pm, edited 1 time in total.
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Postby Country of CityTowne » Sat May 25, 2019 7:08 pm

I'd likely save/invest for the eventual market crash.
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Postby Tinhampton » Sat May 25, 2019 7:12 pm

Convert it into Pounds at the local Post Office each month, then use all of that money to bet against the American Dollar. Once the USA has to beg to the IMF, Jeremy Corbyn is rejected by a whopping margin in 2022, and the Democrats eventually get banjected from the White House two years later, I end up becoming a very rich woman indeed!
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Postby Hammer Britannia » Sat May 25, 2019 7:14 pm

Probably get a nicer apartment
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Postby Victorious Decepticons » Sat May 25, 2019 7:35 pm

I have already succeeded at setting up my finances so I don't even need $12,000/yr to live just fine. My goal is already to reach the point where I don't have to earn any money at all.

$1,000/mo with no strings attached would make it so that goal is met. So, I'd instantly retire! I'd probably do woodworking and make YouTube videos of it for fun, and if that happened to make me some money too, then cool beans - but I wouldn't do one more thing with "making money" as its primary goal.

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Postby 95X » Sat May 25, 2019 7:49 pm

If universal basic income were enacted, I firmly believe that the standard of living would simply rise by $1,000/month. Either directly by the costs of basic necessities rising that much, indirectly where the costs of doing things rise that much, or a combination of both. As such, it's highly unlikely anybody anywhere would have any additional money.

Also, I've never seen anyone explain how or where the $1,000/month comes from.
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Postby Infected Mushroom » Sat May 25, 2019 9:43 pm

It would probably just sit in the bank

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Postby Washington Resistance Army » Sat May 25, 2019 9:44 pm

Books, lotsa books. Also donations to groups I wish to support.

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Postby Aclion » Sat May 25, 2019 9:54 pm

That's nearly enough to buy a house all on it's own. I buy a house and turn it into a half acre homestead, then use the money I save to lobby the local gvernment to let me keep chickens.
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95X wrote:If universal basic income were enacted, I firmly believe that the standard of living would simply rise by $1,000/month. Either directly by the costs of basic necessities rising that much, indirectly where the costs of doing things rise that much, or a combination of both. As such, it's highly unlikely anybody anywhere would have any additional money.

Also, I've never seen anyone explain how or where the $1,000/month comes from.

I don't think Yang is proposing it, but serious proposals for a universal basic income advocate using it to replace our current welfare system. So the money would come from taxes the same way it does now, only now nearly all of it would go to paying out benefits as opposed to most of it going to just managing the programs. Under those proposals we could give people about 1,600 a month without increasing taxes.
Last edited by Aclion on Sat May 25, 2019 10:09 pm, edited 4 times in total.
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Postby New Raffica » Sat May 25, 2019 10:33 pm

Half would go into my retirement fund, other half would be spent on doing stuff I enjoy. I already make a decent income, so this would be a nice bonus.

Or maybe I'd move somewhere a little nicer and use the money as extra rent money
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Grinning Dragon
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Postby Grinning Dragon » Sat May 25, 2019 10:45 pm

What we pretty much do with our extra income and that is to put it to work for a higher return, such as investing.
Last edited by Grinning Dragon on Sat May 25, 2019 10:46 pm, edited 1 time in total.
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Postby The Republic of Fore » Sat May 25, 2019 10:57 pm

Probably just end up pay a higher price for rent and such. Once "free" government money is injected prices tend to start rising. Look at what happened with college tuition. Assuming that didn't happen though, probably just give it to charity.

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Postby Drongonia » Sat May 25, 2019 11:01 pm

I'd like to say save it, but everyone getting $1000 a month would likely reduce the value of the currency, so I'd just be using it for bills and saving the rest. If the dollar stayed stable though, I'd save it and spend the returns on booze and PC parts
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Postby Nazi Basurian Empire » Sat May 25, 2019 11:25 pm

Save up
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Postby Nazi Jinland Empire » Sat May 25, 2019 11:27 pm

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Postby Costa Fierro » Sat May 25, 2019 11:42 pm

Buy what I need and save most of it.
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Postby -Ocelot- » Sat May 25, 2019 11:48 pm

Gradually refresh extremely old and half-broken furniture. Stock up on some necessities. Make sure the house I own is more livable.

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Postby Uranium Nobelium » Sat May 25, 2019 11:53 pm

Probably spend most on food and then regret it

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Postby An Alan Smithee Nation » Sat May 25, 2019 11:58 pm


Really books, courses and software tools are much more likely.

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Postby Petrolheadia » Sun May 26, 2019 3:09 am

Invest as much as I can get myself to, save some of it for college, pay for my upcoming driving lessons, as well as pre-final-exam tutoring and maybe some programming lessons, buy a 6-cylinder BMW E39 wagon when I get my license.

Mostly college, external education and investment, though.
Last edited by Petrolheadia on Sun May 26, 2019 3:09 am, edited 1 time in total.
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Postby The Huskar Social Union » Sun May 26, 2019 5:15 am

Save it. Buy a few things here and there.
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