What if every 25 year old got £10,000?

[Dr Ampersand]

What would you personally do/have done if at 25 you get £10,000 from the government. What would be the effects of this for your country as a whole? Would it somehow make more money than it costs to implement?

Would this cause you to start a business or would you save it in a bank fund. What would your friends do with it?

I chose 25 because that's when many people have a degree and are somewhat experienced in a job.

 

[Heronblade]

At 25 the majority of people are either reasonably well set financially, (making this an excellent but not usually critical bonus) or have proven to be... less than responsible with their funds. (in which case throwing free money at them is almost certainly not going to help, in some cases especially if they know it is coming)

There are people who lie in between of course, myself included, but I don't think that this group is large enough to make this a good idea.

 

[Greg White]

For people who got student loans to make it through college that'd put a nice dent in what they owe.

I can see a great many people blowing it on something they don't really need, so good economic stimulus, but I don't see it making much of that money back.

Me personally? I'm still getting that a year from my sign-on bonus, so likely just save it like I did with the last few installments.

 

[krazykidd]

if every 25 year old got 10 000$ , then every 26 year old would be broke .

If i got that much money ( i'm 24 atm) i'd probably move to a different province in Canada ( i currently live in Quebec , and i hate it here ).

 

[Euryalus]

I'd probably be ripped off by the exchange somehow... XD

Honestly though I'd probably invest most of it... yeah... I'm lame.

Though the temptation to just spend it all on crazy shit like working replicas of videogames swords and other weaons would be tempting.

 

[Fappy]

Nothing would change for me. I'd just throw it in savings. It would be pretty nice to get free money, but it wouldn't change any plans I had.

 

[Euryalus]

Nothing would change for me. I'd just through it in savings. It would be pretty nice to get free money, but it wouldn't change any plans I had.

I would have expected you to spend it on a giant pool of jello or something fappy. I am disappointed in you

 

[Total LOLige]

Obviously I'd buy £10,000 worth of Skittles and just eat Skittles until my teeth fell out.

 

[Esotera]

It'd certainly be a better form of stimulus than trusting banks to give it to us indirectly. I'd probably use it along with savings as a deposit for a house, or maybe to buy some land.

 

[Erttheking]

The title and the OP kind of ask two different questions, so I'll answer both.

If everyone got that much money it'd hardly be worth as much do to hyper inflation.

If I alone got that much money, I'd probably use it to pay off the next two years of my tuition so I can spend more money that I make working on luxury items, like a PS4.

 

[teisjm]

I think way too many people would watse it on stuff they didn't need, or use it to support consumer-habbits for a while and find it hard to cut back on them once the money was spend.
Or, even more likely, it would encourage people to take loans for shit they don't need, before turning 25, cause they knew the big check was coming.
I don't have a lot of faith in people my age (25 in a month) when it comes to handling their money responsibly. Too many People act and spend money like they deserve the world, and can't be bothered to worry about how they''re gonna afford it, and loan sharks, even those legit non-gangster bussinesses, prey on them like pedophiles in an unattended kindergarden.

Sure it would bennefit some people, and someone would make good use of it, but you can say that about any group of people you want, if you give them 10k.

If they wanted to do something for young people, make public transportation free for some years, say 18-25 or any other age that seemed good.
Or use them to improve on public education.
Or build housing that's afforable to rent for young people, who can't get their parents to buy an appartment for them, instead of leaving it to construction companies, only wanting to build big expensive baller cribs, cause apparently, everyone's a millionaire.

If they wanted people to start bussinesses, offer attractive state-funded bussiness loans, and intro classes covering the basics of starting a company. I know they do that in Denmark, and i need to find some course near me.

 

[Niflhel]

It would probably stimulate the economy somewhat, but I'm not sure it'd be worth it.
Banks would certainly love it, as they'd most likely start advertising more loans to people younger than 25 - "Loan 5000£ when you're 18, pay back 10000£ once you're 25!". The average 18 year old would LOVE such a deal, as seen by the already staggering amount of young people who take up expensive loans only to support their consumer habits. Might as well just hand over a big sack of money to the banks.

 

[Nickolai77]

I imagine the main 25 years old's it will benefit are those who didn't have a higher education. They'd probably put the money towards their first house, or a buy a new car or use it for holidays or whatever. I imagine most graduates however would simply use that money to pay off their debts.

 

[sextus the crazy]

Put it into my savings account or use to pay off grad-school loans. Boring, but worthwhile.

 

[sanquin]

I would use part of it to go on a vacation costing maybe 1000 euro's or so. Then I would buy a cheap 800~1200 euro car, and save the rest. I'm already planning to go on vacation next year though. (I rarely go, not my thing) And I'm also planning to buy a car. Just one for 600~700 or so, instead of a bit more.

So for me there wouldn't be much change. I'd probably spend another 2~3000 on nice things over the next 2~3 years, and save the rest for emergency. (yay for having no loans.)

 

[w9496]

I'd convert it into dollars first. Unless it would be 10,000 dollars of whatever your countries currency is.

If it's a loan they expect me to pay back, I'd decline the money. I don't want to be in debt to the government.

If it's just free money, I' throw it in the bank fr emergencies.

 

[Weaver]

I'd put it in savings, probably pay off my car.
Life would be the same.

£10,000 isn't anywhere near a life changing amount of money.

 

[Ryotknife]

At 25 I would use it towards student loans. Course im debt free now at 29.

 

[Treeinthewoods]

If I gained 10,000 pounds I would be very fat and unhealthy...

Stupid joke aside, if I personally got that much cash at 25 I would have put it towards a condominium to rent out, then I would have gotten wiped out I that cash when property values plummeted. Good thing I didn't get £10,000 at 25 then!

 

[mad825]

At 25 I would use it towards student loans. Course im debt free now at 29.

Seems kind of pointless. The debt won't make you bankrupt, you are not forced to give-up your life savings. If you were earning 20K+, you could save-up (and pay the required amount) and be debt free within 5 years.