The post that was quoted here has been removedCertainly all that i can afford, and then some, to the extent the security of my family doesn’t change, I would consider redirecting funds set aside for random charities, or 501c3 ‘s or Arts. He’d need the help maybe more than they would!
Having said that, if he is obese, alcoholic, drugs, or a smoker, I would not, as I can assume he voluntarily ‘went for it!”
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16 May 19
The post that was quoted here has been removedThis is an interesting thought experiment. We are talking about money as if spending it will definitely save a life. A piano could fall on any of us tomorrow.
I would want to give everything I have that I think exceeds what I need to continue living my life indefinitely (actuarially speaking, probably another 15 years, as I have a brother who is 14 years older than I am) as I have now, if it would save the life of a fellow human. IOW I count myself as a human whose life I’d want to be able to pay to save.
I have been advised by my financial adviser that the average “stay” of a person in a long term care facility is about 4 years. Then they die. And in the US, long term care can cost USD100,000 per year. So I need about $400,000 set aside or as income if that happens.
But there are three people in my life who I am 100% committed to as I am to myself. One of them is my age, one is younger and one is way younger. So counting me, there are four people whose well-being and future financial needs I would have to estimate, probably with help from my investment advisor. Any excess over those 4 needs would go toward the hypothetical person or pet whose life I can save, with any such persons taking priority over pets. I don’t know what the dollar amount would be.
I guess I’d be OK financially with a sum in the low six figures for a human. I can’t imaging saving a pet could require even $10,000.
16 May 19
@mchill saidOn 9/11, 2996 people died. Should I consider that cost equivalent to a $59,920 loan?
This would depend who I'm giving or loaning money to.
Casual friends -
Gift / $20.00
Loan / $20.00
Close or longtime friends-
Gift / $150.00
Loan / $2,500.00
Pet - Box of cat food is free every week.
16 May 19
The post that was quoted here has been removedFor a friend It’s hard to put figure on it but I could possibly afford I to 2 years income if I could pay it back over a reasonable amount of time. I have family for whom I have financial responsibility’s.
For a beloved pet maybe a couple of months income but I’d be doing that to save myself the distress of losing them rather than doing it for them.
16 May 19
The post that was quoted here has been removedIt's sad that Americans may feel that they need a cushion as large as 400,000 USD
to protect them from the almost inevitable difficulties of aging.
What is even more sad is that $400,000 is often not enough to pay for 10 years of living expenses for retirees in many cities in America.