Unbelievably, “Are Credit Cards Weapons Of Mass Financial Destruction?” won CreditCardChaser's $500 AMEX Love/Hate challenge! I plan to use the proceeds to purchase toys for underprivileged youth. And in the spirit of personal finance discussions, I'm curious how you would spend $500 on kids if the choice was yours. I'll share 5 possible ways to spend the money below. And can't wait to hear your additional ideas.
There were several great entries from fellow bloggers in the contest, and we're truly honored Joel picked ours. You may not be able to tell, but hours were spent writing, re-writing, and editing the post.
One of the best comments from the entry comes from Geek, who writes, “Cash-only payers are subsidizing those who use credit cards because product prices are adjusted upwards to account for the fees credit card companies charge retailers.” This is powerful insight which we never really thought about before. Well done Geek and thanks to others for their support and insight as well.
Peter from Bible Money Matters in his entry points out that as soon as McDonald's started allowing customers to pay by credit card, the average purchase went from $4.50 to $7, a 55% increase!
Given such great insight from the community, we'd love to know how you'd spend $500 on kids in need and what would you buy them? It's important we don't just buy them what we want or what we think they want, but what they really want and need!
5 Ways To Spend $500 On Kids
1) Buy one big present for one lucky kid or buy gifts for many? If for many, how many?
2) Pick one of these popular toys: Zhu Zhu Pets ($28), Elmo Live Encore ($60), or Barbie Twilight, Edward & Bella Dolls ($28)?
3) Focus on sports equipment gifts instead to encourage exercise and teamwork? Basketballs are only $20-30, for example.
4) Buy warm clothing given the arrival of winter? Some nice stuff from Old Navy, Gap, TJ Maxx, Ross to extend the use of the money?
5) Buy children's/young adult books such as the Twilight series to encourage reading and education in general? I remember reading all the “Choose Your Own Adventure” and “The Great Brain” books and absolutely loved them!
My wife and I are going shopping this weekend for the gifts, so thanks you guys for any input beforehand. Also, thanks again to Joel for hosting this challenge!
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Readers, how would you spend $500 on kids in need if the choice was yours?
Keigu (Honorable Regards),
Financial Samurai – “Slicing Through Money's Mysteries”
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