{"id":483292,"date":"2022-08-11T04:46:00","date_gmt":"2022-08-11T01:46:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/do-you-have-money-you-dont-need-here-are-8-ways-to-spend-it\/"},"modified":"2022-08-11T04:46:00","modified_gmt":"2022-08-11T01:46:00","slug":"do-you-have-money-you-dont-need-here-are-8-ways-to-spend-it","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/do-you-have-money-you-dont-need-here-are-8-ways-to-spend-it\/","title":{"rendered":"#: Do you have money you don\u2019t need? Here are 8 ways to spend it."},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a401c66c103f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a401c66c103f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/do-you-have-money-you-dont-need-here-are-8-ways-to-spend-it\/#%E2%80%9C_Do_you_have_money_you_dont_need_Here_are_8_ways_to_spend_it%E2%80%9D\" >&#8220;: Do you have money you don\u2019t need? Here are 8 ways to spend it.&#8221;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/do-you-have-money-you-dont-need-here-are-8-ways-to-spend-it\/#Paul_A_Merriman\" >Paul A. Merriman<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_Do_you_have_money_you_dont_need_Here_are_8_ways_to_spend_it%E2%80%9D\"><\/span>&#8220;: Do you have money you don\u2019t need? Here are 8 ways to spend it.&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001098750\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001098750\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Sometimes people ask me how to invest money that they won\u2019t ever need. Most often, I hear this from investors who must take required minimum distributions from retirement accounts and don\u2019t need the money to live on.<\/p>\n<p> In many cases they see this requirement as a problem. But instead, they could regard it as an opportunity.<\/p>\n<div class=\"paywall\">\n       If the question is what to do with this money, the best answer will come from understanding what you mean by money you \u201cwon\u2019t ever need.\u201d\u00a0If you intend to leave the money to your heirs, that\u2019s one thing. If you have already provided for your heirs and you are sure your own needs are taken care of, that\u2019s something else.<\/p>\n<p>My strongest recommendation is that you treat this money \u2014 and all your money, for that matter \u2014 with respect.<\/p>\n<p><strong>Read: <\/strong>You\u2019re not just a number: think of life as stages, not ages<\/p>\n<p>First things first: Unless you have set up some bizarre trust, this surplus money won\u2019t just sit in cash for the next 150 years. Someday, it will go to somebody or some organization.\u00a0<\/p>\n<p>Review your will (or create one) and spell out your wishes.Then look at the situation from the point of view of the ultimate recipient. What would they want?<\/p>\n<p>Most likely they would love to get their hands on the money right away. If you\u2019re going to keep it under your control, how much risk would (or should) they take with it in the meantime?<\/p>\n<p>If, after establishing an ample emergency fund, you have money you really and truly don\u2019t need, and if nobody else needs it either, then I think you should do whatever seems right to you.<\/p>\n<p><strong>Read:<\/strong> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/Serena%20Williams%20feels%20%E2%80%98no%20happiness%E2%80%99%20retiring%20%E2%80%94%20just%20like%20many%20people%20who%20leave%20careers%20they%20love\" class=\"icon none\">Serena Williams feels \u2018no happiness\u2019 retiring \u2014 just like many people who leave careers they love<\/a><\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Here are eight ideas to stimulate your thinking.<\/p>\n<p><strong>1: <\/strong>If this money will eventually go to a child or grandchild, consider giving some of it to them now, while you\u2019re around to observe what they do with it (and also so you can offer a \u201ccourse correction\u201d in the unlikely event they want your advice).<\/p>\n<p><strong>2:<\/strong> If you don\u2019t want to give them the money now, but they have invested money in a traditional IRA, you could suggest they convert that IRA to a Roth and offer to pay the tax. This will let you help them without giving them the opportunity to squander your generous gift.<\/p>\n<p><strong>3: <\/strong>Barring either of those alternatives, you can invest the money with an equity\/bond allocation suitable for their risk tolerance instead of your own. One easy way to do that is invest in a target-date retirement fund with a target year close to their 65<sup>th<\/sup>\u00a0or 70<sup>th<\/sup>\u00a0birthday.<\/p>\n<p><strong>4: <\/strong>If the money will one day go to an organization, you could invest it the way many long-term endowments are set up: with an equity allocation in the neighborhood of 60%.\u00a0<\/p>\n<p>In this case, I see no reason to make the organization wait to get every penny from you. A properly diversified portfolio that\u2019s divided 60\/40 will have no trouble spinning off annual distributions of 5%, which you can donate.\u00a0That will give the organization some benefit right away. It will let them lavish their <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>reciation on you. Perhaps most important, it will give them an opportunity to demonstrate to your satisfaction (or not) that they are worthy of your money.<\/p>\n<p><strong>Learn how to shake up your financial routine at the\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/moneyfestival.marketwatch.com\/\" class=\"icon none\">Best New Ideas in Money Festival<\/a>\u00a0on Sept. 21 and Sept. 22 in New York. Join Carrie Schwab, president of the Charles Schwab Foundation.<\/strong><\/p>\n<p><strong>5: <\/strong>There are many interesting ways you can use this money to enhance your own life.<\/p>\n<p>For one, you could spend it on consumption by buying things: real estate, clothes, vehicles,\u00a0yachts, collections of whatever interests you.\u00a0<\/p>\n<p>A second alternative is to spend your money on experiences (though I don\u2019t recommend experiences that involve drugs or other risky behavior).<\/p>\n<p>A third option is to thoughtfully give your money away. Unless you are a curmudgeon the likes of Ebenezer Scrooge, this could become a source of long-term satisfaction.<\/p>\n<p>When I think about these three choices, it seems pretty obvious to me that in the long run, buying things will be less satisfying than the other two.<\/p>\n<p><strong>6:<\/strong> Invest the money in whatever way is comfortable and plan to withdraw 5% of the balance every year on your birthday. It\u2019s a guaranteed birthday present to yourself. Keep that money in a separate savings account and keep track of what you do with it.<\/p>\n<p>Then give yourself this challenge: Find interesting and satisfying things to do with that money in the following 12 months. This could be <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a>, education, an unexpected gift to somebody you care about, a new paint job on your home or vehicle.\u00a0<\/p>\n<p>Use your imagination and promise yourself you\u2019ll try something you haven\u2019t done before.\u00a0\u00a0<\/p>\n<p>For example, you could contact a friend or relative and propose doing something together. This could be anything from \u201ca long weekend in San Francisco\u2014and I\u2019ll pay\u201d to \u201cLet\u2019s go to New Zealand and learn about sheep.\u201d<\/p>\n<p><strong>7:<\/strong> Create something that doesn\u2019t exist, something that will live after you. For example, set up an endowed scholarship for young people from your hometown or your church or any other population you would like to support.<\/p>\n<p>These are easy to set up through a community foundation in a donor-advised fund\u2014and your donation may be tax-deductible.\u00a0You can choose each year\u2019s winners, or let someone else do it. If you meet these young people, that\u2019s likely to be very satisfying.\u00a0<\/p>\n<p><strong>8:<\/strong> By your next birthday, you may have used up all the money you received as a \u201cgift from your portfolio.\u201d However, if some of it is left over, give it away\u2014to a person, an organization, or some cause you want to support.\u00a0<\/p>\n<p>Doing that will reinforce in your mind that you are a generous, thoughtful person with more than you need. And this way, you can celebrate your birthday by\u00a0giving\u00a0a present\u2026on the same day you receive your next \u201cgift\u201d from your portfolio.<\/p>\n<p>These ideas, obviously, are barely the tip of the iceberg.\u00a0There\u2019s no single \u201cright\u201d path for somebody in this situation. In a world of possibilities, your job is to find what feels right to you.<\/p>\n<p>Doing so can turn into a very satisfying reward for a lifetime of smart saving and investing.<\/p>\n<p><em>Richard Buck contributed to this article<\/em>.<\/p>\n<p><em>Paul Merriman and Richard Buck are the authors of\u00a0<\/em><strong>We\u2019re Talking Millions! 12 Simple Ways to Supercharge Your R<\/strong><em><strong>etirement<\/strong>.\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/paulmerriman.com\/signup\" class=\"icon none\">Get your free cop<\/a>y.<\/em><\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Paul A. Merriman\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/author\/paul-a-merriman\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/SavvyInvestorPM\",\"text\":\"@SavvyInvestorPM\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:paul@paulmerriman.com\",\"text\":\"paul@paulmerriman.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Paul_A_Merriman\"><\/span>Paul A. Merriman<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"153_MW\" author-name=\"Paul A. Merriman\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fdo-you-have-money-you-dont-need-8-ideas-of-how-to-spend-it-11660153440%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/p><\/div>\n<div class=\"mw-author-contributor\">MarketWatch Contributor Network<\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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Here are 8 ways to spend it.&#8221; Sometimes people ask me how to invest money that they won\u2019t ever need. Most often, I hear this from investors who must take required minimum distributions from retirement accounts and don\u2019t need the money to live on. In many cases&#8230;<\/p>\n","protected":false},"author":1,"featured_media":483293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-601349\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-483292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=483292"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/483293"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=483292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=483292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=483292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}