The Value of 1,000 Dollars: What Does it Mean to Me
The value of 1,000 USD varies from one person to another.
Generally, an office worker in a 3rd-world country who is receiving $7.12 per day will value the $1,000 more than a gas station attendant in a first-world country who is earning $15 an hour. Of course, this also depends on the monetary situation they are in.
Our Minimum Wage
I currently live in the Philippines where the minimum wage in our capital (Manila) is 10.75 USD (570 PHP) per day.
Where I live, we have a lower cost of living thus the minimum wage is around 7.12 USD (380 PHP) per day.
5 Months Worth of Salary
Where I live, a 1,000 USD is almost 5 months’ worth of salary. Doing the math, it can also cover 5 months of my utility bills including basic food necessities.
If I would have $1,000, I can concentrate on my work without worrying about our bills and basic necessities for the next 5 months. During this time, I can think of other stuff like investments and family time.
There is also the alternative where I can invest most of it into HBD savings so that it will generate a 20% APR.
Final Thoughts
In summary, 1,000 USD is too valuable for me that I need to be careful in “spending” it. I would probably invest 50% in HBD savings. I would use the 30% as a trading account, and will keep the 20% for emergency purposes.
What are your thoughts? Any suggestions on how I should "spend" it? If you have a 1k USD right now, what will you do with it?
Thank you for taking the time to read my article.
This post was inspired by @bhattgs’ story post challenge that can be found here. I could have written more but need to abide by the 350 max word limit.
I would like also to invite @rowell and @elisonr13 to join this contest. 🙂
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Having an extra $1k now would be great to buy some crypto on sale hehe.
(Found this from listnerds)
Now that you've mentioned it, a lot of crypto is on sale right now. 😁
Thanks for the visit.
!PIZZA
Yes, the wife said the market is bloody :D
Salamat din, may pizza pala dito hehe
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En Brasil, que es el país donde vivo, 1k dol equivale a 5k brl.
El salario mínimo aquí es 1212brl, lo que hace que 1k dol valga 4,12 meses de trabajo. El gran problema de quienes viven con un salario mínimo y dependen del alquiler para tener un techo es que difícilmente se puede encontrar vivienda en un lugar seguro por menos de 800brl en la mayoría de las ciudades, lo que significa que 1 persona sola paga el alquiler. y ganando un salario mínimo ciertamente pasaría hambre si no tengo la ayuda de otras personas o no tengo a alguien que compense el ingreso familiar.
Un tema muy delicado y muy triste el momento que vivimos aquí y lo viven otras personas en otra parte del mundo.
Si tuviera 1k dol hoy, la mitad la ahorraría para pagar facturas y emergencias y la otra mitad la pondría en ahorros en hbd.
Gracias por compartir.
!1UP
It is unfortunate indeed. They say that poverty and crime are tied together.
Let us use this as an inspiration to think of a way to improve our lives. 🙂
Thanks for the comment and for the support.
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Hm... No la tienes tan fácil. Me gustan tus planes con los 1000$, me pongo a tu disposición, guardaré ese porcentaje de HBD en mi monedero, no te preocupes 🌚
Creo que pasaré de hacer el contest, es una locura hablar de los salarios de aquí jjajj solo diré que acá, 1000$ es mucho dinero 😆
How about you compose a song about it? 😁
Oh... Very funny?? a friend would say: "one kick, no more!" Lol 🤣 Hugs to you 🤜🤛
Not bad I've seen pictures too very nice beaches. $1000 saved that much is good.
Yup. Thanks much for the visit. :)
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I haven't been there before just seen pictures
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Hello, we have chosen this post to be curated by MCGI Cares(Hive) community. We are inviting you to join our community that study the words of God. Keep doing the great job ❤️
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An extra $1k is pretty much here, that doesn't even amount to my annual basic salary. Goodluck
Same here where I live. $1k salary can only be given to high positions usually after decades of loyal service. Also, from multinational companies. 🙂
Thanks for stopping by.
!PIZZA
That's not good enough but we are left with no choice. You're welcome
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aha that is really great use of that indeed, I will do the same and invest in hbd saving, that is really a smart move. i will recommend you to buy some hive and power to earn more passive income from curation or from delegating 😉
thanks for taking part, I know it's a bit late to reply 😅 Good luck
have a great day and weekend.
!giphy good luck
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It is a pleasure participating at events like this.
Thank you too for initiating this wonderful event. 🙂
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