I Inherited $5000 from a Distant Relative

My Relationship With Money

I am at My Richest

First of all, I know the title is a little bit click-bait but I still chose that title because I know it will catch the attention of other users to read this article. Ehe! 😂

Money affects not just our financial situation but also our mental and emotional health. It makes us sad and different problems arise when we are lacking money but we also feel happy whenever we have more of it.

In the first two sets of questions that I've answered, I shared there my relationship with money and when do I feel that I am at my richest. In this article, I'm going to answer another 5 questions from the Journaling Prompts to Improve your Relationship with money. You can also answer these questions to assess your financial situation at the moment.

And here are the next set of questions and my answers to them. Read on!

11. What is the largest sum of money you've ever received?

• The largest amount of money I've ever received is the 20,000 pesos ($400) that I get every end of the semester from my Provincial Academic Scholarship allowance. I have been an academic scholar since my first year- second semester in college but back then, I was only receiving 11,250 pesos ($225) for one semester until my second year- first semester. However, it's a good thing that the province increased our scholarship allowance because it has helped me a lot with my finances since I was the one supporting myself to college. In total, I already received 118,500 pesos ($2,370) from my Academic Scholarship stipend alone and that is such huge money for me.

12. What, in your opinion, is a "good" amount of money to earn?

• In an article that I published before about how much money do I need to earn every day, I have shared there my thoughts that $5 to $6 is already a good amount to earn for me, considering that I don't have that many responsibilities in life yet where I don't have siblings to support or pay for rent, and I only have to worry about my educational expenses. However, if I were to consider other things, I think that earning $15 to $20 is already a good amount of money to earn, where you have enough money for your needs and other wants, and can have extra cash intended for savings and investment purposes.

13. What is the most money you've ever spent on something?

• I am not really a materialistic person who would spend so much money on things but the most money I've ever spent is about 11,300 pesos ($226) when I bought the Oppo F5 second-hand phone back when I was about to graduate from Senior High School.

• Whenever I spend such a huge amount, I would think carefully and assess over and over again if it would be a good decision or not so that I won't end up regretting it. I'm really tight when it comes to spending money on things and that is because I know how hard it is to earn money.

14. Imagine you inherited $5000 from a distant relative with the condition you had to spend it on something other than yourself. What would you do with the money?

• If I inherited $5000 from a distant relative and I would have to spend it on something other than myself, then I would immediately treat my parents to a good restaurant and let them shop for new clothes and shoes and buy some of the things they want to buy. It would probably cost around 20,000 pesos ($400) for them to have shopping galore and I will give them an additional 30,000 pesos ($600) for their extra money. I would also try to put up a small business for them to manage which amounts to 100,000 pesos ($2,000) so that they will have a source of income. I will also allot 30,000 pesos ($600) as my financial support to my brother since he's starting to build his own family already. The 20,000 pesos ($400) will be equally distributed to my relatives from my mother's side since they also need financial assistance. The 25,000 pesos ($500) will be given back to the church where we attend as my tithes to give back to the Lord. And the remaining 25,000 pesos ($500) will be spent to buy groceries and basic needs to be given to less fortunate families in our place.

15. What would you do if you ran out of money tomorrow?

• I hope this scenario won't happen but if I will run out of money tomorrow, I will find a job or side hustle so that I will get something to earn. I will look for ways so I could earn money again. I will work hard so that I won't resort to asking for money from other people or even acquiring debt from loan sharks and banks. It's okay to just be broke for a while until I could earn money again as long as I don't get to have debts.

How about you? What would you do if you inherit $5000 from your relatives or if you run out of money tomorrow? Share your answers below. Thanks for reading!