"When I was 22, my grandmother died. She was my favorite person. She didn't have a lot of money, but each of us grandchildren got a check for $3,000 from the will. I really, really wanted to do something special with that money, something to honor my grandmother, but I was young and dumb and broke, and it evaporated into rent and burritos and drinks and cigarettes and all the other "necessities" of my young, dumb 22-year-old life. I have had an "IOU" to myself for that money ever since and promised myself that one day, when I had an "extra" $3,000, that would be "grandma's money," and I'd do something special with it."
"I do have a 401(k) through work, and I know I'm behind where I should be on that, but I'm putting in 6 percent per check now, and feel good about that. So part of me thinks I should put it there. But that doesn't seem symbolic enough to me, it feels like $3,000 will just be swallowed up. I want this money to start something, if that makes sense. I'm single and don't plan to have children. Is there another kind of account that you would suggest?"
The writer received $3,000 from a grandmother at age 22 and spent it, then vowed to set aside a future $3,000 as "grandma's money" to do something meaningful. Ten years later the writer earned just over $3,000 from freelance work and wants to use that amount to honor the grandmother and improve long-term self-sufficiency. The writer contributes 6 percent to a workplace 401(k) but worries that adding this sum to that account would feel unsymbolic and get swallowed up. The writer asks for an alternative account or approach to start something lasting. The response affirms the decision to preserve the intent and states that placing the money directly into the 401(k) is not the right move.
Read at Slate Magazine
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