Buy the moon? A Ferrari? A hamster named Fred? A mansion with a moat? Invest in a stock or two?

These were some student suggestions in response to the challenge we faced today in Tech class, when we began Part I of the “Million Dollar Assignment.” Using a mind-mapping/outlining program called Inspiration, students worked either in pairs or independently to figure out a way to spend one million dollars. There were a few strings attached:

1. Taxes on the full amount must be paid.

2. Only one of any one thing (car, house, etc) can be purchased.

3. 25% of money (after taxes) must be given to charity.

Using an online tax calculator, students got to work, and were somewhat horrified to discover that $328,597 of their hard-won cash would be gone before they would have a chance to spend it. The new subtotal? A mere $671,403.

But wait! What about that 25% earmarked for charity? Subtract $167, 850.75 and the new subtotal is a paltry $503,552.25.

Gulp. Scratch the plans for the Ferrari. Maybe a house is more important than a car after all.

Next class, we will spend more time on researching the actual cost of the things they want to buy – rather than just creating a mind-map – and students will explore the financial feasibility of their current expenditure plans.

All of this is leading up to creating a balance sheet in Microsoft Excel, where they will create formulas to calculate costs, and hopefully, find an equitable way to spend their remaining half-million dollars.