My students have a hard time understanding how wealthy these characters are. I converted the $350,000 Tom spends on the necklace he bought Daisy as a wedding gift to current (2013) dollars (it would be over $4,000,000.00 today) and require them to spend it all!
Students are given directions on how to research prices for the items that they may want. Using their research they create a chart that catalogues their "spending spree" purchases and documents their sources. Students must spend all the money within $1,000.
Finally, students write a reflection that is tied to the project and the novel.
I've also included a link to a Mashable article that calculates what Gatsby would be worth today.