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Top 5 Uses for Your 1 Million Dollars





rogue_skydragon
If you were to have happened upon $1,000,000 USD by some random, fantastical occurrence, what would you do with all that money? Would you trade your fortune for fast cars, wild parties, and gorgeous escorts? Or are you the completely self-less type who'd donate it all to charities in Africa?

Here's a breakdown of what I would do:

1. I'd give HALF to my immediate family.
2. Put $10,000 toward my student loan debt, eliminating it almost entirely
3. Live in and travel around Southeast Asian countries and the Pacific Islands for 3 months straight; and then do the same in South America for another 3 months straight
4. Make smart purchases that help build my business (i.e. a decent motion picture camera with proper lenses and lens support)
5. Donate to a charity, specifically the World Wildlife Fund

Write your list below. Really think about it. After writing the list, read it over and assess how it reflects who you are and where you are in life.
truespeed
Why wouldn't you just pay all your student loan debt off?
standready
truespeed wrote:
Why wouldn't you just pay all your student loan debt off?

Exactly! just payoff the loan and be done with it.

As for myself: Some would go to various charities. Some would go to pay off bills so I was completely debt free. The rest, well, I will enjoy!
deanhills
I'm not completely knowledgeable how it works but I would want to start a Trust Fund with it and invest most of it. There would be a regular cost of living amount paid by the Trust Fund to me on a monthly basis until I die. There would also be a regular X amount paid by the Trust Fund for four annual scholarships for gifted math and science students who need supplement teaching in math and science at the secondary school level. The scholarships are to be applied to the cost of funding supplemental teaching in math and science. Objective being to encourage and develop those math and science students who are particularly gifted.
ocalhoun
Invest it, and live off of the proceeds.

$1,000,000 invested at 3% would give you $30,000 / year - forever.
It would enable one to live modestly without ever having to work, unless one felt like working for a little extra spending money.
It would allow one to pursue one's passion freely.
Nameless
You can count me in with the 'invest and spend interest' crowd. Who needs a fancy car when you could freely spend all day writing on an old laptop? Yes. Razz
mahirh
ocalhoun wrote:
Invest it, and live off of the proceeds.

$1,000,000 invested at 3% would give you $30,000 / year - forever.
It would enable one to live modestly without ever having to work, unless one felt like working for a little extra spending money.
It would allow one to pursue one's passion freely.

isnt that unfair? , you do nothing and the money works for you , no actual work is done and you get money for doing nothing , most of this money is made by cruelty towards poor people who take loans , buy stuff , etc.... , or maybe who knows if the business you invested in literally goes through the ground
eday2010
mahirh wrote:
isnt that unfair? , you do nothing and the money works for you , no actual work is done and you get money for doing nothing , most of this money is made by cruelty towards poor people who take loans , buy stuff , etc.... , or maybe who knows if the business you invested in literally goes through the ground


Oh please. That is the whole point in investing money. You make it work for you so you have to work less. Why should everyone be brought down to the lowest common denominator simply because some people can't afford what you can? And it's cruel that banks loan money to people who want to borrow it? What planet do you live on? That is what banks are for. You deposit money into your account. They take that money and either loan it to someone with interest, or they invest in the market themselves. Hardly cruel.

Personally, I would retire. I am not sure what I would invest it in because finding anything above 2% without risk is near impossible. That, or I would put it away for retirement so that I would not have to save now, take what I would earn as extra income, and just keep working like normal, though maybe not as much Smile
ocalhoun
mahirh wrote:
ocalhoun wrote:
Invest it, and live off of the proceeds.

$1,000,000 invested at 3% would give you $30,000 / year - forever.
It would enable one to live modestly without ever having to work, unless one felt like working for a little extra spending money.
It would allow one to pursue one's passion freely.

isnt that unfair? , you do nothing and the money works for you , no actual work is done and you get money for doing nothing ,

Unfair to be able to live a life of leisure when others have to work? Perhaps.
If you're that concerned about fairness, donate your million dollars to the poor.
(News flash though; life generally isn't fair.)
Quote:
most of this money is made by cruelty towards poor people who take loans , buy stuff , etc.... ,

Cruelty towards poor people?
So it's cruel to lend money these days?
Nobody is forced to borrow money; they borrow because they want to.
Giving them that opportunity is not cruel.
Quote:
or maybe who knows if the business you invested in literally goes through the ground

Well, it would be best to invest in a secure and diversified manner.
That's why I assumed a modest interest rate.
goutha
1 million dollars does not allow you to leave without working...

You'll be surprised by the number of millionaires that you don't notice in your neighborhood.

There's a very known book : The millionnaire Next Door.

A must read book!
Afaceinthematrix
goutha wrote:
1 million dollars does not allow you to leave without working...

You'll be surprised by the number of millionaires that you don't notice in your neighborhood.

There's a very known book : The millionnaire Next Door.

A must read book!


That's because people insist on living lavish lifestyles. But do you know how many people I know who just make it - living off of $20k/year? So, to them, that's fifty years of their income (not adjusting for inflation). So just try to invest well enough to take care of inflation. Ocalhoun mentioned that he'd try to live off an investment profit of 30k a year. If you aren't materialistic (I'm not very materialistic), then that's fine for now. I'm sure that inflation will make that harder in the future. But what I would do is live off that for as long as possible while still working and then take 100% of the money I make from work and put it in my account that I've wisely invested so that the 30k/year keeps growing and growing and it sets me up for a nice little retirement...

Another option, if you don't want to invest it this way, would be to simply pay off your house and car (both would be modest; I don't need a sports car or some fancy two story house) and anything else that you think you need. Then you can at least work but have far less stress (no car payments for a long time or mortgage payments) and then at least be able to save a lot more towards retirement.

I always hear people say, 100k/year isn't that much these days... as they're hauling in the boat, driving the big SUV, on the way to their two-story house... And I'm thinking, "Really? I live off a fraction of that just fine..." People won't sacrifice to live modest...
ocalhoun
Afaceinthematrix wrote:
(no car payments for a long time or mortgage payments)

I already live like that without the benefit of a million dollars. ^.^
(Okay, I do pay rent, but I'm quite happy that I was able to eliminate car payments.)
saratdear
Like ocalhoun said, I'd probably invest it. Half would probably go to 'safe' methods like a bank account and half perhaps for the stock market.
deanhills
Afaceinthematrix wrote:
I always hear people say, 100k/year isn't that much these days... as they're hauling in the boat, driving the big SUV, on the way to their two-story house... And I'm thinking, "Really? I live off a fraction of that just fine..." People won't sacrifice to live modest...
I agree completely with you. I have a friend who lives like this. I call her economics revolving credit card economics. She would literally withdraw money from the autobank from one card to depost a payment on another card. Probably has to do with being attached to flashy clothes, cars and a grand living style, but I must say, she is great fun to be with, each to their own! I live quite frugally as well, but not to the point of being a miser. I love to go on the odd holiday or trips to fun places. And when I do, I prefer to stay in good quality accommodation, not flashy places, but clean with basic creature comforts. I just don't do too much of that. Where I come short however is lack of investing my money. I have no confidence at all in the stock market, nor people who are eager to invest on my behalf. I probably should buy a property to live in, but then I have not found a place yet that I would like to be in for the rest of my life.
TurtleShell
1) pay off credit card bills
2) put away for the kid's college
3) look into buying a reasonable house
4) get my breaks fixed and get my car examined for problems
5) invest in retirement
6) look into possibly quitting my job and starting some kind of business of my own so that I can work from home.
7) possibly send my partner to law school, or send myself back to school
Cool buy a nice pizza stone for bread baking

I don't think any of these things are unreasonable, but I think that this would probably use up the $1,000,000. I understand that stuff can go pretty fast. Oh yeah, and

9) pay back my parents for the car. They're basically paying for it right now and I'm totally grateful to them. Might even send them a check for a couple thousand for some of the other things they've done for me.
missdixy
I would invest some, give some to my mother and aunt, and the rest I'd use to live off (modestly) until I could find a job.
Vrythramax
I'd have to agree with ocalhoun...invest and retire. Lord knows I have worked enough years to earn the right not to have to worry anymore.

@missdixy

Hi you...been a long time Smile
Nameless
Vrythramax wrote:
Lord knows I have worked enough years to earn the right not to have to worry anymore.

Because, nothing says "I've earned this" quite like:

rogue_skydragon wrote:
some random, fantastical occurrence

Razz
jmlworld
I would buy a small luxury boat and I tour around the World for 5 years. Also I would invest some of the money in secure company.
sudipbanerjee
1. 5% to repay of my House building Loan
2. 25% money in good investment
3. 20% to donate needy students to complete their study
4. 25% for Tour
5. 25% to start a new business
Blaster
I would first and foremost pay for college.

After I paid for college I would put money in the bank. I am a freshemn in college so I would put enough in so that I could bye a house after I get out.

I would probably buy myself a 1930s coupe. My family is into classic cars and thats one of the ones I have always wanted.

I would buy a small property and build a nice size garage and put a lift in it and such.

With what ever money is left I would put it in the bank and let it grow.

Right now i'm so engrossed in school that i really couldn't bye myself anything to enjoy. Therefore thats why school is foremost.

The reason that putting money in the bank is 2nd is because after I get out of school I would really like to have a place to live. If I could pay for my house without a loan that would be great and I could save all the money I make to put towards other things

my Car is 3rd because my whole family is into classic cars. My dad has a 80 camarro and a 71 mach 1 and my sister a 79 cammarro so i'm out of the loop right now (my mom and dad share the cars)

4th is the garage because simply put I need a place to put and work on all of these cars.

And since thats all I can see myself needing at this time in my life i put saving my money last. After I get out of school I wouldn't mind doing some traveling with it but for now i'm too busy.
rjraaz
But how can I get that much money? Question
ocalhoun
rjraaz wrote:
But how can I get that much money? Question

Rob banks.
(That's where the money is.)

Or you could just wait for
rogue_skydragon wrote:
some random, fantastical occurrence
rjraaz
ocalhoun wrote:
rjraaz wrote:
But how can I get that much money? Question

Rob banks.
(That's where the money is.)


If that is the way by through which i will get the money. I have to spent some money for bribe, some to share with my partners because without their help i can not do this.
day_and_night
1. pay of all the debt
2. keep 50% of the remaining amount in a savings account
3. invest in a successful company
4. buy stuff for myself
5. buy stuff for friends and family

Smile
ProfessorY91
Here's one more with the invest and retire early (although that's not an easy process).
I'd still have to finish my degree too. As much as I hate to admit it, its much easier to be overlooked by opportunity without a college degree than with one. Regardless of your financial situation. I'd say this one is more about earning... respect.
ankitdatashn
1 million dollars is roughly 5,00,00,000 Rupees.

First of all I will donate 10% of it to the needy people. From rest 20% I will use in starting my own social ventures that I have in my mind for quite some time.

For the rest 10% I will use to settle all my family's loans.

40% gone 60% left for personal disposal.

out of this 30 % gone in bank+shares+other financial instruments.

rest 30% for good food, car, house and other necessities.
rjraaz
ankitdatashn wrote:
First of all I will donate 10% of it to the needy people. From rest 20% I will use in starting my own social ventures that I have in my mind for quite some time.


That looks like a political promise Laughing , everyone give that type of promise but after when they get will forget of that promises.
ocalhoun
rjraaz wrote:
ankitdatashn wrote:
First of all I will donate 10% of it to the needy people. From rest 20% I will use in starting my own social ventures that I have in my mind for quite some time.


That looks like a political promise Laughing , everyone give that type of promise but after when they get will forget of that promises.

Not everybody forgets them.
Occasionally, for instance, you get a story about a lottery winner who tithes 10% to his church.
rjraaz
@ocalhoun church donation or donation for any religious events is possible in great amount but for needy peoples or for social development i think no one take those serious.
deanhills
rjraaz wrote:
@ocalhoun church donation or donation for any religious events is possible in great amount but for needy peoples or for social development i think no one take those serious.
I'm almost certain the Catholic Church does. Especially looking at the last Episode of the Godfather .... Laughing
ocalhoun
rjraaz wrote:
@ocalhoun church donation or donation for any religious events is possible in great amount but for needy peoples or for social development i think no one take those serious.

Of course not.
I was just making an example of people who have promised to donate 10% of large winnings, and actually followed through with it.

I'm sure you could find a better recipient for 10% of a lotto jackpot than a church.
watersoul
I'm going to imagine it's 1 million pounds (GBP) as it's easier for the maths and it's worth more! Wink

1 - pay all my siblings mortgages off so they finally own their homes (roughly 250,000)
2 - buy a derelict hotel by the beach here and convert it into apartments, one for me to live in, the rest to rent out providing a nice income for life (roughly 500,000 including the conversion work)
3 - buy some pasture land on the clifftop near me so I can grow stuff, camp out, and have amazing outdoor festival type parties with my friends DJ'ing (roughly 100,000)
4 - invest 100,000 to use in an altruistic way for any 'micro donations' needed which can offer immediate help to any worthy causes which cross my path in life.
5 - Buy a new clutch cable for my car (it snapped this morning), then blow the last 49,975 on hedonistic sillyness and shallow materialism!
iman
Store it in a few banks and live on interest.
rjraaz
iman wrote:
Store it in a few banks and live on interest.


Yes that is a real use of this money. Neither fake promise nor a philosophical talk.
driftingfe3s
I'm not the type to have any extravagant things. I'd, just as many of the others have said, buy a house and then invest the rest and live off it.

Then I'd do things like travel and the things that I like, such as painting and photography.
Navigator
Definitely would not stop working, its a mental health thing, there are enough former lottery winners now living worse than before they won the prize. And of course, you will have to have your eyes very open for all those new and old friends popping out!
loyal
I would....

buy my own island and establish my state there. muhahaha!
emanuel2
rjraaz wrote:
iman wrote:
Store it in a few banks and live on interest.


Yes that is a real use of this money. Neither fake promise nor a philosophical talk.


same here Smile In this way you won't go nuts by thinking always on the money(or at least with a lower probability to go crazy )
LittleBlackKitten
If I had a million dollars...


$500,000 into a high interest bank account to live off.
$75,000 to pay off student loans for me and my spouse.
$200,000 to family members as a thank you for being wonderful.
$100,000 to get a new truck with a few extras.
$25,000 for a down payment on a modest house with a mortgage (to be paid via interest off bank account).
ocalhoun
LittleBlackKitten wrote:

$100,000 to get a new truck with a few extras.
$25,000 for a down payment on a modest house with a mortgage (to be paid via interest off bank account).

That's a heck of a truck, and a relatively low house down-payment...
Why not reverse them?

Use $25,000 for a nice truck, and put $100,000 down on a house... For a modest house, you could probably buy one outright with that much.

I would only finance something if the interest rate for the loan was lower than the interest rate on your investments.
deanhills
ocalhoun wrote:
LittleBlackKitten wrote:

$100,000 to get a new truck with a few extras.
$25,000 for a down payment on a modest house with a mortgage (to be paid via interest off bank account).

That's a heck of a truck, and a relatively low house down-payment...
Why not reverse them?

Use $25,000 for a nice truck, and put $100,000 down on a house... For a modest house, you could probably buy one outright with that much.

I would only finance something if the interest rate for the loan was lower than the interest rate on your investments.
I'd rather rent a house and invest all of the $100,000. The truck I would pay cash completely. Smile
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