One of these
1. 500,000 $2 lottery tickets.
2. Setup some sort of annuity to make the money last the rest of my life.
3. Make it rain.
4. Invest in equipment to make my job (delivery driver) easier
a. New vehicle
b. New equipment: dolly, computer, etc.
c. Emergency fund for the future
5. 4,000,000 chicken nuggets
Whatever I wanted, for as long as the money held out.
Pay off my bills
Invest a majority-some stocks, CDs, Money Market Account
Set aside a bunch for rainy days-Lol! I figured out #3 on Michael Collins answer
Retire from my regular job
Retire from HubPages
Sounds like you do not enjoy Hub Pages much. Wonder, why do you stay then? Surely not for the money!!
Lately I just come for the answers. I actively write on another site and am thinking about self-publishing through the Kindle and Nook sites
Note to LoisRyan13903 - In answer to your latest response, I am just about at that junction now. Thinking of doing the same thing as you are doing already.
I would invest it in something more safer than the stocks.
Than't why I said some stocks, mainly NADAQ 1000. Marie of course if I won that, I would offer my books as free reads
You realise of course that a $1M dollars is not a really huge amount these days. But if I did, I know what I want to do.
I would buy a good block of flats that would give me enough income to live for .....say 15 years or so without having to scrimp and save. I would also like to go on a holiday cruise at least twice a year.
I would like to help my 2 children just enough to ensure they have a good house and a good car. Small personalised gifts to family and friends. All the above should consume a good 80% of that money.
The rest of it would go to 3rd world communities that are in great need, after research.
Gee.... that would sure be a good place to be in!!
Like Marie L B says a million dollars is not a lot in some sense, yet is very much more than I have today ;-) First, is where did the money come from? If it is a gift, then it is all disposable income and not taxable. If for me it is from the Calif lottery I will have to pay fed tax, but not state. That tax rate will be 39.6% for me being single. So, that means I will have $604,000 disposable income remaining.
So, lets say it is a gift or inheritance. All the money is mine. I see two avenues for investment. First, invest in rental property a little high end house perhaps. That would be about $600k in San Diego county. That would net me about $2,000+ month income. That of course is taxable both state and federal. The net to me after taxes would be about 20k annually / $1,700 mth. / 390 wk.
That leaves 400k to do as I wish. A decent car is about 25k with license and taxes = 375k. If I invest 250k into treasury bonds or a money market fund I can expect about a net annually of 5% or $12,000. Add that to the 20k = 32k tax liability. Net would be close to 27K / $2,230 mth / $515 week. Much more livable while leaving me $125k to do as I wish.
There are two ways of looking at this question, I can spend to invest or invest to spend.
First ask yourself: Are you looking at spending a million dollars in one go or on multiple things?
You can spend $1 Million on a house with can end up being part of your portfolio of investments or on a car which could lose value over time (unless it's classed as a classic vehicle)
Savings and Investing
Putting $1 Million in a bank won't accrue much interest. However there are many alternative ways of investing your money which can pay out high interest. People can enter investment clubs or learn to invest money as an individual (eg, stock market)
Risk V's Reward
I think it also depends on how much money to risk. Gamble it or save it "for a rainy day?".
::One other thought
As a business owner I use cash flows to re-invest in my business to grow and expand it. It's fairly common to hear businesses merging and buying out other businesses to expand their portfolio such as Amazon and FaceBook. Leveraging my business helps to secure it's future.
1. Get out of Debt
2. Donate to charity
3. Pay bills
4. Go back to school
5. Create your own business
6. Help family members
I will do a work .. which is out standing and in favour of our poor people of village.. to give more and more knowledge to them .. Aldo to old women and man....
by manofmystery242 weeks ago
How would you use the money?
by James Robertson5 years ago
You aren't much of a gambler but you decide to buy one lotto ticket. You check up on the numbers a few days later, well after the lotto has taken place, and what do you know? You won!!! You are the newest lotto winner!!...
by StayPos8 months ago
If you received an unexpected inheritance of one million dollars what would you with the money?Oh and by the way the taxes have already been paid :-)
by Justin Choo5 years ago
What are the first 3 things that you would do if you have a million dollars?Of course, this question is not for those who have arrived!
by greeneryday5 years ago
How would you invest a million dollars?
by samtenabray15 months ago
What would you do if you were given 1 million dollars?
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