Honestly, I would keep whatever I need for college, some for my family, and give the rest away to charities and environmental organizations as soon as I could. I've heard too many lottery failure stories, where the winner has no idea what to do, succumbs to a life of excess and- boom- bankrupt in a matter of years. Or the people they know start bugging them for money and they destroy all their relationships and live lavish hermit lives until they die.
BUT if I worked for the money, and earned it with my own hands, I would probably put it in the bank and watch it grow. c:
Sorry but you sound exactly like one of the people who receive large windfalls and still end up broke as you stated nothing about saving whatever windfall you have. By saving it, you could give to more charities over time if that's what you really desired.
I would invest the money in order to create a good cashflow, honestly
I'd divide it into 5 categories:
~Firstly, buying the book "Tax Evasion for Dummies".
~Then investing some of the money into my new start-up business Hollow Leg Store, which means a lot to me and I hope develops into something that can make a meaningful contribution to the world.
~Thirdly, giving to other causes and companies that I respect the morals of and want to support.
~Fourthly, I would travel. Exploring new spaces and cultures always keeps my perspective fresh.
~And lastly, I would put the rest away-- you never know when you might need it, and I tend to squirrel away savings for the unexpected. (and the occasional rainy day)
I would invest the same in 3 parts. One part I would invest in Commodities Market , one in Equity and one in Derivatives.As we have seen over the years the returns are more than any other bank deposits or even real estate investment. One just need to have patience and discipline in investing.
I would just do three things, travel, read, eat, sleep and repeat.
would like a great big mansion for my family and a big car for each one of them. I would keep a substantial amount of money for donations in animal shelters and for the kids who cant afford studies. I would love to invest my money. but this animal shelter is something I really want to do. I would not want a huge mansion for myself but I would just want happiness for myself and I know I wll find happiness doing what I best can.
well if in one lump sum the million after taxes is only $345,546 = they take about 70% away before you even get it.
Give it to my closest kin to buy whatever. They put me on an allowance.
"Work or pleasure? Work always work."
I would find a really nice rental property in Saugatuck, MI, and live out the rest of my days with that money. Plus I would give each of my family members so much money a month, to help them out. I would probably buy myself a newer car. And, maybe do some traveling.
I also thought about some investment property. Maybe bring old after hours parties back. There were a couple guys who owned a farm, and they would host huge after hours parties, where they could make up to $40,000.00 a night on cover. So, investing in something like that, would pay for itself pretty quick. Not sure if they ever paid for Liability insurance. But, I highly doubt it. As the parties were pretty much come at your own risk. But they were fun! fun! fun!
I would use them as my lifelong rent so i can continue to volunteer! Would love to buy products and services needed to grow up top notch websites and fundraising projects for partnering nonprofits. Dream, dream..even $1000 would be ok
manofmystery24, if i had a million dollars i would have a new car and a new house. Depending if my mom wanted to live with me or not, she would have her own house. the rest of the money would go to my student loans and paying the bills on boths houses and cars. any remaining money, if any would simply be given away to next of kin.
I would get a girl mini-schnauzer for my boy mini-schnauzer.
Me,Travel and Philanthropy. Nice Answer Neophonic, this world could use more of your kind
I'd put myself through college, buy a good house, get a sweet little Italian Greyhound and Corgi, and use the rest to live comfortably but humbly while I write for a living.
If I had a million dollars I would move out of this community, help the needy and my family. I would invest some money into my career and pay off all of my bills. I would take a shopping trip, a vacation, and get myself two new cars.
I would invest it somehow and live off a small percentage of it. I would travel the world and buy investments. I would also donate regularly. With my free time (which I would now have a lot of) I would do fun things like learn guitar, learn foreign languages by going to the foreign country, take up windsurfing, visit film festivals in foreign countries, and other fun hobbies that I don't have the time or money for now. I would also be good to my friends and family.
A million dollars is no longer very much in the real scheme of things. It wouldn't even buy you a house in most parts of London.
With current interest rates at best being 1-2%, putting the whole lot into a deposit account would only bring in $10,000-20,000 a year. Even at the top rate, that is less than half of a modest living income.
I would probably put most of it on deposit and use the income to cut down a bit on the hours I work. I would try some riskier investments with the rest, in the hope of perhaps striking lucky.
The money would give me some more free time to do things I would like to do, but it would not have a major impact on my way of life.
A million dollars would enable me to buy a lovely old farmhouse in Wales with a little bit of land. I'd rent out the land but keep chickens in the courtyard. I've always wanted to keep chickens. Any remaining money would help to pay for my daughter's education so she wouldn't be saddled with too much debt later on.
Obviously I'd pay off all my bills, as that goes without saying. Then I'd invest and put most of into my Roth IRA, and bank accounts for safe keeping. Sure, I might splurge like 10k on stuff, while also planning a trip to see the world. But other than that, that would be pretty much it.
I would split it in 5 different categories:
1) Pay off all debt (not including mortgage) ---- around 10%
2) Invest 30% in low cost index funds and bonds
3) Use 30% to buy real estate rentals
4) Invest 20% in my blog and online business for growth
5) Give the final 10% to charities or start a scholarship fund at my university
Its always important to give back in some way. It's really encouraging to see that many of you feel the same way.
I would reinvest the money or start investing some of it.
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