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 :-)
This may not seem exciting, but....I would pay off all of our debt first from school loans, mortgage, etc. I would then use some of the money for car and home repairs. The rest would then be put into a savings or other such account where it could earn interest for our children's college tuitions or our retirement.
I would pay off the house, it is our last debt. And I would somehow set up a fund to always pay for our medical insurance. Fix up the house so that is it more user friendly. And put the rest away for old age--which is just around the corner.
Well I'm only 18 so I don't really have anything to pay off, so I would save half, and use the other half to buy a once in a lifetime vacation for me and my parents, and donate the rest to animal rights charities.
Oh what a lovely thought!
First of all, I would give 10% to my close family. Then, I would carefully invest the remaining $900,000 in good quality companies paying dividends that average approximately 5.5%.
In Canada, you can earn $50,000 per year in eligible dividends without paying any income tax. A basket of good quality "recession proof" companies would be a must, as they should continue to pay (and increase) dividends over time.
I would be able to live comfortably, and would be able to spend more quality time with my family.
What a nice thought! You are very practical and organized, Cloverleaf! I hope that you do get such a windfall someday soon. (I live in the US, but after hearing about your lack of taxes on dividends up to $50k, I might have to consider moving. LOL)
I would pay off bills and than i would give some to our church and than I would help my family.
I would pay off my debts, fund the kid's college accounts and put the rest away for retirement.
Give 50% to the poor people, 30% for my kids, 20% my family.
I would pay off my debt for college loans, which is a mere $20,000, use $250,000 to purchase a home, and give my mom and my dad $100,000 each. After that, the rest would be put away in low risk investments, which I would live off the dividends, and probably have some in more secure places such as CD's or Savings accounts, just to be safe. I would keep a job, but probably try to find seasonal work, and vacation here and there. I would keep the car I have, since it is fairly new and just live stress free in the thought that I have something to fall back on. Possibly go back to school to become a physical therapist, since I really do want to become a physical therapist, but I couldn't go to school for that long since I didn't have the money to.
Oh, supplies expert, live your dream: use that money to go back to school to become a physical therapist! They are in high demand now and they make such a major difference in the lives of the people who need them! May your dreams come true! Cheers!
I would pay off student loans. Then I would buy a house and pay it off completely. I would then take a great vacation. Last I would save the rest for a rainy day.
Help people to learn I.C.T and how to get uses with it to improve their common life style. Many people don't believe in computer, Internet and Internet money. It happens there are no many resources to learn about Internet. If I'll get one million dollars It will be a nice invest to build a Information Learning Center.
Pay in this order: tithe to my church, pay bills (including those who I owe money to), something to charity, Buy a new home and car. Take care of my parents. Save .give some to family, the rest is play and investment money (investing in my niece and nephews, invest in my businesses, a couple of properties, my own IRA).
Pay off my student loans and car. Buy a moderate home, and invest the rest. I could live happily if I didn't owe anyone money. I have no problem working, as one million would not support someone for life, and not having bills would make life much better.
You are very correct and practical--$1million would not support someone for life, unless they were already retired perhaps and had retirement income. Working is best; windfalls like this are for investing, like you said. Charity, too. :-)
If I had a million dollars. I would pay off the remaining balance in my parents home. Which is about 300 000. Then I would invest the remaining 700 000 into companies that pay healthy dividends each year. I would be earning roughly $40 000 a year.
I will continue to work for about 5 years, saving the money that I work into another saving fund so that I can invest in hands free real estate.
The $40 000 a year I earn from the my dividends I will save $20 000 into another account and invest my website business. The rest I will use for fun and donate to Toronto Food Bank.
First of all, travel! But after that, I would think about donating some part of it and put the rest in a bank.
House, car, then invest the rest. That seems like the smart thing.. But IM SURE, and I know a lot of you are the same way, if you got that much money you would have some fun too.. Probably too much fun
Move, start something to generate more money, get my kids involved, and either set something up or partner with an existing group to help people in need.
You are a good and very practical person, Honest Reality! I think you will have spent your money wisely if you followed this plan, both for yourself and your children and the faceless people in need. Peace, and may you get such a windfall of money!
Of course, a million dollars today isn't the same as it was in the past. There are likely as many billionaires today as there were millionaires 25 years ago or so.
However, that said, I'd love to have a million dollars!
My house is on the market right now so I can move to California to be with my family. So, there's #1. Buy a house in CA.
Help several family members who have been struggling financially.
Travel, travel, travel!
I'm a "mature" woman, so I'd make sure to save enough to last me the rest of my life.
I would absolutely have a check-writing party with my family.
Pay off all their debts. How much fun would that be?!?!?!?
They all start with a blank slate with no debt and there is no question in my mind as to what to give who. Everyone is debt free and begins anew!!!!!
The rest, of course hoping there is plenty left over or my family needs some serious counseling, would go to my debt and a car, house, boat, you know, the usual.
If I was given $1m dollars, I would save half of it. I would give money to close family and friends. After that, I would book a holiday to visit family and friends around the world - not necessarily going first class, just in comfort.
I would support a health charity at home and then I would also support disaster relief appeals as they arose.
I would pay off my student debt and start investing that money!
#2 Pay off all my debts
#3 Buy a house - pay cash
#4 Buy a truck- pay cash
#5 Buy a travel trailer- pay cash
Allow my sister to live in my house while I travel the country. Donate to charitable causes, and invest.
I don't know what I would do because I don't have the million.
Hmmm....a million dollars...what would I do with it...
First, I would pay of all my bills, and the bills of my family...
Then I would put the money towards the free tutoring service I am running...I would be able to help more children and maybe buy a building to do the tutoring in...Maybe even up my own private school for children with behavior disorders...
Then I would buy a brand new sports car!!!
Since I lost everything that I had (job, home, life savings) due to losing my job so an Illegal Immigrant could keep his, I would first get a place to live and then go on a campaign to change our immigration laws and see to it that the illegals get deported like they should. No American Citizen should have to live in poverty because of greedy companies and a corrupt administration. A law is a law and as long as our government is ignoring the laws on the books, then they are harboring criminals. They are selling out the United States, they are running our economy into the ground. They are betraying the American people, and combined that constitutes treason. Yes most definitely I would fight to protect the United States Constitution and the American Citizens. My million would not last long, but I would spend it on America.
Many regrets that you lost your world due to such circumstances! That is, indeed, un-American and (per my understanding) illegal, as you said. Greedy and corrupt corporations seem to be the norm more and more often nowdays, however: very sad. Peace.
I would invest my monies in a good stock portfolio and in a good retirement plan so I would never have to worry about anything for the rest of my life. I also would invest in a nice Japanese restaurant or in real estate.
Help our two children, give them $400,000 each so they can do what they want.
I know my daughter would love to get her own place, and my son reduce his mortgage.
That's $800,000 the other would help us move to Canada to be near them. Also some would go to a charity.
Buy a land, build a house in that land, seed some vegetables and fruits, do a new business (maybe selling something).
Themis, maybe you could also plant apple trees or Christmas trees or another cash-generating crop on that land and sell that... A "Pick Your Own" grape or strawberry or pumpkin patch is always popular in my area of the world (Minnesota, USA).
at first let me satisfy myself buying a mercedes benz..and then i would biuld orphanages.and i see that atleast some people are above the poverty line
Most certainly would do something fantastic, for all of those who have helped us out in our times of need. We would then pass on the grateful favors, to those less fortunate, and facing hardship as we were. No words can ever describe how truly blessed we are. It is simply amazing just knowing there are still a few honest and kind people in the world!
Pay off student loans! Then I would probably buy a house and vacation frequently.
First - tithe 100k because God can do much better than what I can. Then I'd invest the rest of it into a fairly safe investment place and use that 3-5% return to start a campaign to help people get cleaner living environments. Whether that's in the US or Africa or some place I've never heard of, idk. But a gift like that shouldn't be wasted on an overly sized house or an unnecessarily fast/expensive car.
I would probably take 100k out just for saving, a little spending, and giving to my family though.
pay off old debts, my parents debts plus my partners prents debts, loans etc, then split the money equally between my family members so we can all enjoy it
I would pay off my bills,help the rest of my family out then give the rest to a worthy charity!
First i will buy a house and will decorate it with beautiful probs than i will go for a world tour, lots of shopping of shoes, bags and clothes....
I would pay off the mortgage. With the rest of it, I would bank 75% for retirement and rainy days, donate another 15-20% to charity, buy some decent furniture, and then if there's anything left I would take a very modest vacation and hire a weekly maid service to do my cleaning for me while I get some writing done. And probably donate some more to charity. :-)
I love this question because it is a "reasonable" amount of money--not too much or too little to make a huge difference in the "average" person's life, especially because you specified that taxes had already been paid so you'd get the full amount.
If anyone has a million dollars to donate to me, taxes paid, feel free to email me for my address... :-)
i will put on my own business and invest so much on stocks
Establish "THE CHURCH" (which was God's intent of "His Church") that was originally established on the "Day of Pentecost" and follow only the doctrine of the apostles (Acts 2:42)!
Everyone proclaims "Christianity," but FEW does what He says!
Matthew 7:13-15 says "Enter in at the narrow gate; for wide is the gate, and broad is the way, that leadeth to destruction, and MANY there be who go in that way; (v14) Because narrow is the gate, and hard is the way, which leadeth unto life, and FEW there be that find it."
I guess they forgot the next Verse or didn't "Study" according to II Timothy 2:15: (v15) "Beware of false prophets, who come in sheep's clothing, but inwardly they are "raving wolves."
If one would do according to II Timothy 2:15 "Study," there wouldn't be as many misguided people who proclaims "Christianity!" "Religion" has really misguided this world and Jesus knew this would happen which is the reason He stated what He did in Matthew 7:13-15!
I will pay of all depths and build a house for my family.
Get my teeth repaired....clean my credit up and thank whoever help me with this situation!!!
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