What would you do if you were given a million dollars

[bbhaag]

We would buy a home that is modest maybe around 3k sq. ft. with a couple acres but it would have to be where we live now because of the business. A couple of newer cars would be in order to. Mines a '99 with 176k miles and hers is an '09 with 116k. They wouldn't be like new new but ones with 10 or 20k miles on them and no BMW's or Lexus' just something modest like the house.
Of course we would pay off our debt and then most likely invest the rest into our retirement accounts.

 

[Darwin333]

Oops, now you're broke.

Depends on if he is on the giving or receiving side.

 

[OutHouse]

pay off my house which there is not a lot left. do some upgrades.improvments in the house. quit my job and just enjoy life.

 

[WilliamM2]

Everything is paid for, not only that, but the house has had a new roof, drain field and HVAC in the last two years. I would retire, with no hesitation. Even at $500,000.

 

[Red Squirrel]

Pay off my mortgage, maybe keep 100k in the bank as play/emergency money and then rest in some kind of long term safe investment. I would keep living mostly the same as it's not quite enough to retire on, but it would also give me piece of mind that if I do lose my job, I can fall back on it and have lot of time to find another job or come up with another way to make money.

Another option would be to buy a cheap lake front off grid property, setup a solar, water filtration, septic etc and build a nice cottage, then stash the rest in a high interest savings account or something and use it to pay the few ongoing costs I would have. Would be a cheap way to live like a king.

 

[TXHokie]

Pay off my house and bump up my retirement plan by 5 yrs. $1mil isn't a lot with 3 kids about to drive and go to college.

 

[rchunter]

Put half of it in to gold coins. Pay off the mortgage. Buy a couple quads and a boat.

 

[eng2d2]

I would be happy. It would be less worry for me. I am not sure what I will do.

 

[zinfamous]

How do you feel about Mayo?

yellow mayo or baby poop colored mayo?

 

[CountZero]

Pay off remaining student loans even though interest rate really isn't too bad.

$500k down on $1-1.5M house/condo.

Maybe new car in the 40-50k range.

Rest in some kind of investment, probably with moderate gains and low risk to keep it liquid and available.

 

[Mai72]

$1m?

You could retire on $1m if you wanted. Stop spending money like a sieve.

Why wish that you hit the lottery? The chances are astronomical. Instead, invest in yourself. Start a business on the side. That's what I'm doing. In fact, I have two online businesses. I wake up at 2:30am 5 days a week to work on it. Go to work at 8:30-4pm, come home and work on both at night. Wishing that I hit the lottery is silly IMO.

*Formal education will make you a living. while self-education will make you a fortune." ~Jim Rohn

 

[renz20003]

I'd spend half on meth and the other half on mc doubles

 

[Red Squirrel]

You could retire on $1m if you wanted. Stop spending money like a sieve.

So stop paying all your bills? That's pretty much where most of the money would go. Costs of living (bills) keep going up, so you have to account for that too.

Though you could do like I said and go live somewhere off grid then get rid of most of the bills. That's my retirement dream, as the way costs of living keep going up is not really long term sustainable. No investment is going to keep up with that.

 

[vi edit]

House paid off.
Wife's student loans paid off.
Car paid off.
Flip 100k my parents way to cover health insurance premiums since my Dad just retired.
Put 25k or so into repairs and renovations in my current house.
Bank the rest.
Email my boss I won't be coming back in except to sign my "I'm outta here" papers.
Relax and be a stay at home Dad for the next 15 years.

My wife would still continue working. She actually likes her job and it pays well.

 

[Exterous]

$1m?

You could retire on $1m if you wanted.

Sure but not everyone wants to. I don't hate my job and don't mind working longer to potentially afford to do more extravagant things like be a space tourist or more comfortable travel while still having enough to download my consciousness into that fancy robot body I just bought. (That'll be a thing by then, right?)

 

[lxskllr]

Relax and be a stay at home Dad for the next 15 years.

I got laid off during the recession, and that freed up a lot of time to go on school field trips with my daughter. It could hardly have worked more perfectly. I had almost no money, but it wasn't so bad. It gave me an opportunity I wouldn't have otherwise had. Good instruction on what money's worth(not much).

 

[Muse]

mortgage, invest, then switch to fancy mustard instead of that cheap yellow crap.

Ya know, I bought a two pack of the cheap yellow crap at Costco (true story) a couple months ago, then a two pack of the fancy stuff there and brought back the unopened yellow crap. Yeah, I'm movin' up in the world.

 

[mrblotto]

Really ATOT........really?!

67 posts without this?

I am soooooooooooooooo disappoint

 

[pete6032]

I would buy myself a condo or house. Instead of buying a new car I would pay someone to totally restore my 2001 Civic to look like it just came off the assembly line. I would also throw some money at an app idea I have, and do some traveling. The rest would go into a retirement account.

 

[rommelrommel]

Have my wife replace her ML350 with a new premium SUV. (Probably 75k)
Take about 20k to overhaul my truck.
Another 30-50k to upgrade the older SLK280 into something.

All the rest gets invested with our current investment manager.

I could be 12 years from retiring with a good pension so I don’t mind splurging a bit to fix up our cars for another 5-8 years but the rest goes to making the Freedom 50 plan a possibility.

 

[highland145]

Really ATOT........really?!

67 posts without this?

I am soooooooooooooooo disappoint

Who?

 

[zinfamous]

Ya know, I bought a two pack of the cheap yellow crap at Costco (true story) a couple months ago, then a two pack of the fancy stuff there and brought back the unopened yellow crap. Yeah, I'm movin' up in the world.

don't let nobody tell you you ain't balla.

 

[DietDrThunder]

Fix my house then sell it, or give it to the sister-in-law. Purchase 36 acres in northern Arizona and build the house of my dreams along with the biggest garage ever built. Of course the siblings would get $100k each. After that just wait for death.

Yes, buy some land, build a really nice 80'x50' garage/shop, and attach a 2,000 sqft 1 story house to it. Move all of my tools into it, and get back into my old hobbies of vintage cars, welding, wood working, whatever.

 

[Majes]

Pay off mortgage (70k)
Pay off wife's student loans (100k)
Invest most of the rest.

I'd probably travel to a bunch of different Spikeball tournaments during the year and hit some nice vacations during summers but I think I'd continue teaching for the immediate future. I could probably live off a million but the wife costs a little more to take care of.

 

[ponyo]

Adventure bug has bit me so now I would buy more than a tent. I would travel for a year. Ship my car to South Korea and drive from there to Russia, Asia, and Europe as far as I can go.