What would you do with 1 million dollars/pounds/euros?

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I saw the topic question and I need to quote my friend's answer when asked that question...

"Probably get friends who like me for my money."

 

Hmm, as Rallymama said, $1m does not buy what it used to.

I would:
1) Pay off mortgage on house
2) Get a dog (they're too expensive to buy and maintain for us to have one at the moment)
3) Move up to a better private health insurance scheme that covers absolutely everything, instead of the cheapo scheme we're on at the moment.
4) Invest the rest, which would certainly not be enough to retire on, but might result in being able to retire 5-10 years earlier than orginally planned.

 

Live off of the interest. A million dollars, in a high interest CD or mutual fund, can earn around $50,000 a year. That's easy to live off of for just one person, and I'd never have to work.

 

I'd spend it

Seriously though, I'd buy

= a lovely big house with massive garden for Jack to play in (trampoline, tree-house, one of those big wooden climbing frames)

= Have lots of children (8?)

= Own a BMW M5 a Discovery 3 and a minibus. I'd need it for all those kids!

= And then I'd go back to visit my parents with immaculate children, beautiful cars, big house and show off to all the people I hate.

= Take pleasure in telling those same people I hate to F*** off when they start scrounging around for money

 

Paying through Uni for starters. After that, using the money to buy a reasonably nice house and a fairly inexpensive car. The rest of it would be saved up in order to get more money through interest.

Apologies that I wasn't really all that helpful to your essay Kitrax.

 

I'd probably by the best computer I could find, modify it so it's a games dream, and invest the rest of it. I may or may not by a house with it.

 

@ Fel,

$50k may be enough now but do you really expect it to be in 40 years time?

In the last 40 years, pretty much everything has gone up 20 fold -
Average salary in the UK was about £1000 in 1970, and the average house price was about £4500. Now, 37 years on, the average salary is £25k (25 times) and the average house price is £200k (A whopping 44 times). When you hit retirement in 40 ish years, I would suggest you should be looking at a pension return of at least £500,000/$1million if you want to live well.

I'll add a bit more flesh to the bones of mine - look at where major outgoings occur and remove them if possible.
Mortgage - Paid
Food - Enough land with property to enable us to grow our own.
Utilities - I'd include a Ground Source Heating system & underfloor heating, Solar water heaters, solar panels and a water bore-hole to the property to avoid rising fuel costs.

 

Perhaps not, but a cat can dream, can't he?

 

<surfer voice> Duuuude! I like, totally know! </surfer voice>
I'm not sure why our teacher decided to go with just 1 million. If we were to get 5 million or more, and add some more rules, it would be a lot harder to spend on just ourselves.

On of my favorite Demotivators should answer your question:
"Dreams are like rainbows, only idiots chase them."

 

Buy a *really* cool house someplace warm, and have a gym and a basketball court in it.

Or, in addition to the house, I'd build a gym that I could run and make money off it.


Btw, 1 million is too little

 

That's why I'd invest. But I'd consider a wide variety of things as investments. A house? An investment. Education? Investment. Maybe I'd start a trust-fund for charity purposes eventually, but I'd need that 1 million to get the ball rolling.

Or, I could live with the expences I'm having right now for at least 20 years. That'd be just fine. 20 years and no worries about money. Sweet. Stagnating, but sweet.

 

1. Pay uni fees
2. Buy one or two local and overseas properties (maybe rent them out)
3. Get a car
4. Splurge a little haha ^^
5. Store the rest in the bank

 

I'd probably invest 90% of it, the rest I would keep to finance my studies. I don't really need a car yet, it'd just be a waste of money. A million really does not last long enough to give you a chance of radically altering your lifestyle, so the major importance would come from using the million in a way which maximizes your chances of making that altering lifestyle through investing it. Since I'm near paranoid about my finances there is little chances of me spending much of it.

 

1. Buy myself into an even more decent uni degree
2. get a new comp (with dual 8800GTX's)
3. hmm a basketball court would be nice
4. driving lessons (I've been on my L's for way too long)
5. invest the rest and continue living at home (I wouldn't be able to survive for long by myself, not with my cooking ability . Their cars are good enough for me as well .

 

1) Pay off my house
2) Pay off my crushing law school debt
3) Buy gold and silver with 1/3 of what's left
4) 1/3 of what's left goes into some kind of capital preservation investment account
5) Remaining 1/3 gets blown on travel

 

Carry on as I am.

 

I could burn 1 million dollars in about a year. All that I would have to do is pay for gas in my truck and stop riding my bike.

 

First thing I would do is find out which currency is strong against the dollar; I would than select that as my currency and change the funds from that currency into the US dollar; this will supply me with more than 1 million dollars.

After that I would invest 75% of the money into a managed trust account that would provide me a monthly income of $2500-3000.

Of the remaining 25% here is what I would do.
1) Use 10% to payoff or pay down the house.
2) Use 7% to payoff remaining bills
3) Use 5% and trade in my current care for a BMW
4) Use 1% to take my family on a 2 week vacation to Disney Land
5) Use 2% and place into a college account for my daughter (if that is allowed since the account would be under my name)

As for the monthly income I would use the money to start/grow my property management business. Between my wife and I one of us, most likely me, would continue to work full time until we own 25 rental units.

 

Invest it all for retirement - well, give a tithe of 10% away, I guess.