If you had a million dollars...

[STR8UP]

There's no "best" way to use that amount of money, it depends upon your strengths and weaknesses.

Hard to go wrong with commercial real estate though.

Put a good chunk of that money down on a shopping plaza that generates a decent ROI, AFTER management fees etc, and kick back and let appreciation do its thing. Even 10% of $1mil is $100k per year. If you can't live off that for the rest of your life you have much more extravagant tastes than I do.

Whatever you do, DON'T SPEND THE PRINCIPAL! Put it into something that generates INCOME and spend that, if you must.

If all of the redneck lottery winners would follow this VERY simple principal, they wouldn't be broke again in 3 years.

 

[joekerr31]

What would you do with it?

How would you spend it? Would you save it? Blow it in the brothels? Play Humanitarian until it ran out? Invest it? Burn it in a monk-like ceremony?

invest it and get a 100k a year in return and live life off that.

 

[speakeasy]

I have a million dollars and it's not a big deal.
You keep working and save more.
Life is long and living where I live is very expensive.
A million dollars is not what it use to be.

10 million is the new million.

 

[Helter Skelter]

Even 10% of $1mil is $100k per year. If you can't live off that for the rest of your life you have much more extravagant tastes than I do.

Are you serious?

Have you thought about inflation?

Property taxes are $9000 per year for a 3 bedroom where I live
Are you going to have girlfriend or wife?

How about putting kids through college?

Health Insurance for a family plan with a cheap HMO is almost $15,000 per year and that is a group rate

Are you going to be paying any taxes on that income?

How about home repairs and utilties?

Do you plan to travel and see the world at all?

Are you going to own a car or cars with insurance?

The list goes on and on.....

I make almost 3 times that now and believe me after taxes it's not that much.

 

[navyseal2101]

Spend 3k on paintball gear, new DP gun ftw, some PC upgrades for about 500, then a bangin party with closest friends and some chicks for about 300, the rest to the bank, but if I didnt have a car then that too.

 

[ValleyDJing]

Buy a nice house in the suburbs, a couple of cars, complete my wardrobe, invest or save the rest.

 

[blueguy]

Are you serious?

Have you thought about inflation?

Property taxes are $9000 per year for a 3 bedroom where I live
Are you going to have girlfriend or wife?

How about putting kids through college?

Health Insurance for a family plan with a cheap HMO is almost $15,000 per year and that is a group rate

Are you going to be paying any taxes on that income?

How about home repairs and utilties?

Do you plan to travel and see the world at all?

Are you going to own a car or cars with insurance?

The list goes on and on.....

I make almost 3 times that now and believe me after taxes it's not that much.

That's because you're dumping money into things that really provide no consequential benefit to your life.

So you make $300k.

Putting your kids through college? Why can't they do that on their own? It builds character. My parents didn't put me through college. I don't plan to pay for my kids education either. Respect isn't earned by giving things away.

Owning a car with insurance? You can do that on $100 per month if you own the car. Maybe $250 per month after gas. I've done the $1000/mo car thing. And really, it is just a waste of cash.

Home repairs and utilities? Why even own a home? Rent. You're losing tons of money in your home anyway. I did. Real estate won't see gains anymore like has for the last 30 years. They're barely going to beat inflation. Alan Greenspan feels the same way.

$15k per year for an HMO? Damn, you better do some better shopping.

Taxes? Just reinvest to claim little income and avoid them.

Traveling? Now that is something that you want to do. Because you're not living life if you don't expand your horizons. Never skimp on challenges.

 

[Helter Skelter]

That's because you're dumping money into things that really provide no consequential benefit to your life.

So you make $300k.

Owning a car with insurance? You can do that on $100 per month if you own the car. Maybe $250 per month after gas. I've done the $1000/mo car thing. And really, it is just a waste of cash.

Home repairs and utilities? Why even own a home? Rent. You're losing tons of money in your home anyway. I did. Real estate won't see gains anymore like has for the last 30 years. They're barely going to beat inflation. Alan Greenspan feels the same way.

$15k per year for an HMO? Damn, you better do some better shopping.

Taxes? Just reinvest to claim little income and avoid them.

Traveling? Now that is something that you want to do. Because you're not living life if you don't expand your horizons. Never skimp on challenges.

Wow, almost no useful information here.
I live in NJ.
You have no clue about this state or other high income areas it would appear. See my original post for accurate information.

 

[Mr.Positive]

If I came by 1 million dollars with no strings attached, I would...[LONG]

Put $950 000 into the Euro.

Take the other $50k and travel the world, living out of a backpack, being dirtcheap, hitchhiking, living in hostels/tents/under the stars. I would work in menial jobs for extra cash(only using the 50k as a fallback).

Probably start somewhere in northern canada..the yukon mabye, and hitchhike ON FOOT across canada and down in united states, enjoying life. Once I'd seen north america I'd head down into mexico, through mexico and down the landbridge to panama.. Find a dirty job and work there for a bit, make some more cash. Once I'd grown tired of panama I'd head south and down into columbia and venezuala. All the way down to argentina to the tip of south america. Then journey up the coast again and strike out overland down the amazon basin to the atlantic.
From there hike down to Buenos aires, and fly out to Europe. Hitchhike all over the continent, and experienc new things.
After that would be down into Africa, probably Egypt first. Strike out up the nile valley, into sudan(okay..mabye not sudan), and all the way up the nile into the jungle. From there strike out west. Walk the kalahari, and down into South Africa.
Start in moscow russia and hike across the entire landmass to mongolia, through mongolia into china, down china into south east asia and vietnam/thailand. Likely stop in singapore and rest for a while. Then head out in an Ocean Kayak into the indian ocean and travel through Indonesia, borneo, east timor and papua new guinea.

Finally I would kayak home, to Australia and hike down the coast to my home.

I would be taking extensive notes in a journal, and mabye even take a video recorder. Record the entire adventure, which would take the better part of 10 years, and mabye publish that in correspondance with a travel book.

Then, start my life over, and possibly finish university. By then I'll have found out who I am and what I want to do with life. Oh yeah, and there would be $950 000 + 10 years of interest on that money in the bank to start that new life

------

Sorry I have a bit of an imagination. Anybody who took the time to read my post now has greater insight as to what I like to do.

------

Personally I can think of no better life. You have not only travelled the world, but EXPERIENCED it. Enough to write a thick book, and make a movie. In almost 10 years of walking the world, you would be wise beyond your years, and done in that timespan what the frightening majority of humans never even dream of doing.

If I had a million dollars...

BluEyes...this is EXACTLY what I'd do if I had a million dollars.

Great post.

The best thing about it..you don't NEED a million dollars to do this. You just gotta do it!

 

[BluEyes]

Originally posted by Mr.Positive
BluEyes...this is EXACTLY what I'd do if I had a million dollars.

Great post.

The best thing about it..you don't NEED a million dollars to do this. You just gotta do it!

That post took an hour to write.. I realized in the middle that I don't even NEED much money to do that. Sat staring at a wall for 20 minutes just thinking...

You do need some money though, the world aint like it used to be.

Out of curiosity, what has prevented you from doing something like this?

 

[LT1]

buy a million lotto tickets, duh

 

[Apollo]

Quit my job, pay all outstanding bills, buy a small house for cash, and daytrade/swingtrade with the rest.

 

[HandyAndy]

initial D arcade stage