How would you spend a million dollars?
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M$17 Answers
I was once very broke and virtually (6 nights) homeless, at one point I slept in a sewer culvert because the shelter was full. Since then (2000) I have done very well and believe me the life of a needy man was much simpler and easy to understand. I would like to get back there.. just above the point where I was virtually homeless. My life was easy then.
So as my life stands now if I were to come across a million dollars I would give it all away in a heartbeat. No kidding, in a second. The happiness one receives from doing right by others is immeasurable and I have no doubt there are much better ways to distribute a million than to buy one more thing or take one more trip or to buy and sell one more house.
Taxes are much easier to take (give) at a lower bracket as well.
I like easy.
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M$
Better to own the bank than to put money in it. With that much, Investment Companies are better than mutual funds.
The question is about spending, correct? not investing or saving?
I figure even at 4% APY I'd make $36,000 in interest from $900,000. That's more than I'm living off of now, and I can't imagine (besides paying off the rest of my rather small amount of student loans) what else I'd really need right now...
@stanar, I guess I kind of took it as a general "What would you do with a million dollars," rather than "How would you spend." That would generate an entirely different answer, of course.
Your conservative yet moderately profitable approach is quite honorable and intelligent. I found it difficult initially to stay within the confines of realistic living once I became more successful but with your good intention a good result has a chance. Your plan is a good one.
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M$
*pay off my house so the sheriff doesn't come to take it :(
*buy a block of flats for my daughters as income and somewhere to stay
*set up a scholarship for children that come from the country and can't afford to go to university because I've been there and know what it's like
*give money to cancer research... maybe the new research on skin cancer drugs from kangaroos
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M$
I have so always wanted my own castle. That would blow the whole million, and that's a smaller castle.
http://www.castles-for-sale.com/
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M$
40% To set up a literacy non-profit. This organization would use role playing games to promote reading, social activity, and problem solving skills. This would also become my new job.
30% Would buy me a house.
5% Would get new cars for my wife and I.
15% Would be used to invest in mutual funds for long term investments.
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M$
I would buy lots of cheap land somewhere sunny and start a commune....not the no electricity hippie farm type. It would be very high tech with the latest in sustainable technology. But it would be very strongly based around community, where each person brought something unique and interesting to the group. We would hire experts to come and teach classes on all of the latest scientific breakthroughs and interesting technology,as well as art and intensive meditation. With a bunch of creative but smart people I think something really great would come out of the collective. Probably keep it to under twenty people.
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M$
In that case "invest" might mean some combination of property, financial assets, funding a business, or maybe spending time in education.
But if you really mean "spend", and not in any way save, invest or donate...
Well in that case a million dollars can go a heck of a long way. I probably can't list all the things I'd spend it on. :)
It might break down something like this...
$200k - home improvements, furnishings, decorating
$200k - travelling
$100k - gifts
$50k - useful tech
$50k - fun tech
See now I'm already running out of things to spend it on!
Mind you, I could always buy two tickets on Virgin Galactic, which I'd love to do. :D
$400k - Two tickets with Virgin Galactic.
http://www.virgingalactic.com/booking/
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M$
Then I'll buy a house for me to live in, which will cost about $ 70000. Another thing is to buy a store-house and turn it into an English course or Mandarin course. I'll buy the system and curriculum by buying franchise. The store-house, franchise, etc might cost around $300000.
I'll use around $ 70000 to take my Master degree in Australia or Netherland.
I'll spend around $ 20000 for car, traveling with my family, and other luxury.
The rest will go to bank to gain some interest. 10% of the interest each month will go to WWF or other nature related charity.
Now... if only...
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M$
25,000 would go into a business
150,000 would be used to pay of debt of my family and friend
So that leaves 700,000.
100,000 would be a trust fund for my son, which would compound on interest
I would then divide out, 300,000 in accounts to compound
300,000 in accounts to draw a monthly interest check for necessities, and in due time a few modest luxuries if the business is a success. If not, I still have my son's and mine necessities met.
Today I had to put groceries back on the shelf because I didn't have enough money to pay for them. I make 26.00 too much a month to qualify for food stamps. I would never want to have to serve my son hot dogs as a meal again. Or make a choice between buying medicine or food.
Don't get me wrong, I would give to worthy causes in due time. I just need to know that I don't have to struggle again first.
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M$there's a lot of socail games that need money.
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M$
After that, I'd invest $500,000.00 in an account that would allow me to live comfortably off of the interest. When my husband and I were gone it would be a hefty inheritance for our daughter.
Speaking of her, at least $100,000.00 would be put aside for her education.
That would leave $300,000.00. $100,000.00 of that would be for me and my household. It would allow us some money to take vacations and buy things we normally wouldn't. Mind you, we wouldn't be over the top.
The rest would go to 2 charities. One that I hold near and dear to my heart is The Empty Arms Bear Foundation. The charity is ran by a local hospital.
The hospital donates bears to mothers who have to leave the hospital without their babies -- due to still born babies or a death soon after birth. I can tell you from experience nothing feels worse than "empty arms" and this charity makes a huge difference in the lives of people. When you receive your bear it comes with a card from another set of parents who donated the bear in memory of their angel. It's a way of letting people know that they're not alone in going through such tragedy. I'm including the link if anyone would like to donate. All the money goes to the actual program. http://www.consolingparents.org/empty_arms.htm
I can honestly say that I wouldn't give my bear up for a million.
The second charity would be a church nearby my home that makes sure the elderly who cannot pay their utilities, house payments, etc are taken care of. I'm not a religious person, but like supporting this church because they really do a lot of good things for people who would otherwise go without.
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M$
In our country, $1 is equivalent to PHP 46. Quite big right? There are many things I could do with that money...
1/4 of the money will go to my parents. Without them, I wouldn't be what I am right now. I owe everything to them so it's just proper to give something back. With this money, Dad will no longer have to work to pay for the bills. Mom will no longer have to do tiring house chores and maybe just get a helper to do it for her. They could just establish a business here with that money and buy their own house too. We don't have our own house, we're just renting a place so it would really be nice if they don't have to pay for monthly rental fee.
1/4 will go to my brother... Of course I'd like him to have a good future too. He can use that money to build his own house and business too to support his future and his family too.
1/4 will be for my future... for my future family... a house we could live in... a business that could sustain us and for my future kids' education. I want to be sure for my family's future. There are lots of kids out there who belong to poor families which can't even afford quality education... I don't like my kids to suffer like them too. :(
So like I already said, there are lots of unfortunate people everywhere... I'd like to reach out to these people to make their life a little easier. 1/4 of the money will go to charity. I'd like to donate to foundations who reach out to elder people who have been abandoned by their families. I'd like to grant scholars to smart deserving kids whose family couldn't afford their education. I want to establish an animal shelter here in our city to help abandoned street animals who were being abused by some people here. :(
That's it... I think that's how I'll spend a million dollars. :)
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M$
University/Education: $30,000
Marriage/Honeymoon: $20,000
House: $250,000
Car: $20,000
Kids: $200,000
Retirement: $100,000
That would leave me with about 420,000 which, after paying for some cool tech, would all go to charity, of course. And by Kids, I mean for everything that would cost anything. The average cost of raising a child is about $100,000, and so I set some aside to perhaps lower the cost of living in the future.
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M$I would give a quarter of it to a homeless shelter in the northern part of NH. I haven't researched but I think the area around Berling (very economically depressed) is in dire need of help.
I would invest a quarter of it.
I would fix my house and barn and build an apartment for my elderly father to stay with me.
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M$
own
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M$
That's interesting. I've found through my varying levels of economic stability that, the less you have, the less you want. It's interesting to see that, because of your experiences, you wouldn't even want to keep the money. I respect that a lot.