If you are given 1 million dollars what will you do with it?

Question

If you are given 1 million dollars what will you do with it?

Answer 1

invest

Answer 2

Invest it and start/and/or buy a company of some sort.

Answer 3

Tithe 200,000, pay taxes, then with what is left buy every thing in an Apple store (or as my Dad says iStore)lol. And whats left over donate and put in savings.

lol

Answer 4

hello - i would not tell anyone, then get a good accountant.  then i would take a week off work and do the following - I would sit with my accountant, my financial adviser and myself, layout my plans for retirement, assume they would tell me i need 3 million in the bank to cover that (which is already my goal with my FA), and then work with them to determine the best way to get to the 3 million the fastest given my risk tolerance and monies already saved.  I would make sure i tied the money up well prior to letting anyone know about it at all.  however, I would buy a small home outright and put 10K each for 2 of my friends young children for their college funds.  Then i would go back to work like nothing changed, continue to earn money there, contribute to 401K to get the "free money" of the match and keep plugging away until i hit the magic 3 million.  then i would quit working, get a dog (or two) and start to seriously train for an ironman event (I do tris now, but don't have the time to train for an ironman).



sound good?

Answer 5

Buy a house in a retirement community (the one I grew up in I could buy a nice house for $50K and live cheaply)  Invest the rest and retire at 35...wouldn't that be sweet?

Oh wait...I'd have to buy a couple of ski doos or 4 wheelers and a boat so I could enjoy that retirement.

Answer 6

Pay the taxes first, then invest the remainder for retirement.

Answer 7

1. Don't tell a SOUL

2. Pay the taxes

3. Find a highly recommended financial advisor who works by the hour, not by commission

4. Develop a great plan with the advisor that balances future needs with current desires (scratch that splurge itch in a managed and disciplined way)

5. Lock down your plan so your discretionary spending is controlled

6. Tell friends and family, and stipulate that as per step 5 your ability to share the dough is quite restricted

7. Be careful about new friends that are attracted to your wealth

8.  Hope to God that the windfall money doesn't s***w up your life.  If it doesn't you'll be in a small minority.