Author Topic: "what would you do with a million dollars"  (Read 29778 times)

resy

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"what would you do with a million dollars"
« on: May 03, 2015, 02:16:51 AM »
... the funny thing is she thinks she's being smart with her choices! Smarter than average, sure yet not really smart.

"The rest of the cash would be chucked in a savings account until we needed it. I would use this account to ensure that we maxed out our annual Roth IRA contribution each year."


Her ideas can be improved on but this one specifically horrified me a little, to let hundreds of thousands of dollars (after all her other allocations) sit in a useless savings account only to contribute to yearly ROTH IRA accounts but no other investing other than that! The horror! ;)

http://rvanews.com/features/family-finances-the-millionaire-game/123487

Sibley

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Re: "what would you do with a million dollars"
« Reply #1 on: May 03, 2015, 11:11:53 AM »
At least she wouldn't blow it all on designer clothes, vehicles, a bigger house, vacations, etc.

robotclown

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Re: "what would you do with a million dollars"
« Reply #2 on: May 03, 2015, 01:40:48 PM »
Don't pay off the mortgage, but put the amount needed to pay off the mortgage in a 0.00001% savings account, because of a mortgage interest deduction?

What is it about the mortgage interest deduction that causes people's brains to shut down?

Cathy

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Re: "what would you do with a million dollars"
« Reply #3 on: May 03, 2015, 02:07:28 PM »
I think she might be using the term "account" or "savings account" to include a brokerage account containing equities. Earlier in the article, when listing possibilities of what she could do with the money, she says that one option is to "[p]ut all the money in an account and live off just the interest and dividends". This clearly contemplates that the money would be invested in equities rather than just a 0% savings account. Later on in the article, she does use the term "savings account", but reading the article charitably, I think she just doesn't make rigorous use of banking terminology, and to her, the term "savings account" can include a brokerage account holding equities.

socaso

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Re: "what would you do with a million dollars"
« Reply #4 on: May 03, 2015, 03:39:11 PM »
She's right that it's a fun game to play. I wouldn't put that much in my kid's 529. The tax penalty for non educational disbursements kinda sucks. With 15 years to grow I'd put in $75k and maybe a side investment account that I might tap to help my kid if he wanted to go to grad school.

MgoSam

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Re: "what would you do with a million dollars"
« Reply #5 on: May 03, 2015, 08:43:27 PM »
She could easily put it in Vanguard or another company and then set it to automatically withdraw 5500 each year on January 2nd to her IRA. That way she gets it there right away and can invest the remainder in tax-able accounts.


Travis

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Re: "what would you do with a million dollars"
« Reply #6 on: May 03, 2015, 09:56:21 PM »
I think she might be using the term "account" or "savings account" to include a brokerage account containing equities. Earlier in the article, when listing possibilities of what she could do with the money, she says that one option is to "[p]ut all the money in an account and live off just the interest and dividends". This clearly contemplates that the money would be invested in equities rather than just a 0% savings account. Later on in the article, she does use the term "savings account", but reading the article charitably, I think she just doesn't make rigorous use of banking terminology, and to her, the term "savings account" can include a brokerage account holding equities.

I know too many people who use the term "interest" and quite seriously mean a money market or vanilla savings account because they have no idea anything else exists to put your money.  Strictly speaking a savings account issues a "dividend."

libertarian4321

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Re: "what would you do with a million dollars"
« Reply #7 on: May 04, 2015, 03:58:32 AM »
If I had another million just given to me, I'd dollar cost average invest it (over time) in a low cost total stock market index fund.

GuitarStv

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Re: "what would you do with a million dollars"
« Reply #8 on: May 04, 2015, 07:08:44 AM »
You guys suck at this game.  I'd buy a billion penny candies and live out the rest of my days in self induced diabetic coma.

thd7t

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Re: "what would you do with a million dollars"
« Reply #9 on: May 04, 2015, 09:39:55 AM »
You guys suck at this game.  I'd buy a billion penny candies and live out the rest of my days in self induced diabetic coma.
Where are you getting penny candies at 10/penny?  I need the number for your wholesaler, because I keep popping out of my coma!

sw1tch

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Re: "what would you do with a million dollars"
« Reply #10 on: May 04, 2015, 09:40:58 AM »
Quote from: Lawrence from Office Space
I'll tell you what I'd do, man: two chicks at the same time, man.

GuitarStv

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Re: "what would you do with a million dollars"
« Reply #11 on: May 04, 2015, 10:00:48 AM »
You guys suck at this game.  I'd buy a billion penny candies and live out the rest of my days in self induced diabetic coma.
Where are you getting penny candies at 10/penny?  I need the number for your wholesaler, because I keep popping out of my coma!

http://www.thepennycandystore.com/shopdisplayproducts.asp?search=yes&bc=no&catalogid=208

rencelas

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Re: "what would you do with a million dollars"
« Reply #12 on: May 04, 2015, 10:17:22 AM »
Quote from: Lawrence from Office Space
I'll tell you what I'd do, man: two chicks at the same time, man.

Really disappointed it took so many posts to get here.

MgoSam

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Re: "what would you do with a million dollars"
« Reply #13 on: May 04, 2015, 10:18:10 AM »
You guys suck at this game.  I'd buy a billion penny candies and live out the rest of my days in self induced diabetic coma.
Where are you getting penny candies at 10/penny?  I need the number for your wholesaler, because I keep popping out of my coma!

http://www.thepennycandystore.com/shopdisplayproducts.asp?search=yes&bc=no&catalogid=208

Though I don't wholesale candy, I can make a few calls and possibly get them to you for less.

sw1tch

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Re: "what would you do with a million dollars"
« Reply #14 on: May 04, 2015, 11:36:18 AM »
Quote from: Lawrence from Office Space
I'll tell you what I'd do, man: two chicks at the same time, man.

Really disappointed it took so many posts to get here.

Yeah, that was the first thing that I thought of when I read the title of this thread.  Anyhow, carry on...

MgoSam

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Re: "what would you do with a million dollars"
« Reply #15 on: May 04, 2015, 11:57:44 AM »
Quote from: Lawrence from Office Space
I'll tell you what I'd do, man: two chicks at the same time, man.

Really disappointed it took so many posts to get here.

Yeah, that was the first thing that I thought of when I read the title of this thread.  Anyhow, carry on...

What's funny is that my first thought was that it would be nice to do "nothing."

sirdoug007

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Re: "what would you do with a million dollars"
« Reply #16 on: May 04, 2015, 12:52:51 PM »
My answer is the YouTube video below...


Sent from my iPhone using Tapatalk

infogoon

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Re: "what would you do with a million dollars"
« Reply #17 on: May 04, 2015, 01:02:40 PM »
Quote from: Lawrence from Office Space
I'll tell you what I'd do, man: two chicks at the same time, man.

 Peter Gibbons: That's it? If you had a million dollars, you'd do two chicks at the same time?

Lawrence: Damn straight. I always wanted to do that, man. And I think if I were a millionaire I could hook that up, too; 'cause chicks dig dudes with money.

Peter Gibbons: Well, not all chicks.

Lawrence: Well, the type of chicks that'd double up on a dude like me do.

Peter Gibbons: Good point.

SpicyMcHaggus

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Re: "what would you do with a million dollars"
« Reply #18 on: May 04, 2015, 01:48:05 PM »
She seems pretty level headed from a consumer point of view. Us MMMs look at it differently. I would:

1) Refi duplex ($12k)
2) Fund down payments for 4 more at $25k down per.
3) Invest in dividend paying and wealth building Vanguard funds
4) Sell my commuting car(+$10k) for winter / construction beater ($2k) and an "economical" sportscar ($7k) for fun.
5) Replace 10 year old laptop with "new" refurb unit ($400)
6) Quit job.

I'd be looking at spending less than $120k of the $1MM, would replace my 9-5 job with managing the properties. The property profit exceeds my current spending level. If those went well, maybe I would add a few more. The 850k invested would likely grow to provide $50k in passive income within a few years, and that $50k could be used for down payments on new rentals until I can no longer self manage. Then I would farm out the management and declare myself fully retired.

I just want to make my own hours and be secure.

zephyr911

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Re: "what would you do with a million dollars"
« Reply #19 on: May 04, 2015, 02:30:12 PM »
She seems pretty level headed from a consumer point of view. Us MMMs look at it differently. I would:

1) Refi duplex ($12k)
2) Fund down payments for 4 more at $25k down per.
3) Invest in dividend paying and wealth building Vanguard funds
4) Sell my commuting car(+$10k) for winter / construction beater ($2k) and an "economical" sportscar ($7k) for fun.
5) Replace 10 year old laptop with "new" refurb unit ($400)
6) Quit job.
My response wouldn't be much different, but because this would put me beyond my FIRE threshold, it wouldn't all go toward max ROI. I'd upgrade my house to net-zero energy, and keep a slightly more expensive car - I'm never going back from electric. (My Volt will be technically Mustachian in price after it depreciates just a little more... aaahahaha... but hey, $.02/mile)

I really like scenarios like this because they help us realize how many of our indulgences and conveniences are just responses to feeling stressed out and overcommitted. Realizing that if we all woke up tomorrow with enough money to do whatever we want, we'd do things much differently, is a thought exercise much like MMM's suggestion of acting like everything is free. The next step is to decouple the present pre-FIRE, more stressful, less abundant environment from our ingrained responses (clutching at dumb shit to ease the pain).
« Last Edit: May 11, 2015, 08:45:51 AM by zephyr911 »

Travis

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Re: "what would you do with a million dollars"
« Reply #20 on: May 04, 2015, 04:18:28 PM »
If I had $1MM today I'd just stick it in my Vanguard portfolio and let it ride for a few more years.  In theory I could FIRE today by adding $1MM to my portfolio.  If I kept it invested until I actually retire from the Army (8 more years), that would be enough to pay cash for my retirement home and still FIRE with what was leftover even without my pension.  I'd definitely splurge on energy starring everything in the house I could (solar panels, tankless water heater, xeriscape or artificial turf most of the lawn) and do some traveling in Europe.  I don't think I'd buy a brand new car, but I'd certainly buy a much newer used hybrid or electric.

CPA CB

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Re: "what would you do with a million dollars"
« Reply #21 on: May 04, 2015, 10:36:14 PM »
... the funny thing is she thinks she's being smart with her choices! Smarter than average, sure yet not really smart.

"The rest of the cash would be chucked in a savings account until we needed it. I would use this account to ensure that we maxed out our annual Roth IRA contribution each year."


Her ideas can be improved on but this one specifically horrified me a little, to let hundreds of thousands of dollars (after all her other allocations) sit in a useless savings account only to contribute to yearly ROTH IRA accounts but no other investing other than that! The horror! ;)

http://rvanews.com/features/family-finances-the-millionaire-game/123487

No one? Really?

https://www.youtube.com/watch?v=06OowJl1J_k

I'd buy you smart car - a nice reliable automobile...



YoungInvestor

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Re: "what would you do with a million dollars"
« Reply #22 on: May 05, 2015, 05:49:35 AM »
If I got one million dollars now, I would:

1) Invest it all.
2) Continue working.
3) Retire at 30. Or not. Start living off 3% of my wealth. Considering everything I put in there and returns in excess of 3% to be pay raises to be used for good ol' lifestyle inflation.

CCCA

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Re: "what would you do with a million dollars"
« Reply #23 on: May 05, 2015, 08:13:49 AM »
No one? Really?

https://www.youtube.com/watch?v=06OowJl1J_k

I'd buy you smart car - a nice reliable automobile...


Nice shoutout to the barenaked ladies.  brings back memories of the late 90's.


BlueMR2

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Re: "what would you do with a million dollars"
« Reply #24 on: May 05, 2015, 10:05:55 AM »
I would buy more VTSAX, and perhaps some lower risk/return items as well.  It'd be nice to own an airplane, but it's safer to rent.  I'd hate to have an issue where I lose my medical certificate and then be saddled with a difficult to sell airplane.  Really, that's the only physical "thing" I'm interested in and I still wouldn't buy it with a million dollars.

eljefe-speaks

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Re: "what would you do with a million dollars"
« Reply #25 on: May 05, 2015, 10:16:16 AM »
I'd  buy a $1M car.

Exflyboy

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Re: "what would you do with a million dollars"
« Reply #26 on: May 05, 2015, 12:12:19 PM »
I would buy more VTSAX, and perhaps some lower risk/return items as well.  It'd be nice to own an airplane, but it's safer to rent.  I'd hate to have an issue where I lose my medical certificate and then be saddled with a difficult to sell airplane.  Really, that's the only physical "thing" I'm interested in and I still wouldn't buy it with a million dollars.

Well there are airplanes and there are airplanes.. High performance, aerobatic instruments capable (like the one in my Avatar) are very different to say a C152.

I sold that airplane last year, I built it back in 2006 and to be honest.. I was sick of it owning me as much as I owned it. Its now making an A&P very happy and I got the $100k growing nicely in my Vanguard accounts..:)

Beaker

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Re: "what would you do with a million dollars"
« Reply #27 on: May 05, 2015, 01:05:21 PM »
Quote from: Lawrence from Office Space
I'll tell you what I'd do, man: two chicks at the same time, man.

Really disappointed it took so many posts to get here.

Yeah, that was the first thing that I thought of when I read the title of this thread.  Anyhow, carry on...

Seriously. That's the only reason I even clicked on this thread.

beltim

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Re: "what would you do with a million dollars"
« Reply #28 on: May 05, 2015, 01:24:39 PM »
I think she might be using the term "account" or "savings account" to include a brokerage account containing equities. Earlier in the article, when listing possibilities of what she could do with the money, she says that one option is to "[p]ut all the money in an account and live off just the interest and dividends". This clearly contemplates that the money would be invested in equities rather than just a 0% savings account. Later on in the article, she does use the term "savings account", but reading the article charitably, I think she just doesn't make rigorous use of banking terminology, and to her, the term "savings account" can include a brokerage account holding equities.

I know too many people who use the term "interest" and quite seriously mean a money market or vanilla savings account because they have no idea anything else exists to put your money.  Strictly speaking a savings account issues a "dividend."

Huh? Based on what definition? The IRS sure considers it interest.

Travis

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Re: "what would you do with a million dollars"
« Reply #29 on: May 05, 2015, 02:15:52 PM »
I think she might be using the term "account" or "savings account" to include a brokerage account containing equities. Earlier in the article, when listing possibilities of what she could do with the money, she says that one option is to "[p]ut all the money in an account and live off just the interest and dividends". This clearly contemplates that the money would be invested in equities rather than just a 0% savings account. Later on in the article, she does use the term "savings account", but reading the article charitably, I think she just doesn't make rigorous use of banking terminology, and to her, the term "savings account" can include a brokerage account holding equities.

I know too many people who use the term "interest" and quite seriously mean a money market or vanilla savings account because they have no idea anything else exists to put your money.  Strictly speaking a savings account issues a "dividend."

Huh? Based on what definition? The IRS sure considers it interest.

That's what my credit union calls the interest on my savings and money market accounts.  I should have clarified that the "dividend" term may confuse someone into thinking they're getting some kind of actual return on a simple savings account.

beltim

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Re: "what would you do with a million dollars"
« Reply #30 on: May 05, 2015, 02:20:54 PM »
I think she might be using the term "account" or "savings account" to include a brokerage account containing equities. Earlier in the article, when listing possibilities of what she could do with the money, she says that one option is to "[p]ut all the money in an account and live off just the interest and dividends". This clearly contemplates that the money would be invested in equities rather than just a 0% savings account. Later on in the article, she does use the term "savings account", but reading the article charitably, I think she just doesn't make rigorous use of banking terminology, and to her, the term "savings account" can include a brokerage account holding equities.

I know too many people who use the term "interest" and quite seriously mean a money market or vanilla savings account because they have no idea anything else exists to put your money.  Strictly speaking a savings account issues a "dividend."

Huh? Based on what definition? The IRS sure considers it interest.

That's what my credit union calls the interest on my savings and money market accounts.  I should have clarified that the "dividend" term may confuse someone into thinking they're getting some kind of actual return on a simple savings account.

Money market I can see.  But savings?  I've never heard of that - and again, it's not a dividend in any financial or tax sense.

Also, in some time periods you can actually get savings accounts, money markets, and CDs to have "real" returns - that is, returns noticeably better than inflation.  Most of the 80s and 90s, for example: http://www.freeby50.com/2011/08/historical-cd-savings-rates-vs.html

JessEsq

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Re: "what would you do with a million dollars"
« Reply #31 on: May 05, 2015, 02:47:09 PM »
Why would someone invest $200,000 into two kids' college education? Assuming they are young kids and the money has time to grow, those 529s are going to be worth more than one M.D. and/or J.D. and/or Ph.D.

This game is easy for me. Just did a quick tabulation if Hubby and I suddenly had $1MM net:

Pay off the Student Loans ($115k)
Pay off the House ($165k)
Hubby and I quit our jobs
Sell one car
Live on 4% withdrawals (~$28.8k/year) or less

A quick calculation, this is more than enough for food, utilities, real estate taxes, home owners' insurance... and even those at high estimates it leaves several hundred extra dollars a month. And we have high RE Tax.

If I really really really miss my mortgage deduction, I'll just donate some money to charity because it's the same damned thing. And anyways, I probably won't need to itemize deductions anymore... We'd just be a broke family living on "only" $30,000/year.

SpicyMcHaggus

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Re: "what would you do with a million dollars"
« Reply #32 on: May 05, 2015, 05:17:22 PM »
Why would someone invest $200,000 into two kids' college education? Assuming they are young kids and the money has time to grow, those 529s are going to be worth more than one M.D. and/or J.D. and/or Ph.D.

This game is easy for me. Just did a quick tabulation if Hubby and I suddenly had $1MM net:

Pay off the Student Loans ($115k)
Pay off the House ($165k)
Hubby and I quit our jobs
Sell one car
Live on 4% withdrawals (~$28.8k/year) or less

A quick calculation, this is more than enough for food, utilities, real estate taxes, home owners' insurance... and even those at high estimates it leaves several hundred extra dollars a month. And we have high RE Tax.

If I really really really miss my mortgage deduction, I'll just donate some money to charity because it's the same damned thing. And anyways, I probably won't need to itemize deductions anymore... We'd just be a broke family living on "only" $30,000/year.

Didn't see this the first time i read it. You're right; 200k into a 529/edu account is a waste. 20k each over 15 years should be 80k each. If you can't get your degree for 80k, you should take some loans. I did my BS in 4 yrs for about 20k. Paid out of pocket by working.

10dollarsatatime

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Re: "what would you do with a million dollars"
« Reply #33 on: May 05, 2015, 07:31:08 PM »
I always play this game when I get bored enough to enter the PCH sweeps.

1) Pay off student loans.  (Although that's now down to $3400 and won't last more than another few months.)
2) Remodel the house.  (My current estimate is $5000 to do my currently god-awful kitchen, ALL the floors, and a deck.  Although I'm sure costs will climb a bit while it happens.)
3) Build a garage with a livable loft over it.  (I want a place to wrench on my cars/bikes/small engines!  And will probably need a place to stick at least one hopeless relation in the future.)
4) Pay off the house? (I keep going back and forth between investing and paying it off.)
5) Give myself 1% to do what I want. (I'm sure I could eventually figure out how to spend $10,000.  Like picking up an old teardrop trailer and restoring it.  And getting a rabbit/chicken setup.  And building a root cellar.  And... And... And... so many fun things that I've wanted to do for a while but have a problem justifying the money.)
6) 'Stache everything that's left.
7) Retire/Only take FUN gigs. (Without debt, my living expenses are under $12,000/year.  Even with the mortgage, I'm under $20,000.  Which means I could easily be living off a 4% SWR even after bulletpoints 1-5.)

This is all, of course, assuming that I ended up with a mil after taxes. :)

cripzychiken

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Re: "what would you do with a million dollars"
« Reply #34 on: May 06, 2015, 10:37:27 AM »
I had $1M:

1) Taxes: $333k (1/3 seems like enough, but will pay someone to double check this).
2) Student Loans: $200k (wife has medical degree, just graduated)
3) Max Retirements this year: ~56k [(17.5+5.5)x2]
4) Buy/fix up 2 investments houses, 2/1s, about 5miles in each direction of my house - rent them out - $75k each
5) No questions spending - $10k (5k per person, because, hey when will I have $1M given to me)
6) Investments: the rest (speeds up FIRE date).

Goal here is to reduce bills (student loans are $2500/month and a  huge anchor on us) to free up income/cash to help increase the investment accounts over the years. 
 The rental houses are 'planning for the future' since both my parents and my in-laws won't last through retirement (mine will run out of money in 2-3 years, her will last 10).  This would allow us to help, without being a financial burden on our family.  We both know this is going to happen, so we're actually looking into starting getting a rental house in the next 3-5 years to get it set up and ready once my parents fail at retirement (probably 8 years away). 

Travis

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Re: "what would you do with a million dollars"
« Reply #35 on: May 06, 2015, 02:05:36 PM »
Cripzy, the 401k limit is up to $18k this year. Don't miss out :)

obstinate

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Re: "what would you do with a million dollars"
« Reply #36 on: May 07, 2015, 12:09:59 AM »
Slap that into the investment account and drop down to working four days a week, immediately.

Merrie

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Re: "what would you do with a million dollars"
« Reply #37 on: May 08, 2015, 07:24:02 PM »
Oh, fun! If I had 1 million dollars:

Pay off the student loans (close to 200k)
Fix the furnace, yard, and anything else on the house that needs to be fixed, and buy ourselves some new clothes, boots, and stuff like that (10-20k)
Cargo bike (4k)
Stash the rest for the time being. Seed college funds for the kids (amount tbd)
Cut back to 4 days a week at work and take as many VTO days as were offered. Save as much as possible. Ride for a while like this.
Once we hit my FIRE number plus 200k:
Pay off the house and retire

At least the author of that article is saving most of it, though clearly she doesn't know much about investing. I'm no genius on investing but I know that a savings account is not the place for large hunks of money.

Albert

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Re: "what would you do with a million dollars"
« Reply #38 on: May 09, 2015, 08:59:35 AM »
I would leave 50k or so for "playing" and invest the rest. I already have all the physical objects in my life I want…

Actually even spending those 50k in a meaningful way wouldn't be easy. Perhaps I'd buy a fancy bicycle or help parents remodel their house.  Probably would splurge on first class tickets for my next long range vacation.

surfhb

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Re: "what would you do with a million dollars"
« Reply #39 on: May 09, 2015, 11:38:51 PM »
Put a down payment on a home in HB, move my elderly and poor parents in and invest the difference in a 3 fund portfolio.    Keep my job for another 10 years or so
« Last Edit: May 09, 2015, 11:41:21 PM by surfhb »

firelight

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Re: "what would you do with a million dollars"
« Reply #40 on: May 10, 2015, 01:11:52 AM »
Buy a duplex or more, do property management and stick the rest in vtsax

MoneyCat

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Re: "what would you do with a million dollars"
« Reply #41 on: May 10, 2015, 06:31:02 AM »
My students asked me what I would do if I had millions of dollars like boxer Floyd Mayweather.  I told them that I would add more solar panels to my house or expand my garden.  When they replied with incredulity, I relented and said I'd buy a fifteen speed bicycle.

fb132

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Re: "what would you do with a million dollars"
« Reply #42 on: May 10, 2015, 06:42:59 AM »
I just noticed that if I had 1 million dollars today, I can retire today if I wanted to. I spend 15K$ a year approx., so that would take me 66 years before spending it all (if inflation stayed the same), but with inflation, i guess it may last me 50+ years which is still good considering I am 33 years old...and if I invest that money while gradually withdrawing, it is still enough for me to survive in my lifetime.

Back to answering the question "what would you do with a million dollars", I would buy a condo for myself(I can live with a small place) and a small house for my parents, pay off their debts and the rest would go in my current investments.
« Last Edit: May 10, 2015, 06:46:27 AM by fb132 »

GrayGhost

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Re: "what would you do with a million dollars"
« Reply #43 on: May 11, 2015, 01:20:28 AM »
I honestly don't think my life would change very much at all if I had a million dollars... I'd probably just put half or more of it straight into an 80-20 Betterment account, and use the rest to fund real estate forays. I might take more vacations, but that's really about it.

smalllife

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Re: "what would you do with a million dollars"
« Reply #44 on: May 11, 2015, 10:02:14 AM »
Give my two weeks notice, plan a massive landscaping/garden installation for the fall (I've been doing small pieces in favor of more savings), pay off the house, replace 70+ year old drafty windows, and still have more than enough than we need for an indefinite casual lifestyle.

**assuming 1 million after taxes

fantabulous

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Re: "what would you do with a million dollars"
« Reply #45 on: May 11, 2015, 10:34:47 AM »
... the funny thing is she thinks she's being smart with her choices! Smarter than average, sure yet not really smart.

"The rest of the cash would be chucked in a savings account until we needed it. I would use this account to ensure that we maxed out our annual Roth IRA contribution each year."


Her ideas can be improved on but this one specifically horrified me a little, to let hundreds of thousands of dollars (after all her other allocations) sit in a useless savings account only to contribute to yearly ROTH IRA accounts but no other investing other than that! The horror! ;)

http://rvanews.com/features/family-finances-the-millionaire-game/123487

No one? Really?

https://www.youtube.com/watch?v=06OowJl1J_k

I'd buy you smart car - a nice reliable automobile...

I'd buy and wear a real green dress.

damize

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Re: "what would you do with a million dollars"
« Reply #46 on: May 11, 2015, 05:00:56 PM »
For me debt freedom = FIRE..so
  • Pay off debt ($178,000)
  • Max this year's TSP and Roth
  • Open a Vanguard or Betterment account (the mysteries of loss farming still escape me)
  • Give notice
  • Pack up house
  • Head to PNW (Mom lives outside Portland)

Might splurge a bit on money for family, both my mom and sister have terrible spending habits and lots of debt.  Gifts, not loans.

College Stash

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Re: "what would you do with a million dollars"
« Reply #47 on: May 11, 2015, 05:33:03 PM »
As a college student....

Place it all in total us market/total international market index funds.
Work in my chosen field until I get bored or pursue a phd right away.

Retire and travel most of the year.

:) The dream.

Elderwood17

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Re: "what would you do with a million dollars"
« Reply #48 on: May 11, 2015, 05:42:28 PM »
1.  Put the money in a Vanguard index fund.
2.  Write up my thirty day notice.
3.  Smile widely while I contemplate submitting the notice immediately or wait until some optimal moment.


We are saving right now so we can buy a nice farm closer to family in the Midwest that would generate adequate rental cash to live off of without having to tap retirement investments.  A million would put is way over the top on that goal.

SpicyMcHaggus

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Re: "what would you do with a million dollars"
« Reply #49 on: May 11, 2015, 06:02:08 PM »
I wouldn't risk anything buying a farm. Seems that every year I hear from friends that own land or work in ag and they are struggling.