Author Topic: "what would you do with a million dollars"  (Read 29789 times)

TVRodriguez

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Re: "what would you do with a million dollars"
« Reply #100 on: September 14, 2015, 08:15:30 PM »
Pay Taxes: $330k
Pay Student loan: $50k
Move to Oregon (Eugene?): $30k (one year's living plus moving expenses)
Buy 3 rental houses at approximately $100k each: $300k
Buy a townhouse for myself to live in with excellent school district $200k? maybe less

Keep remaining $90K as a cushion and live off of proceeds from rental houses while I return to school for an engineering degree paid with cash.

$330k in TAXES??? 

How could you owe that much?

Probably from being given a million dollars.

If it's a gift, then the donee is not subject to income or, usually, gift tax on the gift (although donee liability may apply if the donor does not pay any applicable gift taxes).  If it's lottery winnings, however, then income tax would apply.

Kitsunegari

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Re: "what would you do with a million dollars"
« Reply #101 on: September 15, 2015, 12:59:01 PM »
I'm afraid our life wouldn't change terribly...

1) pay off mortgage
2) do some remodeling on the house (already daydreamed about, about 50k if we go crazy on it)
3) buy a rental property, a duplex or triplex in our neighbourhood
4) send (future) kids to Montessori schools

UnleashHell

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Re: "what would you do with a million dollars"
« Reply #102 on: September 15, 2015, 01:18:43 PM »
I'd blow it on my car.


by getting a new side light unit. The one on my 15yo volvo has been held in with tape for the last 5 years...classy.

TealBlue

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Re: "what would you do with a million dollars"
« Reply #103 on: September 15, 2015, 04:00:45 PM »
I love this game.  I would pay off all my debts (not my house), including our small business and quit my job that I don't like.  I wouldn't pay off my house because I don't really love it and it's not a great rental so I'd want to sell that.  My husband and I would go on a much needed vacation together.  After that, I would spend $50,000 starting a small business I've dreamed of starting for the past year then we'd start making plans to move to Belize for a much slower (and cheaper) pace of life...

One Noisy Cat

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Re: "what would you do with a million dollars"
« Reply #104 on: September 16, 2015, 07:35:27 PM »
    Share it equally with my brother and sister since I think that what Mom and Dad would want. They, and their spouses, are reasonable but didn't start saving as early as I did, plus they chose lower paying careers for personal satisfaction (not that I had either a high paying or miserable career).
    With my third, I'd give 10% to charities and invest the rest in Dogs of the Dow stocks.  I don't have any pressing needs, other than my spare bicycle needs a new tire.

Making Cookies

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Re: "what would you do with a million dollars"
« Reply #105 on: September 17, 2015, 09:31:02 AM »
$1M after tax? I would:

- tell no one but my spouse.
- build a slightly nicer house on a nicer piece of property I have my eye on
- invest the rest for now
- possibly cut our work hours back slightly to 2/3 time or 1/2 time
- get very serious about examining our budget.
- take vacations further from home. Rather than a beach trip or a 150 mile trip to the mtns, we might visit the PNW or NYC or New England on a still modest budget.

Extended family are spenders so any financial gifts we offered might evaporate during trips to the malls. Maybe give everyone something to pay off their mortgages. Maybe figure out who has the largest mortgage and give everyone that amount.

Would get very serious about examining our budget and educate myself more on the topic of FIRE'd. Create a daily routine where the kids leave for school and I sip coffee while studying the topic before going to work.

We like our jobs pretty well but it would be nice to have more hrs for us. A four hour work day or a three day work week. Go in, troubleshoot or delegate, attend some meetings and go home.

Would be nice to have a home without all the little 30 yr old house issues cropping up (needs a roof, some brick work, driveway needs rework).

If after more in-depth study we could FIRE we would. We are saving as much money as we can right now without counting nickel and dime expenditures. Our income finally rose this year significantly due to a career advancement for my wife (small career field).

We spent several months replacing worn out things, exploring our new budget, etc. Have been adjusting our debt for faster pay off as MMM and you (the readers) have educated me. Am interested in seeing what next year's tax return will look like.

Looks like we will be able to save $20K this year and $30K next year if we don't get spendy. Want to pay off our house and accelerator our retirement savings.

Alternatively  I might buy a duplex eventually and build upon that. Have not run the numbers or read the MMM landlord threads. I managed an older apt building in a low income part of town years ago for my parents. Didn't mind the work but I want to deal with a better grade of resident. We were renting nice, clean but older apartments to folks who were not quite squared away. I'd build my duplex(s) in a nicer part of town.
« Last Edit: September 22, 2015, 07:23:26 AM by Joe Average »

ysette9

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Re: "what would you do with a million dollars"
« Reply #106 on: September 18, 2015, 01:06:59 PM »
What a fun game. While at the gym this morning the stupid television played a Publisher's Clearinghouse (they still exist??) commercial talking about wining $7K/month for life and I did a bit of daydreaming about what I would do if I won that. Slightly different, but for $1M I think we would let the dust settle a bit, decide on how much $ to gift to my sister and MIL, and then put the rest into investments. That would put us over the top so then we would have to seriously think about when to quit/reduce hours/do something else. High up on our To Do list is move to the small beach town we have been eying. Fun times!

SwordGuy

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Re: "what would you do with a million dollars"
« Reply #107 on: September 18, 2015, 01:29:21 PM »
Pay Taxes: $330k
Pay Student loan: $50k
Move to Oregon (Eugene?): $30k (one year's living plus moving expenses)
Buy 3 rental houses at approximately $100k each: $300k
Buy a townhouse for myself to live in with excellent school district $200k? maybe less

Keep remaining $90K as a cushion and live off of proceeds from rental houses while I return to school for an engineering degree paid with cash.

$330k in TAXES??? 

How could you owe that much?

Probably from being given a million dollars.

Duh.   Silly me. :)

I thought they meant they already owed the tax money.

10dollarsatatime

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Re: "what would you do with a million dollars"
« Reply #108 on: September 18, 2015, 02:32:25 PM »
What a fun game. While at the gym this morning the stupid television played a Publisher's Clearinghouse (they still exist??) commercial talking about wining $7K/month for life and I did a bit of daydreaming about what I would do if I won that. Slightly different, but for $1M I think we would let the dust settle a bit, decide on how much $ to gift to my sister and MIL, and then put the rest into investments. That would put us over the top so then we would have to seriously think about when to quit/reduce hours/do something else. High up on our To Do list is move to the small beach town we have been eying. Fun times!

I will admit to entering daily. Because there's always an infinitesimal chance.

zephyr911

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Re: "what would you do with a million dollars"
« Reply #109 on: September 21, 2015, 09:04:21 AM »
Is there anyone on this forum who wouldn't retire the next day? Ha!

Specifics:
-Pay off rentals ($275K) - net annual income with no debt service, $10-12K
-Pay off all other debt ($35K)
-Buy 4-plex in agreed-upon FIRE location near family; relocate ($300K); live for free and profit ~$10K
-Invest remaining $390K in ETFs and ignore (total ret. funds $600K)
-Hang out with family, nieces and nephews; do more biking, paddling, and surfing
-Master aquaponics
-Contribute to growth of renewable energy
-Keep working ANG for lulz and grins, and cheap healthcare, one weekend a month and 2-4 weeks a year; fully retire in another 7 years at age 44

ginastarke

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Re: "what would you do with a million dollars"
« Reply #110 on: September 22, 2015, 12:50:57 AM »
Put stuff in storage while waiting for passports. See if we could support ourselves importing  music from the UK and Europe.  Save   $40K if it doesn't pan out to get back into working. Even if we can't make it work as a business, it was a tax deduction for trying.

kaposzta

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Re: "what would you do with a million dollars"
« Reply #111 on: September 22, 2015, 03:41:01 AM »
I live in Hungary, so $1M would be a HUGE amount of money.

I would:
- give 100k to my brother, 100k to my parents and 100k to my father/mother-in-law.
- invest 100k and give the yield (5k/year) to charity.
- build our dream house (140k).
- buy a house at a lake (60k).
- buy a great new car (15k).
- travel with my wife for a few months (15k).
- blow money on stupid things (10k), which I would immediately regret :D
- invest the rest (360k). With a ~3% draw, that's roughly $1k/month. Anything over the 3% would be re-invested.

Btw, our current target is around $280k (of which 80k is saved already), so 360k would be more than enough for us to retire.

Taran Wanderer

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Re: "what would you do with a million dollars"
« Reply #112 on: September 22, 2015, 10:23:16 PM »
I live in Hungary, so $1M would be a HUGE amount of money.

I would:
- give 100k to my brother, 100k to my parents and 100k to my father/mother-in-law.
- invest 100k and give the yield (5k/year) to charity.
- build our dream house (140k).
- buy a house at a lake (60k).
- buy a great new car (15k).
- travel with my wife for a few months (15k).
- blow money on stupid things (10k), which I would immediately regret :D
- invest the rest (360k). With a ~3% draw, that's roughly $1k/month. Anything over the 3% would be re-invested.

Btw, our current target is around $280k (of which 80k is saved already), so 360k would be more than enough for us to retire.

I think that's my favorite answer.

Hungary is great, but I found your language very difficult!

kaposzta

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Re: "what would you do with a million dollars"
« Reply #113 on: September 23, 2015, 04:02:09 AM »
I live in Hungary, so $1M would be a HUGE amount of money.

I would:
- give 100k to my brother, 100k to my parents and 100k to my father/mother-in-law.
- invest 100k and give the yield (5k/year) to charity.
- build our dream house (140k).
- buy a house at a lake (60k).
- buy a great new car (15k).
- travel with my wife for a few months (15k).
- blow money on stupid things (10k), which I would immediately regret :D
- invest the rest (360k). With a ~3% draw, that's roughly $1k/month. Anything over the 3% would be re-invested.

Btw, our current target is around $280k (of which 80k is saved already), so 360k would be more than enough for us to retire.

I think that's my favorite answer.

Hungary is great, but I found your language very difficult!

Thank you! :)
I agree with you, I think the Hungarian language is terribly complex, irregular and unlearnable for foreigners (and for some of the Hungarian people too, LOL).

SpicyMcHaggus

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Re: "what would you do with a million dollars"
« Reply #114 on: September 23, 2015, 10:18:07 AM »
I was going to say something about how $1k / mo may not be enough (even by MMM standards), but then I read that you live in Hungary.

Not that I'm considering moving there to stretch my dollars, but what is the cost of living like?