You Just Won $1,000,000

[ForeverBigBlue]

So, lets say you just won (or possibly inherited) $1,000,000 (after taxes for simplicity's sake).

What would you do first?  How would you spend it?  Would you donate to charities, go on lavish vacations, buy a huge home or just be very frugal and invest it conservatively?

I'll weigh in with my thoughts later. :twocents: :twocents: :twocents:  <--my current bank account!

[Administrator]

This may sound crazy but:

I'd take $100,000 and have a ball. Whatever I wanted.

Bank the rest for at least one year. The following year, go crazy with the interest earned last year (not too much but it would be a nice addition to my current salary)

Use 'working' salary for everyday expenses and 'bank' salary for our little wants.:nerd:

[Kybluegal]

Well after I got over the shock of winning or inheriting that much money this is what I would do..I would put it in the bank..$500,000 in checking and $500,000 in savings..Then I would write a big check to Shriners Hospital in Lexington. I would also give my parents some money. And last but not least I would finally pay off my student loans..I would also buy a house. And I think that is all for now..LOL...Great question ForeverBigBlue.

[Bigbluefan]

What a wonderful thought:)
I would pay off all my bills and my family's also.
From there, whatever i needed i would buy, with no worry that i would have a bill to pay!

[Moe]

First I would Pay off all my bills and my mothers bills. Then I would by my Fiance' a new SUV and me a new truck then I would buy me that dream hog I've been wanting.and Bank the rest and live off the interest

[papi_chulo]

Uhhh, after they picked my butt up off the floor, I'd go shopping.....BIG TIME! ;D  I'd try to invest where I could draw really good returns or interest.  How well I did  in the investment department would determine if I had to continue work or not, if not, I would quit my job! ;D

[ForeverBigBlue]

Some interesting thoughts!

First thing I would do is bank $500,000 of it, probably in some type of relatively-conservative investment.
Then I would take $100,000 and pay off all my debts (including car & house).  Then I would give my parents a fair sum of money, get a new roof on their house, get them a new vehicle.  I'd put $100,000 in a trust fund for my daughter to be given to her at age 18.  That would at least insure 1 year of college tuition for her, right? ;D

Hmm...lets see.....that gets me debt-free, parents much more comfortable, child's education taken care of, and a nice little nest egg earning more $$$ and I still have a couple-hundred thousand (give or take $50K) left.   Think I'd have to go on a major shopping spree of some kind.  Ooh...even better.  Buy a brand-new house and furnish it, then sell the one I have now and bank the proceeds from that.

Funny thing is, I'd continue to work if I didn't need the income, at least for a few more years anyway.  I am less than 6 years away from full retirement benefits and I hate not finishing something I've started! ;D

[TexasBlue]

I would never answer the phone.

[blukat]

As papi said, once I get up off the floor......


I would at first take $400,000 and invest it. I would then take $200,000 to pay off our bills and then family bills. Buy my older sister a truck/suv, mom a new car, me a Dodge Ram and John a PT Cruiser. Anything left from that goes into the bank.

We would then take $15,000 apiece for 4 nieces and set up trust accounts for college. They each still have at least 2-4 years left in high school. One niece and 2 nephews would get $5,000 in a bank account and $10,000 set up in some kind of fund.

$100,000 would be set up in CD's for us and the rest would be put in the bank.