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Elsa | If you were given a million dollars what would you do with it? |
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Doing the Right Thing
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First, I would put it into a money market fund (they have an average rate of return of 4.5%).
Second, I would pay off my debt (which isn't much).
Third, I would invest maybe $800k into various mutual funds. I currently have mutual funds, but they are all inside an IRA. Together, they currently have an average rate of return of 14%. So I would get the same mutual funds outside of an IRA.
And finally, I would go on a spending spree on what ever left over. I would buy this Alienware PC that cost almost $10,000. I would buy a new car. Fix up my home (maybe buy some new appliances). Buy some new clothes and shoes. If there is still some money left over, I'll go to a strip club. lol |
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STEVEN F
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I will assume that by 'given' you refer to actually receiving a gift, not winning a contest. It that is the case, alanpks4 is mistaken about taxes. The US does not tax the recipient of a gift. The giver may be subject to taxes, but that would not apply to me in this case. The first thing I would do is give $100,000 to my church, or perhaps split it among more than one church. Next, I am debt free by the end of the week. Whatever is left goes into 6 month CDs to let me recover from "sudden money syndrome" before I make any more choices. After that the larges portion will be invested in good quality mutual funds to provide an income for life. I never plan to retire completely, but my current job is history. Eventually, I would love to give generously to various charities. |
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alanpks4
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First I'd have to pay taxes on it. Don't want to end up in jail for tax evasion. They are very serious about that here in the US.
I would then take the remaig and put it into cd's at different banks. Cd's don't make the most interest but they are the most secure.
I would collect interest and add that to the principle until i reached back to that million dollar amount,
In the mean time I would use all my savings to pay off the house so that I would have no bills.
At that point I would retire and live off the intrest. |
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Thin Kaboudit
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Put it with the others... |
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re.gibbs
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set it in the bank and live modestly off the intrest. i wouldn't have to work for the rest of my life and i could devote all my time to my kids! |
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glenn
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My daughter just told me she is getting married. Some of it would go to that party! I would donate to charity and pay off all my debts.
That is probably that. |
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bobthebrowser
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enjoy it immensely,but first change it into pound sterling |
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zapf1423
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Pay off my house, buy a decent car, help my family, donate some of it, put some aside for my kids and invest some of it wisely. |
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Pilot Paul
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First I would eliminate all debt.
Second I would give away a good amount to help the African AIDS orphans.
Third, I would use the rest to purchase some assets like investment property or a good small business. These will continue to build wealth.
This would help me make sure I'm not like the many lotto winners that are bankrupt after a few years.
Check out this site to see some good ways to responsibly manage money:
http://www.FinancialFreedomTrail.com
It teaches ways to control your money rather it control you. |
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knowitallwhenasked
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Invest in Berkshire Hathaway stock, all of it. |
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Balls W
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Invest it and live off the interest. |
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breashes02
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I would definitely put money up for my two kids to attend college and I would pay off my debt. Then I would find a business to open. |
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