What would you do if you won a million dollars?

Question

DaveJord · Accepted Answer

Well it far more easier to again wealth than it is to manage wealth. Wealth is far more than how much money you have in the bank or what type of car you drive. Wealth is about finically security not only for a the day, week, month or year but over you life time.

So if I got a million dollars... I would buy three to four houses as investment properties and rent them out for $1500 to $2000 a month. Three brand new houses each generating you $1500 - $2000 a month totals to be $4,500.00 to $6000 dollars a month passive income... that's $45,000.00 to $60,000 dollars annual income. With three housed generating income all paid off your credit score will explode, and then all you have to do work some bull shit job for a few years to get some fuck off money together and go out an blow it as fast as you earn it. Use your rent income to pay bills and put the rest in savings... buy a 4th to 5th home and by the time your 40 your valued above 2 to 5 million and your free clear and set up for life.

Effably · Accepted Answer

As boring as it sounds, probably just invest it in some portfolio I believe in. At a very modest 7% a year that is 70 000$ a year without working for it. With normal average being at 10% it is by no means an unrealistic expectation.

So well. Boring, but mostly safe. Of course there are many options on how to reach a good ROI but that is likely one of the simpler methods accessible to nearly anyone.

Smoke-n-Growls · Accepted Answer

Pay off debts, buy an EV, buy the powertool set and cat tree I've been eyeing, and save 75% of what remains into my investment accounts (max RRSP then TFSA, then the rest into as high an interest account as I can).

Of the 25% remaining of whatever's left, keep that in my chequing. Friend wants to go out? My treat. Nephews bdays coming up? Guess who gets the new DnD book and that new video game?

Ah, and premium brand cat food for my house panther.

melanieeeB · Accepted Answer

Doing something good for my close family and friends, but majority investing in something that brings me in more money

ArtemisSilver · Answer

Buy fairly large house in rural Canada, with a workshop, pool and greenhouse. Hire a house servant to cook clean and garden.

Start couple of business projects I've got backburnered pending funding, possibly take a mechatronics engineering program at university.

A million would make a major difference, the first one is hard, but after that a clever mind can grow it easily.

Oigit · Answer

Find a good investment company and setup a account with them. A million dollars does not buy as much as it use to. So I'd rather use that million dollars to make more money then blow it on things I don't really need.

Adronicus · Answer

Invest in some property, exit stage, become a hermit. I have no trouble enjoying my own company & the older I get the more draining being around others seems to be. I already plan to do this, just take me a little longer:)

HighValue · Answer

Pay off the remaining debt I have left, move to Idaho and buy myself a home there and buy another one for my mom so she could live nearby, save $300,000 of it.

bolverk · Answer

If I won $1 million (£809,815) clear off my debts, set enough into a high interest account for my retirement, and then clear off any University debts my nieces have and an equivalent amount to my nephew who has not shown any interest in Uni.

midnightmoon05 · Answer

Give away. I don’t believe in winning money. it never worked for me.  it seems I have to work hard to every penny… I am happy doing so.

nawtee_me · Answer

Donate it to the Donald Trump re-election campaign.  what about you?

Samhanks · Answer

I would share it with the needy, first my family members, next my needy friends, if any. Otherwise I would share with Charitable Organizations ! And the rest I will invest wisely to get a steady monthly/yearly income !

imfreeze95 · Answer

Ten Percent would go to my church I really don’t know what I would do with the rest I’m very frugal so I’d probably let it sit and live off the interest later I’d probably be Intimidated seeing all that money in my savings account

Kreneman · Answer

Open my Entertainment company to help others to find their calling in life and also help the less fortunate.

TheLadyBug · Answer

giving donations to youtubers, and make them shocked

Lliam · Answer

Pay off my mortgage and bills. Do a bunch of cool upgrades on my house and property.

Adam1978 · Answer

Upgrade to a better and bigger house so I have room for a workshop.

Sour-rose · Answer

Invest it wisely. Like into my business and another business I've been meaning to buy.

jennifer_bloom · Answer

Pay off the mortgage on our new property and buy an investment property

andreasderjuengere · Answer

Keep it a secret, and see if there's something I might like to buy. Right now, I wouldn't know what that could be.

serious · Answer

Buy a couple of flats for myself and invest the rest.

Sixgunsound · Answer

Leave the East Coast so quickly that they wouldn’t even be time for ‘bye Felicia’.

jshm2 · Answer

Send it back, don't need a pay cut, nor the hassle.

genericname85 · Answer

pay dept put 70% of it in a long term savings plan. and keep living my life as it is with a few extra bucks in my bank account.

FinalFantasyBro · Answer

I will start investing so I can properly get started on trying to get my future business off the ground.

GoodGuyBreakingBad · Answer

Pay off all my past bills and improve my credit score

Phoenix98 · Answer

Probably just take a month off of work and relax for a bit.

Pudsmucker · Answer

I would buy a small engineering business to keep other people employed and bring my profits margins up.

Anonymous · Answer

Buy a little place of my own. No rent, no roommates. Never have to sleep with someone I didn’t want to just to have a place to stay. That would be nice.

Massageman · Answer

Put $200,000 aside for the taxes, and then do my calculations for the rest.

saintsRow3 · Answer

Nothing I already got everything I want in my life.

call_me_scar · Answer

Find somewhere cheap to live and relax for the rest of my life

Likes2drive · Answer

Get a house and invest the rest after paying off some debt

hafinjun · Answer

Well in the US, First I'd pay half to the government in taxes.

CuriousMufuxka · Answer

Pay off my house, move to Vegas or somewhere in Arizona and probably throw the rest to my mom.

littlemisssparkles · Answer

I'd give some to family and friends and donate some to a good charity and then keep some for myself and save it

Better_off_here · Answer

donate it all i have no use for that all that money.

Anonymous · Answer

Buy a park home and expand my business along with a Longines Hydroconquest

Anonymous · Answer

Invest, spare some for my family, buy a mercedes benz, hermes, chanel, rolex

Bluemax · Answer

Pay debts. Give to charity. Carry on.

dustybiker · Answer

More like 600,000 after taxes.

TenkRealist · Answer

Invest it into property and timber

Ms_Facesitter · Answer

Pay my debt and keep the rest.

exitseven · Answer

Look for some real estate investments.

douride2 · Answer

I would take a much needed holiday.

Desconhecida · Answer

I'd wake up, for sure.

Iron_Man · Answer

Buy my childhood home back

serious_miss419 · Answer

I wouldn’t tell anyone

deano1990 · Answer

Quit my job 😜 it's crap!!!

bulletbob555 · Answer

Buy some stuff. Good stuff whenever possible

driven159 · Answer

Invest it and be a multi-millionaire in no time

Dinosaursandanime65 · Answer

The perfect investment

lofii · Answer

Make it rain in the strip club for 7 days straight

Ringstretch · Answer

Make sure loved one's are looked after

captain_voidwalker · Answer

Invest it and make 100 million

thedaffodils · Answer

I would buy an ultra luxury yacht first...

scarletyes · Answer

Pay off my dad's loans.

User_69 · Answer

i don't know i need a chance to see it :D

Anonymous · Answer

Invest into real estate.

Anonymous · Answer

Add it to my war chest.

Abdulwahh · Answer

I would invest my money in gasoline.

Zlantur2 · Answer

Buy a house and travel.

OfDeath · Answer

I'd pay off debt

Anonymous · Answer

I already have a husband :)

What would you do if you won a million dollars?

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