What would you do if you were getting 2 million dollars?

[Simslover92]

Firstly, I would quit my job because I really want to be a full time writer and possibly go back to school and this money would give me the time to do just that.

I would then pay off all my debt which is around 300,000 this includes student loan debt, car debt, and credit card debt.

Then I would make sure my family and my boyfriend are set with money.

Then I would put a lot of it into high-yielding savings account and a CD account maybe around 500k each.

Then give some away to the best charities out there.

Lastly, live the next couple of years off the remainder of the money, only spending what I need such as rent, vehicle property tax, renter's insurance, car insurance, utilities, and groceries.

Occasionally going on trips around the world.

Let my money increase in the CD and savings accounts.

This could be a reality for me really soon. So I hope everything I've said here sounds smart. I might make investments too but I would need to hire a financial advisor because I know nothing about investing.

[bowenw]

I hope it becomes a reality for you.
I would start out by speaking to an accountant for advice on how to minimize taxes you may have to pay upfront and ongoing. I'd also speak to several financial advisors for their advice. Ideally I would invest all or most of it, then do all the things you listed with the earnings from it rather than touching the principal so it could support you and your loved ones as long as possible.

[Simslover92]

What if all this money was given to me? Do I still have to pay taxes on it?

[bowenw]

I really don't know the tax laws. An accountant is probably the best person to ask and to do your taxes going forward if you should get the money.

[Simslover92]

Oh ok. Thank you.

[bowenw]

Thank you for the MHO. 😊

[Simslover92]

You're welcome!

[riverrat3]

Get out of debt

[Simslover92]

I definitely hear you on that. That's the first thing on my list after quitting.

[riverrat3]

I also might move,

[Simslover92]

Where would you move to?

[riverrat3]

Near the ocean

[Simslover92]

Same. I want to move near the ocean myself.

[riverrat3]

I like to surf fish, or just watch the waves, love fresh seafood, and watch ladies in bikinis

[riverrat3]

Thanks for the mho

[Simslover92]

You're welcome!

[NaultD]

2 million isn't a lot at 32. It's amazing right here right now. In your 80s to 100 potentially, it's surprisingly small.

Pay off dedt that is higher then 5% interest. In common conditions you should be able to make more then what you borrowed.

High yeild savings and cds are variable and trend to equal to inflation. Which is not good enough. Better then in paper cash or average bank account but not good enough for your own life time and retirement. So forget about your family for right now. Let alone charity.

I would downsize your current work and live fairly modest and work on passion like writing. going back is still worth while. Money isn't a replacement for a meaningful life but a resource to live a meaningful life. You still need an income flow for your social security if you retire completely and a financial crisis happens. If the passion pays off all great. You still got a back up.

Hire a local wealth manager. talk about all opportunities and options. I'm currently doing so right and it's been great. Find a "fiduciary" and fundamental believes in that responsibility. Stay away from places like Edward John's that offer fiduciary rates but treat it like a joke.

https://www.youtube.com/embed/gvZSpET11ZY

Last note if you hire a wealth manager fiduciary, make sure they care you are living meaningful life. They should ask and help make it work within your capabilities. Like your writing ambitious.

[Simslover92]

Thank you for this. I will do just that!

[NaultD]

Is this an inheritance thing? Don't count your chicken's before they hatch.

My inheritance took 3 years. Probate is fucking brutal. You still need your current responsibility in order until everything is said and done. That credit card dedt is only going to grow and est you alive every single day.

If it's in property. It's eating money everyday heat, electricity, then just exsisting cost sums of money and yearly taxes in place that can't make money is extremely expensive. I can't express the stress and frustration it comes from a prorate other then you earn every penny it comes from it.

[Simslover92]

No its not an inheritance. This is money that's going to be given to me as a gift. It's supposed to be a for sure thing. But of course nothing in this world is a for sure thing so I won't count my chickens before they hatch until it's in my bank account. If everything goes as planned I will get it sometime this month or early next month. Until then I will continue to work and pay my bills/debt as if nothing is there or coming and even after it comes I will continue to work for a few weeks before quitting my job and finding something I really want to do. That may take a year or two but I won't always be able to live off the money. I know that. I want to work for myself and be a writer. So I will probably go back to school and go into accounting so that I can work for myself.

[NaultD]

Even more spooky to me personally. Hire a lawyer to iron out all the details. all the same for potential taxes and once all the dust settled and a lawyer says all this money is yours free of any other obligations should you count on it as yours.

Then hire a wealth manager.

[Simslover92]

Ok I will do that as well! Thanks again!

[FunkyMonkee]

Try to buy my house back from the guy that owns it, now and see if I can have at least SOME of it reverted to what it used to look like. See if I can get back all of my records and collectibles that I lost when I was kicked out of my house, see if I can have another floor added or buy the house next door and use THAT for my recording studio, record collection and pool table room and have a skywalk built from one to the other. Have the pool put back into the yard. Hire someone to go to my ex-sisters' houses and steal back all the stuff she stole from me and probably have the both of them killed. Evil people like them don't deserve to live!

[DizzyDesii]

Get my house built, give my family a monthly allowance, pay my tithes, get a surrogate or invitro, travel to a few places, and 100% quit my job and maybe even go back to school to major in something different

[Simslover92]

Yeah I would eventually get my house built but first I would have to figure out where I would want to live. That could take years.

[DizzyDesii]

My state is comfortable but has nothing fun to do. Still i’d either build here or in NC or GA

[Simslover92]

What state you live in? I also was thinking about NC.

[DizzyDesii]

MS. Cheap land but mainly a retirement state. No good wages

[Simslover92]

Sounds like SC where I currently live.

[DizzyDesii]

Georgia is prob the best bet. Not as expensive as NC and not as ill-equipped as Texas due to their hot weather

[Simslover92]

That's true but the only thing about Georgia is that everybody is moving there. It just seems too congested for me.

[DizzyDesii]

Atlanta? Yes. But the rest of georgia, no. Def go to Georgia but avoid atl

[Simslover92]

Ok. I might visit one day. I hear Savannah is nice.

[DizzyDesii]

The only thing i fear about savannah is living next to the water… floods, hurricanes etc

[Simslover92]

Oh that's true but I live in SC so I'm used to the hurricanes and floods.

[DizzyDesii]

I wouldn't want to build a house and deal with that tho. Like im 2 hours from the coast but katrina def messed up my moms old home

[Simslover92]

Oh wow I'm so sorry. That's totally understandable why you wouldn't want to deal with that. That's awful that happened to your mom.

[Simslover92]

Your mom's home.

[DizzyDesii]

Yea even with insurance i dont wanna deal
With that if i build a home

[Simslover92]

Yeah I wouldn't either. That's why I'm thinking about Jersey also. NC still deals with hurricanes.

[DizzyDesii]

Jersey is dangerous

[Simslover92]

Not South Jersey near the beach. Like Ocean City is not dangerous at all. Camden, NJ is though and I would never move there.

[BoopBoopBeep]

As much as I love having a 3.25% mortgage, I'd probably pay it off just because it's my only debt. I feel bad liquidating my investments to do it since they're turning better than 3.25%/year, but if I had a one-time windfall of 2 mil I'd probably do it just to simplify things and have one less line item on the monthly budget. The rest I'd add to the trust for the rescue kittens.

[ravenbells]

pay off every single debt my parents have
im currently only 20 so I don’t have a huge plan yet
put it in a safe account or educate myself on how to make money for work for me
mostly save it all up & have it go towards retirement, I wouldn’t touch it until then.

[NathanDavis]

I would put it all towards my hypothetical Vet/Rescue clinics around the world...

since these "what would you with a bunch of money" questions come up from time to time I have started a hypothetical savings account and it's all going to go for the strays (=

[Anonymous]

If I got $2 million right now, I'd keep things pretty simple. I'd just purchase 10-year Treasury notes which pay a coupon of 4%. This would generate $80k per year of income for me over the next 10 years, at which time I'd get the principle amount back ($2 million). After tax that would get me about $60K per year. While I wouldn't be able to fully afford my current life on that amount, it would be a substantial help and I should be able to make up the rest with a bit of work.

[Opinion Owner]

In your case, paying off the credit card and car debt would be sensible (since the rates are probably high). May or may not make sense to pay off the student loan debt (depends on the rate). You don't say what your current spend is, but worth thinking about that and then checking what the AFTER TAX income would be if you invested conservatively. If it works out to be higher than what your spend is then only dedicate that excess INCOME to travel, charity, your boyfriend and your family. That'd be my advice for at least the first year. You can always revise your plan later, but this way you keep control over the assets (which you lose when you spend it down and/or give it away).

[Simslover92]

Ok thank you!

[Opinion Owner]

I'm currently working through the likely outcome to me for something similar, so happy to share additional thoughts if helpful.

[Dargil]

Get out of debt (not that much).
Finish fixing up my house for sale.
Relocate to below the frost line in Florida.
Sell my fixed up house.
Replace my everyday vehicles with better recent (not new) ones.
Travel to the places I wanted to go to but never expected to get there.
Buy a small residence in my wife's home country.
More.

[Dargil]

I assume I'll retire at age 70 and hope to live until maybe age 90. So I need to reserve money for support for 20 years. I expect Social Security to be severely reduced by then. So I will set aside one million for that. That's only $50k per year in today's money but I plan to invest it in safe paper investments or land in the mean time.

[exitseven]

Two million does not go as far as it used to. I used to think a million dollars would be enough to have a comfortable retirement but the last 3 years have shown me how fast things can get out of control pricewise.

That being said. I would buy a couple of rental properties and put the rest in other investments and retire.

[jamesgoldman]

Convert it to pound sterling so about £1.5 million

Get my accountant to set up a corporation so I can just pay 30% in tax on it so left with £1.05M

Buy this house and update everything so probably spend £350k leaving £700k

Max out my premium bonds £50k so £650k

Spend £50k generally £600k

Pay £225k in taxes for what I took from the corporation so £275k

[TrueConfection]

I'd set aside all the money my kids need for college and buy a certain piece of land I can afford. I'd also help out a couple of elderly vets I know.

[Jerre]

Probably donate all to charity, probably to St. Jude’s Research for Children. I don’t really need the money.

[Simslover92]

Aww that's so nice of you. I wish I didn't need the money.

[Jerre]

@Simslover92 Thank you for the Like

[Simslover92]

You're welcome!

[HelpfulWoman]

buy a house, pay off debts, buy another car that actually works XD. Pass some money around to family members.

[Dinklex3]

Give my parents half. Pay off debt and get a financial advisor. It’s not enough for me to stop working, but it’s a nice little start.

[OtterMan68]

Assuming this is after taxes.

I'd keep $500k for myself and give the rest away. With $500k, I could pay off my house, buy a new car, make sure my son's college is paid for, get him a new vehicle, and be in better shape for retirement.

[AviatorTom]

I'd invest half of it for retirement and give the other half to my favorite charity, St Jude Children's Hospital.

[Anonymous]

Start an ultranationalist gang of American natives, flood the Mexican, Guatemalan, Haitian, and Venezuelan communities with drugs, dirty needles, and prostitutes with STDs, and sort things out. Then there are the Zionists...

Why? What would you do, something lame like buy a sports car or go to Milan? 🧐

[Simslover92]

I already said what I would do in the description. I hate driving so buying a sports car would be out of the question and a waste. Paying off my debt is the first thing I would do.

[Billlewis]

I'd start advertising for a woman who's looking for a long term male pay pig.

[normalice]

Probably just throw it all into the market.

[aceleon]

i would return to turkey and live like an emperor.

[jshm2]

Give it back as chump change,

My investments make more than that a year.

[dinojames22]

Hire a good tax attorney... don't want the irs getting a penny

[Simslover92]

Ok will do!

[Redstang88]

Pay off my debt, buy a house and truck, and put the rest into varied ETFs and dividend stocks

[Yannae]

Keep Hustling, that 2 million will be gone in no time.

[Kelly6]

@Simslover92 invest in stocks and rental houses

[Staximus]

Buy a house out in the woods and tell the world to piss off

[handsomelad70]

Get a bunch of Wranglers shirts and jeans, cowboy boots and buckles.

[moneymagnet24]

I will start working on to convert this 2million into 4million...

[CubaPirate]

Spend some on wine and women then waste the rest

[Anonymous]

Probably invest the bulk of it in an Index fund.

[Agape93]

Buy land and invest the rest

[laly520]

give it all to help orphans

[Bklynbadboy12]

Awwww

[laly520]

@Bklynbadboy12 I wish I could do that
breaks my heart each time I see their sufferings

[Bklynbadboy12]

You are truly amazing

[Squatting_Slav]

Invest every penny

[Aiko_E_Lara]

Invest it on a new business

[euniestars]

the first thing my ass thought was food 😭

[BLP11520]

Divorce, find young lady

[Evan97]

Buy some vacant land and start building a house

[slatyb]

Retire immediately.