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What would you do with $1,000,000?

ghall

ghall

macrumors 68040
Original poster
Jun 27, 2006
3,771
1
Rhode Island
So, you randomly find a check for $1,000,000 in your name. You discover it's legit so you cash it in. What do you do with it?


My list:
- 24" iMac
- 17" MacBook Pro
- MacBook Air
- 2 8GB iPhones (one for me, one for my girlfriend)
- 160GB iPod Classic
- iPod Nano in all colors
- iPod Shuffle in all colors
- :apple:TV
- Widecreen HD TV
- The Complete Star Trek DVD Collection (TV shows and movies)
- A Beautiful Necklace For My Girlfriend
- Treat my girlfriend to a dinner at a nice restaurant
- Pay for College
- Donate the rest to charity (if there's any left :p)
 
put it into something that will give me more back! like small little renewable energy firms and 3rd world countries with high interest rates and of course a new souped up AIR...:)
 
ghall said:
So, you randomly find a check for $1,000,000 in your name. You discover it's legit so you cash it in. What do you do with it?


My list:
- 24" iMac
- 17" MacBook Pro
- MacBook Air
- 2 8GB iPhones (one for me, one for my girlfriend)
- 160GB iPod Classic
- iPod Nano in all colors
- iPod Shuffle in all colors
- :apple:TV
- Widecreen HD TV
- The Complete Star Trek DVD Collection (TV shows and movies)
- A Beautiful Necklace For My Girlfriend
- Treat my girlfriend to a dinner at a nice restaurant
- Pay for College
- Donate the rest to charity (if there's any left :p)
Click to expand...


there might not be that much left...:eek:
 
$1m = £500K

Pay off mortgage.
Give £250K to charity
Invest £100k
Spend the rest.
 
Invest in real estate. Now it all depends on the market, which is very bad now, however it is a buyers market. I'm still pretty young, turning 20 this year, but i can fix just about anything, so i think i will flip a few houses when i get out of school anyways, so thats probably what i would do. Buy a relatively cheap house, fix it up, make some money, and do that again for a few houses, and then get my final place, make it nice and settle down.

As far as the goods go:
Audi S6
Range Rover (for future significant other)
Mac Pro 2.8
Dual 23's
Full home theater setup (LCD tv, THX surround system, whatever i feel is best)
Got to have a good kitchen
Invest the rest
 
Lawrence: Well, what about you now? what would you do?
Peter Gibbons: Besides two chicks at the same time?
Lawrence: Well, yeah.
Peter Gibbons: Nothing.
Lawrence: Nothing, huh?
Peter Gibbons: I would relax... I would sit on my as$ all day... I would do nothing.
Click to expand...

Office Space answered this one a long time ago.
 
1. pay off my college/medical school debts (~300,000 total)
2. invest 300,000 in various ways
3. give 100,000 to my parents
4. give 100,000 to my colleges I attended (50k apiece)
5. donate 50,000 to the hospital I worked at
6. donate 50,000 to the National Institute of Health
7. donate 50,000 to the American Public Health Association
8. use 50,000 as a downpayment on a house.

it is actually rather staggering to consider that my school debt will be approaching a third of a million dollars...
 
Well first I'd talk to my financial advisor and possibly a tax attorney.

I know I often spout out about how the über-wealthy should pay more taxes, but I'm a hypocrite and one of the reasons that communism doesn't work in practice. If the loopholes to save tax money are there, I might as well take advantage...

We're already talking about getting a new house so I'd probably use 20% of the house price to make the down payment and avoid the PMI issues. I'd also probably set aside half of the loan balance somewhere with easy access as our emergency buffer.

The remaining would go into various IRAs and investments for my wife's and my eventual retirement (hopefully moving it up a few years) and the kid's college funds. It might also open up things enough financially for a third kid...if we decide we want another...
 
Pay off my mortgages - that's half of it gone.
100k to charity
Honda VFR motorbike with loads of extras
MBP
24"iMac
Mac Mini for a media centre
A new handbag for the wife
Invest the rest
 
j26 said:
Pay off my mortgages - that's half of it gone.
100k to charity
Honda VFR motorbike with loads of extras
MBP
24"iMac
Mac Mini for a media centre
A new handbag for the wife
Invest the rest
Click to expand...

Honda?!

With that money you could have a Ducati Desmocedici RR
 
Assuming this is a $1,000,000 after taxes:

House-$750,000
Used Audi A4-$25,000
Invest- $225,000

I could do a lot better with about 3-4 million. Could buy a comfortable $1million house, my porsche and audi, invest the rest and live off of the interest.
 
I already have a Mac Pro Quad Xeon, so no need for a new computer at the moment. My list would probably look something like this:

  • Buy a couple of nice Saabs of various vintage.
  • Pay of credit card bill.
  • Pay off school.
  • Invest the rest.
 
Tithe $100,000 (10%).

I volunteer on the board of directors of a non-profit summer camp that's looking to buy property and equipment. A sizable chunk of that money would go to them (and be a huge tax writeoff for me as a charitable donation). They could use it to buy land or to invest as needed for future projects. I might even get egotistical and ask them to create a scholarship fund in my name :) $300,000.

Pay off my mortgage and car loans (my line of credit). Maybe even splurge and put $40K or so toward buying a nicer car. Maybe even move out of my current townhouse and live in a modest single-detached bungalow. $200,000.

Put a few thousand into electronics for my house -- a nice flat screen HDTV, a new MacBook Pro, Blu-Ray player, stuff like that. $20,000.

Oh, and give some to my dad. He lost his job recently, and he still insisted on giving me a good chunk of money toward the down payment on my townhouse. I want to give him back, generously. $100,000.

The rest, invest into my RRSPs and mutual funds, GIC's, stuff like that. $280,000.

Having a paid-off mortgage and no more car payments means I can divert that much more of my income into additional savings. On top of that I'd save tens of thousands of dollars in interest by paying off the mortgage early. I'd be quite happy with my financial outlook.

So where can I find this cheque? :D
 
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