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

Discussion in 'Community Discussion' started by ghall, Jan 18, 2008.

  1. ghall macrumors 68040

    ghall

    Joined:
    Jun 27, 2006
    Location:
    Rhode Island
    #1
    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)
     
  2. EricNau Moderator emeritus

    EricNau

    Joined:
    Apr 27, 2005
    Location:
    San Francisco, CA
  3. apachie2k macrumors 6502

    apachie2k

    Joined:
    May 23, 2006
    Location:
    was NYC...now MIAMI
    #3
    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...:)
     
  4. apachie2k macrumors 6502

    apachie2k

    Joined:
    May 23, 2006
    Location:
    was NYC...now MIAMI
    #4

    there might not be that much left...:eek:
     
  5. bartelby macrumors Core

    Joined:
    Jun 16, 2004
    #5
    $1m = £500K

    Pay off mortgage.
    Give £250K to charity
    Invest £100k
    Spend the rest.
     
  6. Luis macrumors 65816

    Luis

    Joined:
    Jul 19, 2006
    Location:
    Costa Rica
    #6
    Buy me a new computer, college and then invest the rest.
     
  7. emw macrumors G4

    emw

    Joined:
    Aug 2, 2004
    #7
    $1m = $500K after taxes ;)


    Pay off debts.
    Bulk up kids' college funds.
    Invest.
    Charity.
    Spend.
     
  8. heehee macrumors 68020

    heehee

    Joined:
    Jul 31, 2006
    Location:
    Same country as Santa Claus
  9. silbeej macrumors 6502a

    Joined:
    Feb 3, 2007
    #9
    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
     
  10. killerrobot macrumors 68020

    killerrobot

    Joined:
    Jun 7, 2007
    Location:
    127.0.0.1
    #10
    Office Space answered this one a long time ago.
     
  11. Xfujinon macrumors 6502

    Joined:
    Jul 27, 2007
    Location:
    Iowa City, Iowa
    #11
    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...
     
  12. atszyman macrumors 68020

    atszyman

    Joined:
    Sep 16, 2003
    Location:
    The Dallas 'burbs
    #12
    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...
     
  13. Airforce macrumors 6502a

    Airforce

    Joined:
    Jan 12, 2006
  14. j26 macrumors 65832

    j26

    Joined:
    Mar 30, 2005
    Location:
    Paddyland
    #14
    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
     
  15. bartelby macrumors Core

    Joined:
    Jun 16, 2004
    #15
    Honda?!

    With that money you could have a Ducati Desmocedici RR
     
  16. Mord macrumors G4

    Mord

    Joined:
    Aug 24, 2003
    Location:
    UK
  17. rhsgolfer33 macrumors 6502a

    Joined:
    Jan 6, 2006
    #17
    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.
     
  18. QuantumLo0p macrumors 6502a

    QuantumLo0p

    Joined:
    Apr 28, 2006
    Location:
    U.S.A.
    #18
    1) Save half to pay for taxes.

    2) Fund a super lobby to reverse socialist wealth redistribution laws.

    3) Invest.
     
  19. PlaceofDis macrumors Core

    Joined:
    Jan 6, 2004
    #19
    pay off debt.
    down payment on house.
    invest rest to pay for said house. and hopefully more.
     
  20. dpaanlka macrumors 601

    dpaanlka

    Joined:
    Nov 16, 2004
    Location:
    Illinois
    #20
    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.
     
  21. mahashel macrumors 6502

    mahashel

    Joined:
    May 5, 2005
    Location:
    "the lab"
  22. j26 macrumors 65832

    j26

    Joined:
    Mar 30, 2005
    Location:
    Paddyland
    #22
    I could, but I want a viffer.
     
  23. lancestraz macrumors 6502a

    lancestraz

    Joined:
    Nov 27, 2005
    Location:
    RI
  24. Silver-Fox macrumors 65816

    Silver-Fox

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    Jan 8, 2007
    Location:
    England
  25. notjustjay macrumors 603

    notjustjay

    Joined:
    Sep 19, 2003
    Location:
    Canada, eh?
    #25
    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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