What Would You Do For A Million Bucks?
Assuming your investment mix can generate an annual taxable income of 8%, a million dollars can generate an admittedly nice income of $80, per year – for many this is all it takes to comfortably retire, and for those of us living in more expensive areas, in . Dec 02, · Their dream would be to spend half the year in Spain, half the year in the United States, and generally travel to their heart’s content. Which, of course, I would try to make happen for them if I won a million dollars myself! 3. Roommate: Travel and See all the Things.
Not in a million years. No problem. Please, no. Sure, no problem. The nillion slime I want in my mouth is mine. For a million? Ugh, never. I guess. They seem comfy enough. Not even if I were dead. I would. There how to reopen unemployment claim california worse things out there. I feel sick just thinking about it. For a million bucks? No doubt. I think I'm going to puke.
I'd even make friends with a few of them. No way that's happening. I'd do it. I'm not doing it. Eww, but yes. Sure, as long as I don't have to pay rent. A month? No way. Ugh, just thinking about it still being warm makes me want to die. This post was translated from Spanish. Are you more or less daring than the rest of the world? Something went wrong. Please try again later. Would you lick this toilet what high school did tom cruise go to a million dollars?
Would you scrounge your million dollars out of this rat-infested garbage bag? Would you eat a ball of hair that was just pulled out of your bathtub drain for a million dollars? Would you let a snail slide across your tongue for a million dollars? I'm in. Would you kiss the hairy part of a huge spider for a million bucks? Would you suck on this toe for one million dollars?
For a million dollars, would you sleep in a bed of roaches? Would you drink a milkshake made from freshly squeezed blackhead pus for a million dollars? Would you drink tea brewed from dirty socks every day for a week? Would you take a bath in a tub filled with live snakes for a million dollars?
Would wiith take a shot of the liquid at the bottom of one of these trash cans? Would you swim a mile in this water? Would you ddollars a month living in this sewer for a million dollars? And finally, for a million bucks, would you eat fresh dog poop?
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Nov 05, · If I added $1 million (tax free) to my assets, I would: Start a charitable organization, perhaps structured as a foundation, perhaps not that would fund non-profits with great Buy a second home in the Blue Ridge Parkway, where I will bicycle during . Jun 13, · Having a million dollar from lotto, you should simply invest it in a trio of Index Funds tracking CAN (50%), US(25%), International (25%) or something of that nature. 1 million bucks in a purely aggresive account makes on average k a year! Mar 17, · 8 Best Ways to Invest $1 Million 1. Pay Off Every Single Debt. First, if you have any major debts, you’ll want to pay those off. There’s some debate 2. Be Sure You Have a Fully-Funded Emergency Fund. Again, before we start talking about investments, let’s .
What to do with a million dollars? Does that question still fill you with grandiose visions of gold, cash, and private jets like it did when you were a kid? I remember that was a common question to ask your friends — What would you do with one million dollars? Fast-forward to today, after cashing out some real estate investments, here I am staring at over 1 million dollars of investment money. And today, I will tell you not only what you could do with a million dollars, but more importantly, what you should do with 1 million dollars.
If you are just on your way up to millionaire land, I recommend this article instead. What would you do with a million dollars? The dream was a lie. If I listen to my Grandma talk at Christmas, a million dollars used to mean an insane amount of money.
Then again, salaries were only a few thousand dollars and houses were worth like ten thousand. Could you just retire off that money? Back then, hell yes! One million dollars would really just buy me a place to live and probably not even a nice one.
I would, however, say your life gets WAYY better when you are a millionaire. Can you live off it? Not really, but you can make sure you never have to worry about making rent again. Are you still scoffing? Could you live off the interest?
In savings accounts have an interest rate of around 0. That double sucks. Invest it, duh. If you have high-interest rate debt like credit card debt, you need to pay it off pronto. This is personal finance although not likely not the first thing you think you would do with a million dollars. Who knows though, maybe this is an inheritance or lotto prize, and you are coated in debt currently. Pay off the bad stuff before doing any more thinking. If you have any of these, pay them first.
You need to protect your money from yourself more than anything. What is likely the best idea would be to lock it away for 6-months until you can properly calm down and think about your future.
Through friends, I have seen inheritances disappear and even worse destroy families. The best way to start is to lock it up. Part of any good plan is measurable results. That means starting to track your finances.
I like graphs. If you have a nice graph, that might make all the difference between using your money for a great life vs one great year. So this is likely the least sexy step of the whole event. Just fill up your tax-free investment contribution room and your employer K match if you have one.
Is it exciting? Yeah, I know taxes and tax-sheltered accounts sound complicated but investing is very easy and the exact type of account is less important than just using something. If you want to read a dry article from someone else about the best tax-sheltered accounts.
This is a good one! You have 2 years of contributions covered! You hopefully have an income right now. You have a million dollars, you now have the power to start having some powerful impact on your happiness. You have enough money that you can make it work for you, instead of the other way around.
If you have a job you can start by taking a course and becoming a highly paid specialist in your field. A recent example of this: One of my employees wanted to become a technical specialist, which was a logical extension of his job.
He took 2 courses from Udemy and read a textbook using his money! Even better, he gets to focus on the part of his job that he liked the most. Win-win for everyone! Udemy courses are a cheap way to figure out if you enjoy a topic.
Plus you learn a lot on the way! If your job on the other hand is already awesome there are some great things to learn on the side that can take your life from great to uber-fantastic.
I owe where I am today to my real estate investments and would hands down recommend everyone gives it some thought. Houses are expensive though, and making a mistake is painful so I recommend learning about it before taking the plunge. Course Recommendation: Because of this I searched high and low for the best rental real estate course to recommend. Then negotiated an insane discount for my readers! Check out my review here! If you can make it work out so by all means, use this opportunity to launch your entrepreneurial life with a course.
Starting a company is HARD so spending a bit on a course can let you skip years of effort. Is it an investment? Not in the normal way of thinking about it, but once you have put the money into paying off your bad debt and have cash around, your credit is suddenly amazing. You can use that to get better credit cards which will earn you more money with higher rewards or cash back and you can get better loans from banks for your mortgage or student debt.
A Real Example: My wife has bad credit mainly because she has zero income. She had a card that averaged 0. Does it count as an investment? My wife tells me it does.
Even better, if you have student debt, you can refinance it to an amazing rate if you have great credit. AND companies will even give you huge wads of bonus cash to sign up with them! They almost make student loans… nice. The solution? Have an emergency fund or safely invested money. How much? I recommend 6-months of living expenses if you have a job and months of expenses if you have checked out of the working world like I have.
When everyone thinks of investing they think of investing in the stock market. Best of all, they are incredibly simple. Hell, I might be a finance expert, but my investments are so simple that they automatically allocate themselves.
How much income can this really make for you? According to the Department of Labour , no, but it would certainly cover much of your living expenses. If index funds are so simple what does matter? It matters that you take control of it yourself. Even worse, they might upsell you to an investment that gives them a secret profit share it happens. Automated robo-advisors will charge you 0.
So why are we not investing our whole million dollars in index funds? We could. Not all debt is bad debt. You get a huge loan with a pretty low-interest rate. I recommend it for certain people — those that have plenty of money and just want to de-risk life with an easy investment — but that represents the minority of people. I am a big fan of rentals. That would get you quite a few nice houses in nice neighborhoods. Or you could buy a few cheaper ones in cash. Quadplexes — the secret loophole.
Okay, so some of you know about my lightning rod dream of sailing the Caribbean with my family. So maybe this is a little self-indulgent. But on your way up to a near-job-free life, you could jump ship and start living like a normal person. You know… Spending your money on outrageously cool stuff. What would you do with a million dollars Mr FireEscape? If I wanted to burn the money I would buy a big boat so I could throw parties like they did on Wolf of Wall Street , and also ride around on weekends with my family.
One million dollars could buy you a pretty nice boat too. I did a little research and found that I could even get a new spiffy Trimaran.