Let's say you stumble into a large sum of cash, totaling $1 million. Taxes don't need to be paid, so you get the full amount.
What's your plan?
I would give $370,000 of it to the federal government b/c it's the right thing to do.
*checking to see if Justin banned me*
posted by kizer permanenteI would give $370,000 of it to the federal government b/c it's the right thing to do.
*checking to see if Justin banned me*
In real life, I hate working so i'd put it towards early retirement vehicles. But I'd be lying if I said I wouldn't spend some if it frivolously. But yeah.. mostly safe investments that can get more closer to retiring earlier.
Give it to my financial adviser and change my risk level to less risky. Like Kizer, I am not a fan of working and would like to retire as soon as possible. The only thing I would want to spend money on, that I can't or don't want to currently, is to move closer to work.
I'm putting $80k into bitcoin immediately (at ~$8k per BTC, giving me 10 total) and sitting on it for 10+ years.
I'd also find the best 10+ acre property with a decent house in the hills of Kentucky and buy it outright. Let's call it $350k.
I'd search out a few investment properties in the area and put 20% down on each. I'd put $250k into this venture. That should give me 5-10 decent income generating properties.
I'd spend $50k frivolously.
That leaves me with a decent chunk left ($270k) to seek out other investments.
Pay off debt, invest most of it into product launches (either my own or as a sort of angel investor), and have fun with maybe $50K of it. I live really cheaply, so after debt, it REALLY wouldn't take much to live. Our family of three could probably live on less than $1,000 a month after outstanding debts are paid, so it'd be pretty easy to do.
Two chicks at the same time.
20% into $1M land & house. Invest the remaining $800k which investment gains hopefully cover the payments, including interest and taxes.
That seems like the most practical way to use the money. Just leveraging a real estate investment with the security of having the money in more risky investments to pay it off.
It's probably something less than $1M so that you have money left over for things in and around the house.
posted by queencitybuckeyeTwo chicks at the same time.
$1M doesnt go too far, unfortunately. Probably buy a bigger house outright. Which, in Chicago suburbs with a family of (currently 3, but going to be 4-5) is around $750k. Then invest $200k. Then head to Vegas with $50k. If I did very well with that $50k, invest half of the winnings.
posted by queencitybuckeyeTwo chicks at the same time.
Bingo.
Owe $60,000 on our house...so pay that off.
My 15 year old Accord has 260,000 miles....so $30,000 on a new car. My son’s truck is pretty old, would upgrade his.....so $50,000 in vehicles.
Redo kitchen $15,000
Buy 4 Reds season tickets and rent a house across the river in Kentucky
Thst would leave me around $850,000
Daughter has racked up a nice number on loans for her pharmacy school....pay that off after she’s done next year
Would add a vacation or two every year forever.
Invest $300,000-$400,000
Invest a little for each of my kids, invest at least $600,000 for my early retirement, blow about $25,000 on toys, pay off all debt with the rest.
Work for 9 more years not giving any fucks because I could just walk out.
No mortgage, 1 car payment, retired SS both me and the wife, still working because I want to upper 5 figure , military DAV 90% could be 100% in the next few weeks, nice saving, 401, 1 mill just more frosting
Pretty boring actually for me.
Pay off student loan debt, not much left just a few K.
Buy a middle sized house with some of it.
Make a few donations here and there to charities I have donated to over the years.
Invest the rest.