For me, I will immediately buy a house, pay for it in full. Then buy a car, pay for it in full. Then start a business, keep the money rolling.
2006-09-18 15:14:50 · 22 answers · asked by (coco) 3 in Business & Finance ➔ Personal Finance
ya ya, a vacation to maldives will be really nice. and cause i have got no debts at all, so I can pretty much use the money to get a house and car, and still will have lots to open a business and save the rest.
2006-09-18 15:30:00 · update #1
I'm not sure if i can stress this enough when one gets a million dollars the first thing you do, the first thing you do is invest it to get the interest to roll over as soon as possible you never, never, never, never spend the principle you spend the interest and once the interest gets rolling everything is everything.
2006-09-18 15:27:23 · answer #1 · answered by koolhand_kent 3 · 1⤊ 0⤋
I would get the essentials, invest most of it put the rest in a money market account and continue to work until I have a little bit more. Unfortunately a million dollars doesnt go as far as it used to. Being 21 if I were to live on 50,000 a year, I would run out of money in 20 years or less. Thats not even including taxes.
2006-09-18 22:23:42 · answer #2 · answered by mojo2093@sbcglobal.net 5 · 1⤊ 0⤋
Here's the most BORING answer.
first I'd pay the taxes on the money which is probably about $350,000.
Then I'd buy a condo in the area I live which is NYC. By the time I got done I'd probably have about $150,000 left.
I'd furnish the condo nicely for about $50,000
Now I have $100,000 left. That's a nice safety net if I lose my job so I'd invest conservatively. So what $1million buys here in NYC is a little better place to live.
2006-09-18 23:16:46 · answer #3 · answered by GAR 1 · 1⤊ 0⤋
I want to be a social entreprenuer. I will start my own bakery called the Daily Bread, where delinquent kids are given a second chance in life to pick up baking skills. I'll hire them to be my bakers, half the proceeds from the sale of the bakery helps to pay for operational costs and the other half of the proceeds go to needy families. Any unsold bread will be donated to the needy homes. Why use my million dollars to make myself happy when I could help so many others happy?
2006-09-19 07:15:04 · answer #4 · answered by citrusy 6 · 0⤊ 0⤋
pay my debts and get a part time job instead of a full time job. Works keeps your brain at a good function, and with part time work, I would have that option and still not worry so much about money to fix up the house and live well off.
2006-09-18 22:23:34 · answer #5 · answered by Cammi 3 · 1⤊ 0⤋
I would pay off my house and our vehicles and let my wife quit work and stay home with our 2 year old daughter. I would go on a couple of vacations and maybe buy a boat. Other than that I would probably invest some for my daughters college fund.
2006-09-18 22:46:45 · answer #6 · answered by Anonymous · 1⤊ 0⤋
I wouldn't just buy a house, I'd buy a million dollar apartment building. Keep the car that I'm drivin', let the rent checks flow in, then buy the car. there would be no reason to start a business because you would already be profiting 10k a month just in rent
2006-09-18 22:36:02 · answer #7 · answered by jsho 1 · 0⤊ 1⤋
Buy a nice big house for my family and a bigger vehicle. I would put money in saving for my kids and go on vacation with my family
2006-09-19 00:21:53 · answer #8 · answered by Anonymous · 1⤊ 0⤋
I would do the opposite.. I would start the business and invest it in property and build my passive income empire..
And then when I have enough passive income to sustain the monthly of a house and a car, I will get my dream house and dream car...
2006-09-19 02:25:09 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Take a long overdue vacation, pay all my bills so I could be debt free, and invest the rest of it.
2006-09-18 22:22:18 · answer #10 · answered by serendipity 2 5 · 1⤊ 0⤋