What would you do if you won 1 million dollars?

Question

So, what would you do?

Answer 1

If I won $mil, I would first buy my parents a nice condo in NYC, then pay off my debts, give some to charity and buy a new car, sell my house, and rebuild a home to my liking - a small home.

Answer 2

First -- talk to my friends the accountants and look at the best way to manage it from a tax perspective. (I don't want to be like that idiot who won a million bucks on Survivor and then got thrown in jail for not paying taxes on it...)

Next, I'd look at how much I had left and decide how much of it to invest for retirement. The sad truth is that after taxes, and given the size and activities of my family (one kid in college, two more coming up), a million wouldn't be enough to quit work and be a Gentleman of Leisure -- not even before taxes. But I'd put at least 50% of it (after taxes) into the best tax-advantaged account (according to my accountant friends) I could find, and leave it there for as long as possible.

With the rest, I'd pay off my house. Which probably wouldn't leave me QUITE enough to do what I really wanted to do... which is to buy what's in the Sources field.

And that's too bad, because if I didn't have a mortgage payment, I could probably just about afford to maintain and insure it. Barely... :-)

So maybe I oughta buy the car first and THEN save what's left. Yeah, that's the ticket.

Answer 3

I'd pay off my house and all my bills, give some money to the church, buy a beach house that I could share with family/friends, create an endowment for my favorite charity, get a new truck so I can retire the 200,000-mile one I'm driving, and by a really cool RV so I could do some traveling. That would pretty much do it, so I'd probably have to keep working...maybe start my own business.

Answer 4

Splurge a bit on something mildly extravagant. The invest the rest. Use the income from the investment for two things:
Re-invest some so that I can keep pace with inflation
Use the rest to pay down debt as quickly as possible.

After achieving that, I could happily go to part-time hours in a stress-free job and enjoy more time with my lovely wife and adorable dog. i wouldn't stop work completely, but it would be nice not to have to live paycheck to paycheck.

Answer 5

I would pledge 10% to my church and then pay off my bills, buy a small modest house and build a home for elderly and handicap that need special care. I love taking care of them, I private sit with the elderly and handicap and they deserve all the TLC they can get. They are truly God's special ones. If I have any left over, I would help my family too.

Answer 6

First I would help my Dad and Sister pay off their bills.
Then I would pay off all my bills.
Then I would see how much is left, and start working on what needs fixing on me: my teeth, some lypo, my right eye needs work so I can see better. I also have some charities that I would like to donate to. Then a trip to visit a male friend in another country.

Answer 7

Pay a 10% to God - tithe
Give a 10% to charity
Save and invest 50%
Give 10% to parents
Spend 10% immediately
Spread 10% over a year's expenditure

Answer 8

Pay off the mortgage and give some money to my kids.
Buy a new car.
Throw a big party at a very nice restaurant for my friends and family.

It's fun to think about!!

Answer 9

Give some to my family. Give some to charity. Buy or build a house. Buy my husband a boat and a new truck. Buy myself a truck.

Answer 10

buy a small farm where i could keep animals that need rehoming. it would also have people that train dogs for the blind and deff. that would be so rewarding all year round instead of spending it all in one go. ummmmm im dreaming