Would this change your life in any way? Would you quit your job?How would you live, where would you go, what would you do?
2007-02-02 14:19:14 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I'd get myself through Dave Ramsey's Total Money Makeover...
- Pay off my debts.
- Have a 3-6 month emergency fund set aside
- Saving for retirement
- Saving for my step-daughter's college,
- Decide if i want to buy a house or not..
- Invest whatever is left
It wouldn't allow me to quit working, but I'd hope to be able to move from New England back to the South, and find something to do down there.
2007-02-03 14:02:10 · answer #1 · answered by Jen G 5 · 0⤊ 0⤋
Yes, I would quit my job. I may move to an area where there are fewer jobs but real estate is more affordable and buy as much real estate as I can for my $500,000. Or, if I were young, I might go off on an adventure -- sail around the Caribbean or something like that.
What you do really depends on your age and if you have children and what you want out of life but life is too short to be working at a job you don't like. On the other hand, if you like your job, consider yourself lucky and keep at it.
2007-02-03 02:13:47 · answer #2 · answered by bmi=22 4 · 0⤊ 0⤋
First thing I would do is take it OUT of the bank account and invest it. Most savings accounts only return about 1-2% interest, whereas the stock market historically averages 10%.
I wouldn't quit my job. $500K isn't really that much and since 10% return would only be $50k per year, that's not enough for me to live off of (and really enjoy life) I might use some for fun, but not more than $10K.
At 10% per year, it would take less than 10 years to have $1million. Then I might consider quitting my job and living off the returns.
2007-02-03 09:22:48 · answer #3 · answered by homeschoolmom 5 · 0⤊ 0⤋
I would definately not quit my job as I love my job. I would build a swimming pool for the swim team so they could keep practicing. I would still live in my little mobile home and keep on enjoying life.
2007-02-02 22:25:02 · answer #4 · answered by badwarden 5 · 0⤊ 0⤋
IF i had $500.000 in my bank i would ask the land lord to buy his house that I'm currently renting then i will pay off my husband and my dept then buy our self a nice car. put money away for my son for him to go to collage and last if i still have money left over i want to give it to my favorite chirsty children hospital.
2007-02-03 16:41:17 · answer #5 · answered by browneyes 3 · 0⤊ 0⤋