if you had 1million dollars what would you spend it on?
I would save it for collage and retirement, and give some to charity.
2007-02-10 10:48:21 · 5 answers · asked by best answer 3 in Business & Finance ➔ Personal Finance
I would first pay off my debts. Once that's done I will set aside 3-6 months of expenses for an emergency fund (you never know when the money will go away). From there i'm setting aside some in retirement accounts, then send my step daughter to college.
From there we buy the homes our dreams in West Virginia and Athens, GA.
Then we're all well taken care of so we can invest, spend, and give from there. :)
2007-02-10 11:02:14 · answer #1 · answered by Jen G 5 · 1⤊ 0⤋
Obviously you are young, because you haven't gone to college yet. So I like part of your plan...GO TO COLLEGE!!! because education is everything, and with it you can shape your life with the many options you have available..
But to do this you need to invest your $1,000,000 (All of It)
Get a good financial advisor to help you with this, use investment income (not the Capital) to fund your education. Keep your million safe and growing. Yes and save it for your retirement, because when you retire, things will be a lot more expensive than now, and you will probably live 30 years in retirement, YOU WILL NEED THE MONEY.
With your good job, from your good education you can accomplish anything you want, a house, a car , trips. But don't borrow money from the banks.NOW THIS IS IMPORTANT< LISTEN CAREFULLY.....Borrow money for your house from your investment fund, but have a Scheduled way that you will make good sized payments to pay YOUR fund back the money you borrow PLUS INTEREST. Buy a modest house, pay it off, buy a better one, pay it off...In Steps see. Same with a car, Borrow from fund for a modest car, Pay back the fund quickly and pay it interest. Trips...Save up and buy them from your work income.
As I said, you need more than a million in your life, and you'll only get the million once. Guard it, and increase it and add more to it.
Don't go overboard on the charities.
2007-02-10 19:30:18 · answer #2 · answered by bob shark 7 · 2⤊ 0⤋
collage??? You'd need a million to go to COLLEGE, it would take that and more for you to get a degree! forget college, and buy the motel you're doing maid work in!
2007-02-10 19:10:01 · answer #3 · answered by JustShutUp 2 · 0⤊ 2⤋
Put it in the bank
2007-02-10 19:01:03 · answer #4 · answered by kenneth h 6 · 0⤊ 0⤋
cars gilrs and dro
2007-02-10 18:55:32 · answer #5 · answered by raynbrittney 1 · 0⤊ 0⤋