I have a few million dollars, what to do with them?

Question

I can only eat and sleep right? I got this from my uncle, i did not know him much and i dont need the money to feel good. What to do with them? Invest for next generation or send it all to salvation army? I have a work and i will not quit.

Answer 1

Forget the salvation army. If you wish to do some good with just a little bit of the millions--will not even make a dent in the interest--visit this site.

http://www.kiva.org/app.php

Answer 2

Simplest answer: set up a charitable remainder account. With this type of account, the principal will go to a named charity upon your death. But until then, you receive any interest income generated tax-free. The type of investment vehicle you pick for the money doesn't have to be fancy - just put it in a money market account earning a return of 5%. If you've got at least $3 million, you can live off the interest ($150,000 per year) and never touch the principal. And you can still tell everyone you're already arranged to give it all away. Great set-up, no?

Answer 3

Think on how many children you want to have, and give them the general average of 2 children to think of.

College is expensive these days. I'd seriously set aside around 100,000 minimum for all children and fuiture grandchildren for college, as prices will continue to escalate. If they don't go to college, at least it's still there, right?

Anyway, put aside enough money to get your children comfortably through adolescence and college.

And if you don't want or need it, I say give the rest to charities that touch your heart. Breat Cancer, Diabetes, Save the Music, whatever floats your boat. I'd say invest some in the Darfur genocide that's going on too. I would, if I had a million dollars.

This is basically what I'd go with $1,000,000. So many people could use that money, including your own children, and if you don't need the money, I say give it to people who do.

Answer 4

Standard & Poors has a list of very stable stocks that pay good dividends. Currently, dividends are taxed at a lower rate. In most cases, the dividend can be paid directly to your brokerage account, so you don't have to mess with deposit slips.

As for what you do with the money, who says you have to keep it all? There are piles of great places doing wonderful work helping people, places, and things. Basketball player David Robinson spent a big part of his largess building and supporting a school for inner-city children in San Antonio. Someone I know pays for some scholarships at his favorite school. I know someone who paid for some animals for the local zoo. He was telling me about a friend that supported a place that cared for lost animals--it wasn't a dog pound, but a ranch that took in old circus animals and such that were conveniently loose or about to be killed. There are some organizations that buy land, one for archealogical site preservation and another simply because they were too beautiful of places to be turned into factories or housing develpments. Then there are always local stories, a kid got burned, a family got robbed, a house burned down and they had no insurance, or global stories starving refugees, AIDS or malaria or typhus or, the list goes on.

With the tax-advantaged stable income, you can put more money into good things to help folks who need help.

Answer 5

First of all if you really had millions you wouldn't be asking those of us that don't have it for advice because what do we know beside our dreams of what we would do.
Real millionaires I am sure have advisers to watch their money and invest it so they can live a good life. I am sure there are those that have won the lottery and not done this but most of them are probably broke because they let people like us that don't have a million lead them down the wrong path and before you know it the millions are gone.
Now as to my dream if I had a miilion..,.Family first, set aside a trust for the younger ones and to not be touched until the age of 28. There of course would be a trust for myself only allowing me a certain amount each month so I don't have to tendency to splurge carelessly. Each month for the rest of my life I would take $1000.00 and give 10 strangers $100.00 a month. Find one good charity and donate once a year. If you try to give to all charities it will break you so only look for one and check it out before you give. I will not have a fancy car or house because I still want people to like me for me.
That's my dream but I will never have a million so to tell you what you should do is unfair. Now truthfully what would you do if you had few million dollars?

Answer 6

I would certainly invest some of it in safe investments. Seek the advice of a good financial adviser. You may become unable to work at some point in your life and need that to live on.

I would also give some to your favorite charity. Salvation Army does great work. So do lots of others and there are plenty of worthy charities to chose from.

Answer 7

What you can do is to pay off your mortgage and any other debts that you have to start with.

Then select multiple charities that you want to support. Invest the money in separate accounts for each charity. Take the annual earnings and give them to each charity. This way you can give every year rather than just one time.

If I had that money I would love to start such charitable donations. That is a great way to spread the money around and make it last.

Take care,
Troy

Answer 8

This is one of the funny ones, no doubt.
Hardly anyone here realises that he does not have any money. Forget the millions. This was just for laughs and a few kicks.

People who have millions know how to handle it and make a few more. They dont come on Yahoo for advice.
If it makes you that miserable, just give it to charity. If you cant decide which, let me know :).

Answer 9

Start a Charitable Trust and the money will be invested in bonds and stocks or whatever you want and you can designate it to give a certain percentage per year to the charities you want and it can go on theoretical forever. You'll be giving even after your gone.

Answer 10

Go travelling around the world,buy a house, have kids. Then invest in more property and rent them out. Set for life