2007-05-21 03:35:00 · 12 answers · asked by Magic Mouse 6 in Business & Finance ➔ Personal Finance
If i just inherited $1 million, i would invest it in low-risk but sure-fire income biz, like a one-stop art/design shop with printing facilities and invest some in treasury bonds/time deposit. The rest i will share with the people i love.
The money I'll earn from time deposit/bonds will be saved for travel fund. I'd like to see the world someday with my man :)
2007-05-21 18:40:03 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The fact that you are asking what to spend it on is a bad sign.
Spending too much is already a problem for most Americans.
Save the money -- properly invested, you could get a very nice income stream and future capital appreciation.
Spend it and it is gone.
When I did estate work, I was always amazed at how heirs would get a few hundred thousand dollars from an estate and two years later they were more in debt than before the inheritance.
2007-05-21 04:12:27 · answer #2 · answered by BAL 5 · 0⤊ 0⤋
A million dollars is not what it use to be. After taxes, if you have to pay taxes then you'll have around $650,000. Ever heard about "save it for a rainy day." I would take this money and put it in a interest bearing account, such as a five year certificate of deposit. Then I would only spend the interest that I made on my Cd's. This way you never touch the principal, only the interest and you will be able to have this forever. If you go out and spend like a madman, soon it will be gone and five years from now, you will not have anything to show for it. Invest it and just use the interest that you earn of the principal. Good Luck.
2007-05-21 03:46:01 · answer #3 · answered by CRAIG C 5 · 0⤊ 0⤋
Fantasy answer: Amphibious Car and huge cabin in the Canadian wilderness.
Real-life answer (just in-case you actually did inherit some dough): Stick it in a low risk money market account and pocket the interest to supplement your income. Never touch the principal, just use the interest to alleviate the pressure that you get from worrying about making any ends meet. If you're not a nut-job that would blow it on a huge house and a sword collection for your 17 cats to rub against, you would take this blessing and use it to improve your life, not your inventory. Don't forget 10% to your church (not optional). Tithe it anonymously to show that show that you're heart is in the right place.
... or buy the Bat Mobile.
2007-05-21 04:01:10 · answer #4 · answered by waytoohumble 3 · 1⤊ 0⤋
The first thing I'd do is pay off all my bills to get out of debt. Then I'd give a huge amount to my mom (for medical expenses). Then I'd have to go buy my Escalade truck, a new house, and a whole lot of clothes! I'd book a few trips for the summer and winter. I'd send money to my family in Costa Rica. I'd give a large sum to the church. And then I'd invest.
After all of that, I think I'd celebrate by taking me friends out to a nice restaurant in a limo! ha
2007-05-21 03:44:42 · answer #5 · answered by Diamond Diva 5 · 0⤊ 0⤋
If I won a million dollars first I would pay off my mortgage and car. I would invest some and then try to help family members.
2007-05-21 03:44:18 · answer #6 · answered by London Catlover 4 · 0⤊ 0⤋
I'd pay off the house, cars, and bills. Then put the rest up in trust for my kids.
2007-05-21 03:43:26 · answer #7 · answered by psychoholiday1976 3 · 0⤊ 0⤋
Booze, Broads and Gambling. (After giving 10% to the Church, of course)
2007-05-21 03:44:22 · answer #8 · answered by marchhare57 7 · 1⤊ 0⤋
Invest part of it and buy a house.
2007-05-21 03:43:24 · answer #9 · answered by QT Like Mee 3 · 0⤊ 0⤋
I would find someone who knows how to invest money, and put most of it there.
2007-05-21 03:42:07 · answer #10 · answered by Blessed 4 · 0⤊ 0⤋