If you're a lawyer, who was 31 years old and won one million dollars, what would you do?

Question

1. Would you continue working?
2. Would you buy expensive cars?
3. Would you travel around the world?
4. Would you buy a new house?
5. Would you drink, drugs and make big bets in casinos?
6. Would you continue your simple lifestyle and just save the money in the bank?
HELP ME??????

Answer 1

While a million dollars is great, it won't last very long if you stop working. I would pay off my current house, take a long trip (maybe a month) abroad, and invest the remainder of the money. Paying off the house would allow me to work a lot less or maybe even do contract work. Then I could devote more time to charity (and donate more with earnings off the investments). New cars are fun, but they hold no equity and are bad investments. I could continue my life as is, but that would mean earning a lot of money for the partners. I'd rather spend that time helping others.

Answer 2

1. Would you continue working?
Yes, but with a much more relaxed attitude for at least a year, while I was making plans on what to do.
2. Would you buy expensive cars?
No, because I am not a car person - I prefer boats, but would wait a bit before buying one
3. Would you travel around the world?
I do that anyway, but would do it in a different way though - perhaps on a boat.
4. Would you buy a new house?
No, as a matter of fact I would be thinking about selling the old one
5. Would you drink, drugs and make big bets in casinos?
Not any more than before (don't do drugs or casinos, but love my beer).
6. Would you continue your simple lifestyle and just save the money in the bank?
For a year or so, or until I got bored or P.O.'d at work, then I would switch and lead an even more simple lifestyle!

After I paid the tax and figured out how to invest the bulk of the rest, I would look for a good point in time to quit my job and do something I enjoy - working less hours for less money. For me this would be running a sport fishing / diving company in a tropical location - most likely the Philippines in my case. I would set up the business so that it would be great if customers came, but wouldn't really matter if they did (since I would have investment income). I would probably try to teach some local people about conserving marine ecosystems as well.

The biggest thing to worry about "quitting" your job is the boredom factor which could catch up after a few years. Once you get out of "industry" it is hard to get back in after the age of 35/40 or so.

As cool of an idea it is to relax around the sea and beach - it could get boring after a while regardless of money worries or not. Too many people that do this start drinking too much and lose touch with reality.

Even if you don't "drop out," it is good piece of mind to know that you can any time. Keep life simple and enjoy the added security!

Answer 3

1)I would continue working, might go part-time though.
2)I would buy a new car, probably not a really expensive one, but a nice new one.
3)I travel around the world already, so would continue with my trips.
4) Would pay off my house, perhaps buy a rental property.
5)I enjoy a few glasses of good wine, i wouldnt start drugs or making big bets.
6)My lifestyle wouldnt change a great deal, i would just be able to afford the nice things in life.

I dont think 1 million dollars is enough to quit your job and never work again.

Be sensible and i hope you continue to be a decent person, dont let money change you.

Answer 4

At the current rate of inflation, one million isn't enough to support much frivolous spending.

The answer that suggested conversion to gold is good and correct.

Between the Federal Reserve Bank's secret policies of "fractional reserve banking", a corrupt government, the looming energy crunch, and the interminable wars those influences create... the American dollar is anemic.

At best, your paltry Million will buy a mediocre retirement in a second tier economy where there is poor health care and an even more corrupt government.

You should definitely invest and keep working.

On a lighter note, because you are a lawyer and part of the problem, you should give away your money to someone with a soul and ethics! ;-)

Have a nice day!

Answer 5

If you have come into some Money then good for you. You are an attorney. Good for you there to! I-6 huh? I think I would keep my Job because, that will give you something to do and you can use that degree you worked so hard for. I wouldn't care about a big huge fancy car, I might go on a trip or two, I would buy a home,I would not do drugs and drink, I would have to continue my simple lifestyle. Give some to a good cause always! thanks and God Bless you!

Answer 6

1) Absolutely.
2) Maybe one expensive car for under $100k
3) No. But maybe I'd take a very nice vacation for under $20k
4) No.
5) No, because I wouldn't want to do anything to set myself up for a situation where I'd be disbarred.
6) Yes, I'd save at least half.

You can blow through a million dollars very quickly. However, if you're cautious and put your energy into your career for now instead of impressing everyone else with your money, you might find yourself making $1 million+ a year with as a partner in a big firm. It's all about perspective . . .

Answer 7

I would feel very grateful and thank the Lord for it. I would then take a case for someone who does not have money to hire a lawyer and do it pro bono just to give back what the Lord provided for me and do my very best to win the case. I would take a family law case for a woman in need to get her children back from the father who really only wants them as a tax write off anyway.
With the money, I would just make sure I had a decent home and car and save the rest for what ever problem may come in the future or if someone I know desperatly needs cash now.

Answer 8

Continue working and save the money in bank. Take care of your future and children. You may, of course, buy a new house if there is urgency. Use the interest to the money in altruistic purposes sometimes.

Answer 9

your a lawyer aint ya hated enough without being turned into some playboy wannabe(oly kiddin alf mi fam r lawyers) if you happy in your job recieving a good wage. then why not continue and just let the interest grow on tht mil. maybe buy a nice house or nice car dnt blow it all at once.

Answer 10

Personally, I'd spend my time doing pro bono work, on constitutional issues and civil rights violations.