For Fun: If you won $1M, what would you do with it?

posted 1 year ago in The Lounge
Post # 31
Member
211 posts
Helper bee

Assuming 1m post tax-

– put 800k towards the mortgage

– throw 100k into investments

– finally finish landscaping the backyard, get an interior designer for a few rooms of the house and “finish” furnishing it. 

Post # 34
Hostess
1473 posts
Bumble bee
  • Wedding: October 2017

pay off student loans, get passport and disappear to wherever for a bit lol

Post # 35
Member
303 posts
Helper bee

redmango :  thankfully I’m in Canada where my lotto winnings are tax free

 

I’d buy a larger condo. In my area I can get 900-1000sqft in a nice building for 800-1mil range. 

If I decided to have a small mortgage and keep a few hundred K I’d buy a Lamborghini. We have no other debts and both make great salaries so I’d do something fun. 

Post # 36
Member
1884 posts
Buzzing bee
  • Wedding: December 2017

Give half of it away to a selection of organisations.

Finish our building projects (house, 3 apartments and a restaurant).

Open restaurant with my husband.

Give some to his family.

If there’s anything left, buy more land to build on in the future. But keep enough in the bank ($82000) that when the day comes to move to my home country, we can meet the financial requirements for my husband’s visa.

Post # 37
Member
862 posts
Busy bee

♥ Pay off Fiance’s/Moms/Sisters/Aunts/Uncles student loans and my moms other debt.

♥ Either buy a house near the ocean or pay to get my grandmothers house completely renovated and cleaned. Open a animal rescue in my granmothers house. 

♥ Do something fun, like vacation or buying a bunch of new clothes. 

♥ Savings for the rest.

Post # 39
Member
836 posts
Busy bee

Y’all are the most responsible bunch of bees 🙂

I would upgrade my saltwater aquarium, first. Then figure out the rest. lol

Post # 40
Member
745 posts
Busy bee

Pay the necessary taxes and then bank it. I’m boring…

Post # 41
Member
1364 posts
Bumble bee

Sell house & move to our forever home in dream neighborhood, do any necessary renovations.  DH said he might buy a sports car.  I’d take a trip either solo or maybe treat a friend to come with in that case.  Save/invest the rest.  

Post # 42
Member
776 posts
Busy bee
  • Wedding: January 2017

I’d donate 10-20% to various organizations.

Pay off all out student loan debt.

Buy 4-5 pieces of art from my sister.

Take a family vacation.

And then save the rest to finish paying for our PhD programs and put a down payment on a house once we move and get jobs. And to help move D.H.’s parents close to us since they have significant health problems. 

Post # 43
Member
299 posts
Helper bee

azf0019 :  I wouldn’t have any debt. I would pay off our house, I gut and remodel the house, all nice furnishings and then buy a mid level luxury car (jag) and then the rest would collect interest and I would invest it so my money could make me more money. I would still work. 

Post # 44
Member
1667 posts
Bumble bee

Put it toward the downpayment on a house that isn’t about to fall down! 

But at my current rate, I’m basically gonna rent forever because I can’t outpace the housing market at my current salary at getting a down payment together. 

Post # 45
Member
985 posts
Busy bee
  • Wedding: June 2017

azf0019 :  

Pay off all credit card and student loan debt. Buy a car. Go on a couple of proper vacations. With the remaining 900k i would put 500k in investments,and the remaining 400k buy a house or a 4 season cottage about 3 hours north of Toronto, or a piece of land and build a 4 season cottage or a house there. Then look for work closer to there and finally move out of this expensive AF city, and live happily ever after. 

I *may* be nice enough and pay off my siblings student debt too, even though they dont deserve it right now.

Why do you ask? Did you win 1 M and dont know what to do with it?

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