OT - Getting to know you QOTW - 4/1

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Alissa_Sal's picture
Joined: 06/29/06
Posts: 6427
OT - Getting to know you QOTW - 4/1

If you won a million dollars, what would you do with it?

KimPossible's picture
Joined: 05/24/06
Posts: 3320

"Alissa_Sal" wrote:

If you won a million dollars, what would you do with it?

Ha, so funny we were talking about winning the lottery last night and how it ruins so many people's lives. I'm not sure what i would do with a single million. Its not enough to retire on...invest it or have someone invest it for me? Or if i had any type of credit card or other high interest debt, pay it off first of course.

Joined: 08/05/06
Posts: 441

Buy a house and pay off my student loans. I know, not very charitable, but I have a strong, largely irrational desire to buy a house.

Joined: 12/10/05
Posts: 1681

Tithe, build a house, take my family on a trip, buy a bedroom set (I have always wanted a nice bedroom set).

Alissa_Sal's picture
Joined: 06/29/06
Posts: 6427

I guess I would invest it too, put it towards our retirement someday. I wish I had a more exciting answer like travel around the world in a hot air balloon or something, but in truth I'm way more practical than that.

When I asked the question, I had to decide if I should put the number higher because a million dollars actually doesn't go all that far, it's not like you could live off it for the rest of your life. But I actually thought that would make the answers more interesting, because if you only have a million dollars you actually have to think about how you would spend it (like, if you had 70 million, who cares how you would spend it - you could just spend and spend and spend.)

GloriaInTX's picture
Joined: 07/29/08
Posts: 4138

I think I would invest it in some kind of business where DH and I could work for ourselves instead of someone else. I would donate some of it and maybe take a trip to Hawaii or something.

MommyJannah's picture
Joined: 08/25/08
Posts: 109

I'm with Kate. I'd buy a bigger house, paid off, so that I didn't have a mortgage every month. I'd probably invest some of it, pay off my moms house, and buy my best friend a car. It used to seem like a million dollars was *SO* much money, but it's not.

ClairesMommy's picture
Joined: 08/15/06
Posts: 2299

Pay off our debts, upgrade the house, put $ away for the kids, and take a nice long vacay.

I was watching that annoying TLC show "How the Lottery Changed My Life" or whatever it's called and it never ceased to shock me how much your state/fed govt's take from your winnings in the U.S.!!!! OMG, it's insane. Here, lottery winnings are tax-free, albeit the jackpots are smaller. Still, $50M of tax-free moola is nothing to sneer at.:D

Alissa_Sal's picture
Joined: 06/29/06
Posts: 6427

Not having a mortgage would be awesome. Starting my own business would also be cool. I've always said that if money wasn't a huge consideration, my dream would be to open my own bookstore. I've got all of these ideas that I would do (like have a treasure chest that kids could pick prizes out of for turning in book reports). Good idea Gloria! (I say as if I actually have a million dollars burning a hole in my pocket.)

Alissa_Sal's picture
Joined: 06/29/06
Posts: 6427

"Claire'sMommy" wrote:

Pay off our debts, upgrade the house, put $ away for the kids, and take a nice long vacay.

I was watching that annoying TLC show "How the Lottery Changed My Life" or whatever it's called and it never ceased to shock me how much your state/fed govt's take from your winnings in the U.S.!!!! OMG, it's insane. Here, lottery winnings are tax-free, albeit the jackpots are smaller. Still, $50M of tax-free moola is nothing to sneer at.:D

Oh yeah, I didn't even think about tax! Eeeeeek. Let's make it a mil AFTER tax.

Joined: 05/31/06
Posts: 4780

Probably just invest it and keep on paying our mortgage. With mortgage rates so low recently, I could earn more in the market than I am paying in interest on our mortgage, and I can write off my mortgage interest.

ange84's picture
Joined: 12/28/09
Posts: 6564

Pay off my house, take a holiday and invest the rest.

mommytoMR.FACE's picture
Joined: 04/10/09
Posts: 781

The first thing I would do is claim my money anonymously. Then I would talk to some financial person, pay off debt, get a new car, buy a logical sized house, give some money to charity, and some money to family and a friend. Put the rest in savings (college, etc) and just let it grow. I wouldn't quit my job.

Joined: 01/28/03
Posts: 105

I'd quit my job and be a SAHM like I have always wanted to Smile

momW's picture
Joined: 09/29/09
Posts: 5634

Okay, it's hilarious that you should ask this. I played the Little Lotto last week for the first time EVER, I have no idea why. DH asked me why I played the Little Lotto instead of the Mega Millions that is up to like a hundred million or something ridiculous. My thought is that I have a better chance at winning the Little Lotto while everyone else is playing the Mega Millions and if I'm not greedy fate might be kinder to me. Yes, it is completely ridiculous answer, but it's mine.

I'm going to pay off my mortgage, which really isn't much anyway, pay off my moms mortgage, buy a new stove and microwave and invest the rest. I might put a little away for our vacation next year too. Pretty boring stuff.

"Dear Lord, please give me the opportunity to show you that I can be a millionaire and still be a good person."

In all honesty, I'd be one of those people on that show about how the lottery ruined their lives. I don't want to win a hundred million dollars because I wouldn't be responsible with it. It always seems like people on there end up winning really big and end up divorced, so, no thanks, all the money in the world isn't worth the risk of losing my DH. That is my twisted reason for not playing the big lotteries. Stupid, I know, but there you have it Smile

Joined: 06/04/07
Posts: 1368

"Hollydoll" wrote:

I'd quit my job and be a SAHM like I have always wanted to Smile

This as well as pay off our debt and when all the kids are in school full time, possibly be self employed doing something I love.

Joined: 03/14/09
Posts: 624

I'd pay off my house, put some away for the kids for school in whichever country they want, buy my parents around-the-world airplane tickets, and give the rest to Second Harvest Japan for the wonderful work they are doing to help survivors of the earthquake and tsunami.

Joined: 03/08/03
Posts: 3255

Pay my $%@$ing taxes.

grrrrrrrrrrrrrrrrr

Joined: 01/18/06
Posts: 1626

Pay off the house, take a great vacation with all my siblings and their families. Invest the rest.

momW's picture
Joined: 09/29/09
Posts: 5634

"freddieflounder101" wrote:

Pay my $%@$ing taxes.

grrrrrrrrrrrrrrrrr

You sound bitter Smile

Joined: 11/28/06
Posts: 848

First thing we'd do is pay off our house and cars so we could be debt free! Then I'd go on a nice long cruise (we've never been on one!) to celebrate our winnings. We'd probably go on a mini shopping spree because I'm spontaneous like that, and whatever was left we'd invest in Publix stock and my hubby's 401k.

MsLulu's picture
Joined: 11/19/06
Posts: 23

1. Pay off student loans (over 100k)
2. Pay off all over debt (around 2k)
3. Get better cars for the family. (20k)
4. Buy a home (300-500k)

That would probably be it considering how much is taken out in taxes. Smile

But, I'd keep my job and live debt-free (minus utilities, insurance, taxes etc).

Rivergallery's picture
Joined: 05/23/03
Posts: 1301

Talk to a financial advisor, and invest it!
Pay off home.
Give $2500 to a dear friend so they could have more children.
Give $ to another friend to have a much needed surgery.
Help another friend with housing so she can afford to stay near the hospital during her cancer/chemo treatments.
Etc.
Invest it is such a way that the earnings can supplement our income at least.

Joined: 10/22/06
Posts: 1033

Sell our house (sales prices have fallen huge amounts here, so almost everyone is upside down on their mortgage...we aren't but by the time you pay realtor commissions it would be a nightmare), move to a "forever house/city," invest and put money away for my kids' education, take some nice vacations...keep on with pretty much everything else the same.

Joined: 03/08/03
Posts: 3255

"momW" wrote:

You sound bitter Smile

I am. I pay tons of taxes all year long and still get slammed with a bill that I actually can't afford. Basically we are in the 5% of the population below the rich and above the poor that doesn't have loopholes but has to pay for everyone else. It is punitive.

But really if I had all that money, I would pay off the mortgage, fix up the house, and go on a fabulous vacation. I would also skip the getting investors stage of my new business and just invest in it myself.

SoxyToo's picture
Joined: 03/19/10
Posts: 44

"freddieflounder101" wrote:

I am. I pay tons of taxes all year long and still get slammed with a bill that I actually can't afford. Basically we are in the 5% of the population below the rich and above the poor that doesn't have loopholes but has to pay for everyone else. It is punitive. But really if I had all that money, I would pay off the mortgage, fix up the house, and go on a fabulous vacation. I would also skip the getting investors stage of my new business and just invest in it myself.

Those are the people in this country who get screwed the most!!

If I won a would take my net lump sum and then divide it equally with half to me and my family and then the rest divided equally to my loved ones - we have a huge family and we all take care of each other!! I believe in paying it forward to get back good karma so I would give a chunk to a charity then we would use the rest as savings and hopefully pay for college for two kids!!

wlillie's picture
Joined: 09/17/07
Posts: 1796

Pay off house -71,000, quit my job (it'd have to be more than a million to get me out of my contract, but maybe they'll be over=manned in my career field). Boob jobs for all my friends that still want them and a cruise to recuperate with them (50,000). Fix my mom's house up and put money into a friend to start a remodeling business (50,000) (the girl has a way with paint and can lay tile!). Put 50,000 in Jason's college fund and invest another 50,000. Buy hubby a truck (20,000) and give the rest away.

Joined: 07/24/10
Posts: 208

Seeing as how I live in the land of the insanely priced homes (California), after the government took its share, I might be able to pay off my house. I wouldn't do that though. I'd buy some rental properties and get that ball rolling. Because of the whole foreclosure crisis issue, many more people are renting these days and I see landlords asking insane prices for their places...and getting it! It baffles me!

mwilliamson006's picture
Joined: 09/10/08
Posts: 928

I would pay off our debts first, buy a reasonably sized home, put a college fund aside for both of our kids, invest in a chickfila and then put the rest into savings. I would not go crazy buying things. That's how most people blow all of their money quickly.

carg0612's picture
Joined: 09/23/09
Posts: 1554

I'd pay off the house and get a new van Smile

I'd invest most of the rest of it but I'd get each of the kids some electronic thing they really want and let my DH get that surround sound he wants. I would get a tummy tuck.

I'd also get my mom a great therapist and home organizer and pay off her house too.

RebeccaA'07's picture
Joined: 11/19/07
Posts: 1628

I'd pay off debts (house & cars), buy my parents a new house, and then put the rest in a financial account that we can't touch unless there is an emergency. I would still work, but I'd be able to take a job that I love instead of a job that I do only for money.

ClairesMommy's picture
Joined: 08/15/06
Posts: 2299

"RebeccaA'07" wrote:

I'd pay off debts (house & cars), buy my parents a new house, and then put the rest in a financial account that we can't touch unless there is an emergency. I would still work, but I'd be able to take a job that I love instead of a job that I do only for money.

How come? What kind of 'financial account'? What would classify as an emergency?

Spacers's picture
Joined: 12/29/03
Posts: 4104

I'd put a good part of it toward buying a single-family home in our neighborhood. I don't want to share a yard anymore, and I don't want to hear my neighbors walking around, and I want a garage. We'd still have a mortgage but it would be less than our rent & we could have it paid off before the kids are out of school & I don't want to tie it *all* up in a house.

I'd pay off my student loans, set aside some money for the kids' college & weddings, and set aside some for a family "dream vacation" in a couple of years when Weston can enjoy it. Buy a better car & some nicer furniture for the new house. And then invest the last $250K-300K. And I'd put the extra money in my paycheck from having a lower rent/mortgage into my pension plan.

Oh, and I'd probably splurge on a really nice pair of shoes. Not anything fancy, just something nice in a size 11 that doesn't come from Target or Payless. ROFL

culturedmom's picture
Joined: 09/30/06
Posts: 1131

Pay off debts. Give to my family and friends. Set up some type of charity. Save forthe future. Then buy a house with a barn and horses Smile

momW's picture
Joined: 09/29/09
Posts: 5634

"culturedmom" wrote:

Then buy a house with a barn and horses Smile

I have one that might be on the market soon Wink I'll even throw in a couple quarter horses to get ya going!

Minx_Kristi's picture
Joined: 01/02/09
Posts: 1261

The first thing I would do is pay off any debts I have. Then I would go buy a BMW x5 or a Range Rover. Then I would help my family out with debt if they had any and maybe pay for a big family holiday. Then I would stick it in the bank (if there was any left LOL) and let it earn a bit of interest before buying myself a house Smile

xx

RebeccaA'07's picture
Joined: 11/19/07
Posts: 1628

"Claire'sMommy" wrote:

How come? What kind of 'financial account'? What would classify as an emergency?

Well becauase we don't need the money now, why spend it? We would put it aside in case something happened to one of our jobs or our children that would justify needing a larger amount of money. It would be nice to know that in case something severe did happen, that we had money saved behind that we could use. If I kept it in my banking account, I would spend it because it's there.

KimPossible's picture
Joined: 05/24/06
Posts: 3320

Man, some of you really seem to know how to stretch a million dollars!

culturedmom's picture
Joined: 09/30/06
Posts: 1131

"momW" wrote:

I have one that might be on the market soon Wink I'll even throw in a couple quarter horses to get ya going!

I'm a Saddlebred gal, but I'd take a couple of apple butt QH's. Smile

Joined: 08/05/06
Posts: 441

"KimPossible" wrote:

Man, some of you really seem to know how to stretch a million dollars!

That's what I've been thinking! Maybe houses are more expensive where I am but between house and student loans that money would be pretty much gone. A million dollars is certainly nothing I could leave my job over.

ClairesMommy's picture
Joined: 08/15/06
Posts: 2299

"KimPossible" wrote:

Man, some of you really seem to know how to stretch a million dollars!

No kidding. I could quit my job if we won, say $4M+, but 'just' $1M wouldn't stretch far enough.

Rebecca, I understand if you're in that position. Me? Oh, well we TOTALLY need the money right now. Our mortgage balance alone is $320K. I wouldn't have to worry about just spending here and there and whittling away the bank account. That million bucks would be pretty much spoken for in a big hurry.

Alissa_Sal's picture
Joined: 06/29/06
Posts: 6427

I think I could quit my job (at least for a while) if we won a million dollars, as long as we didn't go nuts and maintained the same quality of life that we have now. With a million dollars I could pay off my mortgage and have plenty left over. We already own our cars outright, and we have very little debt, so DH's paycheck would only have to go to pay for utilities and food. The thing that I would worry about is saving enough money for a super comfy retirement, so if I did decide to quit my job, it would probably only be until all of my kids were in school. But yeah, in the short term, I think I could quit my job on a mil. I prob wouldn't though. Being at home every day would make me stir crazy.

Gina's picture
Joined: 08/04/09
Posts: 29

"Alissa_Sal" wrote:

If you won a million dollars, what would you do with it?

1. pay off house/all bills (not that much)
2. build dream house on land paid in full
3. set up retirement
4. set up kid's
5. donate to our church

fuchsiasky's picture
Joined: 11/16/07
Posts: 955

We would pay off our debts and then buy a house on a nice piece of land. (If we won several million we would buy a piece of land with several houses where we could have family and friends live there.) We would also build a nice garden so that we could grow some of our own food. I would probably put away/invest the rest for school or emergencies or retirement. Or if someone that I knew needed some help. I would keep working as I do love my job. But it would be great to have a buffer in times of need.

Joined: 11/28/06
Posts: 848

"CalBearInBoston" wrote:

That's what I've been thinking! Maybe houses are more expensive where I am but between house and student loans that money would be pretty much gone. A million dollars is certainly nothing I could leave my job over.

Houses here are relatively inexpensive compared to other parts of the country (well, according to House Hunters anyway, lol). You can get a nice home for $200k all day long here in Central FL.

momW's picture
Joined: 09/29/09
Posts: 5634

"culturedmom" wrote:

I'm a Saddlebred gal, but I'd take a couple of apple butt QH's. Smile

ooo, a Saddlebred girl. My gelding would jar your insides loose then Smile

RebeccaA'07's picture
Joined: 11/19/07
Posts: 1628

"CalBearInBoston" wrote:

That's what I've been thinking! Maybe houses are more expensive where I am but between house and student loans that money would be pretty much gone. A million dollars is certainly nothing I could leave my job over.

We have cheap houses here in AR compared to others!

wlillie's picture
Joined: 09/17/07
Posts: 1796

Cheap here too.