How would you spend $1M?

[mares4me]

I would invest it and make more money.

I feel a sense of joy and satisfaction by looking at money grow at the whim of market forces.

 

[Bigpaws_Bear]

I would park it in a bank account, let it accrue interest & live off the interest alone, never touching the principle.

 

[IAmAFunGuy]

I would park it in a bank account, let it accrue interest & live off the interest alone, never touching the principle.

I would do the same thing, whilst opening my own business

 

[Darkowl]

I would take half invest it wisely and the other half in the bank let it gain interest and an I've off that

 

[ascendtoaccept]

75% invest. 25% do whatever I want with it. Charity, party, sex toys, videogames etc.

 

[mares4me]

You could make a lot more if you invested it in the stock market, rather than leave it in a bank account.

If you put it in an index fund like $VOO, for instance, you could make a healthy profit each year. (Save for recessions, which come and go.) Don't forget that you also get dividends as well. You could reasonably turn that one million into many more millions over your lifetime.

Feel free to correct me if I'm wrong about any of this.

 

[knotinterested]

How would you spend $1M?
Spend is not to invest. When you spend money it is gone - you spend it and get something in return for your money.
Nobody has answered the question including the person that started this thread. Everyone's answers would be correct if the question was What would you do with $1M?
So I'll answer the question as to what I would do - I would probably buy a nicer airplane.

 

[ascendtoaccept]

^She's right.

But also wrong. Because wouldn't that airplane count as an asset?

 

[knotinterested]

^She's right.

But also wrong. Because wouldn't that airplane count as an asset?

Not Wrong. Asset or not the money was spent

 

[ascendtoaccept]

But you invest in assets. E.g. house. You spend money on the house but then can sell it later for a higher price

 

[knotinterested]

But you invest in assets. E.g. house. You spend money on the house but then can sell it later for a higher price

True and if you're fortunate then your assets will appreciate rather than depreciate. Either way if you are buying an asset you are spending money and not investing money. Invested money is money you can draw back rapidly if need be, like money with a leash on it. When you buy equipment, a house, or land they become assets but if you need the cash back in a day or two it's not possible because you have to sell it and that takes time. It's kind of a fine line but it's the way I was taught.

 

[Bigpaws_Bear]

I chose my method, because I am already a land owner, I made that big anchoring investment first. so the 1M. would be a windfall.

 

[ascendtoaccept]

Ah ok. So it is a question of how liquid your new "asset" is

In that case I would just do the same thing except spend 75% on a house instead of stocks/bonds. And then the other 25% spend as is

 

[knotinterested]

Ah ok. So it is a question of how liquid your new "asset" is

In that case I would just do the same thing except spend 75% on a house instead of stocks/bonds. And then the other 25% spend as is

Right but I just put a spin on it because of the word spend. Most people see 'Do With" and 'Spend' as the same thing.

 

[mares4me]

There's nothing I could really spend that money on.

 

[knotinterested]

That's a lot of

on haribo gummy bears

That's a lot of gummies

 

[knotinterested]

not enough to share with classmates ?

 

[Sodamnrandom]

Invest most of it after a small($5000) shopping spree

 

[Spuffl3s]

I'd pay off all of my tools and build a larger barn

 

[freespirit]

Since when are we picking gnat shit out of pepper with posts?

 

[BlondeBanditXoX]

A kennel + 5 huskies

 

[Bifunlady]

I would do the same thing, whilst opening my own business

At 2% interest a year would amount to $20,000. I would have a hard time living on that and I would think that most business start ups would require many more dollars .... just saying

 

[Bigpaws_Bear]

As a few Well to do Millionaire I know say, "the first Million is EASY, that Second Million, is a MUCH harder target than you might think.

 

[knotinterested]

I'm working on my 2nd million now - I gave up up the first million.............

 

[KittyInHeat]

I would spend some, invest some and share some.

 

[1KnottyGirl]

Humm it sure would be nice to have to figure that problem out. I'd pay off my bills, my car, my house, and try to invest the rest.

 

[420Fatty]

Half on a farm property, The other half is none of your concern.

 

[DarkWolfNL]

invest either a company or just a via bank, buy a house away from people and then a animal like a dog or horse

 

[Bigpaws_Bear]

invest either a company or just a via bank, buy a house away from people and then a animal like a dog or horse

Owning Property outright, and having animals to share it with, is WORTH "playing" with the rest of the money.

 

[CetaceanLover23]

I'd give half to the Sea Shepherd Conservation Society. And the other half to my friend who is in serious financial debt.