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Started By
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What would you do with $1,000,000?
Posted on 7/4/16 at 5:12 pm
Posted on 7/4/16 at 5:12 pm
Assume you own no assets and have no debt or liabilities. You are moving to a new city with a wife, a kid, and $1,000,000 cash in tow.
What do you do with it, and why?
ETA: Forgot to mention, you do have a job that pays well.
What do you do with it, and why?
ETA: Forgot to mention, you do have a job that pays well.
This post was edited on 7/5/16 at 1:40 am
21
Posted on 7/4/16 at 5:48 pm to PenguinNinja
Same thing I did with the first 7,000,000. Moved to a new city, got a new wife, new home, and a new girlfriend.
This post was edited on 7/4/16 at 5:50 pm
Posted on 7/4/16 at 5:52 pm to PenguinNinja
For me, I'd buy out my annoying neighbor, knock down the dividing backyard wall fence, and do a few flips.
Posted on 7/4/16 at 5:54 pm to poops_at_parties
Buy a modest house and 2 modest used cars outright. Max out retirement accounts. Put 6 months worth of expenses in a savings account. Invest the rest in a mix of index funds, dividend funds, bond funds.
ETA - put $50,000 in a fund for the kid.
And to continue the above, after I did all that, I'd work normally as if I didn't have the money.
ETA - put $50,000 in a fund for the kid.
And to continue the above, after I did all that, I'd work normally as if I didn't have the money.
This post was edited on 7/4/16 at 5:57 pm
Posted on 7/4/16 at 6:53 pm to PenguinNinja
What kind of wife are we talking about?
Posted on 7/4/16 at 7:32 pm to PenguinNinja
Two chicks at the same time, then, nothing at all.
Posted on 7/4/16 at 7:44 pm to PenguinNinja
Pay cash for a desirable property. Put whatever's left in an index fund.
Posted on 7/4/16 at 8:23 pm to PenguinNinja
1) Pay off all debts of any kind
2) $50,000 college fund for each kid
3) Throw away all random crappy disposable ziploc leftovers containers and buy a bunch of them that reasonably match
4) Get a new car, something under $40,000 with great reliabilty that I can keep for 10 years
5) Finish replacing all lights in house with LEDs with dimmers
... Then invest the rest in index funds.
2) $50,000 college fund for each kid
3) Throw away all random crappy disposable ziploc leftovers containers and buy a bunch of them that reasonably match
4) Get a new car, something under $40,000 with great reliabilty that I can keep for 10 years
5) Finish replacing all lights in house with LEDs with dimmers
... Then invest the rest in index funds.
Posted on 7/4/16 at 8:31 pm to white perch
quote:
Buy a modest house and 2 modest used cars outright. Max out retirement accounts. Put 6 months worth of expenses in a savings account. Invest the rest in a mix of index funds, dividend funds, bond funds.
ETA - put $50,000 in a fund for the kid.
And to continue the above, after I did all that, I'd work normally as if I didn't have the money.
This. It'd take a nice vacation too
Posted on 7/4/16 at 9:00 pm to PenguinNinja
"2 chicks at the same time"
Posted on 7/4/16 at 9:07 pm to PenguinNinja
Put $5500 in a Roth. Then buy several Lamborghinis. Give them to my kids and tell them to have fun. Develop a drug problem.
Posted on 7/4/16 at 9:32 pm to windshieldman
Have you priced Lamborghini's recently? A base Aventador is a hair under $400K. Won't have much money left for your drug problem if you're buying a few of them. 
Posted on 7/4/16 at 10:25 pm to NewIberiaHaircut
Didn't realize they cost that much. Thought they were like half that. 
Posted on 7/4/16 at 10:42 pm to PenguinNinja
quote:
PenguinNinja
quote:
Assume you own no assets and have no debt or liabilities. You are moving to a new city with a wife, a kid, and $1,000,000 cash in tow.
What do you do with it, and why?
80% - Invested in shite I can't touch till retirement
15% - Pay off my principal balance on my home and every bill we owe.
2.5% - Billy Badass vacation
2.5% - Hooks and Blow
Posted on 7/4/16 at 10:50 pm to PenguinNinja
Contribute to church if you believe in that. Pay Cash for modest house, cash for 2 used cars for wife and self. Fully fund ROTH IRA at $5,500/ea for wife and self each year. Fund 529 plan for child for college. If Louisiana $4,800/ea year for state tax deduction and state match. Put 6 months expenses in emergency fund. Purchase life insurance. Start own business if have good plan for one. If not Invest in index funds. Get jobs and work like I don't have investments because 1million really isn't as much as you think it is. Max 401k contribution at new job.
Posted on 7/5/16 at 1:38 am to white perch
So you guys would pay cash for a house rather than take out a mortgage at low interest rates and invest the rest at a higher yield than the mortgage rate?
Posted on 7/5/16 at 5:40 am to PenguinNinja
I'd invest in a diversified portfolio that returns 3-5%, which would make me another mil in 20-25 years.
Then I would retire early with double the amount I had. Set up college funds for any kids I might have along the way, cash in on my real estate equity, and travel the world with my wife while our health allows.
Then I would retire early with double the amount I had. Set up college funds for any kids I might have along the way, cash in on my real estate equity, and travel the world with my wife while our health allows.
Posted on 7/5/16 at 6:33 am to PenguinNinja
quote:
for a house rather than take out a mortgage at low interest rates and invest the rest at a higher yield than the mortgage rate?
I was thinking the same thing, with interest rates so low I wouldn't pay off a house, or even a car.
At 34 I'd max out the Roth every year, take a ridiculous vacation, use up to about $5k to buy something I've always wanted (oled tv perhaps ). I'd set about $50-75k aside and keep as cash for emergency fund. The rest would be invested conservatively in index funds and blue chips.
Posted on 7/5/16 at 8:56 am to 632627
he said decent job, so no roth contributions
Posted on 7/5/16 at 9:15 am to PenguinNinja
quote:
you do have a job that pays well.
Does that mean $75k/year or $200k?
Have taxes been paid on the $1MM?
I'd put $80-100k per kid in an educational trust, conservatively invest $500k for retirement, and use the rest to live moderately better than I do.
This post was edited on 7/5/16 at 9:19 am
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