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08/01/2006 02:20:07 PM · #1
Ok, so Dave asked me that age-old question yesterday, "If you received $1M today (I suppose we're assuming this is left over from taxes, lol), what would you spend it on?"

I came up with an itemized list, hahaha... not like I dream about this all the time or anything

Ok, so

$575,000 - first off, would be invested
$200,000 - for a really posh sailboat
$100,000 - for a plot of land somewhere
$ 24,000 - to pay off student loans and credit cards (yikes! I added it up and it was $0 2 years ago, and only $5K in Aug 05)
$ 20,000 - for my mom, awe, ain't I sweet?
$ 20,000 - for a car or two
$ 10,000 - should be plenty to get my camera gear wishlist
$ 1,000 - for new clothes, accessories & other stuff
---------
$950,000 - which leaves me with $50K left over to play with

I'd then spend my days chartering my sailboat and living from that money, maybe open a few businesses, travel a lot, and be rich enough by the time that invested money had really built itself up in compounded interest.
08/01/2006 02:23:08 PM · #2
I'd create an endowment fund (i.e., "invest" it all) -- at even a modest 5% return, I can get by comfortably on $50k/year.
08/01/2006 02:25:41 PM · #3
Not gonna get much land in California for $100,000 or a car for $20,000

Message edited by author 2006-08-01 14:27:42.
08/01/2006 02:27:24 PM · #4
Originally posted by NstiG8tr:

Not gonna get much land in California for $100,000.


or car(s) for $20K for that matter
08/01/2006 02:28:30 PM · #5
Originally posted by Palmetto_Pixels:

Originally posted by NstiG8tr:

Not gonna get much land in California for $100,000.


or car(s) for $20K for that matter


You could get a nice Cavalier. LOL
08/01/2006 02:28:30 PM · #6
a million dollars would buy a lot of twinkies! :-D
08/01/2006 02:29:51 PM · #7
Well let's see...

$500,000 - Invested right away.
$300,000 - A house somewhere.
$100,000 - A BMW M6 :)
$80,000 - Tuition for college and student loans (might not end up being that much, but better safe than sorry.)
$5,000 - Camera stuff
$15,000 - Do whatever with it...probably end up going into gas for the M6. :)
08/01/2006 02:32:17 PM · #8
and the 500,000 invested so you take the interest only but the principle grows with inflation means you are only taking about about 3.4 to 4%

so ... (does some math) ... income is 17,500.00 per year
Now that assumes you don't touch your principal, so let say you want your principal to last 100 year, that is an extra 5,000 each year for a total of 23,500.00 (and since you are subtracting principal the 17,500 becomes 0 by the end) Still most jobs pay more then that, if you want to live on the money. Taxes for that house, and payments for insurance and a boat launch etc... all take their toll.

A million dollars just isn't what it used to be...

If I had a millions...hmm....
Take some trips 50,000 - includes wardrobe and camera gear
Pay of morgage 50,000
Possibly pay of the morage of rental properties since keeps the funds more diversified (another 100,000)
Buy bonds (low interest but strong for the preservation of capital)
Buy dividend paying stocks (blue chip if price versus earnings are reasonable, divident paying because then money out to re-invest or spend)
Consider investing in property in Costa Rica or some other tropical place (after travelling and visiting it a few times)

Message edited by author 2006-08-01 14:50:27.
08/01/2006 02:32:20 PM · #9
Put the whole million into money markets... after a year, live comfortably off the interest. That's assuming I get the whole million after taxes.

Message edited by author 2006-08-01 14:33:30.
08/01/2006 02:34:46 PM · #10
Originally posted by Palmetto_Pixels:

Originally posted by NstiG8tr:

Not gonna get much land in California for $100,000.


or car(s) for $20K for that matter


I've already scoped it out... and there's plenty of little pieces for $100K and you can get a brand new Kia out the door for less than $16,000 depending on the model, lol, who says I need a new one? In the car I have now, the gages don't work depending on the temperature outside and the air conditioning just quit.

Oh, and the land has no house, I forgot to clarify, I figure I'm living in the boat, so I can just build a house later, off of all that interest...

: )
08/01/2006 02:35:18 PM · #11
$500,000 invest, live off the interest
$100,000 nice sailboat to live on
$100,000 antique Stearman biplane
$40,000 new car, something at least kinda' efficient
$10,000 photo gear
$40,000 pay off college
$50,000 take my family on an amazing vacation
--------
$850,000 leaves some to play with/invest/blow just for the heck of it
08/01/2006 02:39:28 PM · #12
Originally posted by amandalore:

Originally posted by Palmetto_Pixels:

Originally posted by NstiG8tr:

Not gonna get much land in California for $100,000.


or car(s) for $20K for that matter


there's plenty of little pieces for $100K


150x55 lot? I live in Iowa and you can barely get a developed acre for 100,000. Farm land is a different story.
08/01/2006 02:40:11 PM · #13
I'm surprised at the number of people who will "live off" a small portion of the money. Maybe I just live in an expensive area or just plain spend too much money but I don't see being able to live comfortably off the interest.
08/01/2006 02:40:35 PM · #14
Put the lot in a bank live on the interest buy everything on HP (finance)
My mum would not want any of it im sure she is very old and very happy where she is. My kids would inherit the wealth after my sudden death just off the coast of Jamaica involving a few crates of Jancro Botty or Wray and nephew, errrrm let me see, I would still shoot Nikon I would not buy a D2Xs Ide buy a car from BradP used for a few hundred bucks and thats about it matey..

nice to dream but I just checked my wallet and have 45 pounds and some change... wake up call
08/01/2006 02:43:08 PM · #15
Originally posted by NstiG8tr:

150x55 lot? I live in Iowa and you can barely get a developed acre for 100,000. Farm land is a different story.


Developed is probably a key word here. There is "cheap" land in California. The majority of which is undevelopable for one reason or another. I know in the areas where I was looking I found inexpensive land but it was good luck on getting water or a building permit.
08/01/2006 02:49:51 PM · #16
Originally posted by TechnoShroom:

I'm surprised at the number of people who will "live off" a small portion of the money. Maybe I just live in an expensive area or just plain spend too much money but I don't see being able to live comfortably off the interest.


Them are the young ones that don't account for inflation. Besides if you don't re-invest the interest there is nothing to compound. You'll still have $500,000 which 10 years from now will only be worth what $400,000? The value of a dollar is always shrinking.
08/01/2006 02:50:10 PM · #17
yep invest the whole shooting match, try to make it grow for 5 more years
THEN retire with 1.5 mil ;)

08/01/2006 02:52:56 PM · #18
Originally posted by NstiG8tr:

Originally posted by TechnoShroom:

I'm surprised at the number of people who will "live off" a small portion of the money. Maybe I just live in an expensive area or just plain spend too much money but I don't see being able to live comfortably off the interest.


Them are the young ones that don't account for inflation. Besides if you don't re-invest the interest there is nothing to compound. You'll still have $500,000 which 10 years from now will only be worth what $400,000? The value of a dollar is always shrinking.


Yep, and haven't had to run the retirement calculators to figure out how much money need to live. Ah well, .... I think land in Costa Rica is still cheep, just need to check the tax laws.

08/01/2006 02:58:19 PM · #19
I've got my eye on 5 acres in Montana with a small house on it. It's listed for $125,000
$150,000 to pay off current debt (mortgage, credit and student loans)
$150,000 for a nice RV
$75,000 for camera gear and a couple of trips to use it
Invest the rest, 1/2 in high risk, 1/2 in bonds
Figure i could buy a new vehicle and live about 3 years off the proceeds from selling the current house, after that, maybe tap into the interest from the invested funds.
08/01/2006 02:58:52 PM · #20
Originally posted by NstiG8tr:

Originally posted by TechnoShroom:

I'm surprised at the number of people who will "live off" a small portion of the money. Maybe I just live in an expensive area or just plain spend too much money but I don't see being able to live comfortably off the interest.


Them are the young ones that don't account for inflation. Besides if you don't re-invest the interest there is nothing to compound. You'll still have $500,000 which 10 years from now will only be worth what $400,000? The value of a dollar is always shrinking.

Not me -- I'd love to retire any time now. And I live in the most expensive part of the country except for Manhattan and maybe Honolulu ... right now, $50k/year would be a raise ...
08/01/2006 03:01:36 PM · #21
Originally posted by GeneralE:

Originally posted by NstiG8tr:

Originally posted by TechnoShroom:

I'm surprised at the number of people who will "live off" a small portion of the money. Maybe I just live in an expensive area or just plain spend too much money but I don't see being able to live comfortably off the interest.


Them are the young ones that don't account for inflation. Besides if you don't re-invest the interest there is nothing to compound. You'll still have $500,000 which 10 years from now will only be worth what $400,000? The value of a dollar is always shrinking.

Not me -- I'd love to retire any time now. And I live in the most expensive part of the country except for Manhattan and maybe Honolulu ... right now, $50k/year would be a raise ...

Already own your own house/condo? or have a secret hideaway where rent is low, and the wine flows :-)
08/01/2006 03:04:09 PM · #22
The bank and I share equity in a small house, and drinkable wine is less than $4/bottle almost everywhere around here.
08/01/2006 03:05:48 PM · #23
Originally posted by GeneralE:

The bank and I share equity in a small house, and drinkable wine is less than $4/bottle almost everywhere around here.

:-) then at 50,000 a year you can take care of the small house, and afford quite a few bottles of wine too. :-)
08/01/2006 03:11:56 PM · #24
Yeah, there's still quite a bit of undeveloped land up here, like up past Forest Ranch, Oroville, or in the outskirts of some other place here. I live in the cheapest county of California. And if I can't find land here, which I know I can, I will go somewhere else... I just want the land for security purposes, land is always valuable and it will continue to get more and more so as it continues to run out.

And I don't plan on living off interest... I plan to let it grow - right now, you can invest it fairly modestly at about 8-12% interest and inflation is only about 3-5%, right?

see OP, lol, I plan to charter my sailboat, which right now, friends of mine are making about $2,000 per WEEK just working for one, the people who own them are making bank! and if you are your own captain, well, jeesh... a poor girl like me could make out real good for that much income.

Hell, I'm living off of less than $10,000 a year right now, and paying for my own more than full time school career. (of course, you saw the $24,000 debt... but a lot of that is/was not my debt, so hmm??)
08/01/2006 03:20:19 PM · #25
It's only tough to figure out how to spend the first million. After that it gets a lot easier.

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