What would you do with one million cash?

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Tsar
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What would you do with one million cash?

Post by Tsar »

Imagine you earned your first million (dollars, euros, pounds, or the equivalent in crypto). What do you do with it? What would you buy? Where would you go? How would you remake your life or give your life a makeover?

I'm sure that in most countries, that's enough money to live off it for an entire lifetime and only spend the income that it generates.
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Kalinago
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Re: What would you do with one million cash?

Post by Kalinago »

spend it on prostitutes and research chemicals.

buy a house in a warm,vibrant,social culture .'

invest some in a passive form of income generation.
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kangarunner
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Re: What would you do with one million cash?

Post by kangarunner »

Tsar wrote:
March 18th, 2023, 11:35 pm
Imagine you earned your first million (dollars, euros, pounds, or the equivalent in crypto). What do you do with it? What would you buy? Where would you go? How would you remake your life or give your life a makeover?

I'm sure that in most countries, that's enough money to live off it for an entire lifetime and only spend the income that it generates.
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Lucas88
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Re: What would you do with one million cash?

Post by Lucas88 »

Tsar wrote:
March 18th, 2023, 11:35 pm
Imagine you earned your first million (dollars, euros, pounds, or the equivalent in crypto). What do you do with it? What would you buy? Where would you go? How would you remake your life or give your life a makeover?

I'm sure that in most countries, that's enough money to live off it for an entire lifetime and only spend the income that it generates.
Unexpectedly coming into a million pounds would be a dream come true. It would be enough to sort out my life and buy my freedom.

I think that I'd do the following:
  • Invest some of that million appropriately in order to maximize interests
  • Buy a house in Colombia
  • Buy another house in Colombia for certain friends and my bro
  • Create my own martial arts club and teach
  • Have a rotation of hot Colombian mamasotas with awesome booties and various baby mamas
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Voyager1
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Re: What would you do with one million cash?

Post by Voyager1 »

A million is not that much in today's economy. You have the option of spending it all at once and enjoying it or smartly investing it so you can live comfortably though not lavishly possibly for the rest of your life. You've got to be a smart investor and not just piss it away.
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Yohan
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Re: What would you do with one million cash?

Post by Yohan »

It depends how old you are and if you have any other additional income or savings..

It depends also if you are the owner of your home or if you have to pay rent, also your health (medical fees) might play not such an insignificant role for spending money, if you are elegible to a regular pension when getting old, if you are alone or you have family, with children etc.

If you are still younger than 40, still single without any other financial obligation and do not want to work anything anymore until your death, you have to be really very careful not to run out of money. It's not impossible, but you can enjoy only a rather modest life-style with this amount.

1 million dollar sounds much, but money spending is often difficult to control.
Outcast9428
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Re: What would you do with one million cash?

Post by Outcast9428 »

I would buy a fairly normal house right now. But I would buy it outright. No mortgage or anything. That would, these days, cost about $380,000. I’d put the rest in a 401k plan. Given that I have no mortgage, no need even to put money into a 401k because $600,000 put into a 401k at the age of 25 would become an enormous amount of money by the time I’m 65. I would work a fairly normal job that has good health insurance benefits. No need anymore to do something particularly prestigious. Wait to get my inheritance money and upgrade to a much nicer house. I would never have to pay a mortgage, and I wouldn’t even need to work a particularly prestigious job I could choose a job based almost entirely on whether it’s easy to do or not.
Outcast9428
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Re: What would you do with one million cash?

Post by Outcast9428 »

@Voyager1 and @Yohan To some extent that is true, but in today’s economy. Having a huge lump of cash given to you is worth a lot more then a long term income. The reason why is this… Interest rates are so high in the US right now that if I mortgage a house for 30 years. I can be expected to pay 50% more money in interest over that 30 years then I actually paid for the house itself. So if I can get enough money to buy a $400,000 house outright. That alone is worth $1 million dollars because of the sheer amount of interest saved. In addition to that, the $600,000 you would have had to pay would be taxed. You’d probably be taxed at least 12% on that if not 22%. Assuming the conservative figure you’d save another $100,000 in taxes by not having to earn the money needed to pay off $600,000 in interest.

Assuming this $1 million is given as a lump sum of cash and we are not being taxed on it. $1 million actually stretches about as far as $2 million would if earned over a lifetime because our debt based economy charges a huge premium on middle class people to have things they want or need before they really have the money to pay for it. Having all that money in front of you and being able to pay it immediately is a huge privilege.

But I agree it’s definitely not enough for somebody to live off of without ever needing to work.
MrMan
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Re: What would you do with one million cash?

Post by MrMan »

There are other factors in making decisions, but one million doesn't seem like enough to quit my job. Especially if I kept only $660,000 of if it were an investment for something that produced that much in profits in less than a year. Whatever the tax rate, there are opportunity zone investments that could potentially be used to defer paying taxes while the money earns more money. If it were the results of an overseas investment, then you'd have to pay taxes overseas. A personal gift given overseas by a non-citizen might be tax exempt.

Even if it is a case of pocketing a million, it still doesn't seem like enough to quit my job over. A house for a family my size can cost $400,000 and up now in the US. I have one, but I'd pay off the mortgage. (Not telling how much that is.) After paying of debts, students loans or whatever, upgrading used cars, etc., then maybe two or three hundred could be left over? I'm sure there are people my age with that much more than I have in as the value of their retirement accounts.

I posted this question about a larger figure, I think $10 million a while back. That's a more interesting number, not just because it is larger, but because once you get past so many million, then it is enough to leave most jobs in most parts of the world.

At $1 million, if you invest in a business, and you work full-time, you don't have much time to oversee the business, so it would have to be manager-managed with contingency plans for succession. This would likely be undiversified investing but have the potential, in some cases, for growth and higher returns than putting money in the stock market.

Some money could go in index funds, a diversified portfolio of stocks. I want equity investments for religious reasons rather than interest investments. Though mathematically annuities might be interesting, and diversifying across equity investments and bonds. If I invested cash in stocks, I would want more international diversification and industry diversification across sectors than is available through my employer retirement plan. I'd want money in the energy sector, but diversified. Lithium seems like a good resource to invest in, but if an alternative battery technology came into being, then that could hurt lithium so I would want to diversify energy sector investments as well. I would probably invest in oil and gas. I'd be looking for AI investments, though angel or venture capital investment pre-IPO would probably require more than several hundred thousand dollars. That would be a possibility with a post-tax windfall of several million.

If I had $10 million, then I would probably quit my job, invest in certain tech company startups that my wife and I have some ideas for, invest some capital into some existing land we have farm usage rights for. We might start a certain alternative type of construction business if I could get the rights to the technology. I'd probably give some away, but also have some social impact investing funds to invest in actual businesses, but that help poor people, especially persecuted believers, and certain other groups, to earn a living, while turning a profit that could be invested into other endeavors, and also the funding of evangelistic efforts. The idea would be similar to microfinance, but more micro-investing-- equity rather than interest-investing consistent with my philosophy alluded to earlier.

I would also pursue some business and possible non-profit endeavors in the area of higher education. And we would have a number of ministry-related issues to work on. My wife, especially, would want to do some work with half-way houses for prisoners, a place to help the homeless get off the street, and rehab facilities for drug addicts. This would be a Christian ministry. This would likely involve a 24-hour prayer and praise center, probably a separate facility from the others, possibly with a retreat center.

I'd need to do a lot of hiring or outsourcing, especially an accountant, lawyer, and CFO. I'd want to be in the chairman position, maybe even a board member for most of these businesses or charities. I'd need a CEO in my country of interest who could start a tech company that would be more like the traditional start-up, though I don't know if I'd want to share ownership, so rapid growth could be an issue under that constraint since I would not want to burn through my own cash. I'd probably start some smaller internet marketing companies also that wouldn't require the high level of skill the CEO would need. I'd have to hire a microbusiness CEO/president type for the social impact micro-investing initiative.

I might also dip my toe in the culture war by funding some initiatives against this evil trend toward teaching kids to be confused about their sex and similar issues.

Trying to decide which one to do first is the big issue.

I might at some point consider setting up a trust for my children and their future children, and possible divest myself of much of my wealth.

But this last part is the answer to a ten million dollar question, not a one million dollar question.
Outcast9428
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Re: What would you do with one million cash?

Post by Outcast9428 »

@MrMan I would definitely use some of my money to push through bans on violent pornography. After that I’d probably try to push for the end of feminism entirely.
MrMan
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Re: What would you do with one million cash?

Post by MrMan »

I did not catch the part about pounds sterling being an option so I would prefer that to US dollars. If I got to choose the currency I'd go for a million Kuwaiti Dinar, around USD 3 million. Or I'd do some more research and choose another currency.
Last edited by MrMan on March 19th, 2023, 3:54 pm, edited 1 time in total.
MrMan
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Re: What would you do with one million cash?

Post by MrMan »

Dupe
Last edited by MrMan on March 19th, 2023, 3:50 pm, edited 1 time in total.
MrMan
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Post by MrMan »

dupe
Last edited by MrMan on March 19th, 2023, 3:49 pm, edited 1 time in total.
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MarcosZeitola
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Re: What would you do with one million cash?

Post by MarcosZeitola »

First I would send some money to some of my baby mamas to make certain financial problems go away. I'd invest most of the rest, although I would probably go on some trips, and spend relatively lavishly while on them. I'd get a new car, too, nothing too fancy, a family car, dependable. Pay of some loans and solve some financial issues, too. That's all.
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IraqVet2003
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Re: What would you do with one million cash?

Post by IraqVet2003 »

Tsar wrote:
March 18th, 2023, 11:35 pm
Imagine you earned your first million (dollars, euros, pounds, or the equivalent in crypto). What do you do with it? What would you buy? Where would you go? How would you remake your life or give your life a makeover?

I'm sure that in most countries, that's enough money to live off it for an entire lifetime and only spend the income that it generates.
Hey Tsar, here are some things I would like to do with the one million in cash. First, I would like to put portion of it in gold or silver to be a hedge against inflation. Second, would like to use another portion of the money as seed money to start an online business where I can generate a residual income. Third, I would use the money to travel and become an expat in a tropical country like the Philippines, Thailand, or Panama (and purchase a condo there).
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