You just won a million dollars: What now?

[jclean]

I'd buy an existing small cleaning company in an asset sales so I can use their equipment and people with my brand.
Why not build my own company ? Because I will have to wait for 6 months untill I can write large invoices or hire due to german bureaucracy.

I actually bought several small cleaning companies. Mostly on sellers finance. If you see a window cleaner stop by and have a conversation with them. And tell him/her that you always have interest in buying cleaning clients. You will be amazed how much people are considering to sell there clients one day or another.

 

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[Akaushra]

Read the chapters of Unscripted on money. MJ wrote the best financial plan you’ll ever read.

MJ gave me his anwser. I'm asking for yours.

 

[WJK]

As the title goes, you have won the lottery (why were you playing the lottery, douchebag?) and have made somewhere around one million dollars. It's not enough for you to retire comfortably for the rest of your life, let alone the lifestyle you've envisioned.

But hey, a million dollars is a lot of money! What do you do now? I'm super curious to hear!

A million dollars is not a lot of money these days -- but I have invested all my windfalls. I've also courted a friendship with Lady Luck. She is amazingly powerful. My retirement investment goal was 3 million in debt-free investments. I had a series of benchmarks along the way that I was ticking off.

The interesting part of the process is that the things I thought I wanted to buy, aren't even interesting to me anymore. Stuff, shiny objects, and things aren't important. The journey has changed me.

 

[Black_Dragon43]

As the title goes, you have won the lottery (why were you playing the lottery, douchebag?) and have made somewhere around one million dollars. It's not enough for you to retire comfortably for the rest of your life, let alone the lifestyle you've envisioned.

But hey, a million dollars is a lot of money! What do you do now? I'm super curious to hear!

Bugatti.

 

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[Guest-5ty5s4]

MJ gave me his anwser. I'm asking for yours.

Uh… that is my answer… I’d do exactly what it says

 

[Akaushra]

Uh… that is my answer… I’d do exactly what it says

defeats the purpose of answering. Suppose you became rich without CENTS. You have a million dollars. You have never heard of any "MJ Demarcus? Demarc?". Suppose you never heard his anwser. What would you do?

 

[DW85014]

As the title goes, you have won the lottery (why were you playing the lottery, douchebag?) and have made somewhere around one million dollars. It's not enough for you to retire comfortably for the rest of your life, let alone the lifestyle you've envisioned.

But hey, a million dollars is a lot of money! What do you do now? I'm super curious to hear!

I'd immediately take it all down to the casino and bet 50% on black and 50% on white the routlette table...i kid I kid.

I'd set aside 40-50% for the tax bill. Then, I would take a big portion to pay off the current mortgage. Then i'd split the remaining after paying off the house 1/3 on coaching and guides on passive income, 1/3 on real estate investing and 1/10 to 1/3 on travel or things that would make me/family/friends happy.

 

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[WJK]

I'd immediately take it all down to the casino and bet 50% on black and 50% on white the routlette table...i kid I kid.

I'd set aside 40-50% for the tax bill. Then, I would take a big portion to pay off the current mortgage. Then i'd split the remaining after paying off the house 1/3 on coaching and guides on passive income, 1/3 on real estate investing and 1/10 to 1/3 on travel or things that would make me/family/friends happy.

I'd sell the house and put the money with the windfall to buy RE investment units. I'd live in the smallest, cheapest one while fixing up the other units one at a time. I'd work a regular job all day to pay my bills, and then work on my properties at night and on the weekends. Then I'd rent them as I got the units ready and save the money to do it again. I'd use that million dollars combined with my house proceeds for seed money to create a reliable income stream. Or I'd buy trust deeds to create a similar cash flow. Or do both.

I wouldn't spend a dime of it on "travel or things". Taking a walk or a bike ride is free. So is the library. Not only that, you will be so busy fixing your units that you won't have time for much else. And you will need to educate yourself as you go. It will take every dime you can find to buy the parts and pieces to do your rehab work. Oh, and don't forget to plant some flowers and make things look pretty. It will up your cash flow.

Why would I do it that way? Most people never get the chance to have a huge pile of money to invest. (I always joke that I've made my money $10 at a time.) You could cut 20 years off of the normal investment curve by taking this lucky break and running with it.

I've never had a million-dollar windfall, but I have worked this program with every one of the smaller ones that have come my way. I try to do everything on a cash basis. I believe that debt and bad habits will quickly bury you whether you are little fish or a big one.

 

[Akaushra]

I'd immediately take it all down to the casino and bet 50% on black and 50% on white the routlette table...i kid I kid.

I'd set aside 40-50% for the tax bill. Then, I would take a big portion to pay off the current mortgage. Then i'd split the remaining after paying off the house 1/3 on coaching and guides on passive income, 1/3 on real estate investing and 1/10 to 1/3 on travel or things that would make me/family/friends happy.

no tax )) prob should have mentioned that

 

[SSTrey]

As the title goes, you have won the lottery (why were you playing the lottery, douchebag?) and have made somewhere around one million dollars. It's not enough for you to retire comfortably for the rest of your life, let alone the lifestyle you've envisioned.

But hey, a million dollars is a lot of money! What do you do now? I'm super curious to hear!

A million dollars in South African ZAR gets me over 19 million ZAR.
With current interest rates, the bank will give me more than twice my current earned salary if I just collect the earned interest alone.
(With my current salary, I live above average, I eat out, own a home, a reliable car, eat nicely, go out, save & travel a bit)

For context of 19 million ZAR (taxes aside):
* Buys me x19 of my current property (2Bed 2 bath) I live in --> I live in a very good neighbourhood with security & safety, decently priced living.
* Buys me x95 of the current car I drive. I drive a reliable average car.
* Gets me over double my salary on earned interest as mentioned.
* Buys me x13 BMW M4s.
* Buys me x6 of my dream homes.

So yeah, needless to say, in South Africa, it may just be enough for me to retire right now. Won't be the private jet lifestyle BUT I will definitely be living a financially free life with MUCH more!

 

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[ZackerySprague]

Start a business with the windfall.

 

[Ing]

As I don’t need it, I would buy 500k Cryptos and 500k stocks.
These two will not go to zero in the next time and provide a security, which makes my job life easy.
When it works out and the first 500k will multiply, I d buy stocks.
Quit working and retire. Do whatever I want. Most likely build a very bad business.

 

[DW85014]

no tax )) prob should have mentioned that

Oooh - well now then - with the other $400K - I would probably buy a small dilapidated commercial property in the path of progress over in my part of town.

I would then open up a co-working space (there is a severe lack of them where I just moved to) I would take probably 100K of that 400K to hire staff and promote market the space everywhere on my side of town and ideally oversell the property on monthly and quarterly basis.

I can think of other things but that would be where most of the remaining money would go.

 

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[Roli]

I live in the UK so no tax on winnings of any kind.

100k into my daughter's college/trust fund

30k on the Jerry Jenkins writing course I'm curious about.

I'd give about 100k to a few family and friends that deserved it.

I'd give 100k to a dementia charity.

Then I'd look for some place in an up and coming area and buy a suitable air b n b property for between 200-300k, which I'd hopefully flip in a few years for around double.

Buy five to ten Bitcoin, depending on price. The rest would allow me to carry on writing without worrying about finance.

 

[Ing]

at 4% it makes about 50k for the next 30 years. enough to cover my fix costs, leaving some extra. and enough to make every business adventure, I am able to do.
Difference to now would be free time to do it.