You just won a million dollars: What now?

[farahead]

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!

invest it into real estate / something safe

live frugaly from the returns (i now have 24hours for myself and dont have a job) ==> work on my business extra 8 hours

 

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[adnanazmi]

My own answer (not that anyone asked, just putting it out there):
1. take out 50k dollars
2. put 950k in real estate, and influencer funds (I think that's what they're called, the thing warren buffet does) and hope for a decent return
3. with the 50k start and grow a buisness I needed some money for
4. build the buisness (hopefully) to a decent amount and sell out
5. F2/F1

what is F2/F1

 

[Alessandros]

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

I invest the million dollars in growth shares (stock market). So I will have some more income from the dividends.

Of course, I will still go on with the development of my start-up company, in order to go fastlane. The dividends I get will perhaps help me a little bit to fasten the whole process. That's all.

 

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[Vasudev Soni]

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!

Put most of it into growing my startup, and some of it to clear my parents debts

 

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[Akaushra]

I like both Aston drivers tbh

Aston shaped up 2023

 

[Vasudev Soni]

I like both Aston drivers tbh

Alonso is doing so well this season

 

[savefox]

I would buy a new ford transit with a new truckmount and get it fully wrapped. And I would get some commercial property, like a shop, to build a fine fabric cleaning facility there. And hire a VA. Maybe hire a worker

 

[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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[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.