If I Won a Million Dollars

From Little Miss Moneybags

No, I’m not writing about the song by the Barenaked Ladies (although it’s one of my favorites) I’m talking about what I would do if I actually won a million dollars: (after hiring an accountant/investment manager)

(If it was given in one lump sum.)

  1. Pay taxes (estimated at 40%): $400,000 (NYS is greedy, better figure high and go from there!)
  2. Invest $100,000 in a combination of IRAs, Mutual Funds, and Other.
  3. Give money to family, friends, others who need it more than I do. $100,000 invested and paid with proceeds $50,000 paid first  year.
  4. Start an Creative Kids foundation and give money to programs that promote and teach crafting/creativity to kids. $100,000
  5. Put a decent down payment on a  house. $50,000 and put $50,000 into a “House Trust” for taxes, upgrades etc. This would be the location for my own business to be run and part would be taxable to the business
  6. Take a series of kick ass trips to places I want to visit – Prague, Ireland, Israel, oh whatever strikes my fancy. $50,000
  7.  Purchase a newer car (I don’t believe in buying new cars, but a nice, newer to me car would be great…)$20,000
  8. $45,000 for a first year salary for my business
  9. $35,000 Play money for me to just play with.

If it was paid out over 20 years, I’d still have to work for a few years and then I’d bank a lot of that money and start my own thing after awhile.

What would you do with $1,000,000?


2 Responses to “If I Won a Million Dollars”

  1. Voice of Reason (ALB Edition) Says:

    I’m afraid mine is much more boring.. *chuckles* I would pay off all of our debt (student loans, credit cards, mortgage, etc) and set up a college fun for the Little One. If there is money left over? A vacation or buy a car or two. I would not stop working. However, I think that is more to do with the fact that I’ve always wanted the experience of working at a job without having to live paycheck to paycheck.

  2. Sue Says:

    I’d pay off my house and current car.

    Do the home improvements I’ve been wanting to do.

    Quit my current job and focus on my own business; maybe get a part time job, or another job that I actually like, to supplement and provide benefits.

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