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.)
- Pay taxes (estimated at 40%): $400,000 (NYS is greedy, better figure high and go from there!)
- Invest $100,000 in a combination of IRAs, Mutual Funds, and Other.
- 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.
- Start an Creative Kids foundation and give money to programs that promote and teach crafting/creativity to kids. $100,000
- 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
- Take a series of kick ass trips to places I want to visit – Prague, Ireland, Israel, oh whatever strikes my fancy. $50,000
- Purchase a newer car (I don’t believe in buying new cars, but a nice, newer to me car would be great…)$20,000
- $45,000 for a first year salary for my business
- $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?