You just made a million dollars. What do you do?

I would travel the world and really just enjoy the time that I have here. Most of us are into this not for the money but for the freedom. We grind so hard because we believe there is a light at the end of the tunnel. Sure, I would love to go out and blow the money on fun stuff, but it wouldn't be worth losing the security that you have as a millionaire. The biggest benefit is that you no longer have to worry about money again.

Save 75 percent. Spend 10 percent and invest the rest in my business

Start spending here and there and then one day it will all be gone.

I am sure that you don't want that so take a big chunk of that money and invest it in something that can bring you residual income. Talk to the bank and see if you can yield a high interest for investing your money with them.

10% - Tithe
80% - Investment
10% - For my family

Buy a house as I currently rent. But it wouldn't need to be that big...as long as it has all I need. I would pay off mortgages for my sister and parents. I would save a large chunk of it and I will help a couple of close friends out. I would spend some of it on myself but I am not greedy.

Pay off all debt
By a nice car and home
Invest the rest

I would invest it properly in multiple things like real estate, online bussiness, offline bussiness, some stocks so im safe, but $1mil is way too much, i would be good with half of that, and use other half for myself of course.

Anyway i would grow bussiness which would last long and bring some nice profit and reinvest all back into it

1) I would put the deposit to buy a better house (but I would NEVER pay in full for it)

2) Invest in my online business, land, property and Gold (btw, I would only place in "savings" about enough money to pay for my lifestyle for 6 months) and any other businesses that brings passive income (that's the key)

3) I would give 10% per month to charity FROM the earnings of my Investments (point 2 above)

4) I would re invest around 70% of all my passive income earnings and live off the rest 20% approx.

That's it in a nutshell.

#1 I'll put 99.5% of money to safety.
#2 I will party till my brain hurts!
#3 After I sober up I won't worry about a thing, I'll have so much to spend

I wouldn't really change anything or tell anyone. I'm slowly and surely getting there and once I do, I will just continue to scale up my income. I will probably buy a nice house in front of the sea which has always been my dream, but other than that I will remain as humble and hard-working as always.

Well now that I'm a millionaire and everything can be outsourced... I would make sure everything is running on autopilot. So now I am free to travel the world and live the lifestyle we all dream of.

(1) I would pay off all my debts
(2) I would quit my job and focus full time on my business
(3) I would invest what I needed to automate my business
(4) I would invest the rest
(5) I would start planning all my travel adventures

I'd buy a new toothbrush, two left shoes, a rubber chicken, and a tomato.

Make 2 millions using those money, then create passive income using 2 millions and just after that get all "toys" I wish now from passive income.

Would definitely help my family become debt free. And I'd keep working because I love what I do. : )

i guess helping others would be one of my task, but not to the extent of giving all my money!

Finally pay off my house and go to the beach!

Maybe make a movie too.

Claude, right on all counts. I wrote an article for my newsletter a couple years back on this very topic, and it surprised a lot of people.

They wouldn't have thought lottery winners would be back in the same boat, or worse off, than they were just a few years after they won. I included proof though, so there was no denying it.

If your thinking doesn't change, your reality will return to your level of thinking.

I gave a joke answer before, but my real answer is, if I won that much, I'd put the majority of it in the bank and start studying.

If you got a million and simply paid the taxes you'd no longer be a millionaire. Depending upon where you live the taxes alone could reduce that million by half or even more.

It's amazing at how far some folks think a million will go. A million dollars ain't that much these days. Buy a house, travel, party. Yeah, okay. For a while, maybe, a short while.

I think I could safely say I'd buy a house. I've got my eye on one I like and it might be for sale. With what's left I'd buy an antique car. Not a high end ride, an old Lincoln I happen to love. After that I doubt I'd have enough left for a pizza and a liter of Coke. Well, maybe a plain cheese pizza... :rolleyes:

yes! so true! so i guess i would like to reinvest my money to turn it into squillionaires. and maybe i little travel and shopping for relaxation after done the contract thing.

Turn it into $10 Million Dollars.

South of France to start.

Elaborate house boat on a magnificent lake.

Some sort of appropriate aircraft.

A car beyond cars.

Set up a residual income source of ongoing wealth.

Relax.

Stop the world, . . .and get off.

LLS

I would commission the giant machine used on the TV show "$1,000,000 Chance of a Lifetime" and install it in our living room! lol

But seriously, I'd save majority of it. That's college money for the kids. Invest some of it by expanding to other businesses/field/interests. And donate some of it to charity.

It's hard really to think of what I'd spend it on because it's not my target yet. Every year I'm setting my financial goals higher and so far so good... Hopefully I hit that sweet $1 million jackpot soon!

Rick

First off, why a million dollars? Don't get me wrong, that is a good deal of money... but why are you setting your bar so low?

Second of all, I don't think you understand how little one million dollars is and how fast it will disappear... especially if you spend 1/3 of it on a Ferrari and 1/2 of it on taxes.

Third off, with all due respect man, the mindset of "I made a million dollars so now I am going to cut my education down, stop working as much, and travel the world" is not one that is conducive to long term success."

My point is that you shouldn't be aiming for a million dollars. Why limit yourself to baby steps.

I'm not arguing that a million dollars isn't phenomenal. I am arguing that a million dollars is nowhere near as phenomenal as one hundred million or five hundred million.

I'm not disagreeing with you, five hundred million dollars certainly would be phenomenal.

But you have to understand, probably 99% of the human population has never owned one million dollars.

If you're goal is to be in the top 1%, then, yes, you're on track, I guess.

But what I have found is that the top 1% never actually aimed to be in the top 1%. They aimed higher. They just failed.

I think I will reinvest the money.
It's will be the best way to make more money.

After paying the taxes, I would invest the rest with a friend who deals in commercial real estate. I know his track record, I know what the returns should be, I know enough about him and his business that i would feel safe. I would live off part of the interest for that and see what trouble i could get into.

Once you reach 1 million dollar, you will aim for 10 million dollars, that's how human mind works, you always want 10 times more then what you have right now.

Pay the corporation tax, then pay off the mortgage :-). Wouldn't have much change after that, would be great to be mortgage free!

I'd be investing in passive income investments... real estate, dividends, stocks & options (if you know what you are doing.) The type of investments that'll earn you income while you do nothing except manage your portfolio. Hey, just my 2 cents.

The very first hing I do is to help people who need help.

I would save most of the money and the rest I would invest in my business

If you are able to get a million dollar, think guys you are always able to spend it. Making million dollars is a great deal, spending is not a big deal.

I Would Buy Our Next House

I will invest it buying properties; a very safe and profitable business

Hmm now we are talking!
I'll try my best to calm down -- Remind myself that I'm still Human.
I'll spend a few thousand dollars to do all that's necessary to Optimise and Strengthen my new Money Maker. (Paying more attention to what was Successful, what I did Right)

Then I'll actively get Every Cent to work their butts off for me. They now work for me don't they, and believe me every single Penny is accountable - they don't wanna get fired.

...Okay I confess, I may have to spend a few dollars on some new toys, okay maybe a few hundred. Oh come on, just a few thousands, that wud'nt hurt now.
LOL

You make it sound like you/I/whoever this happened to would have income coming in.

Overall the idea sounds like winning the lotto and unlikely in the real world. Though building a business and working very little is possible.


So rather it was 1 million once or going forward the following would be true.

• Downpayment on a Nicer Home (would need to consider where to buy it as well)
• Buy Used Lambo
• Use remaining money to start multiple businesses.

Going forward there would be more plans if it was a large income producer and/or I could build the businesses into large income producers.

• Buy a car collection (one at a time or in bulk depending on income)
• Angel Investor
• Build a theme park (as a business not personal)

Claude hit the nail on the head. How you answer this says a lot about how you think. Personally I am a cash flow guy. I live within my means but don't save in a way that cuts back on my lifestyle.

I think anyone with this money would be a fool to save it or invest it. It would be much better to build businesses (this is different from investing and angel investors should be about business building not investment).

I also think it would be silly for anyone to spend it all. Houses and cars have maintenance costs which you would need income in the future to continue to pay. Yes upgrade your house and get the reasonable dream car. But do not spend it all like Lotto winners do.

1 million (or even several) once does not allow you to live like someone who makes that every year (lotto winners and celebs need to learn this). Unless you have a solid business such large incomes are unlikely to continue for many years to come. So you must not act rich when you truly are not.

Everyone reading this post is likely a millionaire. What I mean by that is over your life you will have earned at least $1 million dollars. When you think about it that way you realize $1 million isn't really a lot of money though it is a lot of money at once for most of us.

I would buy a big house for me and my parents, and my family

Go out on a big vacation,

and then the rest I'll Invest in my business,

I work, help others and invest. Maybe I travel, not long.

Invest in another business that would double my money in 5 years = $2 million - then repeat 2 into 4 million, etc.

Donowhy,

$100,000 - God
$500,000 - The agency who thinks they're God (the government for taxes)

I now have $400,000...

Pay off my debts....

Put money aside for my son's college tuition...

Invest the remainder in my business....

All The Best,

Rich Beck BCIP, MCSD, MCIS

I would invest it in my business

I'd split the money into quarters, buy a house with one quarter, invest one quarter into my shares portfolio, another into my websites (increase paid advertising, maybe hire a programmer for a few ideas I have), and save the final quarter in the bank.

Pay off everything I owe...invest in properties...and keep doing what I enjoy...

payoff some bills, go on a month long vacation, retool and see how I can make two million.

-Buy a hot girlfriend
-give her $2000 a month stipend
-Give myself a $3000 month expense
-Spend $5000 a month for 15 years until I go broke and then the girlfriend can be relieved of her duties(hence:i'm broke now she's leaving).

Seriously though, a million dollars doesn't give me much happiness. No time for resting on laurels for me. Instead, I would immediately try and figure out how I can increase it so I can sleep at night feeling secure.

I know that wouldn't go and by that expensive house that would cost a fortune to heat, clean, and keep cool but, rather stay within the means that I am already living in. I would just have no debt.

I would continue to run my company but scale up the operations of it. I would also invest in some of the other business ideas that I want to accomplish.

I would think that it would give more free time to do more of the things that I love (hobbies) but, I still think that's a silly notion for me considering I love being an entrepreneur.

I very rarely post, but this seems like a fun topic to participate in.

1. Take a deep breath, smile, and thank everyone who helped me get there
2. Put away money for my daughter's future ( her choice )
3. Send husband to grad school to complete his dream PhD in Astrophysics
4. Start scholarship for women wanting to improve their & their families lives through education or entrepreneurship
5. Pay our debts and go on a family vacation to enjoy a moment
6. Reinvest for the next million (training, marketing, product development, growth)
7. Rinse & Repeat

Definitely save enough money for kids and wife and the rest will spend on a vacation somewhere in Europe or Southeast Asia.

Buy an island in the Caribbean and live my life comfortably for the rest of my days.
If I get bored, I buy another island in the pacific....

Roulette table all on red.

I would first make it so I can live free, I would then make it so I can live free for a long time.

Pay off my car and all other debt. I drive a non daily driver right now ( modified mustang gt ) so I would put that in storage and buy a small eco car. Buy some nice clothes as I have been wearing the same clothes FOREVER .

Then I would be set, buy a moderate house, one in an area that wont hinder resale and start investing in all my ideas that flow through my head on a daily!

If we all keep up with what we have here and continue to help all our fellow warriors, this will one day become a reality ... I AM SURE OF IT

R.S

$300K to pay off all my current debts -- mortgage, car loan, credit cards, my son's student loan
$400K in bank for taxes or something unforeseen
$50K for potential adoption expenses
$250K - look at buying lake house that could be split as vacation home and rental property

Wow... didn't take me long to work through that, now did it? Guess I better get busy duplicating the process.

Thanks for asking though. Good thoughts