What Would You Do With Million $

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It's always a fun mental exercise to imagine what you would do if you suddenly had a million dollars. I play this exercise with myself, my son and my friends. I'm always amazed at how it stretches the mind and imagination.

It also makes for stimulating conversation on first dates. And it never fails at picking up lags in conversation. As I do it I find my answers change, but here's the top 3 things I'd do with my first million dollars.

1. First 10% To My Church
2. Buy Home Closer to The Beach
3. Pay Off Sons College Tuition.

Now, what's the top 3 things you would do with your first million?
  • Profile picture of the author Millox
    Invest 70% in buying sites that already generate income and start up some new sites of course.

    For the other 30% I would live like a king in some cheap warm country.
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    • Profile picture of the author obseerver
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      • Profile picture of the author Dave Patterson
        Originally Posted by obseerver View Post

        I will buy 1 million acres of land.
        I'll take 27.63 acres of that RIGHT NOW!
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  • Profile picture of the author Sheryl Polomka
    * I would pay off both my mortgages.
    * I would buy another house
    * I would by a new car
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  • Profile picture of the author SShip
    I would:
    1. Buy a new house.
    2. Open a shake shop hangout for the kids in town as there is nothing for them to do in our area.
    3. Take the family on a long vacation.
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  • Profile picture of the author Don Schenk
    Let me do this backwards by saying what I would NOT do with it. I would not spend it on non-assets (depreciating "toys" that don't bring in additional income). Once the money is spent on non-assets, it is gone.

    The idea is to use it to create more wealth, and the additonal income from it becomes spendable to a point. Some of the additional income must be saved to let the wealth to compound.

    An asset is something that brings more income. A house you live in is not an asset. It "takes" money (taxes, upkeep, mortaged loan interest) without creating more income. Additional real estate used as rentals is an asset, because it brings in money to pay all the taxes and upkeep, plus gives you positive cash-flow even after paying the loans.

    To spend the money on toys - boats, cars, hobbies, - makes the money "go away." To spend the money on education creates an asset provided, the education helps you bring in more money.

    When you spend the money to purchase assets, your wealth increases. When you spend the money on toys, (unless they are collectables) makes your wealth decrease.

    :-Don
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    • Profile picture of the author Dennis Gaskill
      Originally Posted by Don Schenk View Post

      Let me do this backwards by saying what I would NOT do with it. I would not spend it on non-assets (depreciating "toys" that don't bring in additional income). Once the money is spent on non-assets, it is gone.

      The idea is to use it to create more wealth, and the additonal income from it becomes spendable to a point. Some of the additional income must be saved to let the wealth to compound.

      An asset is something that brings more income. A house you live in is not an asset. It "takes" money (taxes, upkeep, mortaged loan interest) without creating more income. Additional real estate used as rentals is an asset, because it brings in money to pay all the taxes and upkeep, plus gives you positive cash-flow even after paying the loans.

      To spend the money on toys - boats, cars, hobbies, - makes the money "go away." To spend the money on education creates an asset provided, the education helps you bring in more money.

      When you spend the money to purchase assets, your wealth increases. When you spend the money on toys, (unless they are collectables) makes your wealth decrease.

      :-Don
      Don, I agree with most of what you said, sort of ... a house can be an asset, even after you include property taxes and insurance. Of course, you have to buy at the right price, but still. I've made money on my homes. You have to spend money to live somewhere anyway.

      I would invest most of it, but I'd also buy some toys. What's the point of building wealth if you don't enjoy some of it?
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  • Profile picture of the author SeoWizzard
    Hmm.... I think I would do this:
    30% Buy stuff for me and my family.
    50% reinvest
    20% hold in a savings account
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  • Profile picture of the author cameronwoods
    1. I would buy me a nice house and car.. I earned it right?
    2. Invest to some businesses and watch the money grow some more.
    3. Have some project of my own. My very own businesses.

    The remaining, I would split. 60% in the bank, the remaining would be for whatever to be used and I won't forget charity.
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  • Profile picture of the author Fazal Mayar
    1. new house
    2. a car? i dont know im a bad driver
    3. charity
    4. a limo driver LOL
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  • Profile picture of the author Bruce NewMedia
    Since my bills are paid and I don't owe anyone, I would use it as follows:

    I'd advertise to find people who were trying to start businesses and were desperately in need of seed money. I'd provide the seed capital, and only ask they repay when they could. You never know what great successes could come about as a result of that little help.
    _____
    Bruce
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    • Profile picture of the author JBorhez
      Originally Posted by Bruce NewMedia View Post

      Since my bills are paid and I don't owe anyone, I would use it as follows:

      I'd advertise to find people who were trying to start businesses and were desperately in need of seed money. I'd provide the seed capital, and only ask they repay when they could. You never know what great successes could come about as a result of that little help.
      _____
      Bruce
      I like how you think. Give me a call when you win the lotto.
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      • Profile picture of the author loldongs
        I'm managing ad campaigns for other businesses pretty successfully, so I'd just buy troubled businesses with solid fundamentals (excluding marketing), slap my campaigns on top and resell when the numbers improve.

        Rinse and repeat.
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  • Profile picture of the author mjarel
    I will go on world tour & do lots of shopping.
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    • Profile picture of the author Fazal Mayar
      Originally Posted by mjarel View Post

      I will go on world tour & do lots of shopping.
      me too....shopping.. i need a lots of that. Back to my im efforts.
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  • Profile picture of the author yukon
    Banned
    Invest $1 million in BIDU on April 19, 2011, then cash out on April 26,2011

    The last quarterly report jumped about 8% on Feb 1, 2011, I think similar will happen again & would gross an extra $80k.
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    • Profile picture of the author Alexa Smith
      Banned
      $1,000,000 isn't what it used to be. If you invest it all safely at a guaranteed 6% interest, it only produces $5,000 per month and the original investment's declining in value with inflation, too ... :p

      I'd pay off my mortgage, anyway. Not sure about the rest.
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  • Profile picture of the author tentimes
    I'd goto Vegas and put it on black.
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    • Profile picture of the author Alexa Smith
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      Originally Posted by tentimes View Post

      I'd goto Vegas and put it on black.
      There are people who do this, of course. That's one reason why buying stock in the companies who own the casinos is perhaps a wiser long-term investment? Although at the moment, I hear even they are not doing all that well there, given the overall economic climate ... :confused:
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  • Profile picture of the author anislagan
    I'll buy real estate property in places where there is very little risk of downward trend. The rents would be enough to maintain my simple lifestyle.
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  • I would buy/build a small new house and/on a small farm, in preparation for retirement.

    I would study for another university degree or to learn one or more other languages.

    I would set aside generous amounts for my children's, and grandchildren's, education.
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  • Profile picture of the author talfighel
    Originally Posted by The Niche Man View Post


    1. First 10% To My Church
    I would do that too. Give 10% to charity.

    Originally Posted by The Niche Man View Post


    2. Buy Home Closer to The Beach
    I would never buy a home near the beach. I would be scared to face a tsunami. This can happen anywhere.

    Originally Posted by The Niche Man View Post


    3. Pay Off Sons College Tuition.
    Help family members. This is very important too.
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  • Profile picture of the author margauxmorgan
    1.Invest
    2.Invest
    3.Enjoy!

    money disappears in an instant, you should have a back up plan for everything
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  • Profile picture of the author hardraysnight
    bad luck

    would have come in handy for the karaka yearling sales
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  • Take some and shoot for 10 million...

    put away a stipend

    Invest in people projects...
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  • Profile picture of the author co17197
    Since, I am materialistic........

    Pay off debt,
    Invest for retirement,
    Purchase new toys,

    From Rags --> To Riches --> To Rags.....


    RDH
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  • Profile picture of the author Eric S
    Invest it!
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  • Profile picture of the author mikelukjaniec
    I'd keep it away from my wife, who'd give it all away to charity!
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  • Profile picture of the author Jonathan 2.0
    Help my family and donate a lot to charity.
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  • Profile picture of the author bailbondsguys
    I would first buy a house and invest the rest in a product retail business.
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  • Profile picture of the author vishalduggal
    Buy thousands of "Think And Grow Rich" hardcover edition and donate it to all the school children.
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    • Profile picture of the author Jonathan 2.0
      Originally Posted by vishalduggal View Post

      Buy thousands of "Think And Grow Rich" hardcover edition and donate it to all the school children.
      Ha. That's a brilliant idea. : )
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  • Profile picture of the author Michael Ten
    I'd save most of it. I'd travel some and buy a home.
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  • Profile picture of the author michael26a
    1) Put it in the bank and live off the interest
    2) Start an investment porfolio
    3) Buy a profitable business

    As you can see from my list, I'm very boring and sensible lol
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  • Profile picture of the author manderson84
    I agree with Bruce,I would help some one who needs of money to start a business,I will take upto 60% of the money to me and my family the rest will save the best.
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  • I'll buy a separate house for my parents.
    Spend few money for ashram
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  • Profile picture of the author theemperor
    Invest in property mostly - firstly my own home and then some to rent. But I wouldn't buy the rental properties outright, probably put 50% down and let the rent pay the mortgage.

    If this money was won then I would also give some money to family. If I had earned it the hard way then maybe not my first mill but the second one I may share.
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  • Profile picture of the author ImAdmirer
    I'd give my $1 Million to 2 top Internet Marketers and do a Joint Venture with them splitting profits from whatever venture they start with it. They would be way smarter than me and turn $1 Million into $10 Million anyway.
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    • Profile picture of the author theemperor
      Originally Posted by ImAdmirer View Post

      I'd give my $1 Million to 2 top Internet Marketers and do a Joint Venture with them splitting profits from whatever venture they start with it. They would be way smarter than me and turn $1 Million into $10 Million anyway.
      Sounds incredibly risky... would you really do that? Easy way to lose your shirt especially if those gurus see a sucker coming.
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  • Profile picture of the author pow999
    buy premium, generic domain names. biggest roi than anything on earth
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  • Profile picture of the author dgridley
    I'd buy the empty lot behind my apt. complex and build a strip mall..
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  • Profile picture of the author TheWicker
    I think this may be fun, but at the end you'll find out its a useless mind game.
    The right question is where to invest money (in case you have such a sum of money)
    My answer is renewable energy and "recycling" industry.
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  • Profile picture of the author xypoon
    I will probably invest 50% of them in low profitable yet safe place for the sake of building a decent life standard. After I can live a decent life and not worry about the money(within normal limits of course) I will probably pay more attention to the things that really matter.
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  • Profile picture of the author JasonGrimes
    70% invest.
    30% play.
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  • Profile picture of the author jasssy23
    15% to charity
    30% to the business I want to start.
    45% to saving
    10% to whatever I want.
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  • Profile picture of the author scottsdaleins
    invest it to create a mostly stable source of income. With that, you can eventually give away more $$ in the longer run (also better than just choosing a charity and giving away a lump of money). You can take more time to support a charity/cause over time.
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  • Profile picture of the author dunmo
    My brother and I have this business idea on mind so first i would pay my tithe to the church which is a 10% of the money.The other money would be invested on the business and the rest i would have it sent to my parents for upkeep.
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  • Profile picture of the author noranorma101
    Hi! If got $million first I than to God.And i spent 60% on the welfare of poor people.
    and I will invest 40% in our business and generate more money.
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