$1,000,000

[Gonna Smoke]

If you "suddenly" got $1,000,000 from say winning the lottery, hitting it big in Vegas, inherited it from a long lost uncle, etc., what would you do with it besides pay a bunch of taxes on it?

I got asked this by a friend and I don't have that to worry about, but if I did, I'd set up college funds for the grandgirls, buy Sheila a new car, and maybe take her on a fancy vacation. The rest would get invested somewhere.

So what would you do?

 

[Timber II]

Buy land….they ain’t making it anymore

 

[Astralogics]

Buying as many briskets as possible.

Seriously though, I agree with setting up a college fund for future kids. Then a down payment on a house, though in Hawaii, that means using the rest of the funds HAHA.

 

[normanaj]

Simply put I'd make sure the wife had LTC insurance and my stepdaughter was beneficiary. That and go to as many Maiden shows as I could afford after the above two items are taken care of.

 

[smokerjim]

Build a log cabin my wife always wanted, retire and just kick back.

 

[Gonna Smoke]

Buy land….they ain’t making it anymore

Nope, not making it anymore, but what if you sold land to get the money?

 

[Gonna Smoke]

Buying as many briskets as possible.

With the price of beef, it won't go very far...

 

[ifitsdeadsmokeit]

pay off house and buy a vacation home and completely remodel/addition it, fully fund two 529 plans for kids college, build a dream garage, shop and rec room, new boat, invest rest. then sell paid off house to pay for the remodel/addition on vaca home and move in to it. help sister with medical bills. not worry about finanaces anymore. continue to work because health insurance is rediculously expensive. Be sure to research who you are investing with, lots of shady characters out there. Do not use a relative, friend or friend of a friend. If you are executor of an estate, be sure to close the estate. fed tax rates on income earned on dead people is almost 50%.

 

[schlotz]

We have two close friends and both are in need of help so that's where our first priorities would lie. After that, a brother could benefit some , then we'll enjoy what's left.

 

[banderson7474]

I would probably use that money for 6 briskets and 4 tanks full of gas

 

[JckDanls 07]

I would probably use that money for 6 briskets and 4 tanks full of gas

Yea... Wouldn't be much left after that...

 

[Winterrider]

Land purchase, so eventually could be passed down through the family. Unfortunately it still doesn't get you a lot, but finding places to hunt seems to be getting harder all the time. Got a couple twin Grand Nephews that just passed their hunter safety course. Would be nice to make sure they had a place to hunt.

 

[SmokingUPnorth]

I’d pay off my wife’s Jeep, buy a house and probably save the rest. 2 kids, 2 being girls…. Things aren’t getting any cheaper, maybe do a tune up on my old truck

 

[clifish]

Both houses are paid off, kids college is paid so I would probably invest it. When the time comes to retire I would just get a nicer place than what I would do now.

 

[PolishDeli]

Essentially nothing.

Put it away in diversified index funds.
$1000000 is less than it seems. But it is enough to do some work for you.

If I'm retierd, id live on dividends. (Assuming 5% returns, that's 50k per year).
If I'm still working, I'd let the interest compound. Itll become $2000000 in 15 years (again, assuming 5% interest).

I'd also consult a financial advisor (must be a fiduciary) , and a lawyer about setting up a trust.

 

[yankee2bbq]

I would buy a bunch of black licorice and blow the rest of it.

 

[bigfurmn]

Debt and move further from the nations tallest buildings

 

[Brokenhandle]

For those of you buying land for hunting and fishing... please send your addresses so we can come visit!
I'd make sure my family and kids and our first granddaughter were taken care of for their needs in the future.

Should add in...our camper is 33', please make sure the pad and hookups are plenty big enough!

Ryan

 

[cpaysonc]

My wife and I have no children by choice so I'd help the local animal shelter out, and as many others have said, buy more land. We live on roughly 9.5 acres, surrounded by a large cattle farm and more undeveloped land. The relative peace and quiet we get from what we already have makes me yearn for more land all the more!

 

[Jim_C]

As others have said, $1,000,000 is not that much these days.

As a retired person my pension hasn't changed since 2018. The social security increases don't move the needle. I'd give the money to our financial planner to invest. It would provide the cushion we need to sleep better at night given how much everything keeps going up except our current income.

The kids will get plenty from the investments and the trust when it's all said and done.