[DragonHawk]

...you had a million dollars?

For those of you who already have a million dollars, what are you doing with it now?

What if you don't have a million dollars? What if you only had a 100k? Would you do anything different?

Just curious on thoughts about this... I've heard this question being asked, but don't really know what people would do with it

[mike]

I don't have a million dollars, a bit closer to the multi 100K range.

My parents have multi million dollars and they have the big house, boat, fancy office, etc. etc.

I have a nice apartment, nice office, etc. I don't live like a king, but I do alright. I own my apartment and lease my cars and lease my office, so I have expenses and I have revenue.

[Bleys]

I haven't got much money at all, and my parents aren't rich, but I've no doubt I will have money someday.

If someone handed me $1 million dollars I would:

1. Spend $35,000 or so on a car just to get it out of my system (Infiniti G35)
2. Spend about $5,000/year renting a house
3. Put $150,000 into making a low-budget film (film is my passion and producing is my ultimate goal)
4. Put $100,000 into developing my business (Flashamajig)
5. Invest $400,000 for the future (slow growth mutual funds and bonds, etc.)
6. Play $50,000 on stock market hunches
7. Put $20,000 into a vacation fund so I could travel around Europe
8. That leaves me with about $240,000, which I would put into about 3 bank accounts (to assure FDIC insurance) and use as money to live off of (food, gas, clothes, entertainment, bills, future house rental since I only covered a year, etc.). Since I would be earning interest, I could live off this money for awhile pretty comfortably if my other stuff didn't work out.

[mike]

$5,000 a year won't get you a very nice a house. Most matience fees for expensive houses are more than that a year. I belive it would cost roughly $5,000 a month for a very nice upscale house.

[Steve]

I would buy myself the biggest business I could and leverage that $1 million dollars to the biggest capacity I could.

I know that sounds kind of boring, though.

I also would also give some to Charity.

[DragonHawk]

Originally posted by Bleys
I haven't got much money at all, and my parents aren't rich, but I've no doubt I will have money someday.

If someone handed me $1 million dollars I would:

1. Spend $35,000 or so on a car just to get it out of my system (Infiniti G35)
2. Spend about $5,000/year renting a house
3. Put $150,000 into making a low-budget film (film is my passion and producing is my ultimate goal)
4. Put $100,000 into developing my business (Flashamajig)
5. Invest $400,000 for the future (slow growth mutual funds and bonds, etc.)
6. Play $50,000 on stock market hunches
7. Put $20,000 into a vacation fund so I could travel around Europe
8. That leaves me with about $240,000, which I would put into about 3 bank accounts (to assure FDIC insurance) and use as money to live off of (food, gas, clothes, entertainment, bills, future house rental since I only covered a year, etc.). Since I would be earning interest, I could live off this money for awhile pretty comfortably if my other stuff didn't work out.

Now that's planning!

I think if I had a million dollars, I'd throw it in a bank and live off the interest (until I get bored)

[Bleys]

Originally posted by mike
$5,000 a year won't get you a very nice a house. Most matience fees for expensive houses are more than that a year. I belive it would cost roughly $5,000 a month for a very nice upscale house.

I'm not looking to live in a mansion, not if I only had a million. If/when I ever live in a mansion, I want to do it right: $5 million at least .

Right now I am paying $900/month + utilities for a 3 bedroom across the street from the beach with ocean views. It's not the nicest house on the block (there are some million dollar homes across the streen, this one is probably worth about $450k), but that's only $10,800/year + utilities and it is PRETTY nice (we even have an all glass-walled dining room with water views). And I'll have 2 roommates. So I'll only pay 1/3rd of that. It'll be pretty cheap.

Now if I wanted to live alone, I could find a 1 or 2 bedroom not near the water for about $450/month + utilities.

So that would be ... $5400... around what I said initially. I could live comforatbly for $5000-7000/year in rent.

It helps that I live in a college town and a lot of these rentals go to poor college students.

[mike]

That's a good deal. You can't get a studio in manhattan for $1,500 a month. That's if you are REALLY lucky too.

[Bleys]

Yeah, but if you're willing to settle, then you can always save money.

My brother, for example, realized he couldn't live very affordably in Manhatten, so he moved to Queens (around 150th street) and pays about $600/month (each for he and his 2 roommates).

His apartment is very nice (they have 3 bedrooms, a guest bedroom, a living room, eat-in kitchen, 1 full bath, a high ceilings)... they just had to settle for a slightly less nice part of town.