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What would you do with $1,000,000?

Discussion in 'The OT' started by Chris Blount, Nov 6, 2009.

  1. Nov 6, 2009 #1 of 77
    Chris Blount

    Chris Blount Creator of DBSTalk Staff Member Administrator DBSTalk Gold Club

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    Saw this on another forum and thought it would be fun to ask here.

    You win the lottery and take home 1 million dollars (cleared and after taxes). What would you do?

    1. I would invest some of it (obviously).
    2. Give some to my close family members.
    3. Move to a different house in another part of the city.
    4. Take a little mad money and buy something fun. Maybe a nice RV or truck or a nice home theater setup.
     
  2. Nov 6, 2009 #2 of 77
    Steve

    Steve Well-Known Member

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    Lower...
    1,2 and 4 for me. :)
     
  3. Nov 6, 2009 #3 of 77
    barryb

    barryb New Member

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    Pay off any debt, then go have some fun.

    When I return from fun (if I do) I would do some serious additions to our home, including a massive home theater.
     
  4. Nov 6, 2009 #4 of 77
    tcusta00

    tcusta00 Active Member

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    Pay off my car and house and create an income stream from the rest.

    Keep working.
     
  5. Nov 6, 2009 #5 of 77
    Fontano

    Fontano Godfather

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    With just 1,000,000 ?

    1 - Pay off everything (house, car, credit cards)
    2 - 150k each into two college funds
    3 - Take my wife out for a two week shopping spree in a couple different travel spots
    4 - And then return to work with a lot less stress.

    Maybe, I would add a 3.5 - Buy the two lots of land at the end of the block, and turn it into a swimming pool/play area for me and my neighboors (since the developer pulled out and it looks like these lots will never be completed as homes)
     
  6. Nov 6, 2009 #6 of 77
    roadrunner1782

    roadrunner1782 Icon

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    I would pay off my house and debt, buy a new car (nothing really expensive) and invest the rest.
     
  7. Nov 6, 2009 #7 of 77
    hdtvfan0001

    hdtvfan0001 Well-Known Member

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    1) Donate a significant amount
    2) Invest some
    3) Gift some to family
    4) Take a nice vacation
    5) Pay off some debt
     
  8. Nov 6, 2009 #8 of 77
    Richard King

    Richard King Hall Of Fame

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    1. Pay of the debt and turn the house that I am trying to sell (to pay off my debt) into a rental house (or move into it and rent out my house).
    2. Buy some pro audio/video equipment and get serious about setting up a small production company with location audio and video services.
    3. Do the "Because it's there" tour of the lower 48.
    4. Invest the rest, if there is any left.
    5. Set up a trust so that when I kick off what's left goes to fund scholarships for lower income kiddies.
     
  9. Nov 6, 2009 #9 of 77
    fluffybear

    fluffybear Hall Of Fame DBSTalk Club

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    Pay everything off then invest a little and do some remodeling of our current home. A big portion of it though would just get socked away.
     
  10. Pete K.

    Pete K. Icon

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    1) Pay off debt
    2) Give to charity
    3) Invest
    4) "Let" Uncle Sam take his share
     
  11. Greg Alsobrook

    Greg Alsobrook Lifetime Achiever

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    Honestly...

    -Give half away to various charities
    -Give some to friends/family
    -Pay off cars/house
    -Invest whatever is left
     
  12. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Indian...
    1. Pay off the house
    2. Donate around 25% of the remainder to charities like Food for the Poor, Habitat, Feed the Children.
    3. Travel while I'm still able, possibly with an RV
    4. Set up a living trust for long term care and funeral expenses; leaving the remainder to my kids and grandchildren.
     
  13. Hutchinshouse

    Hutchinshouse Hall Of Fame

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    1. Pay off bills
    2. Help family members in need
    3. Move to Hawaii, live off the sea
    4. Upgrade to the DIRECTV Premier package ;)
    5. Have a sweet a** home theater.
     
  14. Chris Blount

    Chris Blount Creator of DBSTalk Staff Member Administrator DBSTalk Gold Club

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    Interesting how some would give to charities. I guess I'm of a different mind. I would rather share it with family members who need it much more than I do. My brother's son has muscular distrophy. They need all the funds they can get to help. Giving to various charities kind of bugs me because I really don't know where the money is going. If I were to do something like that, it would be more direct. I would not donate funds. I would donate goods and services. At least that way I know what happened to the cash.
     
  15. hdtvfan0001

    hdtvfan0001 Well-Known Member

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    Mine would be very specific, and I do know where all the money goes for those 6-7 organizations.
     
  16. veryoldschool

    veryoldschool Lifetime Achiever Staff Member Super Moderator DBSTalk Club

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    What "would I do" or what "would happen"?
    I "would have" very noble plans for it, but in the end: fast cars, loose women, drinks, & bad investments, would most likely be what happens for most.
     
  17. pfp

    pfp Whatever

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    :lol:

    I'd probably be the exact opposite with 90% going into some type of savings / investment. I have no idea what would happen with the rest, I'm sure I'd blow some of it but most likely the folks would get a big part of it.

    Cars - I'm happy with my car
    House - If anything I want to downsize
    Tech - Even if I had this kind of $ I would not spend it on the things I don't already have
    Vacation - I generally don't travel much and have already budgeted for the only place i want to go.

    Darn! - I'm rather boring. :)
     
  18. longrider

    longrider Well-Known Member DBSTalk Club

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    That is unfortunately what usually does happen. You always hear stories about someone who won the lottery and is bankrupt 3 years later. I think I have the self control to follow through with my plan which would be to pay off all debt, give a little to charity, help out a few friends, buy a couple new bikes :) , and invest the rest. While I doubt I could retire I would probably take a year or two off and travel the country on a motorcycle. I would not want to wait until retirement for this as by then it might not be a good idea.
     
  19. dodge boy

    dodge boy R.I.P. Chris Henry

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    Send my 2 boys to college..... :)
     
  20. WestDC

    WestDC Well-Known Member

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    I would change my ID-then pickup the money and disappear. Not many folks are repaying anything today so I would want to start fresh with the whole amount.
     

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