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Discussion in 'The OT' started by Chris Blount, Nov 6, 2009.
Still trying to wrap my head around this. I can see the $4k/mo, just not the tax free part.
I would move to the city I want to live (not the current one that I am in) and my dream home. I would set aside money for my kids to go to the best schools money can buy. I would spend a little on new tech stuff around the house. I would invest the rest of the money so that it can grow for my kids and their kids.
EDIT: Would by each of the Mods a keg for all the hard work they put in to this place.
Change your phone number!! - unlisted. You'd be surprised how many 'friends / relatives' come out of the woodwork!
Yup - that almost always happens...
"A nice thing about being an old fart"... it wouldn't have to last that long.
Find yourself a financial advisor and s/he will enlighten you.
Somewhere between $1k-$3k per month to cover a family.
In many, many places in California, $1 million is the down payment on a house with an ocean view even after the bubble burst. So a million bucks wouldn't change my life much as it wouldn't permit such a purchase. I guess I'd give $100,000 to each of the kids and $50,000 to each of the grandkids and my sister and my wife's brother.
I'd take the remaining $500,000 and try to set it up to earn the CPI+1% and draw out $2,300 a month increasing monthly by the CPI to do whatever including charitable donations. That would last about 20 years which is far longer than I expect to live.
Actually, from some close friends experience, don't GIVE money to anyone - family or friends. Set up a trust with some rules / goals. Free money evaporates too quickly to sustain anything.
pay off everything, invest the rest, move..
I hope your wrong. That timeline is surprisingly close to about how much longer everyone in my family has lived starting from my age. I will buy you more life.
Not a bad idea. I would do this for the kids and grandkids so that they know that they have to still go to school and make something of themselves.
I would set up my own business and run it correctly from the start.
Unfortunately, $1M is not what it used to be. It really wouldn't change my life. I think I'd literally just put it into my retirement fund, with some still being readily available to pay for our granddaughter's college education.
This is a Very Interesting Thread!!!
Not sure exactly what I would do if I had $1,000,000 or MORE!!!
But Thanks for the IDEAS!!! I will keep all of them in mind!!! LOL!!! :lol:
P.S. Not Many Will Understand My Post!!! In fact maybe ONLY ONE (or TWO)!!! :lol:
One for sure.
The "tax free" part usually means it's investments from tax-free municipal bonds. Income from that is tax-free, the 'reward' for you taking a smaller interest rate.
1. Pay off the house (not much left on the mortgage)
2. Contribute to local charities
3. Add to our two daughters' investment fund ($200K each to help with their first homes)
4. Put $50K in a family vacation investment fund (for the big, memorable vacations)
5. Invest the rest
I'd give at least $100K to local charities as my wife and I already have good pensions and our daughters' college expenses are fully paid for thanks to 529 accounts. Our family has long roots in this community and it's good to give something back.
Destroy all of my enemies.
I'll be nicer to you in the future.
A wise decision, because I am deadly serious.