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

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

  1. pfp

    pfp Whatever

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    Still trying to wrap my head around this. I can see the $4k/mo, just not the tax free part.
     
  2. Movieman

    Movieman Hall Of Fame

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    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. :D
     
  3. dennisj00

    dennisj00 Hall Of Fame

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    Change your phone number!! - unlisted. You'd be surprised how many 'friends / relatives' come out of the woodwork!
     
  4. hdtvfan0001

    hdtvfan0001 Well-Known Member

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    Yup - that almost always happens...:D
     
  5. veryoldschool

    veryoldschool Lifetime Achiever Staff Member Super Moderator DBSTalk Club

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    "A nice thing about being an old fart"... it wouldn't have to last that long.
     
  6. tcusta00

    tcusta00 Active Member

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    Find yourself a financial advisor and s/he will enlighten you.
     
  7. Mike Bertelson

    Mike Bertelson 6EQUJ5 WOW! Staff Member Super Moderator DBSTalk Club

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    Somewhere between $1k-$3k per month to cover a family.
     
  8. phrelin

    phrelin Hall Of Fame DBSTalk Club

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    Northern...
    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.
     
  9. dennisj00

    dennisj00 Hall Of Fame

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    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.
     
  10. houskamp

    houskamp Active Member

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    pay off everything, invest the rest, move..
     
  11. Movieman

    Movieman Hall Of Fame

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    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.
     
  12. Matt9876

    Matt9876 Hall Of Fame

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    I would set up my own business and run it correctly from the start.:)
     
  13. rudeney

    rudeney Hall Of Fame

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    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.
     
  14. Richierich

    Richierich Hall Of Fame

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    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:
     
  15. hdtvfan0001

    hdtvfan0001 Well-Known Member

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    One for sure.
     
  16. djlong

    djlong Hall Of Fame

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    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.
     
  17. JM Anthony

    JM Anthony Child of the 60's DBSTalk Gold Club

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    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.

    John
     
  18. Lord Vader

    Lord Vader Supreme Member DBSTalk Club

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    Galactic Empire
    Destroy all of my enemies.

    !Devil_lol
     
  19. Richard King

    Richard King Hall Of Fame

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    I'll be nicer to you in the future. ;)
     
  20. Lord Vader

    Lord Vader Supreme Member DBSTalk Club

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    A wise decision, because I am deadly serious.
     

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