one MILLLION dollars...

[Vinsanity]

Scenario:

For some reason, you and your existing family have to make a fresh start at a brand new life. This means that your current net worth is completely wiped out, but is replaced with $1,000,000 tax-free US Dollars ($1,040,000 CAD/?700,000/?625,000/$1,100,000 AUD/?1Billion/whatever) to use to buy real estate, vehicles, investments, etc. Your new life comes with a new job comparable in position and salary to your current career. Where would your million go?

edit: to clarify, only the $1MM windfall is tax-free. If you decide to use it to earn interest, it would be taxed as regular income.

[2o6]

Pay school off.


Pay immediate family's loans off.


Modest sized house and probably two cars to go with it.

[Minpin]

Uh, since still in college...

Put it all in my Schwab account, finish school, and continue on with my life. Fuck my family, they don't need any of it. 

[Vinsanity]

I'm thinking along the same lines. Basically using the interest off $1MM to supplement my current income. That would be enough to finance a ~$500k mortgage, and then a newer model CTS. Maybe a certified pre-owned 987 Boxter as a weekend toy.

[rohan]

Pay off house.  Pay off cars.  That's about $300k.  The rest straight into bank accounts- Roth IRA's- college funds and maybe a small little cottage on a small little fishing only lake.

[Onslaught]

Pay off the RX-8.
Go on a trip to Hawaii, Australia and perhaps some of Europe.
Build on to my house.
Take all my guy friends to the best strip clubs in Vegas
Pick up my tool box from work and bring it home.

[Vinsanity]

maybe I didn't phrase the situation well enough. Your entire net worth is wiped out, which includes your current house and car(s)

[SVT666]

I would pay off my house and my debt.  That leaves $670,000.  I would then buy a 2011 Mustang GT in the spring and a 2010 Honda Odyssey for my wife, and a 2004 Dodge Dakota Quad Cab 4x4.  The remaining $588,000 goes in the bank.

[SVT666]

Pay off the RX-8.
Go on a trip to Hawaii, Australia and perhaps some of Europe.
Build on to my house.
Take all my guy friends to the best strip clubs in Vegas
Pick up my tool box from work and bring it home.

Am I considered a friend?

[SVT666]

maybe I didn't phrase the situation well enough. Your entire net worth is wiped out, which includes your current house and car(s)

Damn.  Okay.  Here we go again.

Build House = $600,000
2011 Mustang GT = $35,000
2010 Honda Odyssey = $40,000
2004 Dodge Dakota = $8000
Bank = $317,000

[Onslaught]

Am I considered a friend?

Sure, why not.
We can rent a few nice cars and see what they can do out there too.

[SVT666]

Sure, why not.
We can rent a few nice cars and see what they can do out there too.

YES!  Let me know when you get a million dollars and I'll meet you in Vegas.

[FoMoJo]

Hmmm.

Stake my daughter to her education...another $50G, give or take.

Rent, rather than own, a comfortable bungalow with detached garage and workshop; with a pleasant and sunny room for my wife to write her memoirs; save the hassle and expense of real estate and lawyers plus we wouldn't need it for more than 15-20 years.  This would allow for a more sizable investment of the bulk of the funds.

Buy a Fusion Hybrid for general transportation.

Buy a clean hobby car to tinker with and drive to the local 'drive in'.  Must have a 289 HiPo engine.  Could be a '67 Bronco, '66 mustang convertible or even a hotrod.

Take frequent trips, cruises, etc.  Go to Cuba at least twice a year; to stock up on cigars.

That's about it.

[Payman]

Buy 100 acres in Nfld: $100,000
Build house: $300,000
Build retirement apts: $500,000 (remainder gov't subsidies). That should get me 12-15 units, and income of $10,000/month
Buy Ski-Doo, FFR MkIII Roadster (Cobra), a smallish 4x4 truck (Tacoma?) $75,000
$25,000 left for groceries and booze. 

[Minpin]

Buy 100 acres in Nfld: $100,000
Build house: $300,000
Build retirement apts: $500,000 (remainder gov't subsidies). That should get me 12-15 units, and income of $10,000/month
Buy Ski-Doo, FFR MkIII Roadster (Cobra), a smallish 4x4 truck (Tacoma?) $75,000
$25,000 left for groceries and booze. 

Not one for saving eh? 

[Rupert]

House, cars, loans, investments.

The new job is in Portland, so $300k-400k for a nice house in a good neighborhood. $20k for a used SUV of some type (old fixed up something?), $30k for some cars (Miata-- $5000, uh, I dunno...), some bikes ($6k; lots of bikes), furniture ($5000, high estimate), student loan ($13k). That leaves more than $500k for investing.

Why is $1,000,000 abbreviated $1MM and not $1M?

[Minpin]

House, cars, loans, investments.

The new job is in Portland, so $300k-400k for a nice house in a good neighborhood. $20k for a used SUV of some type (old fixed up something?), $30k for some cars (Miata-- $5000, uh, I dunno...), some bikes ($6k; lots of bikes), furniture ($5000, high estimate), student loan ($13k). That leaves more than $500k for investing.

Why is $1,000,000 abbreviated $1MM and not $1M?

a high estimate of 5k for furniture? That's gonna be one cheaply decorated house!

[Raza]

House, cars, loans, investments.

The new job is in Portland, so $300k-400k for a nice house in a good neighborhood. $20k for a used SUV of some type (old fixed up something?), $30k for some cars (Miata-- $5000, uh, I dunno...), some bikes ($6k; lots of bikes), furniture ($5000, high estimate), student loan ($13k). That leaves more than $500k for investing.

Why is $1,000,000 abbreviated $1MM and not $1M?

It's that way at work.  1MM = 1*1000*1000. 

[Vinsanity]

Not one for saving eh? 

to be fair, the retirement apts are kind of an investment vehicle

[Payman]

to be fair, the retirement apts are kind of an investment vehicle

A very secure one, with a good monthly income.

[Minpin]

Yes but to have 1 million and end up with 25k afterwards...Fuck that.

[CJ]

Life's not all about money, you know.

[Payman]

Yes but to have 1 million and end up with 25k afterwards...Fuck that.

Huh? Would you rather line your coffin with it?

Did you miss the land, house, and apartments thing? That's a few million worth in a few years right there. Plus $10,000+ month income.

[rohan]

Pay off house.  Pay off cars.  That's about $300k.  The rest straight into bank accounts- Roth IRA's- college funds and maybe a small little cottage on a small little fishing only lake.

maybe I didn't phrase the situation well enough. Your entire net worth is wiped out, which includes your current house and car(s)

Ok- with my million i'ld buy my house back and buy a new 550 or whatever the number is and still do the rest I wrote about.  I love my house.  If I couldn't buy it back I'ld buy a 20 acre piece of land somewhere quiet and build one exactly like it. 

[FlatBlackCaddy]

I would have used 10 dollars to buy my family the biggest refigerator box we could find to live in, then i would have bought 999,990 shares of ford motor company at 1 dollar a share.

Purchase shares,

Wait 6 months,

Add ice, vermouth, whisky

Shake

Strain

Stir

And cash them bitches in at 11 dollars a share, pull a wesly snipes and not pay any taxes then pull a roman palanski and ditch this sinking ship for europe.

[Minpin]

Huh? Would you rather line your coffin with it?

Did you miss the land, house, and apartments thing? That's a few million worth in a few years right there. Plus $10,000+ month income.

Think about it like this. You now have 975k of assets and only 25k of rainy day money. If you only had 100k is assets that 25k would be fantastic but with a million you are going to have some more expensive situations where you will be SOL. You can't base your saving on future earning potential. 

Life's not all about money, you know.

What else is there?

[FlatBlackCaddy]

Life's not all about money, you know.

Bring that shit somewhere else.

Or better yet, send me all your money since it is such a trivial part of life.

[Payman]

Think about it like this. You now have 975k of assets and only 25k of rainy day money. If you only had 100k is assets that 25k would be fantastic but with a million you are going to have some more expensive situations where you will be SOL. You can't base your saving on future earning potential. 

What else is there?

If I was in my 20's I might agree with you. But this is my retirement plan, and the $1Mil allows me to do it without any debt. I wouldn't have $25K left, BTW. You missed the groceries and booze part.

[Minpin]

If I was in my 20's I might agree with you. But this is my retirement plan, and the $1Mil allows me to do it without any debt. I wouldn't have $25K left, BTW. You missed the groceries and booze part.

Ok.

[FlatBlackCaddy]

If I was in my 20's I might agree with you. But this is my retirement plan, and the $1Mil allows me to do it without any debt. I wouldn't have $25K left, BTW. You missed the groceries and booze part.

Yup

Groceries - 1K

Booze - 20K

You'd be lucky to have 5g's left in your pocket.