one MILLLION dollars...

[Payman]

Since I'm not taking this seriously, I should revise my plans. I'll put 25% down on a $200,000 mortgage, stock up on cold porridge, and keep $950,000 in the bank because, well, you never know.

[omicron]

I like porridge, although it would need to be hot, made with milk, and served with sugar.

[BimmerM3]

Probably wouldn't change much of my lifestyle. I already have relatively low expenses. I'd start paying for everything on my own (currently my dad pays for my rent, car insurance, and any minimal charges that school might cost), and probably get a new car, and bank the rest. I would be a whole lot less stingy about going out though.

For any of the college students, replacing everything we currently own with $1MM is going to be a huge gain. Of course, I'm assuming that when you say me and my existing family, I'm assuming you mean myself and my dependents (which I don't have any, of course), not myself, my parents, and my siblings.

[Xer0]

Well, lets see:

I would pay off for this final year of school (26K)
Give my parents 200k
Pay off whatever debt I have (car loan really - 9K)
Give my sister my current car and buy a new car, although I don't know which so lets just say 50K
Make use of all of these first time buyer credits that are still going on and buy a condo in the city (300k)

So far thats a total of 585K leaving me with 415K

I would invest 250K
Put 100k in a savings account should anything come up
Put 50k in a checking account for spending money
And for the last 15K I would take me and a bunch of friends to Vegas for a badass weekend.

[Minpin]

Well, lets see:

I would pay off for this final year of school (26K)
Give my parents 200k
Pay off whatever debt I have (car loan really - 9K)
Give my sister my current car and buy a new car, although I don't know which so lets just say 50K
Make use of all of these first time buyer credits that are still going on and buy a condo in the city (300k)

So far thats a total of 585K leaving me with 415K

I would invest 250K
Put 100k in a savings account should anything come up
Put 50k in a checking account for spending money
And for the last 15K I would take me and a bunch of friends to Vegas for a badass weekend.

You really don't need 150k in your savings/checking. I'd put maybe 40k in my savings account and 5k in checking. You can instantly transfer money from savings to checking for no fees these days. I do it all the time, actually. I put what money I want to spend for the week on my checking account and stuff. And it usually only take 2 days for funds to settle and clear when going from an investment account and savings. So how often are you gonna need more than ~40k? 

Just my .02...

[Xer0]

You really don't need 150k in your savings/checking. I'd put maybe 40k in my savings account and 5k in checking. You can instantly transfer money from savings to checking for no fees these days. I do it all the time, actually. I put what money I want to spend for the week on my checking account and stuff. And it usually only take 2 days for funds to settle and clear when going from an investment account and savings. So how often are you gonna need more than ~40k? 

Just my .02...

Yeah, it is really excessive but I'd still keep it at that.  At the least, I'd bring it down to a 90/10k split.

[Vinsanity]

I think I found my place: http://www.realtor.com/realestateandhomes-detail/17121-Treehaven_Huntington-Beach_CA_92647_1114788088

4 car garage, sucka

Now, if only I could find something to put in it...
2005 Mercedes CLS
2007 Cadillac Escalade
2005 Porsche 997 convertible
1962 Lincoln Continental convertible

It would probably take me forever to acquire all those toys if I don't want to burn through my cash too quickly, though

[Submariner]

- 997 4S
- Down payment on a lovely Tutor in set on the back nine of our towns country club
- Invest the rest

[Minpin]

- 997 4S
- Down payment on a lovely Tutor in set on the back nine of our towns country club
- Invest the rest

Houses on a golf course seem like a god idea until you live in one. IMO...

[Rupert]

- 997 4S
- Down payment on a lovely Tutor in set on the back nine of our towns country club
- Invest the rest

Lovely tutor? So, like, a pretty woman telling you how to do math?

[TBR]

Lovely tutor? So, like, a pretty woman telling you how to do math?

I started to be an ass and say something about that...I guess you weren't similarly inhibited

[Rupert]

Someone had to.

[Minpin]

I didn't catch it originally...

Who calls a house a tutor anyways? Is that term reserved for the elite tightasses of the northeastern pompous dickholes or what? 



Kidding, Subbie. I'm sure you are a fine gentleman. 

[S204STi]

Tudor is a style of home, in the same way Victorian, Cape, or Colonial are home styles.

http://architecture.about.com/od/periodsstyles/ig/House-Styles/tudor-utica-jc-5240029.htm

They are actually very elegant looking homes.  I like the style a lot.

[Byteme]

Since the original premise has been thrown away.  Give me a million dollars tax free today and I will retire tomorrow. I'd invest it in something low risk.

[Byteme]

Tudor is a style of home, in the same way Victorian, Cape, or Colonial are home styles.

http://architecture.about.com/od/periodsstyles/ig/House-Styles/tudor-utica-jc-5240029.htm

They are actually very elegant looking homes.  I like the style a lot.

Yup.

[Rupert]

Tudor is a style of home, in the same way Victorian, Cape, or Colonial are home styles.

http://architecture.about.com/od/periodsstyles/ig/House-Styles/tudor-utica-jc-5240029.htm

They are actually very elegant looking homes.  I like the style a lot.

No kidding.

[dazzleman]

This would leave me worse off than I am now.  No thanks.

[dazzleman]

Tudor is a style of home, in the same way Victorian, Cape, or Colonial are home styles.

http://architecture.about.com/od/periodsstyles/ig/House-Styles/tudor-utica-jc-5240029.htm

They are actually very elegant looking homes.  I like the style a lot.

I like tudors.  There are some really nice ones in my neighborhood.  I have a colonial, but I wouldn't mind a Spanish-style tudor.

[Raza]

This would leave me worse off than I am now.  No thanks.

With a million in my pocket, I'd have a nicer place to stay and a nicer car to drive to work.  It's not exactly retirement money.

[dazzleman]

With a million in my pocket, I'd have a nicer place to stay and a nicer car to drive to work.  It's not exactly retirement money.

No, not unless you're much older.  I have over a million dollars in investments now, plus a house that's nearly paid off, and I'm still stuck working.

[Minpin]

Million just isn't what it used to be.

[dazzleman]

Million just isn't what it used to be.

It sure isn't, though net worths of over a million dollars are still surprisingly uncommon, even in wealthy areas like Fairfield County.  My lawyer was telling me that most estate in my county are under a million dollars and I was surprised by that somewhat.

[Minpin]

It sure isn't, though net worths of over a million dollars are still surprisingly uncommon, even in wealthy areas like Fairfield County.  My lawyer was telling me that most estate in my county are under a million dollars and I was surprised by that somewhat.

While I have no idea what Fairfield country is all about I am not surprised people can't manage their money. Just because you get a high salary doesn't mean you have financial sense. Ever hear the stories of what people's lives are like after they win the big lotteries? It is hilariously depressing.

I guess I can be thankful my parents know what they are doing. We still clip coupons and damn well use them. 

[Rupert]

With a million in my pocket, I'd have a nicer place to stay and a nicer car to drive to work.  It's not exactly retirement money.

Maybe you can't retire on just that million, but it would sure make for a nice retirement investment in 20 years!

[dazzleman]

While I have no idea what Fairfield country is all about I am not surprised people can't manage their money. Just because you get a high salary doesn't mean you have financial sense. Ever hear the stories of what people's lives are like after they win the big lotteries? It is hilariously depressing.

I guess I can be thankful my parents know what they are doing. We still clip coupons and damn well use them. 

Fairfield County is one of the wealthiest counties in the country, so I was surprised that more people didn't leave behind estates of $1 million plus.  The average house here is worth not much less than $1 million in many parts of the county, and if you're older and have it paid off, plus have some investments, that should easily get you past $1 million.

[dazzleman]

Maybe you can't retire on just that million, but it would sure make for a nice retirement investment in 20 years!

....if it's invested wisely, and the markets don't tank again.  The last 10 years, you'd be lucky to have held on to what you started with.

[Minpin]

Fairfield County is one of the wealthiest counties in the country, so I was surprised that more people didn't leave behind estates of $1 million plus.  The average house here is worth not much less than $1 million in many parts of the county, and if you're older and have it paid off, plus have some investments, that should easily get you past $1 million.

Interesting. Just goes to show that the guy driving that new luxury car every year isn't as wealthy as he looks. I would love to know what some people in my area make, stuff like that is interesting to me. Every time I meet some guy who works for my dad the first thing I ask once we are in private is how much this guy is making, and then what is it exactly that he does. 

[The Pirate]

I like tudors.  There are some really nice ones in my neighborhood.  I have a colonial, but I wouldn't mind a Spanish-style tudor.

Colonial and Tudor are two of my favorite house styles.

[The Pirate]

It sure isn't, though net worths of over a million dollars are still surprisingly uncommon, even in wealthy areas like Fairfield County.  My lawyer was telling me that most estate in my county are under a million dollars and I was surprised by that somewhat.

Most people there are living above their means?  My dad's net worth is over a mil, and he probably makes a bit less than most Fairfield county residents (granted, my parents are frugal and live in a low cost area, but still).