If I had a Million Dollars…

(source)

You know that song by the Bare Naked Ladies?  Google/Youtube it.  How can you not like a song that talks about dijon ketchup, right?  Now, that’s going to be stuck in my head the entire day!

I’ve been reading quite a few posts from my fellow pf bloggers of what they would do if they won a million dollars.  So, I’ thought that I’d give this a stab.  A girl can always dream, right?

Keep in mind this is what I would do if I WON a million dollars.  Not if I saved up for it.  I’m not that generous.  I guess it’s goes without saying that a million dollars isn’t what it used to be.  I’m sure that I would need to still work, but I’d have a lot more options and financial stability.

Long term investments $250,000

I would hire a financial planner to help me divy up my portfolio for moderate growth.  I’m not sure if I should dip into the income generated from this stash.  Will have to do some math to figure out how much money is “safe” to use from the earnings.

My for my parent’s retirement $200,000

My parents have worked really hard for their entire lives.  I really want them to be able to relax and get to do things, like travel, while they are still young-ish.  I think this amount should be enough for their travels and a little nest egg, in addition to the one they already have.

Each of my sisters $50,000

I would love for my sisters to be able to enjoy the money with me, and I think that this is enough to get them started on maybe one or two of their dreams.

A small house (in the city?) to fix up $225,000 + $50,000

I’m think that should cover most of it.   I think it would so interesting to fix up an old house!  It could be my project when I take some time off work.

Get my Masters ($60,000)

Not sure what I want to get my Masters in, yet. Maybe a Masters in Public Policy or International Relations, or Business Administration.  Or maybe go to teacher’s college.  I want to keep investing in my education, and what better way that to go back to school

A trip around the world $50,000

I’d love to travel around the world for a year.  I’ll buy an around-the-world pass, where you can get on and off wherever, and the rest if to cover accommodation, transportation, and food.

I might even teach English in some foreign countries to cover costs so I can travel longer (and more).

Charity $40,000

I almost forgot about this one.  I would love to support a cause that focuses on women and education.  It’s a topic near and dear to my heart.  I want to write an entire most about this, so more on that later.

Used Luxury Vehicle $25,000 – Big Maybe

I think it would be really cool to own a Lexus. But I’m not sure if I’m ready to commit to this item, yet.  There’s also the cost of premium gas to factor in, and high insurance rates.  So, this might go towards another used vehicle (Honda Fit, ranked best economy card of the year by Consumer Reports).  We will see.

Or I might just buy a used Corolla for $7,000 and use the rest of this for a contingency for stuff like furniture in my new house.

Clothes and make-up$5,000

I’ve always wanted to own a really nice buttery soft leather bag, and a nice pair of shoes.  Oh, and maybe I can finally buy a warm and nice looking jacket (I’ll spend up to $500 on that jacket).

And the rest if for a little shopping spree, after I’ve paired down my closet.

That was fun, and hard work.  I like how I put in all this work for a very hypethical and unlikely situation, but I guess you can never be too prepare, right?  I’ll likely eventually have to work after I win my Million if I spend it in this manner, but at least my financial future is more stable, and I have more flexibility with pursuing my dreams.  OR I can invest all of it and live off the interest/ earnings.

Have you thought of what you would do if you won a million dollars?

Cheers,

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6 Comments

Filed under Finance, Personal, Random

6 responses to “If I had a Million Dollars…

  1. I feel ya… a million dollars used to be considered “rich” back in the day. Now you would still have to work if you had a million dollars and wanted to live beyond comfortable.

    I would buy a house, give money to my bro and sis and extended family, travel, save for my future kids’ college funds.

  2. Frugal Forties

    You know .. when I did this exercise, I didn’t think about giving money away – which I totally would. I don’t know why it didn’t occur to me when I was writing the post. I’d give XH a nice chunk, and some to his folks, too in thanks/repayment for all the help they gave us when we were first married. I’d also set aside some money in a trust fund for my Godsons.

    I guess this is representative of why my budget has been screwed up for so long … I keep forgetting to account for expenses! :)

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  4. Loved the article. You are a very talented writter.

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  6. I guess I’d probably throw it into a savings account.

    Normally, I’d say things like: Give money to my family, bla bla bla…

    But really, after the drama of this week I don’t want to give them anything.

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