My Question of the Day

iVillage Member
Registered: 11-17-2007
My Question of the Day
11
Wed, 06-11-2008 - 3:28am

If you won one million dollars what is the first 10 things you would do?


I will go first.


1. Call my son and tell his

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Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Thu, 06-12-2008 - 2:30pm

I've definitely thought about this question before!

After taxes, $1,000,000 is about $600,000. I would:

1. Pay off the mortgage (~$340,000).

2. Find out the best way to donate $60,000 (1/10th) to charity, leaving $200,000.

3. Spend $50,000 doing the needed work on my house and property.

4. Buy a new car for DH ($30,000).

5. Invest $50,000 in relatively safe vehicles for when I start my own business in about 4 years.

6. Invest the last $70,000 in something higher risk.

7. Continue working as before, but be able to save a LOT more for college and retirement.

8. If the $1,000,000 were tax-free and I got that extra $400,000, I'd invest it equally for my three kids' college and be able to retire probably 5 years earlier.

Kelly

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