My Question of the Day
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My Question of the Day
| 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
| 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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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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