If I had a Million Dollars

Last week, quite a few yakezie bloggers posted about what they’d do if they had a million dollars – I thought it was interesting, so I figured I’d do post as well.  Unfortunately, the only way I can get to a million dollars is earning it the old fasioned/hard way, as I dont play the lotto or have a rich relative, so this will be a way out, and most likely by the time I do have a million dollars

  • it wont be “worth” that much
  • my list from right now will be drastically changed
That being said, lets have some fun!
First, I’d have to pay the tax man, and “Uncle whiskers” (as he’s known in my family on occasion) will take about 20%.  After that, I’d have about 800k to play with and here’s where it would go:
  1. I’d wipe out all of my debt.  Right now, that amount sits at about 30k.  This would include the car, both student loans and what’s left on my credit card.  Doing this would increase my monthly cash flow by $550 per month – which is quite a significant portion of my monthly earnings.
  2. I’d purchase a house.  Right now, this is something that I’m not doing for multiple reasons, and one is that I’d like to be debt free first.  The other is that in my version of “lifestyle design” I’m not sure exactly where I’d want to live? Right now, I live in the downtown area of my city, and am able to walk to work, which takes about 7 minutes.  I can ride my bike to go out on the weekends or to take in the other things that the area has to offer.  Basically the only times I drive my truck are running errands where I need to pick up quite a few things (like grocery shopping) or to the gym.  I’d have to say, that I really enjoy it, considering I’d been commuting 45 miles (1 way) to my old job.  However, I really want a piece of the american dream: land.  I want to grow a large garden, have a greenhouse, raise chicken, pigs, goats and other stock, and I just want a place that I can fence in and do with what I please.  However to have this, I’d have to live out of town – how far would depend on a few things, but those are irrelevant, but it means that I’d have to have a commute again.  I’d have to start chaining my trips so I’d have to go to the gym right before or after work, instead of having a break between as I do now.  It’s something that I havent really decided yet, and obviously H has a say as well.  Regardless of location, I’d buy a house next.  I’d estimate that this goal would take around 300k
  3. I’d take a vacation.  I’m not too sure where I’d go – I’d like to travel internationally, but I’d also like to go to every national park and monument in the US in my lifetime, so that would be on my list as well.  I’m not sure for how long this would be, but it’d be at least 2 weeks.  I’m not sure how much this will take, but I can conservatively estimate 10k.
  4. Invest.  I’m not sure how I’d do this, but possible options would be dividend producing stocks, cds, or buying an apartment building or office building.  I’d like to do property development or something that would produce income in the future.  I’d invest about 400k.
  5. Liquid Savings – I’d put the last 60k in liquid savings, for what, I’m not sure yet, but I’ll just park it there until I figure it out.
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About Jeff

Jeff is the founder of sustainable life blog and has been interested in sustainability for most of his life. After realizing in 2007 that his finances were a total wreck, he started reading financial blogs and quickly realized that what is best for your wallet is typically better for the earth, and is usually healthier. On sustainable life blog Jeff shares his journey to a more sustainable lifestyle. For updates, subscribe by email or like us on facebook.

Comments

  1. We are on the same page with what we would do with a million dollars. In addition to your suggestions, I would also open college savings accounts for each of my kids.

  2. I’d pay off all my debts and save most of the rest. I would take one awesome vacation to Australia to visit my aunt, though. Ahhh…I can dream!

  3. Land sounds nice, but it’s a lot of work. You’ll be spending every weekend on the house. It’ll be a huge change from the current city rental lifestyle. Don’t be so sure you’ll like it. ;)

  4. I have a simple plan, I will buy a fast food franchise and continue to work at my current job. All by debt, saving et’ all will be covered by the income from franchise. Wish I had $1M

  5. My plan is similar to yours. Thankfully wiping my debt will also buy my house. The remainder will be invested to generate cash-flow so I can pursue my interests. Fun blog topic.

  6. I love these.
    I would do a lot of traveling. After I contributed to 529 plans, retirement and paying off our mortgage.

  7. It looks like we would be doing the same things with that large of a lump sum. Paying off all of my debt including student loans would send an extra 700 bucks my way. So that is something I am looking forward to getting eliminated.

  8. Clearing debts would definitely be first on my list. I’d buy up a house but rent it out and use it as a different revenue stream. There’d be a bit of travelling in there too!

  9. Wiping out my debt and purchasing a house are two of my main agenda’s if I have a million dollars.

    And the rest, I just have to re-invest it maybe start a business or just put it in a decent investment vehicle!

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  1. [...] We’ve all asked ourselves this same question at one point or another, over at Sustainable Life Blog, see Jeff’s plan If I had a Milion Dollars. [...]

  2. [...] Jeff at Sustainable Life Blog – Wipe out debt, buy a house, take a vacation, invest. [...]

  3. [...] We’ve all asked ourselves this same question at one point or another, over at Sustainable Life Blog, see Jeff’s plan If I had a Milion Dollars. [...]