Question Of The Day, Sunday 4 August, 2019

[Mia6]

HAPPY SUNDAY!!

I'VE BEEN THINKING ABOUT THIS BECAUSE IT'S VERY
SIMILAR TO THE PLOT OF THE BOOK I'M READING.

If you unexpectedly inherited $3,000,000 USD, how
would your life change? What is the first thing you'd do?

Buy a vehicle, buy the duplex I'm living in. Take the Vincie girl to the doc about her vision. Then hire someone to handle my finances and buy a second home, and a rescue facility for cats, dogs, etc. I would donate to causes that are important to me. And a new wardrobe for me as I'm over looking unfortunate.

What would you do?

 

[denice]

First thing I would do is get health insurance, I have 18 months before I can get Medicare. I would then quit my job. I would take time to decompress and get caught up on sleep. After I did those things I would decide what I would do with the rest of my life. I would need something useful to do but it would be something I like rather then doing what I have to do to pay the bills.

 

[verna davies]

I would go away on holiday for a week or so and just think about it, away from the everyday things in life. Clear my head and organise myself. Then I would come home and spend, spend, spend!! I would buy a property that has large grounds in a semi rural area, private but not isolated and provide a home for cats and dogs that are in need of love and care. I would employ a few people to help to ensure all the animals have one on one time and all properly cared for.

 

[muffy]

Most of it would go toward helping animals. I would buy a bigger house and help out my family and friends.

 

[Jem]

I have a plan in place if I ever won the lottery. It never changes.

1) Buy a farm or at least acreage that I can work with.
2) My farm would be for eggs and produce and possibly goat milk products.
3) I would look into allowing a bee keeper to use my land, as long as I get some honey!
4) I would build and run a cat shelter on my property
5) I would also open a thrift and "refinished items" store, that also has a small "cafe" attached that sells some of my "famous" baked goods.
6) I would probably keep my current house and rent it out instead of selling as some additional income once the big bucks get spent on the farm and shelter to get them up and running.
7) I would get back into my art (paintings, jewelry making) and sell those also.

There are a few other things I would do as time went on but I think that's a good start!

 

[LadyButterfly]

I would start off by paying off all of my bills, then I would donate to my favorite charities and rescue organizations. After that I would travel the world, go to places I've only dreamed of. To me making memories is more important than material things.

 

[NY cat man]

Our house is paid for, as is our vehicle, and we are both retired, so the first thing would be to buy a house in another state far from the clutches of NY.

 

[Lari]

Finish planning my wedding and honeymoon without worrying about budget.

 

[EmersonandEvie]

1.) Pay off our student loans.
2.) Pay outright for two new-ish (probably certified pre-owned) cars for the two of us.
3.) Help out husband's parents financially.
4.) Sell this house and build somewhere in the mountains.

Unsure of what to do with the rest. Probably hire someone that knows finances to invest the rest of it or stick it in an IRA or something.

Edit: I forgot about traveling! Yes, I would go to Europe for three weeks or so. Then Australia and/or New Zealand. Gotta get husband a passport first!

 

[JamesCalifornia]

~ $3 million ... Likely I would put most in a no-load mutual fund and live like I do now - except in a better neighborhood. I would finish restoring/repairing the home I have and lease it. Then I think life as a mini philanthropist for animals ( and maybe a few people ) would be nice. I would still work part-time as I like.

 

[neely]

The first thing I would do is one simple word - Travel. There are so many countries I would love to visit and experience firsthand.

 

[darkmavis]

I'd hire a lawyer and an accountant so I don't screw up and lose the money through uninformed decisions (I've never had that kind of money so i wouldn't know how best to handle it!), then pay off the house and my car, get my mom moved out to CA from PA, and then hopefully do lots of travelling!

 

[cassiopea]

- Pay off bills
- Purchase a house
- Traaaaveeeeel!
- Pay it forward, donate to some close-to-heart charities and needy causes. Finally be able to do some more volunteering, as it is hard to do that nowadays
- Help out my mom and spoil her
- Invest and do my best to be smart with my money so it lasts comfortably

 

[mightyboosh]

I'd have a car collection ranging from supercars to old classics.
Sort the kids out.
New house.
Some sort of animal rescue place.
Go to where we usually go on holiday but more often.
I love the colour and weight of gold so a few chunks of that.

 

[JamesCalifornia]

I love the colour and weight of gold so a few chunks of that

~ Some think gold could go up again $

 

[tarasgirl06]

Contact my FA to invest it wisely.

 

[MoochNNoodles]

Definitely get debt free! Then I'd live small. I wouldn't tell anyone. Not even the kids. I'd do "secret" deeds. Like help a single-mom get a car. Help an orphan get through college. Pay off someone's medical bills. Things like that.

FIL used to date a nice woman who was independently wealthy. She invited us to her home for the weekend for FIL's birthday once. The thing that struck me the most was how non-lavish her home and lifestyle were. Now I'm sure where she lived; that house was not cheap at all. And she had art studio space somewhere nearby. But the furnishings were modest. Nice but with age to them. Her style of dress didn't speak of anything notable. The bathrooms were still original to the house and screamed the 50s. She did some traveling; but on a level where FIL was able to join her on a couple trips himself while they were dating. I don't think the average person meeting her would pick up that she had money. And I think that's really how you should do it. Don't go blow your money on yachts and crazy stuff. Eazy come, eazy go is the saying right?

 

[kashmir64]

After taxes I would pay off this house. Then tear it down and put up a site built. After that, I would put as much as I could to my son's college education. He can work and pay for his apartment and bills, but I would pay his tuition and books.

 

[mightyboosh]

Some think gold could go up again

Yes, but even if it doesn't, it historically keeps pace with inflation as well as anything else so I've read.
It's academic for me at the moment until I get that 3 million.

 

[Elphaba09]

This is sort of tricky because my husband and I would have somewhat different ideas as to what to do. This is $3 million after taxes, I am assuming.

The list I would want:
Buy houses for my two children.
Buy a house (secretly) for his one brother and sister-in-law.
Buy a house (secretly) for his sister.
Pay off his mother's house (harder to keep secret, but she would keep a secret).
Pay off part of his other brother's house (with his mother's help to keep it secret).
Buy his third brother a house (secretly).
Pay off my sister's house. (Not secretly, because I want her to tell our other sisters.)
Give that same sister some money to give to her three children however she wanted.
Set up a trust for my grandson who is going to be born in January.
Pay off my husband's car.
Get new kitchen cabinets.
Give both my children $20k to invest.
Give to our local cat shelter and domestic violence shelter.
Invest the rest. One way I would invest it would be to be to buy several affordable houses and provide money purchase mortgages at 4% for people who might not normally be able to get credit. My best friend would be the first to get one of them. (I would just buy her one, but she would want to pay me back. This works out best.)

All those houses? Yep. We live in a nice, affordable area. You can easily get a decent, safe, live-in-ready-with-minimal-repairs-needed house for less than $70,000. I would set a limit as to what we could/would spend on the houses. They can sell it and use it for something that cost more if they want. We would pay off part of his one brother's house because he lives in an expensive house, and I am just not willing to pay that much.

We bought our house five years ago. Next month, it will be paid off completely, which is why paying off our house is not on the list.

My husband's list:
Buy houses for my two children.
Pay off his car.
Invest the rest.

Real list:
Somewhere between the two lists.