It’s kind of a cool idea, isn’t it? To think about someone walking up and handing over a bundle of cash. What would you do? How would it change your life? Here’s some things I would do if I had a million dollars all of a sudden.
The Goal: Less Worry
I would have a goal if I got a big pile of money. That goal would be to use the money to provide financial security. A million dollars would be awesome. It wouldn’t be enough to retire at the age of 43. Yet, it would be enough to provide security in many ways. I would also want to take away as much of the day to day worry that money can bring.
I would send away some of the money on a few things.
- Pay off all debts. The mortgage and student loans would be gone. There’s hardly any better security I can think of than to have all assets and no debts!
- Splurge. I would probably look at a few items. We’d definitely get a new camper. I would upgrade some things around the house. I’m thinking flooring, and some light kitchen and bath work. I’d probably have the inside professionally painted.
- Take care of college. I’d make sure that the kids college funds were fully funded. We contribute now, but I don’t think what we’re setting aside will fully cover the costs. It would be a goal to close that gap.
- I’d treat immediate family. I’d make sure to splurge on family who have helped us along the way. Maybe a luxury vacation or something along those lines.
- Donate. I would want to use the money to give something back. Right now we give, but not enough to where it makes a direct difference. Instead, the money helps when it’s combined with that of others. I’d like to use some money to know that we’re directly making a difference in some way.
Most of the money would probably be saved. I’d look at funneling as much as possible toward our retirement accounts. I’d work with a financial adviser to invest a chunk.
It’s funny because this section is noticeably shorter than the section above. That’s for a reason. Saving isn’t sexy. Spending is fun to think about. But, in the end, more of the $1 million would be saved than spent. Once you get it to the right accounts, it just sits there. And takes care of you. Which is the cool part, no?
The bottom line is that I’d want to make sure that the money provided a foundation for years to come. Five years. Ten years. Twenty years. However long it is, I’d want to be able to see that money working. This is possible if done right.
Most people will never receive a million dollars in their lifetime. Still, it’s fun to dream, isn’t it?
What would you do with a million dollars? Share your ideas and dreams in the comments below.