Just for fun, I decided that I wanted to share with you what I'd do with exactly that amount of hard cash. This would be a fun tag blog, so if you decide to do this tag too, that would be awesome. Just comment below with your link.
For logistics, let's assume that this is hard cash with no taxes owed and it was a gift - no expectancy of having to pay back the money.
When I think about all the little things that I've wanted, and just how much cash $1 million is, I realize that it really is a lot of money! For the average person making a $50,000 annual salary, it would take 20 years to earn just that amount of money. That's a crazy thought, right?
So here goes:
1. Pay off my debts. This is probably a no-brainer for most, but it would be nice to stop paying on student loans or making my car payment each month. Wow, that would be really nice.
2. Finally take those dream vacations.
3. Stock away about half the money to earn interest.
4. Buy a reasonably sized home or condo to stop having to pay for rent.
5. Give cash to family and friends who are in need. I'd set aside money for an emergency family fund just for those who may need it for one reason or another...and also some for charity.
And, the big question: would I keep my job? Most likely, but just to keep myself challenged every day.
What would you do with that much money?
Have a wonderful night,