Kind of a generic question, but it’s one I always like hearing the answer to.
I’d probably buy a house, just big enough to live comfortably, maybe a 2 bedroom? And possibly start my own hosting company for controversial content. That seems like it would be fun.
I would probably try to share the rest with family/friends and keep enough just to comfortably yet modestly live on.
Alright, now it’s your turn!
If you had a million dollars, what would you do with it?
Buy $100,000 of precious metals; $100,000 towards prepping; donate $100,000 to FOSS projects/developers; spend $90,000 paying off debt; $200,000 for my wife and I to use for fun stuff; the other $410,000 for property.
Based FOSS contributor and enjoyer! Sounds like a pretty good plan to me!
1 million dollars in this economy is sadly not worth as much as it used to be, so I’d probably invest it. After growing the money a bit to the point I’m set for life, I’d start philanthropizing. I’d probably ask people smarter than me about what the most good I can do with the money I have is, ala effective altruism. I might start my own charities/organizations. I can’t really imagine myself splurging much on expensive things without feeling guilty about the people who need my money more than me that I could be helping. I’m a total simp for ethics.
If I was rich enough, I’d hire lobbyists to try and get the goverment to tax the rich, get rid of the electoral college, and ban lobbyists lol, among other things. Idk, I’d just try my best to make a dent in the suffering people live through.
Definitely a very selfless goal. The lobby to ban lobbyists bit made me laugh. xD I’d like to say i’d do charitable things, might invest a chunk into charities that fight for causes i’m passionate about, but I’m a selfish person deep down, so I don’t know if I’d actually end up doing that.
“I used the riches to tax the riches”
Pay my debts and invest the rest. Probably in houses, selling and renting. I’m gonna become the landlordest!
Gotta landlord-em-all!!!
All in on VTSAX, continue like normal for a decade or so to let that money compound, then retire with a super comfy 2-3MM in investments, and pull a modest 3.5% safe withdrawal rate from it in perpetuity, putting me in the upper brackets of income without having to work for a living. I’d say living off 60-100k a year is living pretty fat where I’m at. From there I could probably support my then aging parents, and probably my unambitious future crazycatlady sister, maybe do some philanthropic stuff.
I’ve already got this shit roadmapped, pushing for that FIRE grind.
Everyone’s answers seem so much better than mine. xD Definitely seems like you’ve thought about this before.
Your answer is fine too. If our lives weren’t limited, it’d have been more objectively-correct to invest everything. But enjoying the moment could be important too.
Helps that I’ve been aware and analyzing this route for close to a decade now lol. Reddit’s r/FIRE and r/FI used to be a treasure trove of tools and information on how to stack cash high in retirement accounts and other tax avoidance strategies.
Invest 900k, Take the remaining 100k and pay off all debt.
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That sounds like it’d be very comfy.
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Speaking as someone who lives in a small apartment, trust me you’d have the same amount of stuff, just more creative methods of storage as well as more creative methods for justifying keeping worthless junk. xD
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Buy precious metals and XMR.
This is the way!
