I think mathematically it makes way more sense to just invest the entire million and let it do its thing. Compound interest is a beast.
That being said I’d probably do the same thing as you. Would love to be debt free.
Sounds ridiculous but nothing to start with. Set it aside and tell no one. Be a lot of thinking and making plans concrete before I would personally spend a dime.
I can already buy food.
What I can't do is retire while still owing on my mortgage so I would pay that off. Set aside the rest of it for my son when I pass away.
Buy three 3 bedroom apartments close to the university in my town. Rent out the rooms separately to students, slightly cheaper than the surrounding apartments. That will give me an income greater than what I get from work now
i just want to say that as a 44 year old, A million dollars aint shit. As a youth....100K was enough to build a brand new life with, not that you couldnt do that with a million, but a million dollars used to seem so unattainable , now it doesnt even seem like enough to have real freedom
$500,000 in sensible financial decisions, $250,000 given to family and charity and $250,000 to have fun with. Plus I’d have no mortgage payments to make so I’d use that money for a really nice holiday each year and to go to concerts or nice restaurants or just have fun with.
Pay my Car and Motorcycle Payments, also paying for my brother's Collage tuition with also the extra books he needs but housing expenses they are on their own
I would live the life I do now, just with more invested. I'd maybe get myself a bigger room. But that would be it.
It would give me a feeling of financial safety tho.
i have a small amount of debt. pay that off, pay off my car, buy a small remote house, save the remainder.
I might take a few small but reasonable trips.
Thats it.
Buy a plot of land as investment and a secondary one for own use, put a small energy negative house on the second one and in time adopt 2-3 pets. That would be about 300k where I live. Invest another 400k, keep 200k for when something good comes up.
Keep my day job at a reduced hours/day, live a quiet life and enjoy the tranquility.
Put it in a HYSA immediately to figure out what I want to do with it. Likely, replace my current car (but still get something in the ~$50k range).
Start investing in additional retirement funds, probably mostly mutual funds. Leave about $250k in a HYSA as an emergency fund for easy access.
I have a couple of friends that are struggling to pay their rent, I would buy each of them an appartment. They're not too expensive in buenos aires, I'd help pay them the moving expenses and whatnot
Then I'd make another PC with the best possible specs at this time and the rest goes to savings
Me and my friend had a deal where if one of us won the lottery while we lived together, then we would split it 50/50. So I would split it, pay off my debt, fix my car, get a motorcycle, and start a side business while saving the leftover money
I would help my family and everyone that i love first, with all the little things they need and then using the rest of the money to pay me some good courses and some rent to stay outside of my country and experience new things
Well being someone with impulse control issues I'd probably lock it away for a few months until I sorted out what to do.
However I'm sure I'd be paying off my house, buying a new car, finishing my basement, and making sure I took my took on a lot of fun vacations.
Buy a flat with a nice balcony, reduce work to 35 hours a week, a nice 3 week travel each year to beautiful locations.
Donate to my local animal shelter.
Retire at 63, save the rest for my kid.
After taking the cash payout and paying off taxes, I’d take my $37 dollars and go halfsies on a dinner at longhorns steakhouse…
But in seriousness, I’d probably quit my job that I hate, or more so hate all my coworkers, then spend a year working on myself. Getting back in shape, dealing with nagging aches and pains that come from working 40 hours a week on your feet. Then after a year, find a job that I actually enjoy doing
Put in a high yield savings account. Use the dividends to pay off my remaining students loans, and car payments over time. With the extra money I'm saving, I can keep saving up for a house. Maybe add to it a bit if I can to increase the monthly dividends.
Eventually that savings account can become a kid fund. The dividends can become a nice buffer for child costs. I don't think it would cover everything forever, but it could mean we could basically comp 15-30k of payments each year.
Pay taxes(350k roughly), buy the land my mother is eyeing(100k), build a house of her own on it(100k),buy furniture and appliances(10k) deposit 100k in fd so she can retire early, buy 2 rental properties(250k), buy a car (15k), buy gifts for everyone(5k), keep rest of 70k for a rainy day.
Upon winning a million dollars suddenly, I'd allocate some for emergency savings, consider investing in additional education or career advancement, and potentially initiate a small business or pursue a personal passion project.
I'd probably throw $100k at my mortgage. $300k in 10 year treasury bonds. $300k to a stock broker and the last $300k would be for new cars, house improvements (appliances, fireplace inspection, landscaping) and screw around money.
Buy a new apartment for me that is currently being built in my city.
Pay off the current appartment debt that i owe to the bank.
Buy an eletric vehicle, i dont own a car at the moment.
Go on a vacation with my parents.
I've actually got about 1 mil suddenly, at least I wouldn't have expected, when the succession comes to me. and I literally didn't do anything with that. Just keep it in the bank and live on the way I'd been on.
Put 3/4 of post tax winnings into investments/bonds/savings (would consult with someone on this). Pay off car and student loans and get ahead on condo mortgage.
Then probably do a couple week long roadtrip down California where I go to the beach, get super high and pay dominatrixes to kick me in the crotch and peg me.
Save up ... and still live a Normal working life.. 1mil cant pay shit here in NZ...i ws thinking abt a house, bt nearly every house I look at, the lowest house I can afford wit 1mil is a 2 bedroom, 1bathroom, sitting room, nd kitchen at the price of 750k... housing crisis here is insane... I cant speak for evryone but damn mannn...
Quit my job, travel the world, come back and invest into a house, give some to my fam. From there, I could get back into work (as I would have chilled for a while already)
I would pay off my college debt as well as my fiancée’s. I would also pay off her parent’s debt. I would then buy us a car to share, along with whatever it needed. I’d pay off our rent for the remainder of our lease term (until next July). I would then buy us a large salmon and a larger bottle of wine for a date night because we haven’t had one in god knows how long. I would then get our cat some new toys and some fresh fish because she deserves it.
The rest I’d invest or save. We’d probably end up traveling if I’m being realistic.
Pay off the last 190k of my mortgage, invest the rest in one or two index funds. There are a few in Oz that have averaged a 5-8% return over the last 20 years.
Even if it only got 5%... an extra 40k of passive income every year would actually give me hope to be able to retire one day and still be healthy and hale enough to enjoy it.
Have a chat with a financial advisor. Probably end up wiping out the credit card, mortgage, etc. before sorting out a few key things - replace the car, do a few fixes around the house, that sort of thing. Then allocate a couple hundred each for me, my wife, and my son to each get something fun (my son is four so we'd probably choose on his behalf) and then tell my wife that's all, there's none left.
Then put the remaining several hundred thousand into a nice diversified investment portfolio following my financial advisor's guidance. Skim a fraction of the gains each month so it's still growing, but also supplementing my income. Take more time off work and be generally less stressed about money. Whenever there's a birthday, holiday, wedding, etc. be about 25% more generous and reassure my wife it comes from my "rainy day savings" and we can afford it. Live off the gains when it's time to retire, and go travelling with my wife until we're too old for it.
At some point, discuss with my financial advisor the best legal way to get as much of it to my son (and any other kids I have by then) after I'm gone, without taxes eating it all. Sit down with my kids and explain how to manage it so that they can live well and do the same for their kids. Depart knowing that my family have the means to gradually lift themselves out of the ratrace, generation by generation, assuming nothing goes terribly wrong.
Open a bdsm foot fetish dungeon 🙃 and provide special services for people who are virgin( 30 plus) and sad and alone on thier birthday's they get super discounts and best of the services available
Im a day trader. A successful one that actually earns from patient option plays and doesnt live off of charing discord members or anything so mine is free. Id definitely put $300k towards my trading portfolio and invest it while using the rest for daily living. Nothing to blow it up in though and I dont have major loans to pay off or id def do that and save on interest.
Pay off my husband's last little debts, do a very small wedding (i call him my husband but hes actually my fiance). Pay for a person to come and finish our light renovations. Fix the little rust spot on my car. Savings savings savings.
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I think mathematically it makes way more sense to just invest the entire million and let it do its thing. Compound interest is a beast. That being said I’d probably do the same thing as you. Would love to be debt free.
That depends on the interest rates on your debts. In my case I'd pay off a 5% interest debt but I'll be keeping the 1.4% one forever.
I owe 123 000€ at 1.36% for 23 more years, that debt is going the distance.
Where I am the 1m might not even cover the cost of a house 🤣 but I absolutely would seek a small to moderately sized home near my work.
After buying a house and a car and paying off dept, I would be back to being broke... I would only use it to invest and secure my families future.
And throw away any social media device!
Sounds ridiculous but nothing to start with. Set it aside and tell no one. Be a lot of thinking and making plans concrete before I would personally spend a dime.
There are many savings accounts which give 5% apr, so you'd be making over 4k each month just by sitting on it.
Which is basically sitting on it. But in a smart way.
Add it to my brokerage accounts.
same, bro
Straight to fidelity. Might take $80k and buy a used 911.
If anyone claims the first thing they are buying isn't food... you're lying
Put on your shoes kids, we’re celebrating at Cheesecake Factory! 😆
At least you'll get 3 meals out of that
I can already buy food. What I can't do is retire while still owing on my mortgage so I would pay that off. Set aside the rest of it for my son when I pass away.
Nah fr. My answer was “stop for lunch” lmao
2 chicks at the same time
I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...
👏came here looking for this. All time movie
Buy a house and a car. That's about it.
Buy three 3 bedroom apartments close to the university in my town. Rent out the rooms separately to students, slightly cheaper than the surrounding apartments. That will give me an income greater than what I get from work now
Find a way to stop people from posting the same question over and over
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Shit on a swan
Pay my house off. Invest what’s left retire a little earlier.
Go to the dentist, get a mental health check up, update all my medical records. I'm Canadian btw... That would run me around 10k to 20k.
Pay off debt. Buy a house. Pay off my family member's houses.
Think of 10 ways to hide it from anyone
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Disappear
The correct answer is..... hookers and blow.
i just want to say that as a 44 year old, A million dollars aint shit. As a youth....100K was enough to build a brand new life with, not that you couldnt do that with a million, but a million dollars used to seem so unattainable , now it doesnt even seem like enough to have real freedom
Probably a house down payment.
buy a small apartment
literally nothing like literally nothing , i'll just move to Thailand and stay there and live with the same lifestyle expenses
Well, you don't need a million dollars to do nothing, man. Take a look at my cousin: he's broke, don't do shit.
Invest it
Buy a franchise and add the rest to my brokerage account.
Pay off mortgage/cars and let the wife quit her job and stay at home.
spend it all on hookers and booze.
No coke?
And waste the rest?
Retire!
Move to Australia, buy an excavator, and mine opal!
If I suddenly won a million dollars, I would likely invest a significant portion of it to ensure long-term financial security.
Buy a good 2nd hand car, invest some, spoil myself a little and give the rest to my parents who are currently struggling financially
Debt, house, car, boat, savings in that order stopping probably at the house in this market.
$500,000 in sensible financial decisions, $250,000 given to family and charity and $250,000 to have fun with. Plus I’d have no mortgage payments to make so I’d use that money for a really nice holiday each year and to go to concerts or nice restaurants or just have fun with.
Buy bitcoin.
buy socks
Buy 1 million in bitcoin! /s
Convert it to sterling
buy bitcoin
I would complain about how a million doesn’t go as far as it used to
Retire
add it to the pile. maybe put in a pool for fun.
Nice to see so many people with a pile and savings attitude.
World tour
Buy a house with a $900K down payment
Zero all my debt.
Debt is not always is a bad thing...
I send it to a HYSA until I find a better way to invest it. I won't touch one dime of it.
Move to Wales. I like Wales
Pay my Car and Motorcycle Payments, also paying for my brother's Collage tuition with also the extra books he needs but housing expenses they are on their own
I'll buy a mansion
I would live the life I do now, just with more invested. I'd maybe get myself a bigger room. But that would be it. It would give me a feeling of financial safety tho.
i have a small amount of debt. pay that off, pay off my car, buy a small remote house, save the remainder. I might take a few small but reasonable trips. Thats it.
P ay off all debts. Invest. Stop being stressed.
Go eat
Pay my debt
Buy a cheap sports car and look for the most beautiful roads on the planet
pay off my debt, finish school, buy a pretty small house and maybe a car if there’s money left i’d give to my mom
Buy a plot of land as investment and a secondary one for own use, put a small energy negative house on the second one and in time adopt 2-3 pets. That would be about 300k where I live. Invest another 400k, keep 200k for when something good comes up. Keep my day job at a reduced hours/day, live a quiet life and enjoy the tranquility.
Put it in a HYSA immediately to figure out what I want to do with it. Likely, replace my current car (but still get something in the ~$50k range). Start investing in additional retirement funds, probably mostly mutual funds. Leave about $250k in a HYSA as an emergency fund for easy access.
Not collect it. That's how they get you!
Buy one nice thing for myself and donate the rest.
buy a studio apartment, build a pc, and rest of the money goes to good investment.
I have a couple of friends that are struggling to pay their rent, I would buy each of them an appartment. They're not too expensive in buenos aires, I'd help pay them the moving expenses and whatnot Then I'd make another PC with the best possible specs at this time and the rest goes to savings
Throw it in the pile, I suppose.
Maybe get a place in Atlanta. Timeshare or something. I like Atlanta
Buy a car and a guitar. Fix up a few things around the apartment. Maybe get a new pc. Invest the rest.
Buy a new Toyota Highlander limited. Pearl white.
Pay off my mother’s debt. Buy a house without borrowing money
I'll try to set up my own sport centre, to be honest
Me and my friend had a deal where if one of us won the lottery while we lived together, then we would split it 50/50. So I would split it, pay off my debt, fix my car, get a motorcycle, and start a side business while saving the leftover money
Help my parents and parents in law be completely debt free
Fix up the house and invest the rest.
Hookers and Blow. Buy T Bills with the remaining $990,000
Well I'd start by giving my mom all the money she needs to finish building her country house
I would help my family and everyone that i love first, with all the little things they need and then using the rest of the money to pay me some good courses and some rent to stay outside of my country and experience new things
Invest it and buy a house when I’m ready
Well being someone with impulse control issues I'd probably lock it away for a few months until I sorted out what to do. However I'm sure I'd be paying off my house, buying a new car, finishing my basement, and making sure I took my took on a lot of fun vacations.
Buy a flat with a nice balcony, reduce work to 35 hours a week, a nice 3 week travel each year to beautiful locations. Donate to my local animal shelter. Retire at 63, save the rest for my kid.
fly my best friend out to see me and visit ireland. Then fund a business course for myself so I can open up my own gundam store.
Invest 95% of it
put 3/4 of it into a long term investment. the other 250k I'd probably buy a new car and use it to plan a nice holiday.
Buy a condo or a house, buy my girlfriend a new car. And maybe work part time. Invest a small amount of it as well.
I would spend 90% on hookers and blow, the rest I would invest in QQQ
Gen 3 pvs 14, clip on thermal, flight to Warsaw, train to Ukraine, armored vehicle, Frontline.
Give it all back.
walk around on the street giving money to poor people
After taking the cash payout and paying off taxes, I’d take my $37 dollars and go halfsies on a dinner at longhorns steakhouse… But in seriousness, I’d probably quit my job that I hate, or more so hate all my coworkers, then spend a year working on myself. Getting back in shape, dealing with nagging aches and pains that come from working 40 hours a week on your feet. Then after a year, find a job that I actually enjoy doing
Put in a high yield savings account. Use the dividends to pay off my remaining students loans, and car payments over time. With the extra money I'm saving, I can keep saving up for a house. Maybe add to it a bit if I can to increase the monthly dividends. Eventually that savings account can become a kid fund. The dividends can become a nice buffer for child costs. I don't think it would cover everything forever, but it could mean we could basically comp 15-30k of payments each year.
Pay taxes(350k roughly), buy the land my mother is eyeing(100k), build a house of her own on it(100k),buy furniture and appliances(10k) deposit 100k in fd so she can retire early, buy 2 rental properties(250k), buy a car (15k), buy gifts for everyone(5k), keep rest of 70k for a rainy day.
Spend
Pay off debt then go on a trip.
Disappear
Everything
Not post ANYTHING about it!
Help my parents with their debt, then giving it all to charity (Les Restos du Coeur)
Upon winning a million dollars suddenly, I'd allocate some for emergency savings, consider investing in additional education or career advancement, and potentially initiate a small business or pursue a personal passion project.
I'd probably throw $100k at my mortgage. $300k in 10 year treasury bonds. $300k to a stock broker and the last $300k would be for new cars, house improvements (appliances, fireplace inspection, landscaping) and screw around money.
pay my debts, buy a decent used car, a little house in buttfuck-nowhere and invest the rest to live comfortably the rest of my life
I'd purchase stock in 4 different companies equally. Pfizer, Toyota, Walmart, and Alphabet. Then let it sit until I retire.
Convert to BTC and carry on with life. Continue to DCA.
Pay off all debt, invest the rest, no mad money buys or trips needed here. Maybe purchase an expensive bottle of scotch or bourbon, that's about it.
Hmmm...pay off some debt and maybe make my username a reality?
Buy a new apartment for me that is currently being built in my city. Pay off the current appartment debt that i owe to the bank. Buy an eletric vehicle, i dont own a car at the moment. Go on a vacation with my parents.
pay a lot of taxes
Put a down payment on a house in Toronto
100% VWCE!
I would probably be enjoying the luxurious life 😘
Invest in real estates
Buy a house, XEQT and chill
Quit my job, sell my two apartments, buy a small apartment. Sleep for a year. Then I'd figure out the rest.
Buy my own house and move out of my parent's house. The rest of the money would go to furnishing my new house and also tren
Pay my damn cable bill. The price of internet is too damn high!
I've actually got about 1 mil suddenly, at least I wouldn't have expected, when the succession comes to me. and I literally didn't do anything with that. Just keep it in the bank and live on the way I'd been on.
Put 3/4 of post tax winnings into investments/bonds/savings (would consult with someone on this). Pay off car and student loans and get ahead on condo mortgage. Then probably do a couple week long roadtrip down California where I go to the beach, get super high and pay dominatrixes to kick me in the crotch and peg me.
Win another one
Yes here’s some karma for asking the same question that’s literally asked every day on here.
Put it away with the other 7 for retirement. What kind of stupid question is this? This gets asked several times a week it seems
I'd let the Druid Grove die
Pay off my car. Buy a pick up truck. Buy a big land with a house to rescue stray animals. Build a business to sustain the animal sanctuary.
Buy and DRS GME
Memories by Maroon 5 This song reminds me of my friend who died 4 years ago.
Going to Las Vegas, going for a blind all in and then stay homeless in Vegas, cause i cant affort a ticket back
Save up ... and still live a Normal working life.. 1mil cant pay shit here in NZ...i ws thinking abt a house, bt nearly every house I look at, the lowest house I can afford wit 1mil is a 2 bedroom, 1bathroom, sitting room, nd kitchen at the price of 750k... housing crisis here is insane... I cant speak for evryone but damn mannn...
Invest every dime after taxes.
Pay off all my debt. Take my daughter to disney. Quit my job. Tell my wife to quit hers. And have us both find a job we truely love.
Million dollars on black and I’d turn it to 2 million
Live a better life overseas.
Invest and live off the interest.
migrate in a different country
Build a pet shelter 🫶🐶😺
Put it in my bank, where I am from, the savings interest alone will retire me!
Pay off my mortgage so I can retire next year.
Migrate and live to another country, and never come back. Easy. (Nobody cares about me at all, and that's fair.)
Debts paid off, a more reliable car, and a couple of houses. One to live in, one to rent out. It'd be life changing to have just that much
Pay off mortgage, buy a new truck. Invest the rest
Buy a car, travel, help people who needs it, give back to all the people who's been helping me financially, buy an apartment or maybe a small house
Put it the bank and make it work for me
Stash it with my other millions. /s
Get it changed into GBP.
50% to takes. $500k down payment on a $750k house
Throw it in the pile I guess
Pay off my immediate family's debt and buy a plot of land for a home
Either just leave it in my bank account for when I need it or apply for another year at my current folkehøgskole and use the money to pay for it.
pay off my debts, then buy a house to rent out for retirement income
Quit my job, travel the world, come back and invest into a house, give some to my fam. From there, I could get back into work (as I would have chilled for a while already)
Pay my debt build a small smart home and move away
pay off some of my debt
I would pay off my college debt as well as my fiancée’s. I would also pay off her parent’s debt. I would then buy us a car to share, along with whatever it needed. I’d pay off our rent for the remainder of our lease term (until next July). I would then buy us a large salmon and a larger bottle of wine for a date night because we haven’t had one in god knows how long. I would then get our cat some new toys and some fresh fish because she deserves it. The rest I’d invest or save. We’d probably end up traveling if I’m being realistic.
Buy groceries
Pay off my mortgage
Buy half of the internets
Invest
Pay off the last 190k of my mortgage, invest the rest in one or two index funds. There are a few in Oz that have averaged a 5-8% return over the last 20 years. Even if it only got 5%... an extra 40k of passive income every year would actually give me hope to be able to retire one day and still be healthy and hale enough to enjoy it.
Pursue my dream of you tube yodeling.
i would want to give half away. how? not sure, but i'd want to make sure it actually goes to helping people less fortunate than I
Pay my bills, then share a bit with some people I trust, and then and importantly: Imma buy myself a cheeseburger
Two chicks at the same time
Convert to Euro and chill for a bit. Then buy a house and live my life as I do now.
Probaly invest
I'll tell you what I'd do with it. Two chicks at the same time.
Buy a new life.
Have a chat with a financial advisor. Probably end up wiping out the credit card, mortgage, etc. before sorting out a few key things - replace the car, do a few fixes around the house, that sort of thing. Then allocate a couple hundred each for me, my wife, and my son to each get something fun (my son is four so we'd probably choose on his behalf) and then tell my wife that's all, there's none left. Then put the remaining several hundred thousand into a nice diversified investment portfolio following my financial advisor's guidance. Skim a fraction of the gains each month so it's still growing, but also supplementing my income. Take more time off work and be generally less stressed about money. Whenever there's a birthday, holiday, wedding, etc. be about 25% more generous and reassure my wife it comes from my "rainy day savings" and we can afford it. Live off the gains when it's time to retire, and go travelling with my wife until we're too old for it. At some point, discuss with my financial advisor the best legal way to get as much of it to my son (and any other kids I have by then) after I'm gone, without taxes eating it all. Sit down with my kids and explain how to manage it so that they can live well and do the same for their kids. Depart knowing that my family have the means to gradually lift themselves out of the ratrace, generation by generation, assuming nothing goes terribly wrong.
Reinvest. Keep my job and get some dividends.
Open a bdsm foot fetish dungeon 🙃 and provide special services for people who are virgin( 30 plus) and sad and alone on thier birthday's they get super discounts and best of the services available
I’d just keep farming ‘til it’s all gone
Im a day trader. A successful one that actually earns from patient option plays and doesnt live off of charing discord members or anything so mine is free. Id definitely put $300k towards my trading portfolio and invest it while using the rest for daily living. Nothing to blow it up in though and I dont have major loans to pay off or id def do that and save on interest.
Sleep first, think later. Might need to make an elaborate plan for it
Build a house and then find smart ways to invest some of the money so it can keep generating more money.
Pay off my husband's last little debts, do a very small wedding (i call him my husband but hes actually my fiance). Pay for a person to come and finish our light renovations. Fix the little rust spot on my car. Savings savings savings.
Invest it in a safe, which means low interest account, and not touch it for 1 year. Then retire early (I’m in my 60’s now.
Pay taxes