What would you do if someone handed you ONE MILLION TAX FREE DOLLARS right now? The person also gives you some rules:
• You have to give more than you spend.
• You have to save more than you give.
• You are allowed only one frivolous purchase.
• You have to buy property.
What would I do?
I would give ¼ to charities (battered women’s shelters, education, and homeless). Give my CLOSE friends and family $20,000 a piece.
Buy an affordable home.
Buy myself a 1965 Mustang. (frivolous purchase)
Pay off my debt. Pay for my wedding. Fully fund my retirement every year. Invest. Travel/clothing-shoes/fun. (all under the spend category)
I would quit my job and do something I love like work with kids since I wouldn’t have debt to keep me at my job.
So, what would you do?
What are you going to do with your savings? Where would u put it? It doesn't mention that in the article...
ReplyDeletei would pay off my house and my student loans.
ReplyDeletecharity would be paying off my mom's debts & my good friends' student debts. they deserve it cause they are the brightest and best :-)
funnel the rest into my businesses, save, invest.
i have almost everything that i prayed for even a little more than what i asked for so i would sit back and just be me :-)
Those are good questions. I would put enough money for at least one years worth of emergency money in a high-yield savings account like ING, buy a 5 year cd ladder with $5,000 a cd (buy 5 cds ranging in length from 1 yr to 5 yrs, so that each year some part of the money would be maturing) and reinvest the money each year in more cds. Invest some of the money into mutual funds (which currently I dont know much about) and put the rest in a HIGH-yielding savings account like ING's Orange Savings account or whatever had the highest rate at the time.
ReplyDeleteI like the idea of paying off others debts as charity. That way you would know where your money is going and who it is helping.
ReplyDelete