Say you have won/inherited/found $1,000,000.
What do you do? You have a small mortgage but no other debt.
What would you do with a million dollars?
What would you do with a million dollars?
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Money
Say you have won/inherited/found $1,000,000.
What do you do? You have a small mortgage but no other debt.
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19 Replies
I’d pay my mortgage and put money away for my kids uni and house deposits. I’d also go in a couple on an Australian holiday. I’d also make sure my retirement looked healthy and generally have a large amount of rainy day money.
It sounds bizarre to have a lot of money but you never know when a grandkid is going to be sick, someone becomes disabled and cat work etc.
I did inherit this. It changes your life in some ways but not in others. Money doesn't fix everything but it does help. It's such a fine line between both sides of the fence. It enhances in ways but destroys in others. Careful what you wish for.
See I am the opposite, for me - it fixed things and money 100% bought our family happiness. Money has saved us. We haven't had it destroy us at all, it has only made us stronger :)
Pay off the mortgage and live modestly. Maybe a few holidays. But don't go nuts or quit your job or anything like that.
I would pay off the mortgage and make any renovations that my house needed. The rest would go into a high interest bank account (not that they’re that high at the moment) and put $25000 into super for the financial year (and for every financial year onwards - I’m a sahm so don’t have much), invest some in shares and buy a caravan/caravan for my family to holiday in. I’d leave the rest and keep adding to it because we live rurally and I eventually want to buy a place in the city for my kids to live when they leave for uni
Me?
I'd buy a house (I currently rent) or pay of the mortgage that you mentioned, buy a nice reliable family car, take a nice holiday and then just enjoy having some spare money.
Also, anyone know how I go about FINDING a million bucks? lol 😆
Pay off our small mortgage.
Put some into kids' investments.
Put most into investments so we could retire early/whatever we need.
Keep some free so we can replace cars, renos, holidays, etc.
And never, ever, tell anyone. Too many grabby hands, nasty comments & family telling us who we should be giving money too.
Pay off any debts, upgrade cars if they need to be replaced (nothing fancy, just reliable). Get some financial education onboard because it's actually easy to blow that much money on crap. Take a family holiday (just Aus). Keep working, keep doing what I was doing before. Invest and also keep some easily accessible for urgent repairs etc. You never know what life has in store so $1M won't last forever.
Pay off the house, slice some off for investment/savings for our daughter and invest the rest for ourselves. $1m isn't that much in the scheme of things. It can set you up for comfort if you do it right, but not enough to quit jobs etc.
Pay the mortgage off. Invest the rest.
I have been in this position before, inheriting a large portion of money.
We have it so that it slowly comes to us (at our request). So each X amount of years, we get X amount into our bank. We put that onto our mortgage and keep 20-30k as play money. We literally just spend it on whatever we want to.
We live normally otherwise, we still work our asses off, put money away in savings, some away for the kids, forego the luxury items and struggle to pay bills some weeks. We want to live normally still and not rely on the money for some time to come as we are still very young.
Our mortgage is small as it is anyways, so we don't see too much benefit in paying it off early (we have an offset and interest is very low).
Buy my dream car (second hand though haha).
Pay off any debts.
Buy a house that I'd love to live in forever.
Put all my bills in credit just in case.
Put some away for my kids. And hopefully have a few hundred grand left to approach a financial consultant and invest so I can live well later :)
Buy a house (so over renting) although where we live we wouldn’t be left with much change from 1 million which is probably why we will never be able to but our own home ☹️
I would pay off the 90k debt we have which includes mortgage, buy a nice house on the coast (house prices are good here we would get an executive home on the beach for 700k) then leave the rest in the bank for a rainy day. Work as normal and wouldn't tell a soul.
Pay out the mortgage, buy a yacht, become a part-time pirate.
Pay off mortgage, put in a pool, divide the rest between siblings and parents because we have good income and wouod be fine. May as well give everyone a bit of a break.
Id buy the house I really want. Most likely with a granny flat. Possibly an investment property. Wouldnt be much leftover it would be upgrades and savings to make life easier.
Pay the mortgage off but a brand new car and maybe a cheap investment property and travel the world.
Pay my mortgage off, cars off, give a bit to my mum and either put the rest in a high interest rate savings account, or use the rest to purchase an investment unit.