Have you considered what you would do if a million bucks fell into your lap. Many people bet several dollars every week in the lottery with the dream of winning a vast sum of money. We know from history that winners of the lottery don’t usually fare too well. Many of them are good-hearted and share the wealth with family and friends . . . and then new friends come along with their hands open and stretched out to receive some of their windfall. Thinking it will last forever, since it is such a vast sum, they continue to buy things they don’t need and to dispense cash to loved ones and “hangers-on.” (Is that a word?)
This brings me to the pensive thought for today’s writing. What would I do with a million dollars? And by default, what would you do with all that money?
Of course, there are the obligatory taxes which I just learned would be over $300,000 depending on my base income. This reduces my problem somewhat. Now I have $700,000 to spend. The next out-lay would be to tithe $100,000, and make some gifts to my favorite ministries which would be at least another $150,000.
With a more manageable balance of $450,000, I would invest $100,000 in precious metals and a safe hiding place to keep it. Now I have about $350,000.
This is a list of incidentals that would be nice to have:
- Update and enlarge the kitchen and bathrooms and change the door on the walk in closet to a slider on the washroom wall to gain more wall space in the master bedroom.
- Add a bathroom and increase the size of the guest bedroom.
- Update the washer and dryer.
- Have the carpet cleaned.
- Have the deck rebuilt with pretend wood that will never rot. :0)
- Get Joe a new car.
- Joe and I take a trip to Israel.
- Have some light landscaping done.
- Add a fireplace.
- Get a generator.
- Put new siding on the house.
- Lay in a supply of dried food for emergencies and other essentials.
How much is left? Now I am down to about $200,000.
It is possible that I would gift our children the amount allowed without incurring taxes – about $20,000 each from each or us – so if my surmising is correct, that would leave about $120,000. With the decline of the dollar, it is possible that I would find a way to invest some of it in people and ministries that I trust.
I would always save about $50,000 in CD’s and savings because now our home and Joe’s car are worth more than they were. Our property taxes and insurance would have gone up and if we haven’t planned carefully, we’ll potentially have issues.
So, what gain would we have from this spending spree? It would have been fun blessing others, taking our dream trip, and touching up things around the house. If we remained sane and planned wisely, we could live financially secure ever after.
I wonder if I would really do it this way.
What would you do? I know there are more creative ways to spend $1 million! Please share your ideas. Come dream with me.