What would you do with $1,000,000?

opengear-one-million-dollars

Let’s say you decide to do the lottery one day, and happen to hit it big and win a million dollars. What would you do? What is the first thing you would spend it on? There are so many possibilities, but realistically there are some tough decisions that have to be made. How much would you save for retirement? How much would you donate (if any) to charity? How much would you use for your own luxury? This is a very interesting question to think about, and even I am not completely sure what I would do.

I guess the first thing I would take care of is my college bills. I have two years paid off already, meaning approximately two years left which would be about $100,000. I would set aside about $200,000 to buy my own home once I get out of college. I would also spend about $20,000 to get my own new car. $10,000 would go toward season tickets for the Patriots and Celtics. I want to donate $100,000 to charity and to my churches. I would make sure $500,000 goes into my retirement account, since you never know what is going to happen with the economy. The remaining $70,000 would be split between a personal vacation to Europe, since I have never traveled outside of the country, and my family.

Let me know what you guys would do with a million dollars in the comments down below. Don’t forget to like the post, share with your friends, and follow the blog if you have an account.

Thanks,

Jeff

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About Pierro Perspective

Die hard Boston sports fan
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One Response to What would you do with $1,000,000?

  1. kpierro1 says:

    I think I would have a similar approach to you if I suddenly had a million dollars. I would put a big chunk away for the future. I would donate at least a tenth to charity as you said. I would put some toward my children’s college bills. Also I would give each of my family members a big gift.

    I noticed that you were very practical and your purchases were modest. A twenty thousand dollar car is a modest car. Two hundred thousand for a house (if you stay in the Boston area) is a small condo. However I think this is consistent with what I know about you. You are not one for extravagant purchases and I think you will live a modest lifestyle

    Unfortunately, studies show that many lottery winners don’t take this approach. They go wild, make bad investments, “friends” come out of nowhere wanting money etc. Many times their lives are ruined and relationships destroyed and they wish they had never won. They end up with nothing. How sad is that.

    It is always fun to dream about winning and I think half the fun of playing the lottery for some people is just dreaming about what they would do when they hit it big. I once had a season ticket for the lottery for six months and never won a penny. I concluded at the time that I was meant to use my education and work hard for a living and that is what I did. In the long run I think it was better. I don’t think it was unlucky that I never won. I think it was not the plan for my life. Also the fact that the odds on this particular lottery were 2 million to 1 might have played a part. Who can ever know?

    Sent from my iPad

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