The other day I had a really good talk with my oldest daughter. She wanted this one CD really bad, but she did not have the money to buy it. She ask her mother to buy it for her, and her mother said that she did have the money. So of course she came to me. I told her that I would help her get the CD but she would have to help me more around the house. (To give you a little history, I get my oldest daughter every other weekend, I don't have very strict rules, so most of the time when my daughter comes over, she can spend all the time she wants on the computer or TV, which is not a luxury she has over at her mothers). When ask her what chores she was willing to do, she quickly said that she did not know and did not know why I or her mother would just buy the CD for her. I of course said to her that if want something in life you have to be willing to give something back. She said that she does not want anything to do with money and I ask her why. After a while I found out that in my daughter eyes if you have money you are greedy and she did not want to be greedy. The more we talked the more I realize why she not so good with money for even when we would go to store and I have her pay for the things that she wants, she does not even know the right dollar amount to give to the clerk. (I feel that this is the result with many kids because they expect their parents to do it all for them and they learn nothing, plus the fact that schools don't teach you how to increase your money but that is another subject all together). So I said to her, just because you have money does not make you greedy, its what you do with that money and how you spend your time is what makes you greedy or not greedy. If you hoard your money and have a I better than you attitude then yeah, that could make you greedy. We have a lot of good things from people who had money. Hospitals, libraries, schools, charties just to name a few. So I ask her if you had a million dollars what would you do with it? She gave it some thought and being an artist she said that she would use half the money to create a charty that uses art to help raise money for world peace and the other half of the money so she could spend more time with her family. And I think at that moment I was one of the happiest fathers you could be. She was getting the big picture. Not along was her answer meaningful but it was very spiritual too.
So if you had a million dollars what would you do? In our life if we have a really good "Why" or reason, it helps us focus more on our goals.
Build the indoor arena for the non-profit. So therapy didn't have to stop during the cold months. Ok to be realistic, start building the indoor arena. That thing will cost about 2 million actually and that is the cut down version. Like Robert said, a million dollars ain't what it use to be.
wouldn't you want to by a Dairy Queen Franchise so you could have all the original dip cones you want and make some residual income. Then you could make back that million dollars, plus you could take that residual income that you made from your business to pay off your bills. :)
I would take half and put it into a high yield savings account (or some such thing), pay off my truck and fix it up like new, buy a simple home. If there is anything left of I would just put it into our regular savings so we can have it there.
Since one million isn't enough to do everything I want for family, friends and community i would pay off the few remaining debt we have and then put 15% into growth stock mutal funds for a Roth IRA, place 2k a year into a ESA (total of about $36k), place about $20k into a emergency savings that sits, no matter what. And invest in some different things.
Pay off part or all of my sisters' familys mortage, buy mother-in-law a decent house, pay off my parents mortage, pay off brother-in-laws mortage.
And give 30K to people- I have always wanted to lay face down on a side walk and give money to those that showed concern.