You Just Won $1 Million…Now What?

by Khaleef Crumbley on October 1, 2010

in Personal Finance

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Many of us have dreamed of what we would do if we were given $1 million. But have you really sat down and figured out what you would do? Let’s assume that you are given, or win $1 million after taxes. What would you do?

Here’s what I would do…warning, boredom ahead!

  • Pay off debt – Every extra dime that we bring in is going toward this goal, so that wouldn’t change.

  • Pay off my parent’s debt – That still wouldn’t repay them for all that they’ve done for me in my over 3 decades on this earth, but it’s a start!

  • Give much more than 10% to my church – One of our strongest motivations for getting out of debt is supporting our local church!

  • Retire – Well, sort of. I would focus more on this site and my consulting business. This would free me up to get the necessary certifications and full-time experience to become a financial adviser.

  • Save – I would fully fund IRA’s for both of us, and put aside 1 year worth of living expenses.

  • Take an extended vacation – We love to travel, but we hate debt even more, so we are usually limited in our options. We would probably go somewhere (or a couple of places) for at least a month!

  • Buy a new laptop for my wife – Her laptop is so beat up and run down – I would have no problem replacing it!

  • Buy a house? – I think I would need more than $1 million to do this. I detest mortgages, so if I wouldn’t have enough left over to pay cash, then we’d wait. I have no real desire to own a home (I haven’t been fooled by the “pride of ownership” brainwashing), and would only do this so we could better help out family if they needed it. I honestly don’t know if I would rent or buy in this case!

So, there you have it. That is my boring list.

How would you spend your $1 million?

photo credit: aresauburn™

© 2010 – 2013, Khaleef Crumbley. All rights reserved.

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