You Must Spend $1 Million in a Yr.

[lrjohnson]

Re: You Must Spend $1 Million in a Yr.

I'd buy a Victorian in my town and a cottage in the woods a couple hours out. The cottage would be small, efficient, woodsy, with space for gardening and animals, and it'd have a couple acres.

I'd still have money left, so a newish car; something with great mileage, maybe a hybrid.

I think I can do the above easily for 1/2 the mil.

With the rest, a gift to my folks and a gift to My Guy, say 50K each. A round the world vacation; not the fancy hotel kind, but no hostels either. However I would spring for the Orient Express; I've got a thing about trains. I'd buy silver jewelry from all the places I went as souvenirs.

100K split for the Fistula Foundation, Amnesty International, and a couple of politically oriented organizations.

I would try truffles, and caviar, just to try. I'd eat an awful ot of sushi.

[abowers]

Re: You Must Spend $1 Million in a Yr.

Hm...(Assuming no debt) I would travel a lot.

With $1 million we could go on a very nice honeymoon next year - and maybe do it right after we got married instead of waiting til a couple months after. Say, Hawaii. And we could stay for 2 weeks to make it worth the jet lag we'd experience.

We would go on a Ski Trip this winter, because let's face it, NJ doesn't have much to offer in that department.

Go to the US Virgin Islands this winter.

Travel to Ireland/Scotland/any other European Country that sounded interesting at the time.

Go to New Zealand.

Upgrade the fiance's car - get him a Mustang, and buy a 3rd car - a Volvo V50 for traveling with the Pooch.

Donate some money to the psych department at my undergrad college.
Donate some money to things like the American Cancer Society, the children's hospital.

And visit my friends up in NY more often.

[JoyJoy]

Re: You Must Spend $1 Million in a Yr.

I would buy us a second home in Rhode Island near our Narragansett Indian Tribal Community family plus help them in all their endeavors. Pay off our current home first though.

I would buy our three sons a home of their own and put money in their respective bank accounts. I would send my "I don't hear from family" some money to help them pay off their expenses. Help my in-laws.

Donate to the church and give to the Multiple Sclerosis Society and to Easter Seals and March of Dimes. Help the homeless.

Go shopping and spend, spend, spend!!!

[Elgin526]

Re: You Must Spend $1 Million in a Yr.

Buy a nice peice of land, several acres at least so we have no near neighbors (not sure where, maybe around here, maybe further south where it's warm(er) in the winter). Then build a really nice home. Replace both our cars with something both nice and reliable (gotta make 'em last!). Take a kick butt vacation with what's left over (if any!).

[Reldon]

Re: You Must Spend $1 Million in a Yr.

I would purchase a home. Nowadays, 1 million dollars don't buy you much in Southern California.

[amberbamber]

Re: You Must Spend $1 Million in a Yr.

I'd pay off our mortgage, my parents and then I'd put my 17 and 18 year old brothers through college. Then I'd get my whole family together and take a trip around the world. That would be it- the money would all be gone ;-(

[Bookie]

Re: You Must Spend $1 Million in a Yr.

I've been pondering the question for days, and I'm not sure I like what I find.

The trick for me would be to accomplish the exercise without complicating my life. Remember, the million is a temporary condition that evaporates at the end of the year. After that, I'm on my own and back at square one. What kind of hangover will this year of spending produce, and how do I minimize the negative consequences?

Can I afford to maiintain that MacMansion after my year is up, or insure the luxury car? Will I return contentedly to my old life after months of VIP travel, gourmet meals, and self-indulgence? What impact will twelve months of high living have on my present relationships? How do I avert the stings of the envious, the greed of the covetous, the anger of the disappointed? Will I be able to say "no" without guilt or "yes" without feeling exploited? Do I really want to be put in that position?

Say that I bestow my largess on those around me, do I feel qualified to determine what is good for others, and can I accept responsibility for the consequences of my well-intentioned generosity? Will I give without becoming controlling, without expectations, without strings? Am I capable of that much virtue? I wonder.

So I have to ask myself whether my million-dollar-year will leave me burdened, discontented, isolated and disillusioned? Will it have enhanced my life and the lives of those around me, or will it be a source of endless regret and remorse?

I must think on this.

[Ima saver]

Re: You Must Spend $1 Million in a Yr.

Somve really good thoughts, bookie. Since we are mostly a bunch of frugal people, I would have the same problem. I would like to have the money to save and invest. But if we must spend it all, I guess I would buy property to resell and hope I could resell some of it, in time to pay all of the taxes! Sure it would be great to have a beachfront house, but how do I pay the taxes when the year is up and the million is gone?
We talked to some people last weekend from Florida. They are paying $1100 a month in property tax. I would not want to live where they do!!

[LuxLiving]

Re: You Must Spend $1 Million in a Yr.

Bookie - I haven't posted in this thread for some of the exact reasons you list!

[2moretrees]

Re: You Must Spend $1 Million in a Yr.

I'd spend the first week making a list of all the things I had always dreamed of doing, but hadn't done because of money. I'd spend the next 52 weeks doing them!

[Ima saver]

Re: You Must Spend $1 Million in a Yr.

[LuxLiving]

Re: You Must Spend $1 Million in a Yr.

okay one thing I'd do is plant some trees perhaps through a donation to the ArborDay Foundation and do some more micro-credit financing in third-world countries, pay off my mortgage, buy some shoes, cars and bicycles for some pastor friends in Honduras and what else, eh?? Going to have to work on this plan!

[neatdesign]

Re: You Must Spend $1 Million in a Yr.

I would indulge in my all-time favorite passion, international travel. We'd go to all the places I've been meaning to see but haven't had the time/money, plus all the places I want to go back to and visit. Our family would also go with us, to wherever they wanted to go.

I would donate a huge portion of the $1m to my alma mater to fund the international education department and study abroad programs.

I would buy an affordable house. I'd get a new car for me, and a new car for Mark, both paid for in full upfront. I'd stock up on all sorts of baby things for when we finally start our family.

I would let Mark buy all the DVDs and CDs and books that he wanted, and I'd indulge him and let him buy video game stuff, too.

And I'd buy NEW furniture. Not hand-me-down stuff, not cheapy, bought-it-at-Target stuff. NEW, GOOD furniture!

~ Jenney

[Personal Finance Daily]

Re: You Must Spend $1 Million in a Yr.

I would start a foundation or scholarship grant although that may be considered an investment. Otherwise, I would play one hand of poker and bet it all just to see what happens...