What I would do if I won $1 million?

Apparently giving up the job search frees up a lot of my time. Since I’ve got all this free time I figure I can use it to blog. I saw this on Give Me Back My Five Bucks blog and wanted to answer the question:

What I would do if I won $1 million?

It’s hard to answer this question, in my opinion, because there are so many different things you can do. Plus as someone who is currently making peanuts, I can’t even comprehend 1 million dollars. My comprehension of money doesn’t go much further than $25,000. But I’ll give it a go none-the-less.

My answers right now.

  1. Spend some on clothes/new things/gifts. ($5,000)
  2. Pay for my wedding and honeymoon. ($10,000)
  3. Pay off all debts (credit card debt and student loan debt). ($23,000)
  4. Pay for my fiance’s education expenses. ($20,000)
  5. Give my mom money to pay off her debts. ($50,000)
  6. Max out my Roth IRA for that year. ($5,000)
  7. Buy a nice “new” car (a few years old) for myself. ($24,000)
  8. Create an emergency fund. ($18,000)
  9. Start a bigger travel fund. ($20,000)
  10. Buy a nice 2 bedroom house in our area. ($300,000)
  11. Set aside money to buy a house in the US in five years. ($200,000)
  12. Talk to a trusted financial advisor and invest the rest. ($325,000)

Yeah, that’s pretty much exactly what I would do. It would be amazing to have a million dollars. It really would have us set with our modest lifestyle and reduction of debt. It makes me laugh that I wouldn’t even buy an actual new car if I had a million dollars, just a nicer used one. And the best part of having a million dollars would be putting so much away to invest. It will take me forever to save up $330,000, if I ever even do it. So having it fall into my accounts in one swoop would be amazing.

It’s nice to dream sometimes. It’s fun to go through this activity because it makes you realize what your priorities are. I would definitely set limits on the “free” spending and make sure my money was controlled. Would you put all the money away? Spend it all? Donate a lot? Buy flashy new things? It’s a good question to ask, I think.

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