*keep $1M and upgrade our full-time traveling lives (first-class airfare and cruise ship suites, for example). *pay off my son’s mortgage and pay to refurbish his recently inherited home. *pay off my step-daughter’s medical student loans *set aside $1M for a high-end assisted living facilty
That would leave $2.5M.
As someone who worked for and managed non-profits my whole adult life, I would put the rest in charitable annuities for causes/organizations close to my heart and a donor-advised fund for making annual charitable donations.
I would first tithe 10%. next, I’d buy a reasonable house for my sister to live in or use as a rental to live where she’d like. I would then redo my kitchen cabinets and bathrooms. Next, I’d pay off my husband’s debts (car) and invest the rest. One of the investments would be a travel fund where we’d fly business class when flying long distances across an ocean. If I got the urge again, I’d buy a business property: self-storage, or RV parking. 🙂 I have more than enough residential rentals.
I would keep $1M and supplement my life of full-time travel with better accommodations and transportation options. I would put the rest in charitable annuities and/or a donor advised fund.
I would invest the majority of this ($4M) straight away into my splits (Australian index fund, USA index fund, World ex-US index fund), and put the remaining $1M into buying my dream hobby farm and starting my permaculture food forest. And then I would continue with my strategy of being able to use this wealth to give back to the community via my business, volunteering and tithing donations
I’m already debt-free – but I would like to upgrade to a nicer neighborhood. Keep my existing home as a rental (or make it available to friends / family for visits to this beautiful town). Donor Advised Fund would receive maybe half, and then I’d manage the remainder along w/ my existing accounts. Give generously to many folks frequently and be grateful to God for such a gift!
3 Million goes to invest, 1/2 million to pay off the mortgage, add to the E.F., create a my own “Escrow” for condo fees & taxes and renovate, 1/2 million to travel, and 1 million for my wife & I to retire 10 year ahead of schedule.
What I am sure of is my kids would benefit and a few specific charities would benefit. If my wife agreed, a few other family members would get generous Xmas gifts. And I would invest some to feel secure. I’m really not sure what else.
I recorded this week’s PBS/Ken Burns show on Ben, and will be watching this weekend. I have most every book written about Ben, and I even have a Ben Franklin action doll – my sister, who lives in Philly gave it to me. Push on his chest, and you get one of over 100 pithy sayings, such as: “An investment in knowledge pays the best interest.”
Most would go into my investment account, but I’d also start a scholarship fund for people who want to go into trades. Teens who hate school would likely be better served by learning a trade than attending a university, so I’d like to encourage that option.
I’d use the money to become an angel investor in a bunch of small startup companies – particularly small manufacturing companies that actually build things in the US.
I love the TV show Shark Tank and would like to help make some investments near where I live.
After securing my families financial future I would use at least half or more to set up a charitable foundation. Many families from my hometown funded our library, Community Y, soccer and baseball complexes as well as schools. I have benefited tremendously over the years from all of them. As I’ve gotten older I’m amazed families that have long passed away were so generous to folks that weren’t even born when they donated much of their fortunes. Amazing country we live in.
When I had my landscape company I always felt it was the guys on the front line that made the company successful. All of my employees came from Mexico, most on the H2b guest worker program. Over the years, on my visits to Mexico, I got to know many of the families and I saw how important it was that their children have work in the USA so that money can be sent back home. I am already helping some of the families of my former employees. I would find a way to use the $5 million to help more of the families.
I travelled Mexico by car quite a bit in my late 20’s and 30’s. Spent a lot of time in Mazatlan and Durango as well as Queretero, Monterrey and other cities. My family was from both sides of the border so seeing the interior of Mexico opened my eyes to how beautiful the country and its people are. The money earned here in the U.S. that is sent back provides so much dignity, food, healthcare and more to their queridos back home.
I think about this every time I buy a lottery ticket given my lottery chances are better than inheriting. I have a plan. Each of my children get the maximum tax free gift immediately, and in subsequent years. My sister and brother-in-law get the same. I fund each of my grandchildren’s college. That will take at least $2,200,000. Several hundred thousand goes to charity. I buy a new car. What’s left is invested.
I will set up an investment plan to ensure those $5 million does not disappear. An endownment is a great idea. I will withdraw a very small percentage (2%? 3%? 4?%) each year to do things I enjoy: travel, charity giving, etc.
I’m not thoughtful enough about charitable giving, so I’d dump a bunch of the money in a donor-advised fund and then do some serious research about which charities to support on a regular basis. I wouldn’t change how I live day to day. But I might do some home remodeling and I’d probably spend a little more to avoid life’s hassles, especially when traveling—no more flying economy.
I would invest half or so for my 3 children in Vanguard VOO the S&P. I would live the same way except may hire a driver for US visiting my children. Would pay for the college of choice for any Grands. Would gift yearly the max tax fee gift to all kids and grands and great grands. Would spend more to avoid life’s hassles. Keep reading and enjoying the Humble Dollar and make a nice size donation! Donate to local charities. Bill
I would buy my own jet , no more airport hassles. Or at least use something like Netjets. I would also clear the slates of my family. Then start an animal rescue.
Probably invest it and used the proceeds to fund retirement plans for my children.
*keep $1M and upgrade our full-time traveling lives (first-class airfare and cruise ship suites, for example).
*pay off my son’s mortgage and pay to refurbish his recently inherited home.
*pay off my step-daughter’s medical student loans
*set aside $1M for a high-end assisted living facilty
That would leave $2.5M.
As someone who worked for and managed non-profits my whole adult life, I would put the rest in charitable annuities for causes/organizations close to my heart and a donor-advised fund for making annual charitable donations.
I would first tithe 10%. next, I’d buy a reasonable house for my sister to live in or use as a rental to live where she’d like. I would then redo my kitchen cabinets and bathrooms. Next, I’d pay off my husband’s debts (car) and invest the rest. One of the investments would be a travel fund where we’d fly business class when flying long distances across an ocean. If I got the urge again, I’d buy a business property: self-storage, or RV parking. 🙂 I have more than enough residential rentals.
I would keep $1M and supplement my life of full-time travel with better accommodations and transportation options. I would put the rest in charitable annuities and/or a donor advised fund.
I would invest the majority of this ($4M) straight away into my splits (Australian index fund, USA index fund, World ex-US index fund), and put the remaining $1M into buying my dream hobby farm and starting my permaculture food forest. And then I would continue with my strategy of being able to use this wealth to give back to the community via my business, volunteering and tithing donations
I’ll invest all the money in index funds and donate all the profits. I know unexpected money won’t do me any good.
I’m already debt-free – but I would like to upgrade to a nicer neighborhood. Keep my existing home as a rental (or make it available to friends / family for visits to this beautiful town). Donor Advised Fund would receive maybe half, and then I’d manage the remainder along w/ my existing accounts. Give generously to many folks frequently and be grateful to God for such a gift!
Move to a suburb and stash the rest in some short-term bond funds until I figure out how to allocate it.
3 Million goes to invest, 1/2 million to pay off the mortgage, add to the E.F., create a my own “Escrow” for condo fees & taxes and renovate, 1/2 million to travel, and 1 million for my wife & I to retire 10 year ahead of schedule.
What I am sure of is my kids would benefit and a few specific charities would benefit. If my wife agreed, a few other family members would get generous Xmas gifts. And I would invest some to feel secure. I’m really not sure what else.
$15,000 a year to every relative and friend, until I die – no strings attached. Better to pass it along now, why wait until death.
I am a Frankophile. Ben believed in America’s future and put his money where his mouth was. So, perhaps a legacy to my local church (perhaps used as microloans for church missions) https://www.npr.org/2006/10/13/6259836/microcredit-pioneers-win-nobel-peace-prize#:~:text=Microcredit%20Pioneers%20Win%20Nobel%20Peace%20Prize%20Bangladeshi%20economist%20Muhammad%20Yunus,of%20about%20141%20million%20people.
Maybe a similar legacy to a local arts organization, a library (thank’s Ben), and maybe a city I once lived in – a la Ben Franklin, Boston and Philadelphia – to be invested in industrious youth via loans.
https://www.mentalfloss.com/article/627475/200-year-old-gift-from-benjamin-franklin-to-boston-and-philadelphia
Unlike Ben, however, I’ll want to have independent trustees, fiduciaries, and annual reports, etc. and volunteers to evaluate loan applications – because I wouldn’t trust public employees to manage the assets.
See:
https://www.nytimes.com/1990/04/21/us/from-ben-franklin-a-gift-that-s-worth-two-fights.html
https://chriscarosa.com/2017/09/the-true-legacy-of-ben-franklins-last-will-and-testament/
https://chriscarosa.com/2017/08/ben-franklin-trusts-did-they-work/
I recorded this week’s PBS/Ken Burns show on Ben, and will be watching this weekend. I have most every book written about Ben, and I even have a Ben Franklin action doll – my sister, who lives in Philly gave it to me. Push on his chest, and you get one of over 100 pithy sayings, such as: “An investment in knowledge pays the best interest.”
Most would go into my investment account, but I’d also start a scholarship fund for people who want to go into trades. Teens who hate school would likely be better served by learning a trade than attending a university, so I’d like to encourage that option.
I’d take a good chunk of it and build an outdoor track for kids in our community to practice their running 🙂
I wish I could say that I would donate a lot to charity; however, the truth is I would invest it and keep it in the family.
I’d use the money to become an angel investor in a bunch of small startup companies – particularly small manufacturing companies that actually build things in the US.
I love the TV show Shark Tank and would like to help make some investments near where I live.
I would probably follow this person’s advice:
https://www.youtube.com/watch?v=eikbQPldhPY
(acknowledgement to JL Collins and apologies for the language in the video. Please don’t watch it if the F-word offends you.)
I would then probably take half of the yearly income (100k) and give 1k each month to 8 family members as I am a proponent of UBI.
Thanks for heads up on language. Sick and tired of the f word
throughout our society.
After securing my families financial future I would use at least half or more to set up a charitable foundation. Many families from my hometown funded our library, Community Y, soccer and baseball complexes as well as schools. I have benefited tremendously over the years from all of them. As I’ve gotten older I’m amazed families that have long passed away were so generous to folks that weren’t even born when they donated much of their fortunes. Amazing country we live in.
When I had my landscape company I always felt it was the guys on the front line that made the company successful. All of my employees came from Mexico, most on the H2b guest worker program. Over the years, on my visits to Mexico, I got to know many of the families and I saw how important it was that their children have work in the USA so that money can be sent back home. I am already helping some of the families of my former employees. I would find a way to use the $5 million to help more of the families.
I travelled Mexico by car quite a bit in my late 20’s and 30’s. Spent a lot of time in Mazatlan and Durango as well as Queretero, Monterrey and other cities. My family was from both sides of the border so seeing the interior of Mexico opened my eyes to how beautiful the country and its people are. The money earned here in the U.S. that is sent back provides so much dignity, food, healthcare and more to their queridos back home.
I think about this every time I buy a lottery ticket given my lottery chances are better than inheriting. I have a plan. Each of my children get the maximum tax free gift immediately, and in subsequent years. My sister and brother-in-law get the same. I fund each of my grandchildren’s college. That will take at least $2,200,000. Several hundred thousand goes to charity. I buy a new car. What’s left is invested.
I will set up an investment plan to ensure those $5 million does not disappear. An endownment is a great idea. I will withdraw a very small percentage (2%? 3%? 4?%) each year to do things I enjoy: travel, charity giving, etc.
Create an nonprofit and put the money into an endowment for the nonprofit.
I’m not thoughtful enough about charitable giving, so I’d dump a bunch of the money in a donor-advised fund and then do some serious research about which charities to support on a regular basis. I wouldn’t change how I live day to day. But I might do some home remodeling and I’d probably spend a little more to avoid life’s hassles, especially when traveling—no more flying economy.
I would invest half or so for my 3 children in Vanguard VOO the S&P. I would live the same way except may hire a driver for US visiting my children.
Would pay for the college of choice for any Grands. Would gift yearly the max tax fee gift to all kids and grands and great grands. Would spend more to avoid life’s hassles. Keep reading and enjoying the Humble Dollar and make a nice size donation! Donate to local charities. Bill
I would buy my own jet , no more airport hassles. Or at least use something like Netjets. I would also clear the slates of my family. Then start an animal rescue.
Bingo Jonathan. These are precisely what I would do!