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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:
(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.
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 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!