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Author Topic: 7 Ways I Would Spend $10 Million Dollars: What About You?  (Read 1848 times)
muffinbiller
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April 12, 2017, 01:52:01 AM
 #1

1. I would get my dream lake house or ocean view home

I’ve grown up living on water and love being able to go out in the boat or jet ski. I would find a home with an amazing view of the ocean or lake/mountains and access to the water to import my boat for cruises and entertainment. I would want a cabin style home with the logs and wood work and big windows facing the water to look out. Kitchen would be wood flooring, granite counters, and tiled backsplash, along with stainless steel appliances or custom appliances to fit the design of the home.

Price Range: $750,000 or less

I would keep it modest and around 2,000 square feet or less. Million dollar homes have high maintenance costs and you get nailed by property taxes. If you don’t have a big family, huge homes just don’t seem necessary and have a lot of excess waste in terms of space and maintenance costs.

I would also sell my current home or possibly turn it into a rental so that I can recoup some income that can be applied towards my cabin water front home to keep more of my $10 million in my pocket still.

2. I would purchase a nice SUV or Truck

My dream car is an Italia 458 and I may splurge some money to lease one for a short period of time but then I’d settle down with a nice truck or SUV that can be used for my real estate business as transportation to and from properties as well as carrying my tools & supplies.

3. Help out family and friends

I mentioned above that I’d keep my money a secret. I feel like if everyone found out you had $10 million dollars they would start getting entitled and feel like it’s expected that you help them. I would ask friends and family their situations and do some investigating to see who needs financial assistance and then I would take care of that person paying off their problems for them. It would feel good knowing you did it because you wanted to and not because they expected you to having so much money.

4. Setup a perpetual giving fund

I once took a finance class at Ohio State and remember an example problem about a wealthy man who wanted to set up a scholarship fund for students. He invested money into an investment fund that would produce interest income. Then the interest income would be paid out as scholarships to students each year while the initial investment stayed in the account to continue generating more interest every year forever. This is called a perpetuity.

I would set up a growing perpetuity fund so that over time more and more money can be distributed to the charities and causes I’m passionate about. A growing perpetuity will also stay ahead of inflation as a $10,000 scholarship today won’t be the same as $10,000 many years from now, especially the way college tuition is escalating, ruining people’s financial futures and setting them back from retirement.

5. Invest money into Under30wealth.com

I could create some really awesome resources and products for everyone to utilize to improve their financial literacy. I hire someone to build an app or hire software developers to create other things I’ve thought about that are in the works someday. I could spend more on marketing so that more people become aware of my site which would help more people learn. I would have money to do fun giveaways and contests with my audience. Much love and thanks to everyone supporting this site!

But in the mean-time, I appreciate organic free growth such as when you guys share my posts to your social media so that we get in front of more viewers and young people who need to learn money and financial management! College never teaches a class about how to make money and the education system has few classes implemented that cover money management.

6. I’d consider paying off some of my rental properties debt

The only debt I’d likely have would be real estate related. I would pay down this debt so that my rental properties cash flow more and I save the loan interest expense. One of the days I look forward to is owning $1 million in real estate outright with no debt. Having a portfolio of rental properties that are all paid off and positively producing cash flow is a dream come true. Your only expenses are insurance and taxes as well as occasional maintenance repairs. You no longer have to worry about foreclosure or burning through money if the property sits vacant.

7. I’d have some fun

I’m huge on traveling someday. I would pack up and go across the country and around the world seeing the many different exciting places on earth. I’d try the foods in different countries, see the exotic beaches, and spend money on the vacation activities offered at each destination. Life is about living and having fun.

I would also purchase tickets to major sporting events and fly out to see them. I want to one day attend the championship game for each sport like the NFL, NBA, MLB, College Football and Basketball. I’m a huge golf guy and I teach golf online to people at GolfPracticeGuides.com so I would definitely go to all 4 majors. The Masters would be my favorite course to see (If anyone has a spare ticket, haha jk).

How would you spend $10 million? You never know, maybe you’re one of the fortunate people to be handed down an inheritance. It could be worth thinking and brainstorming out how you’d manage that much money so you don’t end up broke and in debt like so many of the lottery winners we hear about!
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KenJackson
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April 12, 2017, 04:57:17 AM
 #2

Anytime this question comes up, I always think of the guy in the black cowboy hat from a decade or so ago that won the lottery big.  He was a generous outgoing guy who tried to spread it around, but a year later the news had a story about how unhappy he was.  One sentence sticks in my mind.  They said, "his daughter lost all her friends." 

I can see that happening.  One friend asks for help with some urgent expense so the daughter of the rich guy gladly helps out. Then another sees that and asks for money for a slightly less urgent thing and pretty soon they're all demanding money because she gave some to someone else.

In fact, I've seen surveys of lottery winners that indicate most are much less happy after a while.

I never buy lottery tickets, partially because they're a mechanism of government corruption, partially because they are a tax on stupidity (the more stupid you are, the more you pay), and partially because I don't want to win it big and be unhappy.
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April 12, 2017, 09:09:36 AM
 #3

Ways to spend money are good, but easy money does not repain so much pleasure. If a person does not have the skill to create money, he will lose them too quickly and become very unhappy.
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April 20, 2017, 03:14:04 PM
 #4

I would purchase a house and a car. Invest some in shares, stocks, and real estate. The rest will be kept in bank accounts to earn interest.
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April 20, 2017, 04:44:33 PM
 #5

The rest will be kept in bank accounts to earn interest.

What's the best interest rate you can find?  Right now BankRate.com shows three banks that pay 2.3% on 5-year CDs.  But that rate is actually a little LESS than current inflation rate (here in the US--your country may vary).

Inflation is going up, but if you invest in a CD, you're locked in for years.

"Just saying", as they say.
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April 20, 2017, 04:51:43 PM
 #6

It just occurred to me that nobody here on this bitcoin forum has said they would invest even a portion of their windfall in bitcoin!  And yet the value of bitcoin has been performing at about 70% APR so far this year.

Odd, that.
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April 20, 2017, 08:42:35 PM
 #7

House in the country, a condo in the city and a new couple of new cars. Probably a hummer or landrover for moving things around and a nice sports car.  Like a porsche or maseratti. Aw hell, I'll just get one of each.

After that its travel around the world and figure out where I want to live out my life. Of course I would setup my kid with whatever she needs before I go walk about.



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April 21, 2017, 12:32:44 AM
 #8

I would probably just spend all the 10 million on a huge mansion. Maybe not the best idea but it would be a sick house.
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April 21, 2017, 01:28:17 AM
 #9

that's a lot of money!
well 1st I save it and share to my family. each of them shall have a bank account and I place them millions
2nd I invest it, i create a mall.
and the other money I want to travel all around the world. I want to visit all nice places together with my family.


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April 21, 2017, 01:55:47 AM
 #10

how would you pay for the stuff you bought after you spent?

if was some kind of game that I need to spend 10M dollars and cant have anything left at the end I would:

bribe someone to make $1M or $2M be "spent", but instead they would go to my pockets in secrecy
buy stuff that I could use as investment or that have intrinsic value, like gold, or hot dog cars, or anything that the rules would allow
help others, if I could

I don't need lots of expensive stuff that would only cost a fuckton to maintain

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April 21, 2017, 01:57:19 AM
 #11

I'm really surprised at how little you can buy an ocean view home.

Because honestly in my city it's like 2 million USD for a normal house and more than 750,000 USD for a two bed apartment.

I would at least buy $2 million dollars worth of bitcoins, buy whatever cars I want, whatever house I want, save some money in the bank, invest some in startups, and maybe start my own business.

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April 23, 2017, 10:08:37 PM
 #12

New home, invest, rental property around globe, starting small company on garage, summerhouse on Saimaa  Grin

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April 24, 2017, 03:11:00 AM
 #13

This how i would spend it:
$6m on real-estate and then the $4m on clean hookers then my life would be complete.
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April 24, 2017, 03:36:20 AM
 #14

huh... I've been thinking about this quite a lot and could never give a clear answer but it all comes down to investing in real estate, think of something to invest into because I'd rather build a steady income than spend all money on cars, house and stuff like that.
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April 24, 2017, 08:01:39 AM
 #15

im going to invest stock market 20%  realestate 10% donate charity 5% and the 10% for medical/ 15% savings 30%  10% for expenses Smiley

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April 24, 2017, 10:05:00 AM
 #16

If I have that money I will invest the 40% to the stock market like trading, and ICO. AND THE 20% for my offline business like grocery store , apartment, and computer shop and then the another 20% is for my savings for my future. And the 15% I will help my family because my other member of my family does not have money to buy their needs . And the 5% is for the charity and for the church to share the blessing coming from god.

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April 24, 2017, 01:23:46 PM
 #17

You can buy Gulden
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April 24, 2017, 02:40:25 PM
 #18

tell no one. buy a bunch of crypto. disappear off around the world. probably not come back.

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April 24, 2017, 03:30:32 PM
 #19

Most of the money I invest in business is to create a good source of income for the future. I'll spend some of my money on my family and myself and also donate to charity.
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April 24, 2017, 03:46:53 PM
 #20

After couple of helping steps to improve life of my family, buying a dream home AND donating to some charities… assuming to have pure $5M which I can use to buy assets that will generate safe 5% annual ROI which gives me +$20k monthly. So that I can have a fixed income for rest of my life.

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