What Would You do With $10 Million?

Buy a house on the lake not real far from where I live now.

Buy a decent sized boat, but nothing crazy.

pay off the mortgage of a few of my friends

set up a scholarship fund for men's xc at my school

fully fund the xc team at my old hs

Spend the rest of the time traveling, relaxing, and attending major sporting events with my friends and family.

With $10 million, $500k to Church, $500k to College, $500k to College XC, $500k to High School XC, $1 mil to friends, $1 mil to family, $1 mil on me (probably mostly land), $5mil in the bank.

joiwef wrote:

Get Real Real wrote:

Get a ranch someplace warmish and affordable, build a lodge style abode on it, with lots of large one room "residence inn" type apartments in it... and tell all my friends "you're retired if you want to be, your room is waiting."

Pool, spa, gym, putting and chipping range, Bob's your uncle, good times.

PS, doing two women at one time is free. I know. Several times.

...Well if you don't include the wine and fine foods costs.

I would get a ranch someplace warm, not warmish.

To be clearer, someplace warm with enough rain to grow stuff, not be dusty and desert like... Could be Hawaii, could be Jordan Hasay's home town...

A 3 way with two smoking hot 10's shouldn't cost more than 100 bucks.

We could buy either a flashlight or a folding chair with $10 million.

Get my kids through high school, making sure they had enough later to get through college/professional school (if any) and to make a decent start in a career; then split the rest with my spouse; then find a high-priced divorce lawyer and make like a shepherd (i.e. get the flock outta here).

With what I had left (~$2mm?), I'd put it in the bank, make 2-3% interest a year, and live comfortably but fairly frugally. I'd help my siblings (both on Disability) with what was left over each year.

careful wrote:

am close to 50 with a little more dough than that, also 2 kids------it's not as much as you think --with todays low interest rates you cannot defease your lifestyle off the interest---so don't waste on but a few luxuries--also think about how to protect yourself if the government inflates, that's the only scenario where you can get "poor" quick---also make sure you are able to say "No" to the many who will come out of woodwork asking you to seed their great idea---

What the hell is "defease your lifestyle".

$10 million is more than enuff for anyone. You should be thinking about how you can help those in need with your dough, instead of bitching about those coming out of the woodwork looking for our help.

I can think of lots wrote:

One of my friends, who is around 50 years old with 2 college-aged kids, just inherited about $10 million dollars (after taxes). He knew his parents were well off, but had no idea they had this much.

What would you do if you were just handed this kind of money? Quit your job? Travel all the time? Move to another country?

Flagpole, what would the appropriate plan in this situation.

Well, it's pretty hard to mess this up (though a lot of people could). $10 million is enough for me to decide to give a decent amount of it away.

Quitting my job would be the very first thing I would do. Not even a question. I would cash out all my current non-retirement investments and pay my house off so that I have no debt at all.

For the kids I'd probably create $500,000 trust fund each that they would get and control when they are 35 (ultimately they will inherit what I have left anyway). I'd make sure they finished college with no debt (pay off their student loans) and help them with down payments on homes when it's time (helping them with down payments would just come from money I already had).

I would gift $1 million each to my brother, my sister, my wife's brother, my parents and my wife's parents. They will have to deal with the taxes. So, I've now dished out $6 million.

With the remaining $4 million, I would keep that invested about 70-30 good growth stock mutual funds and bonds. The goal would be to make about 6% annually; that's a conservative amount that is likely reachable. I would take 5% annually. That gives me an income of $200,000 annually forever, and that goes up a little each year assuming I make more than 5%.

With that income and with the knowledge that I would be still getting my retirement income at age 60, I would find a location of the country I would want to live, and I would build a house. Would have to include a music studio and a game room.

Not grand plans, but it helps out those in my immediate family and sets me up well enough to live the lifestyle I would want, along with retiring earlier than I have planned.

$10.0 M Start

-1.0 M Tithe to my church/charities

-4.0 M Taxes (??? - maybe figure this to high - not sure what the taxes are on inheritance over $1M)

-3.0 M Safe Income Producing Investments*

-1.0 M Kids/Grandkids Education Fund (+ all the therapy my autistic daughter could ever handle)

-1.0 M Pay-Off Existing Debt, buy new House, Car, gifts, etc.

* Even at only a 5% return that would give me $150k per year income without touching the base and with no debt and the kids education paid for that would be more than plenty to live pretty well.

No Short Cuts But wrote:

-4.0 M Taxes (??? - maybe figure this to high - not sure what the taxes are on inheritance over $1M)

The taxes would be closer to 5 than 4 million, but the OP said the 10mil was AFTER taxes already.

1. Spin globe blindly with finger pointed towards destination

2. Once arrived to destination, pick a direction (N,S,E,W) of travel

3. Follow that path until it is no longer desired

Note: Leave all possessions where they lie at the start. This includes wife, kids, clothes, etc.....

Make it rain

"Two chicks at the same time"[/quote]

I bet w/ $10 million you could hook something like that up, too. Cause chicks dig a dude with money.[/quote]

Not all chicks.[/quote]

He only needs 2

It's 10 Million, not 10 Billion.

Lets Runner wrote:$500k to High School XC

Isn't that a bit excessive? I realise that kit and travel can quickly get into thousands. But would you have one or several full-time coaches?! Would you say to every kid, we'll pay for as many pairs of shoes as you can wear out? Would you pay for a physio and sports massage? Would you get several alter-gs? Would you buy, improve or relay indoor and outdoor tracks?

Actually, come to think of it, you better give them all $10million

DeBeSo wrote:

It's 10 Million, not 10 Billion.

Those are pretty modest goals I had out there. You dont think you could do that with $10M you are crazy.

careful wrote:

am close to 50 with a little more dough than that, also 2 kids------it's not as much as you think --with todays low interest rates you cannot defease your lifestyle off the interest---so don't waste on but a few luxuries--also think about how to protect yourself if the government inflates, that's the only scenario where you can get "poor" quick---also make sure you are able to say "No" to the many who will come out of woodwork asking you to seed their great idea---

Funny how whatever money some people have that it's barely enough and needs to be protected.

I guess I should have said "high school XC and track" it would mainly be for track facilities anyways.

I'd pay off the squeamish LetsRun moderators so they'd stop deleting my legitimate inquiries about why more women don't enjoy providing oral gratification to their men.