AndieIsMe is online now AndieIsMe — Advice Member-Moderator Post #1  January 15,2012, 12:43am
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I get those e-mails from the magazine company we all know so well that promote not only the magazines and affiliate companies, but also boast that you could win $1 million a year for life (or something along those lines, depending on the time of year).

Every once in a while I let myself daydream about what I would do with that kind of "guaranteed" income. After I quit my job, of course)

1. Pay off all current debt (I think that's a given)
3. Purchase a home
4. Pay off my vehicle, sell it, buy a new one. The one I REALLY want.
5. Set up a trust or annuity for my son
6. Buy gifts to my family and close friends
7. Set up a scholarship fund for a specific field of study
8. Travel the world
9. Purchase or start a business in a specific industry


So, what would YOU do if you won?
 
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livinagin is offline livinagin Post #2  January 15,2012, 4:41am
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Since I don't have children (regret), I would go straight to #8. And include a #10. I have been affected by friends/family with cancer. And I have found a few different ways to be helpful to people in that situation. In the process, I discovered a non-profit organization that assists disadvantaged people financially with medical/prescription expenses: We Care. I would contribute generously to this organization! And I would add an additional free support item: electric blankets.
 
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dmi is online now dmi Post #3  January 15,2012, 7:44am
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AndieIsMe wrote :
So, what would YOU do if you won?
Find out what your #2 thing would be!
 
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tinaroonie is offline tinaroonie Post #4  January 15,2012, 8:20am
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Well, I am thinking about this, since I get PCH things in the mail, and they say there will be a winner announced in my area soon. I want it to be me.

I would quit my job, and do something I feel more passionate about, open a daycare for kids. But I've always said I want to be a stay at home mom (I don't have kids yet.)

I would sell this place I live in and move to a different larger home with my boyfriend. I'd pay off debt, both his and mine.

I'd get married and take my boyfriend on a nice trip that we can actually afford.

I would probably give myself a sum of money to just blow on whatever I want, like a shopping spree for new clothes and such, and not at discount stores.

I'd go to all the concerts and plays and theater and museums, and sporting events, that I want to without feeling guilty.

But most importantly after all that is done, I would get a financial adviser (with help from my dad) and make sure that I can live on the interest of what I make be it in the stock market or bonds or whatever seems best.

Oh, and I love to go to the casino, so I'd do that with maybe 10x as much as what I normally bring (which would still be not that much).

So, in the end it's do a few frivolous things with a small percentage of money, and put the rest away to live comfortably with what I'm used to. Moving to a new place would not mean moving beyond what I am currently comfortable with.
 
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tinaroonie is offline tinaroonie Post #5  January 15,2012, 8:21am
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Well, I am thinking about this, since I get PCH things in the mail, and they say there will be a winner announced in my area soon. I want it to be me.

I would quit my job, and do something I feel more passionate about, open a daycare for kids. But I've always said I want to be a stay at home mom (I don't have kids yet.)

I would sell this place I live in and move to a different larger home with my boyfriend. I'd pay off debt, both his and mine.

I'd get married and take my boyfriend on a nice trip that we can actually afford.

I would probably give myself a sum of money to just blow on whatever I want, like a shopping spree for new clothes and such, and not at discount stores.

I'd go to all the concerts and plays and theater and museums, and sporting events, that I want to without feeling guilty.

But most importantly after all that is done, I would get a financial adviser (with help from my dad) and make sure that I can live on the interest of what I make be it in the stock market or bonds or whatever seems best.

Oh, and I love to go to the casino, so I'd do that with maybe 10x as much as what I normally bring (which would still be not that much).

So, in the end it's do a few frivolous things with a small percentage of money, and put the rest away to live comfortably with what I'm used to. Moving to a new place would not mean moving beyond what I am currently comfortable with.
 
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LongLocks is offline LongLocks Post #6  January 15,2012, 9:34am
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dmi wrote :
Find out what your #2 thing would be!
 
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dmi is online now dmi Post #7  January 15,2012, 10:13am
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Honestly, it wouldn't change much for me. I'd still work until 50; just know I'd retire at 50 rather than have to decide when exactly to retire. I probably would buy some vacation properties so that when I'm on vacation I have some set places I can go.

Once I retire, I would probably start up either a business or something charitable. I could see doing a business that focuses specifically on hiring people that are homeless, out of work, etc. Train and/or rehabilitate them and place them in jobs. Use the job placement fees to fund the next set of people that come in. Something like that.
 
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eharmonyjc is offline eharmonyjc Post #8  January 15,2012, 10:23am
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1) Pay off all my debt
2) Pay off my mom's house so she can retire
3) Travel around for awhile
4) Go to culinary school
5) Start my plan of investing/rehabbing properties
6) Learn how to be a butcher
 
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AndieIsMe is online now AndieIsMe — Advice Member-Moderator Post #9  January 15,2012, 11:04am
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dmi wrote :
Find out what your #2 thing would be!
Ha! I would buy a new bed so I would be encouraged to get to bed at an earlier time and not be so sleepy while posting on here and notice things like that!
 
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D_Lion is online now D_Lion Post #10  January 15,2012, 11:50am
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1. Due diligence on the promisor, to ascertain that the offer is adequately funded regardless of the future financial stability of the promissor.

If not satisfied, I'd lose $400 k of the first payment to tax, and invest about $580 k, with some splurgy spending of only a nominal amount.

If satisfied personally, I'd speak to a lender about it's willingness to collateralize the perpetuity (a second set of eyes on my investigation); if that result is positive:

2. I'd probably move to nearby one of the world's top ten business schools. This would force me to resign, though I do not actually desire a life of not working - the work will just be different.
 
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