If I Had a Million Dollars...

Cocobeem · Keeper of the Holy Grail

If I Had a Million Dollars...

salesortonscom · Wise and Revered Master

After tithing, I'd probably buy a little vacation home/investment property near a lake or something.

hiccups · Future Queen in Zion

a green dress, but not a real green dress. That's cruel.

Euphrasie · Senior Bucketkeeper

Annuities. Stocks, bonds. Cash or cash equivalents...

I'm pretty sure with a million dollars, I could set up enough income-generating investments that my hubby could quit and teach music or compose.

Cocobeem · Keeper of the Holy Grail

Alright, Euph. Let's cut to the chase. Past the investments. Not just "get more."

If you had a bottomless bank account, what would you do?

Cocobeem · Keeper of the Holy Grail

hiccups- Haven't you always wanted a mon-kee??

arbilad · Head Chef

I'd buy (or build) my own private island, and proclaim it to be the country of Elbonia. I'd declare myself to be supreme dictator for life. Our postage stamps would be based off of children's drawings.

Homestar Runner · Senior Member

Cocobeem wrote:
This looks very nice to me-
http://www.unitedcountry.com/search06/SearchViewProperty.asp?SID=44772614&Item=608100&Lcnt=&Page=1&Office=36052&No=36052-00027&AU=N&FT=P

Yeesh - it's also more than 3X the amount of money you specify in the thread title! I did the "estimate monthly payment" dealy, assuming you fork over the full million as a down payment. Your monthly mortgage would be a mere $15,262,30. I know, I know - spare change to a millionaire! smile

What would I do with a boatload of moolah? It really does matter how big the boatload is.

A million bucks invested at 4% generates just over three grand a month. I couldn't really retire on $40K/year, so I'd have to take out principal as I go. If I take out $100K/year, I'll run out of money in 13 years. If I only take out $60K/year, the money would run out in 28 years - right as I turned 65. Man, that would really stink.

So, let's say I just pull out $40K/yr. I can't really support my family on that, so I'd still have to work. But we could take some cool vacations, and send the kids to college I guess.

Did I mention money can't buy happiness?

HSR
(wet blanket)

Cocobeem · Keeper of the Holy Grail

Quit raining on my parade! Let's go with the bottomless bank account with you, too, then. What would you do then? If money was truly "no object."

Cat Herder · Understander of unimportant things

A million invested at 4%? That is pretty poor investing... Try something a bit more aggressive. Long term stock investments end up averaging a 12% return. You should have an investment vehicle that will provide you close to that if you still want to be conservative...

As for me, after paying tithing and taxes, pay off all debt, purchase a larger house for our family, then sell the house we live in, buy a couple new cars for the family needs (and then buy me a corvette for my needs...

), put aside for some of children's college and mission needs (still make them earn some), buy some land for a summer retreat, go on vacation (maybe a cruise, I hear those are pretty neat), start a business, and invest the rest in some good, conservative, relatively risk free investments like government municipal bonds.

Homestar Runner · Senior Member

Cocobeem wrote:
Quit raining on my parade! Let's go with the bottomless bank account with you, too, then. What would you do then? If money was truly "no object."

Tee-hee! Finance guys are never content with their own dismal outlook on life - they need victims!

If money was no object, I'd probably beat my head against some sort of charitable foundation. I'd also invest millions in a "catch crooked mechanics redhanded" program.

HSR

Cocobeem · Keeper of the Holy Grail

Okay, are you people freakin' DEAF???

There's no more investing, okay?? Man, you guys really have a one track mind.

A bottomless bank account. Can you fathom that? You don't take money out of the bottomless bank account to invest it to get more money. All the money you could ever spend is already there, because it's called a... you got it! Bottomless Bank Account.

Alright. Perhaps some more pointed questions will help steer this conversation where it needs to go...

Would you buy homes for your married children?
Would you pay for their college, or as cat said, hold it back and make them earn some money on their own?
Would you buy vehicles without reservation?
Would you travel?
Would you buy second and third homes?

And I guess if we really want to cut to the chase-
What would you do with your TIME, since you no longer have to earn your keep?

(Posted before I saw HSR's last post. smile

)

-- Edited by Cocobeem at 13:51, 2007-07-17

rayb · Hot Air Balloon

I would buy my home, get out of debt, provide an education for my children and perhaps a nice wedding gift, and then spend the rest on creating a publishing company to promote and publish my writing and hire a decent artist for illustrations... :)

--Ray

PS> OH and I'd probably do some renovations on my home, and perhaps buy a farm that my kids can work on until they get married... :)

-- Edited by rayb at 14:12, 2007-07-17

Cat Herder · Understander of unimportant things

Cocobeem wrote:

Okay, are you people freakin' DEAF??? I find that very un-pc, and think an anonymous call to the ACLU is in order...

There's no more investing, okay?? Man, you guys really have a one track mind. Wow! According to Coco, we must now actually have two track minds... cuz investing is quite a bit different than the VS celestial kingdom harem...

A bottomless bank account. Can you fathom that? Well, technically no, because when you are taking a depth reading in fathoms, you are able to measure the bottom... You don't take money out of the bottomless bank account to invest it to get more money. All the money you could ever spend is already there, because it's called a... you got it! Bottomless Bank Account. Yes... ahem... well, bottomless doesn't always mean it is accessible. Say at some point after dipping the bucket into this bottomless pit of money to pay for the toys and lifestyle that Robin Leach could only dream off -- e.g. gold leaft TP -- you do not have a rope long enough to reach to the money any longer... whatcha gonna do?

Alright. Perhaps some more pointed questions will help steer this conversation where it needs to go... but pointed questions could poke someone's eye out!

Would you buy homes for your married children? No, but maybe put some money aside for a trust for them to have a down payment... The man who was the Stake President who set me apart as a missionary actually did what you ask about... who retired as the CEO of a major national insurance company, bought a sizeable chunk of land and built huge houses for all his children and spouses in their own little private gated community surrounding his mansion... or so family tells us since we moved from the area a decade ago...
Would you pay for their college, or as cat said, hold it back and make them earn some money on their own? Already answered it. If folks don't earn at least part of it, they are less likely to appreciate and value the education.
Would you buy vehicles without reservation? I didn't know one needed to have a reservation to buy a vehicle... I'm not sure about buying cars on reservations though... that may be indirectly supporting the casinos the local tribe has built...
Would you travel? Yes
Would you buy second and third homes? ... and I would have them all moved to one property and then connected by second story walkways and underground tunnels, kind of like a human version of a habitrail...

And I guess if we really want to cut to the chase-
What would you do with your TIME, since you no longer have to earn your keep? Whatever I wanted that would be more meaningful and productive and... okay, probably spend most of the day playing computer games...

bokbadok · Senior Bucketkeeper

I would buy my dream property and spend my time farming for fun.

Euphrasie · Senior Bucketkeeper

Okay, okay. Yes, I would pay for my kids' college. We would travel. We would help out extended family. I would buy up politicians. And I would start a venture capital firm to fund ideas I think are worthwhile.

salesortonscom · Wise and Revered Master

bokbadok wrote:

I would buy my dream property and spend my time farming for fun.

Farming for fun!!!!?????!?!??!?!?!? Are you crazy? There's no such thing as Farming For Fun!!!!!

OK instead of a million dollars the bottomless bank account...........

I would like a nice vacation home in several places. I would like one in several different U.S. states. One in Canada, England, Australia, Austria, the Italian Alps, the Italian Riviera, South Africa, New Zealand, Papua New Guinee, Japan, Tahiti, and the U.S. Virgin Islands. Then I would need a private jet and pilot to travel to these great places. I would also like to own my own hotels in the Caribean on some nice islands. I would also like to own a nice Antebellum style southern plantation in Virginia near Yorktown complete with the huge columns. Then there would be the yatch with helicopter pad (I saw one once and it's a must have with a bottomless money pit.) I would not actually work at anything other than philanthropy. I would set up my own endowment and donate money to all sorts of different things. I would also build a secure, nuke proof underground bunker complex with all the vehicles, weapons, and supplies I would need to survive for 500 years.

Oh, and I want that black Impala they drive on Supernatural.

hiccups · Future Queen in Zion

I am not spiritually prepared to handle the freedom all that money would give me. Even thinking about it makes my head hurt. It would be bad for me, I think.

I could say I'd do good things with the money. And I would do some good things, but how long until my heart would be more into the money lifestyle than doing good?

I used to be able to play this game, but now I'm just a downer. Sorry folks.

Euphrasie · Senior Bucketkeeper

And I would hire a professional organizer to fix my house.

fear of shiz · Profuse Pontificator

I would get my PhD in Political Science, and in History, and maybe in a couple of other subjects. I would get lessons to play the violin and the piano. I would have the most awesome library!

I would TRAVEL. Not just touristy stuff, either. I would really explore other countries and cultures. Live in different places, from Eastern Europe to India to South America. I'd probably play at being an archaeologist for a while.

Roper · Senior Bucketkeeper

1. Pay off our mortgage and stay in our home.
2. Give my sister a one-time grant to get out of debt and set up a scholarship for her to finish school.
3. Finish up our food storage.
4. Keep my job teaching school and set up a fund for a field trip every week.
5. Send Sister Roper to the spa each week and buy her something nice at VS each month.
6. Help people directly on an individual basis.

I want my children to earn the blessings that come from obeying the commandment "By the sweat of thy face shalt thou eat thy bread." No trust-fund babies in the Roper clan. And I'm doing what I love, so I wouldn't quit work. I'd probably do a lot of one-time grants to people I know, to give them a step up, but no huge amounts and no long-term welfare.

bokbadok · Senior Bucketkeeper

Farming for fun!!!!?????!?!??!?!?!? Are you crazy? There's no such thing as Farming For Fun!!!!!
The way I do it, there is.

Euphrasie · Senior Bucketkeeper

AND a lifetime supply of beans, guns, and ammo. And an underground bunker.

Dyany · Senior Member

Let's see.
1. Pay off all my debt
2. Expand my vacation package
3. Buy vacation packages for all the married families in my immediate family
4. Buy my parents the 2 cars I owe them. Maybe 3. *blush*
5. Expand my current house to get a basement and a bigger kitchen and maybe another bathroom and bedroom upstairs.
6. Start a small strip mall with a large bookstore, an Aveda salon, and a 'rent-a-crib' -- which is an idea a friend of mine just had where people can rent all those baby things that are handy but only for like 6 months and then they are crazy annoying with how much space they take up.
7. Go to England for like 6 months and work on genealogy and pretend I'm Elizabeth Bennett. :)
8. Adopt a gaggle of children from Russia or China or one of those poor countries where there are lots of orphans.

fear of shiz · Profuse Pontificator

I like #8 Dyany. I'll add that to my list. Lots of little Russian kids.

hiccups · Future Queen in Zion

Ok, I'm going to force myself to play. If I had all that money, I'd have our dream home built. We'd live part of the year in Hawaii for MrHiccups. We'd travel a lot. I'd try to leave each place I went better for my visits. I'd do humanitarian aid. I'd buy my parents a home in Durango. We'd set up MrHiccups' dad with a house and his mom with a different house. We'd set up trust funds for siblings, neices & nephews. I would never, ever run for any office.

Cocobeem · Keeper of the Holy Grail

Okay, that's better

I think I'd set up some kind of big ranches for helping moms and kids (where there's no dads to help) learn to work and support themselves, learn skills, take college courses... and they also have to take care of the ranch as their "rent."

I also think a horse ranch for kids for an afterschool activity would be cool. For every hour they worked (grooming, cleaning the barn or tack, feeding, etc.) they got an hour of riding. We'd be open all the time after school and all summer... Also other afterschool activity places for the latchkey kids around, up to high school age, so they'd stay out of trouble and off the computer so much...

bokbadok · Senior Bucketkeeper

Coco, that afterschool ranch thing would make you a hero in my daughter's eyes. She'd be there every day for hours

TitusTodd · Senior Member

I would do what many here have already mentioned (debt payoff, college for kids, travel, etc.). Sorry, nothing unique here. I could work on family history for years including travel to places my ancestors lived and writing a book (actually, books) on my family history.

fear of shiz · Profuse Pontificator

Oooohhh....run for office......that's a good idea, too!

hiccups · Future Queen in Zion

LOL, I wasn't trying to inspire ppl.

zealia · Profuse Pontificator

I like the publishing company idea. I would like to buy back the family farm and build a ranch home on it where my parents could live and I would have my own private kitchen, bathroom and bedroom as well as laundry facillities. It was my grandpa's farm and he also had bought his dad's farm on top of his own as well as a neighboring farm. There is lots mroe I would do with the money being bottomless and all. My little nieces would have dance and music lessons and other extras. Their education would be paid for. I would also help out my cousin's children and friends' children. I'm sure I would have a lot of friends. I may even get married if I had that kind of money. I would be willing to marry poor too for the right man. But he would have to think I am the right women and that is where the money may come into the picture.

PollyAnna · Senior Bucketkeeper

Roper wrote:
5. Send Sister Roper to the spa each week

That is so nice... I would do that for Daughter and myself as a continual bonding thing... We have pamper parties now, but it would be nice to be able to pay someone to do the pampering instead... Although the party shgaring services thing is part of the fun...

I would also help all our children and adopteds with educational expenses... but like others I would want them to learn from doing some of it on their own too... so I wouldn't provide all...

I would travel more with hubby and I would help people with terminal diseases have good end of life months. I think hubby and I would hire hire the BEST people in the field and have the best hospice program in the world...

Mahonri · Senior Bucketkeeper

If I had a million dollars it would mean that I had liquidated everything and that would not be smart at this juncture.... wouldn't be prudent...

PollyAnna · Senior Bucketkeeper

I dreamed about this last night and I did something really cool with my bottomless bank account... I supported every missionary I could personally make contact with and I gave gobs of money to the PEF... in my dream Hubby and I met with President Hinckley and he gave me a hug... THAT feeling was worth WAY more than a million dollars and it was ONLY a dream.

Cocobeem · Keeper of the Holy Grail

"If I had a million dollars it would mean that I had liquidated everything and that would not be smart at this juncture.... wouldn't be prudent..."

You've been a dentist how long? Sounds to me like yer spending money on things that don't matter cuz you should have way more than 1 mill. by now.

Anyway, the deal was (that you failed to read or just wanted to tell us your approx. net worth for kicks) you suddenly have a bottomless bank account. Okay? Got it? There is no limit. There is no selling your residence. There is no liquidation. And no, there is no prudence either, unless self-imposed. So, what would you do then?

Mahonri · Senior Bucketkeeper

Haven't been on my own as a dentist that long...worked as an employee for too many years... and yur right... I got way more than that if I liquidated.

Bottomless account?

I'd find a way to bless the lives of little children in Ecuador or Mexico.

Cocobeem · Keeper of the Holy Grail

Well, that makes me feel better.