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Post by Mhairyn "Aryn" Dirson on Nov 26, 2012 8:53:32 GMT -8
This question was recently presented to me, so I thought I would ask it to you guys, too.
"What would you do if you had $500,000 [US or the equivalent] sitting in the bank? Would it change you? Would you change your lifestyle?"
Thoughts? I haven't answered it, since im still mulling it over.
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Post by Mallach Dirson on Nov 26, 2012 10:52:20 GMT -8
I don't think it would change me too much, but I do know what I would do once my vacation time kicked in, that being I'd take you on that European trip =o
And then pay off my outstanding debts, along with my parents and buy the house we're currently living in, for 'em. From there, not sure.
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Post by Deleted on Nov 26, 2012 15:17:17 GMT -8
Trying to figure out if that would be enough for one to never have to work, if one was frugal...
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Post by Deleted on Nov 26, 2012 16:01:59 GMT -8
Trying to figure out if that would be enough for one to never have to work, if one was frugal... I remember an old math question I had to do once, where $1,000,000 tax-free would last roughly 7 years if you spent $200 a day. So $100 a day instead would make $500,000 last that long. Myself... I'd probably buy a house for about $80,000. Pay off my car and fix the issues with it, give some to charity and then put the rest in a savings account for a rainy day, let the interest stack up.
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Post by Deleted on Nov 26, 2012 16:20:33 GMT -8
I would most definitely go to Chicago, get an apartment, get a cheap used car, go to college and put whatever I have left into getting my sister a decent home.
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Post by Deleted on Nov 26, 2012 20:54:36 GMT -8
Honestly, when you really think about it, 500k isn't that much. I've got three siblings. We all have student loans, other forms of debt, etc. Then there's my parent's debt. If I had the cash I'd pay off all our debts, but I don't expect I'd have too much left over. Whatever was left I'd toss in a savings account. Let it gain some interest for a while.
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Post by Mhairyn "Aryn" Dirson on Nov 26, 2012 21:20:37 GMT -8
suppose it's only fair i answer it 500k 195k - mortgage (305) 150k (and whatever's left, since I've got less than 195 owed, but am too tired to go find my statement) - rental account (155) (house needs new roof, new siding, new driveway, new cement....) 30k - reno budget (generous, whatever's left staying in rental account) 25k emergency budget 10k savings leaving 90K and then with what's left, list of things needed in some particular order: -new horse (includes boarding and feeding expenses) -school, finish -own, reliable, new car with monster warranty (since I break a car on a monthly basis like a boss) ish.
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Post by Deleted on Nov 26, 2012 21:22:21 GMT -8
Ironic that my first though was "ONLY 500,000? Baaah"
Greed, for shame, me.
Anywho, I'd first take care of some money matters of the obligatory nature on my end. My parents have their house paid off, and their cars nearly paid off so I think their debt is managed. I'd help them repair some things in their home, help my older brother move up here (if he wished, but I think he does). I'd probably buy some property around my parents home to expand for them. Since I'm rather attached to where I grew up, I dont think I'd be buying them a house, but they always said that if they won the lottery, they'd get a huge piece of land, put up some houses around the property for my siblings/aunt if they wished to move there. I think I'd probably do that, but being that its only 500,000, I'd fix up their current home, expand the property around said home, and construct nice, but low-cost homes (if possible)for said siblings and aunt if they wished to do so. I'd be sure to buy the wooded area behind my parents home, as we have always talked about cleaning that up and making it like a nice park-like area if we owned it.
I'd fetch my boyfriend, should he wished to be fetched, or w/e we wanted to do , depending on how much I had left after tending to my family.
I think I'd tend to my family first, depending on how I came about this money. If it was a sudden thing that everyone knew about (like winning the lottery), I'd have to go away for awhile, because I don't want to be harassed for money by anyone. I'd end up blowing it on people's whims instead of improving the lives of my loved ones and myself. So if that happened, I'd probably go somewhere for about a year, or so, until things calmed down, and live fairly frugally so I could let the money build a bit. I'd probably stay with a girl I grew up with that lives in DC, since I know she wouldn't try to pester me for my money, her or Ki (depending on where Ki was at the time. If she was currently at her parents, then probably not >,,>). I probably wouldn't go to Canada at that time, as I would be more likely to blow it there and spoil my boyfriend. Too tempting e.e
So yea, after taking care of my family, figuring out my living situation aftewards and then figuring out what I want to do with my life (might want to go back to school after all), and maybe a present or two later for myself, I'd save the rest. Cuz you never know, shit happens. Need money for retirement too.
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Post by zoi on Nov 28, 2012 8:34:46 GMT -8
Being one of the olderish people around (probably more mentally than age wise), it'd probably go to paying off my debts and my parents' then I'd use what was left, if any, to make a nest egg and threaten to cut my fingers off if I tried to use it for anything else. Online shopping is addicting. ~_~
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