If I had a million dollars…
When I saw the post by Amanda at Young and Broke, I just couldn’t help but jump on the meme. Who hasn’t thought about what they would do with a million dollars?
So, here goes:
Starting money: 1,000,000.00
Student Loans(wife and I): ~82,000
= 918,000
Current mortgage: ~42,000
= 876,000
Credit cards: ~11,000
= 865,000
Car Loans: ~ 13,000
= 852,000
Misc debt: ~ 12,000
= 840,000
New house: ~ 200,000
= 640,000
College savings for son: 100,000
= 540,000
College savings for future children: 250,000 (if no more children, this becomes investing/fun money)
= 290,000
fun money: 50,000 (vacations, fun toys, etc…)
=240,000
Invest the rest. Once the debt is paid off, the rest is really gravy. Potentially, the rest could be invested and given a nice enough return on investment, could become income for one or both of us to quit our jobs. At 5%, the return on a cool mil would very nearly replace our current incomes.
Ah, dreams. What would you do with $1,000,000?
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BRIAN W said,
Wrote on August 21, 2006 @ 8:09 am
my comment is the reason your not a millionaire is that as soon as you get a million you want to spend it.Place the money in an ivestment vehicle and live off 10% or MAYYBE IF YOUR INTELLIGENT 20% OF ROI. INSTEAD OF SPENDING AS SOON AS YOU GET A MILIION DOLLARS YOU WENT FROM A MILLION TO 240,000 DOLLARS THAT’s AT LEAST TWO YEARS OF INTEREST ON A MILLION DOLLARS.LEARN TO LIVE OFF INTEREST!
thatedeguy said,
Wrote on August 21, 2006 @ 8:24 am
Brian, so much anger.
If you look very closely and read the post, when I would reach 240,000 I also would have no debt. NONE. I gotta be honest with ya here, I could live off of 240k for about 5 years without a job. If I continued to have my job, I could invest the rest and be quite happy financially.
btw, 240,000 = 24% of 1 million dollars. If you’re getting that kind of return, perhaps you should get a blog and teach us a thing or two.
thanks for stopping by.
Jay said,
Wrote on May 23, 2008 @ 8:02 am
12% a year in mutual funds is 24% in 2 years.