If you had a million dollars...

[Schneed10]

- Sell my current house, move into a 5 BR, 3 Bath here in the Philly area. Pay 20% down on it and mortgage the rest (I'd rather carry the debt because after taxes the INT rate is only 4% or so, I can do better than 4% on my investments)

- Set aside $100K into college education funds for the young'n (and future young'ns that I'm sure to have). Invest it in a stock index fund and let it ride. In 17 years that should be worth $500K, which should cover college education for 2-3 kids.

- Buy a vacation property on the Outer Banks of NC (20% down, mortgage the rest). Rent it out for all but 2 weeks out of the summer. That cash flow should offset the cost of ownership.

- Make everything in my house automatic. Automatic sprinkler system that turns on every morning at 7:00 am. Automatic lights when I walk into a room. Buy a few of those roomba robots that vacuum and mop your floors. Stuff like that. I'd also probably pay someone to clean my house once a week; having money is nice, but I'd want to have time more than anything. I'd rather unload some cash to make life easier.

- Buy a couple sweet rides, probably a Toyota Sienna minivan for carting around the family, filled to the brim with all the trimmings. And then a Lexus ES for me.

- Sock the rest of the cash away in stocks and bonds to generate enough free cash flow so the wife could stay home with the kids and be a full time stay at home mom.

And of course for me, keep on working.

[GhettoDogAllStars]

Originally Posted by Schneed10

- Sell my current house, move into a 5 BR, 3 Bath here in the Philly area. Pay 20% down on it and mortgage the rest (I'd rather carry the debt because after taxes the INT rate is only 4% or so, I can do better than 4% on my investments)

- Set aside $100K into college education funds for the young'n (and future young'ns that I'm sure to have). Invest it in a stock index fund and let it ride. In 17 years that should be worth $500K, which should cover college education for 2-3 kids.

- Buy a vacation property on the Outer Banks of NC (20% down, mortgage the rest). Rent it out for all but 2 weeks out of the summer. That cash flow should offset the cost of ownership.

- Make everything in my house automatic. Automatic sprinkler system that turns on every morning at 7:00 am. Automatic lights when I walk into a room. Buy a few of those roomba robots that vacuum and mop your floors. Stuff like that. I'd also probably pay someone to clean my house once a week; having money is nice, but I'd want to have time more than anything. I'd rather unload some cash to make life easier.

- Buy a couple sweet rides, probably a Toyota Sienna minivan for carting around the family, filled to the brim with all the trimmings. And then a Lexus ES for me.

- Sock the rest of the cash away in stocks and bonds to generate enough free cash flow so the wife could stay home with the kids and be a full time stay at home mom.

And of course for me, keep on working.

Toyota Sienna? A sweet ride? Man, what would your high school buddies be saying about you now? Haha, just kidding.

[Schneed10]

Originally Posted by GhettoDogAllStars

Toyota Sienna? A sweet ride? Man, what would your high school buddies be saying about you now? Haha, just kidding.

I'm all about comfort though, couldn't care less about style. I'm the guy who wears sweatpants to a bar and doesn't give a crap.

Those Siennas when you trick them out with leather seats and the DVD players for the kids and the premium sound systems with the MP3 blue tooth; it's very chill. Very comfortable.

Besides, you can't have a Porsche and a 'Vette when you need to cart a couple young'ns around. A million might make me rich, but it wouldn't take the practical out of me.

[TheMalcolmConnection]

Originally Posted by Schneed10

I'm all about comfort though, couldn't care less about style. I'm the guy who wears sweatpants to a bar and doesn't give a crap.

Those Siennas when you trick them out with leather seats and the DVD players for the kids and the premium sound systems with the MP3 blue tooth; it's very chill. Very comfortable.

Besides, you can't have a Porsche and a 'Vette when you need to cart a couple young'ns around. A million might make me rich, but it wouldn't take the practical out of me.

I'll agree with you on vans. While the idea itself sounds a little lame, my parents had a Dodge Caravan that I drove while my car was getting fixed for about two months. I had just gotten my first job ever and money was FLOWING in, so I basically pimped this thing out with a crazy sound system, tint, LCDs and a DVD player. People BEGGED to ride with me home from school. If you do it right, you can't beat a nice comfy van.

[EARTHQUAKE2689]

or i'd prob take everyone on the warpath out for drinks and then rent out fedex field for one day and get a football game going

[saden1]

Retire on one million? Come on, you can't retire on that unless you have ten years to go before death.

If I had a million, I'd try to make into two million. I wouldn't touch that money for at least another 10 years.

[Schneed10]

Originally Posted by saden1

Retire on one million? Come on, you can't retire on that unless you have ten years to go before death.

If I had a million, I'd try to make into two million. I wouldn't touch that money for at least another 10 years.

Actually, depending on how much income you wanted, you really could retire on a million if you could live life simply.

Put that million in a bond fund that returns about 6% on average, and you're grossing $60,000 per year without even having to tap into your principal.

You'd have to buy health insurance on your own which is expensive (but some people do that already). And you'd need to pay taxes on the $60,000 income. But it could be done.

Though I'll agree, you're much better off socking it away for a while, letting it double or triple, and then retiring on it.

[saden1]

Originally Posted by Schneed10

Actually, depending on how much income you wanted, you really could retire on a million if you could live life simply.

Put that million in a bond fund that returns about 6% on average, and you're grossing $60,000 per year without even having to tap into your principal.

You'd have to buy health insurance on your own which is expensive (but some people do that already). And you'd need to pay taxes on the $60,000 income. But it could be done.

Though I'll agree, you're much better off socking it away for a while, letting it double or triple, and then retiring on it.

Whose bonds are you buying at 6% yield? Oh and you can buy tax free bonds but they definitely don't pay 6%.

[dmek25]

Originally Posted by GhettoDogAllStars

Toyota Sienna? A sweet ride? Man, what would your high school buddies be saying about you now? Haha, just kidding.

i was thinking the same thing. you could get a tricked out escalade with a dvd player, then the kids are happy, and you ride in style

[Schneed10]

Originally Posted by dmek25

i was thinking the same thing. you could get a tricked out escalade with a dvd player, then the kids are happy, and you ride in style

I hate those things.