What would you do with 5 million dollars?
06-02-2009, 02:16 PM
#41
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$5MM before or after taxes? If it's before, take another 40% off that figure, so you are left with "ONLY" $3MM . . . .
I'd pay off whatever debt we had, fund college and grad school for the kids, buy a vacation home, and be certain that my parents and my wife's mom would be comfortable for the rest of their lives.
Because the investment real estate market is somewhat fickle these days, I would be hard pressed to place a significant amount of cash in real estate. I would likely consider tax free investments, live off the interest, and still have the principal at the end of the day.
I wouldn't quit working, but I would certainly change my work habits and do only the type of work for which I have a passion.
I'd pay off whatever debt we had, fund college and grad school for the kids, buy a vacation home, and be certain that my parents and my wife's mom would be comfortable for the rest of their lives.
Because the investment real estate market is somewhat fickle these days, I would be hard pressed to place a significant amount of cash in real estate. I would likely consider tax free investments, live off the interest, and still have the principal at the end of the day.
I wouldn't quit working, but I would certainly change my work habits and do only the type of work for which I have a passion.
some of the older folks on here may not make the bigger investments and just enjoy their money. the 65 year old is not going to invest in real estate and wait for the market to pick up. same thing with the money market idea. they are going to spend and enjoy. I am 26, so a lot of this discussion is relative to age i guess. Real estate is a good investment for me because I am 26 and in my lifetime, the market will be in much better shape then it is now. of course real estate wont be the only option, i will continue to invest and deversify.
again, everyone has a different opinion, that is what makes capitalism great. this thread was never meant to be an argument or a debate, just an neat discussion to see what people would do.
06-02-2009, 02:18 PM
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Originally Posted by mrfva' post='898198' date='Jun 2 2009, 04:19 PM
And another year's supply of Cappuccino 
06-02-2009, 02:22 PM
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Originally Posted by ImolaRedM' post='898170' date='Jun 2 2009, 04:42 PM
Where can you get $2,000/mo rent on a $250,000 home or condo? Based on my experience in the Southern New England, Mid Atlantic and Pacific NW you're looking at $850-$1,250/mo rent maybe $1,500 at best but even rental prices are falling.
06-02-2009, 07:04 PM
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I've heard quite a few really positive things about meth. I think the ROI is quite high, and it would be an interesting hobby as well. I could use my old chemistry set. But, I've heard it's difficult to score Sudafed these days, so I may have to reconsider. There's a lady in a nearby office with seasonal allergies I believe to be dealing, but just as the occasional favor to someone with watery eyes or the sniffles. I think you'd need to push more weight to be effective.
06-02-2009, 08:29 PM
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Originally Posted by craigm1841' post='897508' date='Jun 1 2009, 11:07 PM
although dropping burning dollar bills from a helicopter over a ghetto would be the funniest, i would inact my 5 million dollar plan.
buy 20 250,000 dollar condos/homes. rent each one for $2K a month. that is a profit of $40K a month. even after paying a property manager and taxes/insurance, you would still pocket at least $30K a month. keep in mind, you bought them outright so 1. no mortgage, 2. property is fairly liquid at the right price, even in this market. over the years while you build equity on your original investment, you will be earning a substantial income enabling you to continue investing.
what would you do?
buy 20 250,000 dollar condos/homes. rent each one for $2K a month. that is a profit of $40K a month. even after paying a property manager and taxes/insurance, you would still pocket at least $30K a month. keep in mind, you bought them outright so 1. no mortgage, 2. property is fairly liquid at the right price, even in this market. over the years while you build equity on your original investment, you will be earning a substantial income enabling you to continue investing.
what would you do?
06-02-2009, 08:35 PM
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Originally Posted by Alpine White Girl' post='898898' date='Jun 3 2009, 12:29 AM
buy 5 million in lottery tickets when it hits 200+ million and watch my investment grow 40x. (before taxes of course)
That's it! You have a
1 in 752,538,150
chance of winning the lottery you described.
06-02-2009, 08:36 PM
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I'd put the money in triple tax free munis, live off the interest and stop working a million hours a year. I think I'd ditch private practice at a law firm and become a judge -- a very satisfying career with regular hours and no travel -- a career that I've always wanted but cannot afford.
Oh, and I'd have to spring for a M5 as a daily driver and a Ferrari 599 or Porsche GT2 as a fun car.
Then again, $5 million isn't dropping into my lap anytime soon.....But one can have a dollar and a dream.
Oh, and I'd have to spring for a M5 as a daily driver and a Ferrari 599 or Porsche GT2 as a fun car.
Then again, $5 million isn't dropping into my lap anytime soon.....But one can have a dollar and a dream.
06-02-2009, 08:55 PM
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Originally Posted by craigm1841' post='898908' date='Jun 2 2009, 11:35 PM
that is risky:
That's it! You have a
1 in 752,538,150
chance of winning the lottery you described.
That's it! You have a
1 in 752,538,150
chance of winning the lottery you described.
i would put it in a cd or ira for 10 years. finish school, work, and live a normal life. Once it matured, BAM im loaded.
06-02-2009, 09:00 PM
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And don't the odds go against you when you buy more tix in the same drawing? I couldn't prove it mathematically right now, but somehow I just feel that the more tix you buy, the worse your odds get... I don't know - any math people here - am I totally off on this?
06-02-2009, 09:18 PM
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Originally Posted by craigm1841' post='897508' date='Jun 2 2009, 12:07 AM
although dropping burning dollar bills from a helicopter over a ghetto would be the funniest, i would inact my 5 million dollar plan.
buy 20 250,000 dollar condos/homes. rent each one for $2K a month. that is a profit of $40K a month. even after paying a property manager and taxes/insurance, you would still pocket at least $30K a month. keep in mind, you bought them outright so 1. no mortgage, 2. property is fairly liquid at the right price, even in this market. over the years while you build equity on your original investment, you will be earning a substantial income enabling you to continue investing.
what would you do?
buy 20 250,000 dollar condos/homes. rent each one for $2K a month. that is a profit of $40K a month. even after paying a property manager and taxes/insurance, you would still pocket at least $30K a month. keep in mind, you bought them outright so 1. no mortgage, 2. property is fairly liquid at the right price, even in this market. over the years while you build equity on your original investment, you will be earning a substantial income enabling you to continue investing.
what would you do?
1. Invest 2M in Rental Properties.
2. Invest 2M in Money Market.
3. Place 1M in my Safety Deposit Box
because whatever happens...I'd still be a "millionaire" 