We have a winner for the city prints giveaway! Bonus life points if you can name the band who sang that great 90s classic "If I had a million dollars." This is the "If I won a million dollars what would I do" post. You don't have to admit it, but I know each of us has wondered out loud or to our partners, "What would you do with all of that money!?" I mean if we were talking $300 million, I know that without a doubt I would pay off all of my close friend's student loan debt. PERIOD. That stuff is the most frustrating and obnoxious part of attending many years of post-high school education (9 years in my case... ouch!).
But, for me, this $1 million post is more about goal setting and seeing what I am going to do with the money that passes through my hot little hands in the form of salary... which, over time, will add up to a million dollars.
So, I win a mil and the first thing I do is:
- Pay off my house, the truck, a small student loan and my credit card debt. ~ $ 350,000*
- Make sure I have a fully funded ER fund with 6-8 months of living expenses in there. ~$60,000
- Give $50,000 to something awesome... like really awesome. ~$50,000
- Use around $50,000 to do all of the house projects: wall out in kitchen, new windows, remodel both bathrooms, attic fans, headboard, landscaping in front and back yards, redo hardwood floors and add a sound proof sub-floor to make the downstairs rental legit, new shed. ~$50,000
- Use $100-$120,000 to purchase a rental property. ~$120,000
- Take a trip to Europe. ~$15,000
- Give LB and I $2,500 each to blow like crazy people. We're talking shopping sprees up the wazoo. ~ $5,000
Those seven things would cost us $650,000 and leave us with $350,000 for retirement accounts for LB and I. Not too shabby I say.
Some of you may be wondering why I am not paying off all of my MOUNTAIN of student loans with my fake $1,000,000. The reason is that I qualify for public service loan forgiveness. After I make payments for 10 years, the balance goes away. Not a shabby deal for those of us in government service.
It is interesting to see that I am still basically sticking with my FPU principles even with what most would consider a windfall such as this. Good to know Dave is still in there.
So now it is your turn. How would you spend $1,000,000 in seven steps or less!!!!!????
*All of the these numbers are approximate. :)