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avatar_Senkusha

If You Were Given One Million Dollars

Started by Senkusha, Tuesday, April 02, 2024, 07:43

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Senkusha

I had a thought this morning while in the shower.  What would I do if I was given $1,000,000, after taxes were cleared?  This money could be in the form of a lottery winnings, an inheritance, some random stranger handing my a bag of money (hopefully not stolen from somewhere else though!)... the point is, it doesn't matter where this money comes from.  What would I do with it?  I mean one million dollars really isn't that much money in 2024, right?

Ah, but it IS!  Look.  If I write out all my expenses just to live for right now I have:
Rent:             $20,700.00
Electricity:      $ 1,800.00
Phone:            $ 2,400.00
Internet + TV:    $ 2,400.00
Transportation:   $ 1,080.00
Health Insurance: $   960.00
Food:             $ 3,600.00
Total:            $32,940 per YEAR.

If I were to invest this one million dollars in a high-yield savings account, or to invest this money at a guaranteed rate of 5% interest, that's simply $50,000 in interest payments per year, right?  I know I'm probably over simplifying this.  Us poor people aren't taught financial smarts in school.  Right now, I'm killing myself slaving at a job to earn about $28,000 after taxes.  With this simple investment, I wouldn't have to work another day in my life!  I'd be set.  Granted, I wouldn't be traveling all over the world, neither would I be having the luxury car, or the huge house to live in, but if I didn't change anything about how I was living, I would be free to pursue my passions all day, every day without the stress of working.

Furthermore, I would take this money and put it into a Trust.  The extra money that I don't need for my living expenses, I would invest back into the High-yield savings account, and that would grow my money.  Since the money is in a trust, the Government can't tax it if I die.  I know this probably isn't 100% accurate, but I think I'm at least close to figuring out how something like this would work.

Now, I just need to figure out a way to be given my one million dollars!  Hmmmm ???

Favored Class:  Magical Girl

ZandraJoi

You'd have to know how to invest & be quite savvy. Some people hire investors to help them with this.
I wouldn't pass up a million dollars lol