What Would You Do With 10 Million Dollars | Community Insight

richImage courtesy of Gaetan Lee

The other day I wrote a post called, “The Paradox Of Our Journey For Success“.  Ross left a comment asking, “…what would you really like to do with yourself if you had 10 million in the bank?“  I was about to shoot him a response in the comments, but once I started thinking about it I realized what a great Community Insight post this was make.  So here it is, the question that many ask themselves, but few answer with first hand experience.  I’ll start and then you guys follow up in the comments by sharing your thoughts on the question, “What would you do with 10 millions dollars?”

ME FIRST!  ME FIRST!

I’m not even going to try and say that I  TRULY know the answer.  I don’t think anyone really does until they find themselves in this position, but I’ll share my thoughts none the less.

The first thing I would do is pay off every bit of debt that I have (which is thankfully not very much) and pay back anyone who has ever loaned me money (HI MOM!!! :-) ).  Then I would automate ALL of my bills so I wouldn’t have to EVER look at another piece of paper saying I OWED something.  After this I would fix/add/upgrade everything that Liz and I have been putting off because we lacked the financial resources (hardwood floors, anyone?).  This would be STAGE 1.

Next I would buy a house.  We live in a nice townhouse, but have missed having a driveway, yard and space.  And the idea of owning a home (not the bank owning it), is just a wonderful thought.

Then I would take Liz on the BEST vacation we’ve ever been on.  We’d spare no expense, and just enjoy our time together.

Once we got this out of our system, I would then work with a financial adviser to place the remaining funds in such a way that Liz and I would never have to work again and our children could go to any school of their choosing.

OK, enough with the boring stuff.

The interesting thing about this thought is the fact that I just can’t see not working.  I’m sure many of you feel the same way.  It’s just that I would do whatever I wanted to do; no restrictions.  I actually don’t like the idea of having such a great recourse, only to watch it either stagnate or slowly deplete.  I’d much prefer using my imagination and skill set to grow it into a much greater recourse.  Not so I could buy more stuff, but so I could increase the power of the possibilities.

I could see supporting many great causes and helping those who want to do great things, but just don’t have the resources.  THIS is why I’d like to grow it to an even larger number.  But I LOVE the aspect of freedom that it would instantly give Liz and I.

So what about you?

Have you ever thought about this?  Or maybe I should be asking, “How many TIMES have you thought about this?”  Do you think you’d let it go to your head?  Or is the power and seductive attributes of money no match for you maturity and wisdom?

Comments

  1. says

    I’m with you on getting rid of all the paper bills for eternity. With ten million dollars I would open an academy for high functioning children with little or no resources.

    Writer Dad’s last blog post..February

  2. says

    1. Pay off all debts
    2. Remodel existing house
    3. Buy a vacation house on a lake.

    Then open a co-working office space. After initial capital investment, should break even plus we all need that interaction. Regardless of if I actually work, I would spend my time making it fully functional for the “partners”.

    And it seems you missed a big time suck. Hire a house cleaner to come bi-weekly. And a gardner to come weekly in the summer.

    Those are huge time sucks.

    Then spend the rest of my day with my wife and kids experiencing life! Joining tennis leagues, mtn biking, basketball leagues and golfing.

    With zero debts, and my kids college is already paid for through the U Promise program, my annual income would be cut by 2/3rds. Could live comfortably the rest of my life on 1.5MM. And have a huge nest egg for my kids.

    Pat’s last blog post..Great Post.

  3. SpaceAgeSage -- Lori says

    First of all, I’d tithe to many worthy causes, including my local church. Then:
    1) Yes, pay debts off!
    2) Hire a 24/7 caregiver/chauffeur/masseuse for my mom
    3) Travel with my husband to a tropical island where they have a Swiss Family Robinson-type tree house for one month of relaxation
    4) Create a far-reaching and impacting Eldercare program
    5) Provide educational funding for our nieces and nephews
    6) Set up motivational scholarships for needy high school kids who are at risk
    7) Book a flight into space to experience zero gravity

  4. says

    I’m with everyone else on the getting-rid-of-bills bandwagon. What a relief that would be!

    Then I’d take care of all my family and friends who have been so generous to me through the years.

    I too would buy a home.

    I’m with you Eric on finding a financial advisor I trust to help me budget and invest the rest of the money so I’d have enough to live off of for the rest of my life.

    But after all that, I’d probably still continue to grow my computer consulting business, having the opportunity to use it more for charity work and fixing computers for non-profit’s, school, etc.

    Fun topic!

    Your Friendly Neighborhood Computer Guy’s last blog post..Computer Guy’s Corner #4: Plus An Update On My First Customer

  5. says

    I think about this all the time because it helps me focus on what’s really important in my life. What we would continue to work at if we didn’t need the money is a huge clue to our life purpose. For all of us with debt – paying that off is first priority. For me that is paying off all the educational loans I have for myself and my daughters. Even though educational loans are considered “good debt”, it’s debt none the less. Next I would make sure that my mom has everything she needs and desires for the rest of her life. After that I would contribute to the financial well-being of my daughters and siblings.

    Before I did any of this though, I would make sure that enough principal was invested so that I didn’t have to work, could still be generous with others, and could choose my work and how much time I spend on it. I’ve always been interested in designing truly affordable housing (how many minimum wage earners can really afford a $100,000 or higher home?) and creating an educational system for the way most children and young adults learn – not a system that produces excellent test takers.

    With that kind of money, I could spend time exploring all my passions. This is work that exhilarates! That large sum of money also equals time. And time is much more valuable than the money.

    kathy’s last blog post..Happy Birthday Parker! Your Arrival Marks a Very Special Day

  6. says

    Hi Eric,

    It will definitely be great if we can get our hands on 10 million dollars and the first thing I would do is to invest it in some properties to provide me with the passive income to ensure that would ensure me total financial freedom.

    Cheers
    Vincent
    Personal Development Blogger

    Vincent’s last blog post..Should You Eat Organic Food?

  7. says

    I’ve read somewhere that most people who have a big lottery win end up the same or worse off a certain number of years down the track.

    I think the only way to avoid this would be to do something meaningful with the money. So rather than living a life of endless travel and partying (as much as that would be awesome) I would use the money to make the world a better place in some way.

    Julian’s last blog post..4 Steps To Get The Most Out Of Self Development Blogs

  8. says

    10 million dollars in the bank, wow…let’s see…not necessarily in order, just as they come to me…

    1) Pay off our debt and our parents debt (homes and cars mostly)
    2) Give 10% to our church
    3) Buy a new laptop
    4) Buy a freakin’ premium theme for my blog
    5) Blog and travel without the worry of having to make money doing it
    6) Learn to fly a helicopter
    7) Buy a helicopter (I despise traffic)

    That’s all I can think of right now.

    oh, 8) Send precocious 5 year old to military school (kidding)

    Kim @ What’s That Smell?’s last blog post..Military Commissaries SAVE YOU MONEY

  9. says

    I’ve actually thought about this a lot.
    Rick Warren is a great example for me. He gained money and influence with his books and uses them to contribute to a world need with the PEACE Plan.
    Starting a foundation to contribute to help women and children is what I would do.

    katy’s last blog post..Passing values on to our children, Part 3

  10. says

    Why, I’d retire, of course!

    Wait a minute. I already did that.

    I’d pay off our truck and RV, buy a new car to tow behind our RV, sell our house and buy something a little bigger and a lot newer in a different area.

    We’d help our kids get debt free, including owning their own homes and set up college annuities for our grandkids.

    After donating a portion to one or more worthy causes, we’d get with our financial adviser and invest most of the rest in conservative, low risk investments with a little left over to play with in more risky things, like stocks. Then we’d live off the returns of the investments — and my pension, of course.

    I would remain active. I’d likely continue to blog and do things online, but I wouldn’t have much interest in trying to generate income to augment my pension.

    This is something that I’ve thought about a bit. To ensure that we didn’t blow it all in a short period of time, the investments would be done in a way to make it somewhat difficult to cash them out.

    Mike Goad’s last blog post..The Sun Has Lost Its Spots

  11. Eric Hamm says

    I definitely seems like the common thread here is:
    - Ensure your financial independence…
    - Have some fun…
    - Spend the rest of your time making a difference in other people’s lives.

    Well done guys! Well done! :-D Eric

  12. V. Higgins says

    Wow, I have so many dreams that it would be hard to prioritze.
    – Pay off all debt (CC, student loans)
    – Help my parents pay off the debt of their home and maybe landscape?
    – Buy DH’s dad the Dodge Charger he’s been drooling over for years, everything custom. :-P
    – Give a good portion to multiple charities (probably my unversity, definitely to places like Shanandoah’s Hope).
    – Set aside money to help pay for DH’s little brother’s college education.
    – Buy my sister a new/new-ish Honda so she has a reliable car.
    – Plan a trip to Disneyland/Disney World with my sister and my mom.
    – European tour with DH, at least 2 weeks long.
    – Invest so that I can always give to others when they’re in need.

    As you can tell, I dream A LOT :-P I’m currently working really hard on two of these dreams. Paying off my debt (I’m halfway there on the CC, hopefully done by July) and saving up to take my sister on a kick-tail trip to Disneyland in a few years ($50 a month adds up fast).

  13. says

    Hey Eric…

    Have had a few days off, so only read this post today ;)

    Funny – I have similar plans that you do, for when I get my ten million.

    I also can’t see myself ‘not working’ though – I guess you just have to look at people like Richard Branson – retirement? Ha! To do that is to die….

    I think the danger lies in that time when you become accustomed to having such crazy amounts of cash. Fancy big shiny expensive things lose their appeal, and that’s why rich people will be the first to tell you that money doesn’t buy you happiness….

    Having said that, it can certainly help to reduce the anxiety / worry that accompanies bills and growing expenses!….. I’m aiming for a happy medium – being able to live without worry, but not splurging on stupid stuff I don’t need…. And then continuing to work hard in life :)

    Ross’s last blog post..The heart of life

  14. says

    15% to charity – a combination of environment and international human rights work – probably some sort of endowment fund.

    1. Stop working completely. Get Raul out of his job.
    2. Buy a flat in the centre of the city here in San Sebastian, and one in Toronto – turn them both as eco-friendly as possible, nice and stylish without paying $2000 for a toilet bowl.
    3. I like the bills thing. I never want to have to think about that stuff – so that would include a personal assistant who would deal with all that kind of stuff for me (with monthly check-in meetings of course to make sure I’m not getting swindled).
    4. Pay off the debts of family members, including my inlaws. Give each of my nieces and nephews a chunk of money.
    5. Travel lots in the greenest way possible.
    6. Sit back and enjoy life puttering.
    7. Concentrate on my fiction. Donate all proceeds of my writing to charity.

    Alex Fayle | Someday Syndrome’s last blog post..Don’t be scared of confrontation

  15. says

    I already work over 100 hours per week so that I can sustain Table Talk Ministries, we make free home repairs for the elderly and the disabled.
    First, I would eliminate the waiting list, we currently have 36 on it.
    Then I would purchase a couple newer trucks with tool beds and trailers so we could be more effective in our work.
    Lastly, I would be able to start a proper ad campaign to bring in donations, (they’re tax deductible).
    I actually, might splurge on a vacation/honeymoon, I haven’t had a vacation since 1982, I got married in 2002 and we never got to go on a honeymoon.
    I would continue to work until I knew for sure that Table Talk could become self-sustaining.

  16. Prinze says

    I would invest it into buying companies that are short on cash , and from 32 million I would make 30 billion in returns on profits – with in first 6 years.

    I will donate 500 million, and would but a African nation with 2 billion

    I would then Buy an army of soldiers with 1 billion dollars. And arm them with weapons from USA / China, in next 5 years I would take over all the pesky tribal African regions unit the whole Africa under 1 nation.

    Impose – solid birth control , and push the local economy and tourism , and generate 3 billion from yearly tourist visit.

    Kick start a Space program in Africa – and be first Nation to Land on Mars.
    Screw NASA

  17. Trenia says

    All ideas, thoughts, gestures are great, but the first thing is to be still. Pray, then contribute to the 10th of that. I’m an Aunt have raised a Niece who’d gratuated from High School of 09, I have my great Nephew for the last three years, and I’m raising him, So I would take them along with a couple other 2 great nieces, and my 2 other great nephews and take them to Disney World, all the children are under six. No Parents. When we returned. I would then proceed in buying a home of my choice for myself and my great nephew, to be able to adopted 2 other youth around his age to grow up with. We would get CD’s for the fellows as they go through school, show them how to invest, now so they won’t be surprise if the stock market falls.

    I then would pay off my sons student loans. Buy him a car, and a condo Downtown. Give him a couple of Million to sit on. I have 7 Guardian Angels that have been apart of my life, I want to bless them each. My Godmother I would love to just send her anywhere over the world, but I know she wouldn’t go at this point in her life.

    All my loved ones would be bless after all the business is taken care of. The family businesses. The key is making sure that there is income coming in at least 5 different directions.

    • says

      Wow, you’ve really got this thing planned out. I like it! :-)

      My wife and I went to Disney World for our Honey Moon and really enjoyed ourselves. That’s one of our favorite places in terms of travel locations. We’re totally kids at heart and with a 7 month old boy we can’t wait until we can make our next visit.

      Eric

  18. says

    Well, I operate a non-profit (www.tabletalkministries.org) aside from my regular 70 hour a week job and we’ve just been told that the building on loan to us where we store our donations is going to be sold at auction in the spring, so the first 100,000 would be buying that building, we also need a truck, our work truck is worn out. Then I would be able to wipe out our waiting list which currently has 52 people on it.
    Then I would start opening chapters of Table Talk Ministries throughout the United States. Then after all is said and done, I would take my wife on a honeymoon, we’ve been married seven years and haven’t had one yet.

  19. GLENDORA BAKER says

    F I DID WIN ANY MONEY AT ALL,I WOULD HELP MY PASTOR DAVE WITH OUR CHURCH AND ALSO I WOULD HELP HIM AND HIS FAMILY. AND MY GRAND CHILDREN DO NEED HELP ALSO ALONG BY THERE MOMS AND DADS. THANK YOU SO VERY MUCH. ALSO THE $ WOULD TAKE CARE OF THE REST OF MY LIFE.

  20. Fontain Griffin says

    I know 10 million dollars would help me with the projects that I want to implement to build economic empowerment, nutrition, and green awareness through education in the poor urban cities. I would start a business dealing with engineering buildings to conserve and produce energy, training the community with jobs, and teaching about green concepts to open a connection between the people, environment, and profitability.

  21. mary says

    let me tell u that i have so much of bills.from demostic violence-my jaw broke in that cost me 27,000.iam twenty years old in ten million would help me pay back my mother whose been helping me all these years and still is with three children.me and my kids go from shelter to shelter and town to town trying to find jobs and/or shelters to stay at.so i would need a place.my kids need to learn so they can be ready for school so i would need daycare.i need to put up sum money for there college to be prepared.my life is stuck on hold because of my kids and no finances or job.but my true dream is to become an actress……….so i would really try to get an agent and proceed for to better my family.

  22. zoa says

    1- donate 1 million to charity
    2-open software company with my friend
    3- invest some money with others to create small and medium business
    4-pay all the loans my family have
    5- buy a house
    6-buy new cars for me. my brother and me father
    7- pay for cousin surgery
    8- provide scholarship to my cousin
    9- travel withe my best friends
    10- open clothes factories and stores

  23. J "GHOST" H says

    0.-Open 3 bank accounts(3.5 million of the price in one account to make money out of interests, 1.5 million in another account to invest and the rest of it on another account to spend on me and my family[obviously I will spend this part smart to make it last until the day I die]

    with my third bank account I will
    1.-Pay debt of everyone of my family(uncles etc etc)
    2.-Get my mom and my dad out from their jobs
    3.-Gift everything I have(except my money obviously and thing I know I will need)
    4.-Buy a new house for my parents
    5.-Buy new furniture for them
    6.-Buy a new car for everyone in my direct family and me
    7.-Open a business for them so they wont get bored at home
    8.-Now that my whole family is “standing on their feet” I will help some people that I know they deserve to get help
    9.-Help a charity organization(probably about pet care)
    10.-Start to do the things I like with no worries

    pretty much that’s it I think…maybe more ideas come later!

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