Here's a hypothetical scenario. You inherit/win $1,000,000 tax free, but anything you don't spend within 24 hours is taken away.
How are you spending your fortune?
Is this a Brewster's millions scenario? Like, I can't spend $1M on a house and keep the house?
Otherwise, SpaceX ticket or something like that, since I'm trying to blow $1M. Although I will pass on a sub ride to see the Titanic....
I guess rent a yacht and throw a huge party. Or the mother-of-all neighborhood fireworks shows.
Yeah, I am 100% buying a second property somewhere to vacation. Otherwise, probably Vegas. Massive party, but also gambling care-free on the rest and try and walk away with what I am about to lose.
You can spend the money on whatever you want.
In that case, I am probably buying a house, in cash, for 750,000. Somewhere. Not sure where. Out west somewhere, or potentially Maine/NE area.
Then still going to Vegas with $25k lol.
posted by justincredibleHere's a hypothetical scenario. You inherit/win $1,000,000 tax free, but anything you don't spend within 24 hours is taken away.
How are you spending your fortune?
Paying off 100% of my debt (house, truck, car, etc) which sadly is up to about $240k total debt.
Assuming we are talking $1MM after taxes, so I have to spend the whole thing not $600k.
Pay off my parents house/cars, my sisters car, my son's house and truck, and my other sons car, my wife's sister's car, etc...that all gets us down to about $700k total and I have to spend another $300k?
My wife would want a Bronco Raptor, so thats $80k, so with the last $220k?
Buying another house with cash, moving out of mine and renting my current house out.
Done, whole family is out of debt and I have a rental property and I am now missing 2 car payments, CC payments, and a mortgage, that's almost $3000/month added together I could put in an IRA/savings for retirement.
Yeah, gambling with that much and you couldn't keep the winnings would be tortorous, if it was any fun at all.
Buy a log cabin right by a lake, a bunch off all terrain vehicles, a huge garage with state of the art/updated weight lifting equipment.
Pay off House and Cars probably about 600k. The other 400k I would put into starting a business for my wife and her mentor. The first one he started he sold for 100 million and he’s ready to start another one soon.
Have to spend in 24 hours?
Buy $1,000,000 of power ball tickets or drive everywhere around and buy those $20-$50 scratch offs…but the whole sleeves or boxes.
I get to keep…..
$400,000 house, new truck, new accord or something pretty nice. Buy a nice zero turn and a closed trailer to haul it and other stuff. Some nice vacations, but a golf cart, maybe a nice pontoon boat. Plenty left to be generous with.
Everyone always has the same answers for these. I have always said that if I ever came into a very large sum of money, the first thing I am doing is hiring someone to write and record my own personal theme song. The second thing will be to hire someone to walk 6-10 feet behind me at all times holding a boom box that plays said theme song.
posted by brutus161Everyone always has the same answers for these. I have always said that if I ever came into a very large sum of money, the first thing I am doing is hiring someone to write and record my own personal theme song. The second thing will be to hire someone to walk 6-10 feet behind me at all times holding a boom box that plays said theme song.
Innovation. You love to see it.
posted by justincredibleHow are you spending your fortune?
posted by MontyBrunswick
Classic.
I'm selling our house now while we can still get decent money and putting the profit towards a new build that we would pay off with part of the million. I think $300,000 from the winnings will do it.
We still owe about $20,000 on the truck, so that'll get paid off.
There is a teardrop trailer I really like that I'd probably buy decked out with all the premium options. That's about $30,000.
$250,000 will get me close to 10 bitcoin right now, so there goes a quarter of it.
I'm building out a killer sound system for my vinyl collection, plus going on a bit of a shopping spree for records. Both for volume and quality/rarity. Let's say $50,000 for this.
I'm putting $50,000 into a "maker" shop. 3D printers, CNC machines, wood working tools, etc.
I'm building up a decent gun collection with $50,000.
I would probably replace our 2 cars (we're planning on selling my wife's car this fall anyway) with a decked out Volvo X90. The $80,000 for the Volvo minus the sale of our two cars would be about $50,000.
I'd take the remaining $200,000 and find the best remote cabin for the money and have a place to get off the grid when I need to recharge or if things go sideways.
i think spending any money on property in a 24h timespan is impractical. you probably can't close a deal and spend the money that fast.
knowing that, i'd cheat and "wash" the money by converting the $1m into something that you *can* buy in 24 hours...like a gold ETF (AAAU or whatever)
in that scenario, you could easily convert it back to cash as-needed and take your time spending it.
if i was handed $1m in cash and it was going to disintegrate in 24 hours, i'd probably clear out any outstanding debt and then buy high dollar items like cars/plane tickets/lodging/etc. whatever is left at the end of the 24 hours goes onto black at the roulette table.
Yeah, definitely can't finalize a real estate deal that quickly, but it's a leap that I'm fine making in this hypothetical.
posted by MontyBrunswicki think spending any money on property in a 24h timespan is impractical. you probably can't close a deal and spend the money that fast.
Good point. A brokerage MIGHT take deposit and allow you to trade most, at least 50% anyway, so you could just buy an S&P500. But even that might be a bit dicey as to whether you actually spent the money (as opposed to a deposit).
I guess the foolproof way is to get yourself $1M in chips at the casino. Put it in your hotel safe for the night, and then cash out the next day.
Anyway, I think maybe I'd buy some acreage, and a camper.
posted by justincredibleYeah, definitely can't finalize a real estate deal that quickly, but it's a leap that I'm fine making in this hypothetical.
The requirement was to spend the money.
If a house is worth say $200k, and I drive up to it and offer $300k cash right now, hand them the cash, but with the understanding that the deed and contract will come later...I still spent the money.
posted by jmogThe requirement was to spend the money.
If a house is worth say $200k, and I drive up to it and offer $300k cash right now, hand them the cash, but with the understanding that the deed and contract will come later...I still spent the money.
Right, that's basically how I'm viewing it. It's a commitment to spend the money.
To be fair, savings is considered a consumption [i.e spending] choice....
