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What Are you going to do if you become a Millionaire tomorrow?

Discussion in 'General Business' started by taher rashed, May 5, 2013.

  1. Caden

    Caden Member

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    #41
    I would pay off my mortgage, quit my job, buy a new home, car and spend the rest of my days happily with my family. When I wake up in the morning, I know I'd get to do what I choose instead of following directions from somebody else.
    SEMrush
     
    Caden, Jun 23, 2013 IP
    SEMrush
  2. My Property Stores

    My Property Stores Active Member

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    #42
    i will start my own business and providing the greatest employment opportunity to the unemployed persons.
     
    My Property Stores, Jun 24, 2013 IP
  3. MLayer

    MLayer Peon

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    #43
    Go to Korea and master Hap-Ki-Do.
     
    MLayer, Jun 24, 2013 IP
  4. marl09

    marl09 Well-Known Member

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    #44
    I would invest on Forex Trading and become a Billionaire.
     
    marl09, Jun 24, 2013 IP
  5. AuctionDebtEliminator

    AuctionDebtEliminator Greenhorn

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    #45
    I like reading people's answers on this topic quite a bit.

    In fact, my specialty is helping people get out of debt, stay out of debt, and modify behaviors.

    Currently, I help people make money on eBay to get their emergency funds and also help pay down their debts. I was in a LOT of debt before I was able to dig myself out of that huge hole.

    What really fascinates me is what people do once they have more money -- they immediately increase their lifestyle and spend more!

    They buy houses, go on vacations, buy cars, etc. And in many cases - they go STRAIGHT BACK INTO DEBT!

    One poster said that 'a million dollars doesn't last long if you spend it!' EXACTLY!

    A lot of people say they would 'donate it' -- I couldn't agree more with a noble cause. However, if you gave it all away, you couldn't GIVE more in the long run. It's much better to use that money to MAKE money so you can sustain your charitable ways!

    A lot of people say 'I'd invest it in 'x' or 'y', but how?

    Some people say they'd start a real-estate empire, or invest in a small business. But one thing is for certain, you have to have a plan for that money!

    If someone was to give me an extra million dollars tomorrow, this is EXACTLY what I would do with it.

    #1, set aside 50-55% percent for taxes. You don't have a million. You have less than half because well, that's been voted for for a long time, and we have to deal with that.

    #2, Since I have no debt, I wouldn't pay off any debt. But if I did, I'd set aside that much to pay off debt.

    #3, I'd set aside 3-6 months of emergency funds of my CURRENT expenses - because I am NOT increasing my lifestyle.

    #4, I'd buy an 8-plex apartment with cash from an LLC formed specifically to buy it. (And have enough set aside as a slush fund)
    With that apartment complex, 4 units of income would go into an account that paid for the taxes. 1.5 would go into running operating expenses, and the rest would go into building another income stream for a purchase of another rental unit -- with cash. Depending on the rental income that those units are bringing in (I live in a college town, so it could be quite a bit) it could be no time at all!

    Plus, I'd have all of that equity INSTANTLY, and I'm paying NO interest to anyone.

    Cash is king, credit scores are a lie used to keep people poor and in debt!
     
    AuctionDebtEliminator, Sep 17, 2013 IP
  6. Stacy Crak

    Stacy Crak Greenhorn

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    #46
    Wow, so many things!! I'd start off by paying of my debts, then my sisters outstanding debts and help her get the right care for her sickness. Then place some of the money to make sure I never ever go broke. I would then take a very well deserved vacation to the dream place I've never been able to afford Bora Bora. Back home after visiting paradise I'd buy a house then start my own awesome business and make more millions...
     
    Stacy Crak, Sep 18, 2013 IP
  7. chorton01

    chorton01 Greenhorn

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    #47
    I would invest my money in the number one business that create Millionaires every day, and that's Real Estate.
     
    chorton01, Sep 18, 2013 IP
  8. Dress Up Down

    Dress Up Down Greenhorn

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    #48
    I'd give back to my parents first, then donate to some charities I believe in, then re-invest.. or buy an island :)
     
    Dress Up Down, Sep 18, 2013 IP
  9. Angela Thomas

    Angela Thomas Member

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    #49
    If I became a millionaire tomorrow I would give 10% towards my tithes. I would pay off all of my bills and my parents bills. I would put away money for a rainy day and some for regular expenses.

    I would make sure my parents and I are taken care of, especially with buying new homes and cars for all three of us. Believe it or not there will be plenty of money left over to help other family members, friends and those who are in need. Blessings multiply when they are shared.

    Thanks for this intriguing question.
     
    Angela Thomas, Sep 21, 2013 IP
  10. Michael Leng

    Michael Leng Active Member

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    #50
    If it comes true, then I will spend some money to learn how to manage the amount of huge money.
     
    Michael Leng, Sep 21, 2013 IP
  11. Angela Thomas

    Angela Thomas Member

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    #51
    You got that right. You do need to know the tax information and how to make your accounts IRS compliant as well as other taxes you will be responsible for. Good suggestion.
     
    Angela Thomas, Sep 21, 2013 IP
  12. undergroundseo

    undergroundseo Active Member

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    #52
    I would keep taking action and not get content with the 1 million ;)
     
    undergroundseo, Sep 21, 2013 IP
  13. melprise

    melprise Active Member

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    #53
    Or, just play along with the IRS thieves of the tax gestapo for the first year, while you position your assets into tax-free and judgment-proof configurations, and get your self off the grid. Then live tax free from that point onward, perhaps even re-situated in another country.
     
    melprise, Sep 21, 2013 IP
  14. mrgadget

    mrgadget Well-Known Member

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    #54
    Invest in online business (my field of interest) and learn more about investment in other areas.
     
    mrgadget, Sep 21, 2013 IP
  15. Michael Leng

    Michael Leng Active Member

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    #55
    Therefore, we have to work hard for reaching our aim, that's right?!?!
     
    Michael Leng, Sep 21, 2013 IP
  16. JPDevuyst

    JPDevuyst Active Member

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    #56
    Definitely real estate investing. Arizona is still a great spot to invest in income properties and to renovate and flip homes.
     
    JPDevuyst, Oct 1, 2013 IP
  17. Spoiltdiva

    Spoiltdiva Illustrious Member

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    #57
    Not if your property is on the border with Mexico. You'd have trouble giving it away these days. Prices are going downwards for these properties.
    (Flagstaff and Phoenix are still hot though.)
     
    Spoiltdiva, Oct 1, 2013 IP
  18. tairikuookami

    tairikuookami Greenhorn

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    #58
    Give to family members who need it right now...spend on a holiday to my dream destinations like Argentina Peru Australia New Zealand Antarctica, buy a house and one of those Range Rover Discoveries or a nice comfy camper van to go travelling round Europe
     
    tairikuookami, Oct 1, 2013 IP
  19. lista adiya

    lista adiya Greenhorn

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    #59
    i donate first 10% from all i got
    the rest ..i want became a farmer
    own private jet and private yacht

    own private helicopter

    and i want own several more private jet, helicopter also yacht
    but are they for rent
     
    lista adiya, Oct 7, 2013 IP
  20. brudawson

    brudawson Member

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    #60
    Start all my money to make a better world. Spent my money to environment, encourage people about their social responsibilities & much more. God give free everything to us, want to make my country/world a better place to live.
     
    brudawson, Oct 7, 2013 IP