So you're a millionaire now...

[bowhunter1023]

Heard a good discussion this morning on the way to work about what you would do if you woke up and there was $10 million sitting in your bank account. Being a dreamer, I got this one worked out!!! :smiley_bril:

I'd start by making smart investments with $6 million of it so I could be sure to live off the interest. I'd give $1 mil to each of our parents. I'd use $2 mil to get us out debt, buy a huge farm here in our county, build a house, by the toys, buy a farm in Illinois, go on a couple vacations, book a few big game hunts, and start a business. There is a parcel of land for sale here that would make a great place to open a legit outdoors store with a competent bow shop and shooting range. I'd add a little bar/grill next to it and enjoy that when I wasn't off playing!

So how about you?

 

[Buckmaster]

Pretty close to you Jesse except I'd buy a boat and do more fishing.

 

[Quantum673]

Jesse, Were you listening to Bob and Tom? They had the same discussion this morning.

I would buy a large piece of property so I would finally have my own hunting land.
We would then donate 1 million to our school system to be used only for a wrestling facility and an aquatic center.
Build a cabin on our land in TN.
Open a diesel performance shop.
Pay my Mom's house off.

Rest would be invested to live off the interest.

 

[Gordo]

i'd give myself 2 years before i was dead or broke. lol

 

[cotty16]

Most assuredly, I'd make sure my parents were taken care of (although my dad invested wisely and is doing OK) just in case something bad came up. I'd help my brothers pay off any debts and make sure my niece and nephew had a good amount for college when they get older.

As for my own family? Put some in a college fund for all 3 kids to make sure that's all paid for. Invest as much as I could like you guys said. Then, look out!!!! I HAVE to buy some prime land here in Ohio with all the toys I need. Hard part would be finding it. The wife would want to travel, and I'm cool with that. The rest? Just get what I want when I want it I guess.

 

[bowhunter1023]

Yep. I'm a Bob & Tom junkie!

Good idea on the wrestling facility. I'd build a new state of the art field for our baseball program on the contingency that I got the head coaching job! LOL

 

[Beentown]

$4.5 mill in the bank

Mom and Dad have no debt so I would upgrade their toys. Brothers and sisters would get $100k each. In-laws would get a new home...in another state

500 acre farm (partially working) in Central OH. Maybe more land later...

Vacation homes in different places (use them as rentals when we are not there) including Hawaii, the Keys, and Montana.

I wouldn't put in as much money on an OH property as most here would, I would rather travel to hunt. A farm in either of those counties mentioned above can produce nice deer and plenty of them. A couple trips a year for waterfowl, pheasant, hogs, elk, bear or moose should keep me busy.

 

["J"]

Well first thing each kid would get a mil in trust not to be touched until age 50....

Immediate family members would have a debt taken care of and 100k, no more to be seen after that....

I'd put 100k I'd Trust for TOO and the owners can draw the interest annually for expenses, if TOO were to fold for some unforeseen reason the money reverts back to myself or the estate.....

Property would be purchased in Ohio, Illinois South Dakota and North Carolina with modest homes on all of them.....

New bass boat and tru k too tow with and they'd rarely be disconnected lol.... The rest invested and live off the interest...

 

[Buckmaster]

True story.

I have a rich uncle that is self made.

He had six kids, 4 boys and 2 girls.

Upon marriage he gave each child individually and their spouse $1 million dollars to get there lives started.
They all have very nice homes in upscale communities.

Today:
5 out of 6 are still married.

The one that's not (divorced)....his airline stewardess/model ex-wife took all the money and moved on.
He now lives in an apartment near Dallas so he can be close to his kids.

 

[Hoytmania]

First million would be invested soley for missions. The annual interest would go to one but a different missionary or mission of some sort every year.

All debt would be taken care of. I would then go around and find small start up businesses to invest in. That way I am a silent partner and don't have to worry about the daily grind of the business, just sit in on monthly meetings to hear the reports and make sure the ROI is going to be there.

Then the famiy and I would travel.

Might even think about adopting at that point.

 

[CJD3]

It dumbfounds me when I see these specials on TV about big lottery winners; years later. A high percentage say it was a curse. (Of course they are broke again)
It seems so obvious to me but apparently many people have no clue. A finical planner should be a requirement of the winnings... I know I would never be sorry about the win.

 

[Hoytmania]

It dumbfounds me when I see these specials on TV about big lottery winners; years later. A high percentage say it was a curse. (Of course they are broke again)
It seems so obvious to me but apparently many people have no clue. A finical planner should be a requirement of the winnings... I know I would never be sorry about the win.

The reality to this being so common is that money doesn't cure the money problems. In all reality the person that is always financially strapped that falls into large amounts of money just usually compounds the money problems. It wasn't money that caused the problems it was the spending habits that caused the problems. So when the have millions the spending habits are just amplified.

Saw it with my wifes grandpa. Won half a million on a scratch off ticket. Once he got the money it was about $350,000. It was gone in a year and a half. Saw his scratch off spending go from $20-40 a day to $200-400 a day.

 

[Ohiosam]

I'd keep farming till it was all gone.

 

[rgecko23]

I'd keep my same house. Get myself and immediate family(parents, brother, in laws) out of debt. Buy some hunting property and just vacation when the kids weren't in school.

 

[Dannmann801]

I'd keep farming till it was all gone.

So...2 to 3 years, right? rotflmao

 

[Johnch]

I would invest 5 or 6 millon
Buy some hunting land in Southern Ohio and some close to Lake Erie
So I could build my own marsh and have feilds to hunt
A 18-20' boat to fish the Great Lakes

Turn off the land line and only tell a select few my new cell number

Sort of drop out of the day to day BS

John

 

[Beentown]

I'd keep farming till it was all gone.

Bwahahaha, plight of the poor farmer

I would just toy farm. Have fun and no pressure to make money. All the fun and write-offs without the financial worries.

 

[bowhunter1023]

My wife and I always said the first thing we would do once we had the money was pay all out debts off and disappear for 2 weeks. I'd have no problems telling people who think I owe them something, I don't owe them shit. I have lots of family that would come at me with open hands and all they'd get was a high five...

 

[aholdren]

I'd leave and take the family on vacation for a week or two, and while I was relaxing I would come up with a plan. More than likely I'd get debt free and invest most of it. As far as the rest of the family, I prolly would not give them much unless they earned it. After all I am a little greedy bastard.:smiley_crocodile:

 

[hickslawns]

Outside of a major property purchase for hunting I am not sure what I would do differently. Suppose there wouldn't be any excuse for putting off the Hawaii trip anymore, or the Alaska trip. Those are two places my wife and I would like to visit together at some point. Heck, we might even bring the kids if we had that kind of coin floating around. lmao