If you had $10,000,000...
WilliamB proposed this as a question for discussion: What would you do differently if you had ten million dollars? And the sub-questions are: what frugal things would you keep doing, and what would you stop doing?
There are a lot of things I would not change. For instance, I wouldn't buy a new car, because I already have my dream car!
I probably would keep my mismatched free flatware and my miscellaneous collection of drinking glasses.
I would keep buying secondhand, because that's good for the environment.
I'd still repair things, although I would 100% outsource appliance repair and plumbing issues.
I'd still use the library.
I'd still try to avoid food waste.
But with $10,000,000 on hand, some things would change. Let's see...this will be fun to imagine!
I would:
pay cash for a little house
I don't want a huge house, but I would love a nice little house, maybe an updated older one, with lots of windows and natural light. I also want it to have a little porch and an ensuite bathroom. If it's on top of a hill, even better because I have always wanted to see what it's like to live on a hill. 😉
It would be a bonus if it came with an in-law suite that I could offer for free or very low rent to someone in need.
Obviously, I would also hire movers to do all the packing and moving. I'm not hauling furniture myself if I have $10,000,000!
invest plenty for retirement
Financially, I am good right now, at least in the day-to-day. However, my retirement funds are not as fat as they "should" be for my stage of life. So, I would want to fix that.
start a nursing scholarship at my community college
For some of my classmates, getting a nursing degree and then a nursing job was going to be positively life-changing. But coming up with the cash to get through school and pay for licensing and testing is a challenge if you are barely scraping by to start with. So, I'd love to establish some sort of program to help with that.
And since I have $10,000,000, I'm definitely hiring someone to set up and run all of that. It is not my area of expertise!
transition to charity nursing work
I would probably stay at my current job for a few years, just to gain some more experience, but after that, I would opt for unpaid nursing work.
I do want to use my skills to help people, but there's no point in doing a paid job when I'm a multi-millionaire. It would be better to fill a volunteer spot!
give to organizations that help the disadvantaged
One that comes to mind is Doctors Without Borders. Or...Smile Train, a group that trains local medical personnel to fix cleft lips and palates (to me, that's even better than organizing volunteer groups that come in and out).
buy a hot tub (and a hot tub maintenance service)
Sometimes when I get off of work, I think about how good it would feel to put my weary body into a hot tub. So, I'm buying one with my ten million, and also hiring someone to maintain it.
I'm trying to make my life easier, not harder. 😉
pay for some meal convenience while I finish school
I would still want to finish my degree because a BSN does look better on a resume, even if you're trying to do charity work. Also, I am so close. Why give up now?
All the money in the world doesn't take away the work it requires to finish a degree*, but if I had unlimited funds, I would most certainly press the easy button for some healthy prepared food until I graduate.
Heck, I'd hire a personal chef to create meals for me. 😉
*I know you can hire people to do your schoolwork for you, but that is decidedly unethical, and I would never do that no matter how much money I had!
support local food producers
If cost were no object, I would always buy local farm cheese, produce, meat, and so on.
fly first class
I have never in my life flown first class, but I think that would be a nice upgrade, especially for international air travel (which I also have never done).
be randomly generous
Wouldn't it be fun to do things like paying for everyone's meal? Or leaving a giant tip for a server?
help my kids
I think some mindfulness here would be necessary; depending on the situation, sometimes it is not actually helpful to dump a bunch of money in someone's lap. But I know I would want to help them financially, especially for worthy causes such as pursuing a degree or some other form of training.
____________
I probably have not allocated the entire ten million with this list, but you know, it's a start. If I get my $10,000,000 windfall, I can always come up with more ideas. 😉
That is an unfathomable amount of money. But here goes, some ideas:
-I'd work parttime
-I'd buy or have built a smaller, single storey house, with a nice yard for which I would hire the help of a gardener, to prepare for old(er) age
-I'd set up a trust fund for our kids
-I'd travel first class on the train
-I'd have a massage every week
-I'd reluctantly sign up for an additional evening at the gym
-I'd help organize a concert for my choir with (a) work(s) that we would love to perform but that we cannot afford due to the number of musicians and/or soloists required. It should be doable to do this anonymously.
-I'd set up funds to support cultural and environmental wellbeing in our part of the country
-I'd support existing organizations that promote literacy, local community owned farms, and support for families in financial distress
I sincerely hope I could refrain from telling anyone beyond our small family circle of the windfall, so we would not feel pressure to change our lifestyle. Eating out a lot, for instance, would not be healthy because restaurant meals are often built up around protein instead of vegetables.
Freezer challenge update: we had chicken Bonne Femme yesterday with half a turkey breast, and will have Butter chicken today with the remaining half.
Based on all the lovely selfish ideas below, I am adding: buy a small but accessible house by the seaside, for swimming.
I am still adding world peace to my top three of wishes, Sophie. That would be priceless indeed.
JNL,
I have to say - I need to add a similar small but accessible seaside cottage to my list. 🙂
I don't know how far ten million goes these days- money spends so easy!
If I could decide by myself:
-A small amount to each kid to have something nice/pay off loans/get a better car.
-pay for an old building on my church's property to be demolished and a new garden and activity center built.
-donations to local food bank.
-fix up stuff in my house by paying professionals ( bats in attic, foundation concerns, HVAC) instead of waiting on my husband.
- have a vacation with a decent hotel/suite in a beach/lake location for a season and my kids could visit as they please.
- my husband could buy land and build a retirement home.
- scholarships for technical training and book costs at local colleges.
- make sure my daughter will special needs has a good and safe place to live with family close.
I think it's all gone now! Probably spent it multiple times...
I had a chance to do this on a small scale- I came into a small inheritance and donated ten percent in lots of little ways- school band, bloggers who needed help or had tips jars, a tuition payment for a struggling family, whatever struck my fancy. It was fun.
I'd still probably buy things on sale, not run the AC much in the summer, buy used cars, shop thrift stores, etc. if I had that money.
I might fly to visit family (instead of drive) and rent a car to get around. I also would buy lots of books and pass them on to others when done.
There are several things I would do:
- Pay off the remainder of my student loan
- Give a lot to family and friends
- Travel to countries I haven't been before and fly first class (something I haven't done yet!)
- Enroll in courses in anything I want to learn
- Donate to causes I care about
- Set up some kind of social program like The Imagination Library 🙂
- Buy a cottage by the sea with a few cats!
I would continue to buy second hand, use the library and cook from scratch but I would probably order takeout more, or maybe hire a chef lol. I might quit working and volunteer in an archive, once qualified. I'd use the rest of the time to write!
I didn't mean this to be a reply; these are the frustrations with writing on a phone! But those are the things I would spend on 🙂
I cannot reply to your reply, but I wanted to say that Denmark does very well with educational options! A friend's teenager will be spending a year in a Folk High School, with a bunch of Danish and non-Danish fellow students. Our mouths were watering when we saw the curriculum and footage of the classrooms, and to our excitement we discovered that there are also shorter courses available for adults. So this definitely goes on the wish-list.
What kinds of things would you be interested in learning (about), Sophie?
Off the top of my head: archiving, art (some kind of course in learning to draw and paint), costuming, clothes repair, gardening, strength training and some kind of DIY course because I am horrible at it. I would also learn to drive.
Obviously I can do some of those things right now but I don't have time and money for all of them!
--Travel the world
--Pay off my younger siblings' remaining student loans
--Set up trusts for older family members
--Donate to our village
--Support local no-kill shelters
--Buy the empty lot next to our house to ensure it remains empty
--I'd still work (I'm not me if I'm not creating/painting), but it would be want to vs. have to
--Keep my beloved 1989 Buick running forever
--I'd still thrift, cook at home, etc., because I'm wired for it. 😛
The first thing I would do would be to consult a CPA, a financial planner and an estate lawyer to make sure I get good professional advice on how to maximize my priorities.
I would buy a vacation home designed so family and guests can be comfortable and have some privacy when they visit.
I would contribute to friends (or their children) who could use a boost. For example, I have one friend who is the midst of an all consuming caregiving journey. I would like to (currently) help her with an expensive car repair and a home refresh (new carpeting and minor remodeling) once that journey is complete. I wish I could do more to help with respite but that has proven to be impossible at this stage of this journey.
I would (anonymously) give more money to deserving local charities or causes.
I would reluctantly replace my 15 year old car and donate it to someone who needs reliable transportation.
I would give a chunk of money to my adult children so they have some financial ballast for retirement and the inevitable ups and downs of life. I would also spend more money on “wellness” services/memberships for myself and family members.
I don’t think I would change my thrifty and thrifting ways - at this stage of the game I am pretty much hard-wired that way so becoming a spendthrift would feel uncomfortable. I would enjoy more gifting and the ability to be generous.
yes...I would hire a personal trainer. I've always wanted to do that because I haven't had good results just using a local gym. I've had so many ER visits after trying gym classes! I would love to have someone to work one-on-one with me.
I signed up with a personal trainer when I joined a gym and it was such a good use of money! I couldn't afford it permanently but it was so useful to be shown how to use the machines and what kind of workouts to do.
Here's what I said when WilliamB first suggested the topic last week, with a few revisions and additions:
(1) Accomplish all deferred maintenance around the house and grounds, and rent an AirBNB or similar while the interior painting and wood floor refinishing are going on. (I know my limits.)
(2) Hire a 20-hour-a week gardening assistant. "King James," my lawn care/snow removal guy, is a wonder at what he does--but he doesn't know one garden plant from another, or the weeds from the intentional plants.
(3) Build a real greenhouse (not just my current pop-up plastic variety) somewhere on the grounds.
(4) Give lavishly to my preferred charities: JASNA, Doctors Without Borders, the Alzheimer's Association, Heifer International, and my local food bank.
(5) And squirrel some of the money into my investment accounts, given the recent dire predictions about what's going to happen to Social Security and Medicare.
Now, as Central Calif. Artist Jana and Selena rightly pointed out last week, I may have trouble finding helpers for (1)-(3) who return calls and are competent and reliable (and, I'd add, sober). King James is constantly complaining about the same issue. But, hey, this is an exercise in wishful thinking, right? And I still have a few contacts among DH's former colleagues in various trades, and King James knows a few other guys.
In other respects, I'd continue living much as I do now: thrifting, careful grocery shopping, the whole nine yards. It's my ambition to keep the faithful Nellybelle running as long as I continue to drive--but the $10 million would at least be a comforting backup if she did have to be replaced. And since the urge to travel left me during the pandemic and hasn't returned, I wouldn't be budgeting for much in that category.
At this stage of my life, not a lot would change because I'm not moving until my kids are done with school (the school and community for our children is the main reason we live so remotely), and there aren't very many ways to spend money here. At least, on physical things. We are sort of vaguely planning a trip to Rome as a family next year, though, and that would look a LOT different if I had a lot of money. First-class plan tickets, a tour company to arrange everything, etc.
Much of that money would just hang out until my husband and I could agree on where to live next--that might take awhile :-)--and then I would buy a house. I am very picky about housing, mostly because I have lived in a lot of less-than-ideal houses, so I know what I don't want and would definitely spend the money for what I DO want. I spend most of my time at home, so my house is very important to me.
I would get things fixed--cars, household things, etc.--by professionals so my husband doesn't have to do those things.
I don't really like to travel, but when it's unavoidable, I would make it as easy on myself as possible with the more-expensive but convenient plane tickets, the nice hotels, etc.
Maybe I would buy nicer clothing, new. I don't like to shop, and I have a hard time spending money on clothing, but I do get frustrated sometimes when I don't have appropriate or nicer clothing. But then I worry about ruining it (I ruin a lot of clothes cooking and doing outdoor work) if I spent a lot on it, so maybe 10 million dollars would relieve that anxiety. 🙂
P.S. There are certainly more-worthy and less selfish things I would do, but the selfish things are the fun ones to read about. 🙂
I agree! I like it when people give the caveat for selfish wises, when they ask people what their three wishes would be, as everyone tends to give world wishes. I think we should take those as a given. It also shows the difference in our personalities as I love to travel and that would be near the top of my list! I also wouldn't want to live remotely but I share not enjoying shopping very much.
I would help my kids. I would pay off their mortgages so they could manage their money without that burden. I would pay for the grandchildren's college.
I would get myself into a living situation where life was easier -- no stairs, a modern kitchen, extra room for guests. A garage.
I would hire a housecleaning service.
I would still buy secondhand, use the library, cook for myself. I would probably eat out more, though.
I would rent apartments where my siblings live, so I could visit more comfortably.
Oh, the dreams!
Oh... man... the things I would do!
New car - I'd keep our trusty VW touran but get another newer one too. We're okay with one, better than okay, in fact, but 2 would be ideal in our circumstances. I would invest enough in tertiary education for my 3 kids that they wouldn't be saddled with student loan debt, and I'd invest some to be put aside for their future property ownership (a contribution, not huge). I'd keep the house we are in, but upgrade it substantially in ways big and small till it's perfect for us, pay for lovely landscaping and suchlike. I'd max out retirement savings and make donations to some dear causes to me, big ones, ideally semi-anonymously. I would help friends in thoughtful ways, as in, not just dump money on them, but offer to pay off mortgages or car loans directly. I don't think it's fair to give money with strings, so I'd rather make a specific offer and know that it was lifting burdens without having any thoughts around their financial lives beyond that.
Fist I'd invest so I could just use the profits & keep it growing to a billion.
-I would not move but I'd pay off my mortgage & finish all the things we haven't been able to afford to do on our property...plus some dream projects
-I would get my husband a new used car...he never wants new....maybe a vintage muscle car or truck. And keep driving my Toyota.
-I'd set up a trust for my grandson.
-Then I'd enjoy life without any major changes, eat a little more, vacation more, ect.
For charity, I'd rather help people I know or meet face to face than just give to charities & corporations.
-I'd pay off all the debt of a few close friends (anonymously)
-I'd find ways to help foster kids aging out of the system. That would be my dream charity...to make those kids feel loved & help them get started in a successful life.
-I'd help the foster families I know personally. There is always a need for them.
I'm sure there would be more but those are my top answers.
Such good ideas from people.
I'd pay off my mortgage.
Pay off my daughters' remaining student loans.
Give $ to each of them to buy a house /condo. or just to have a cushion in life.
Go to Paris before I die.
Build a cottage/garage on our property for either of my kids to live in.
Give to charities esp.food banks and LLS Blood Cancer United).
Take a trip to Hawaii with my kids(they're adults but still).
Buy a camper van to travel i, no trailering an RV.
I'm sure there is more or less, but it would depend on how far 10 million goes.
Somethings probably would be the same: going to the library, the gym, and swimming. Eating simple foods and living a simple life.
What would you like to see and do in Paris, Christina?
Years ago my daughter did a summer course in France. She needed to fly into Paris and eventually take a train South to her destination. I was able to find a friend of a friend to host her 3 nights. At her age I worried about her navigating Paris alone (and on her return she did get pick-pocketed (the pick pockets are very clever and quick). Fortunately the friends helped her navigate the loss of her wallet. But I did invest in paying someone to give her a day tour of the arrondissements that she was interested in and some activities (thrift shopping and markets). It was money well spent to have a local (an expatriate American) help her get oriented to the city and public transportation.
If you can find a way to go to Paris without being given $10,000,000, DO IT. A younger-than-me friend found a $500 round trip flight (we're in the US) and stayed in youth hostels while there. (Not saying youth hostels are a good fit for you, or me, but just saying it can be done without a huge budget). Paris is magical.
I think dreaming about what you would do if you were filthy rich, can give you indications of the things that would make your life feel richer without all those zeros in your bank account. For instance: I am much interested in art and am always trying to find ways to enjoy art without travelling too much (or queueing up for half a day). The internet is great for this.
Having said that, the feeling of walking up Montmartre and feeling the cobblestones cannot be replicated online. O, and Paris is a vehicle free city! That would be great to experience.
1. The normal pay off student loans and cars in my family. This includes parents children, siblings, neices and nephews. 160400
2. Establish trust funds for school or housing for great neices and nephews. 350000
3. Buy a house for my sister to live in. It is a "rental." I will tell her its rent free and she will pay rent anyway. And pay for movers. 210000
4. Give $1000 to every household in my neighborhood. We will in a depressed area and it would help so many people. This will be annonymous. 570000
5. Then pay off my house and truck. 50400
6. Improve my retirement account balance.
7. Take a couple vacations. 12000
8. The hot tub sounds good too. 11000
Not sure what to do with the other 90% but I will work on that.
Somebody, quick, get Amy $1,000,000!! Look at the awesome things she would do with only 10% of the 10 million... Fantastic!
Or how about this: whoever gets the $10,000,000 can give 10% of it to Amy. She knows how to account a dollar, stretch it, enjoy it, and share it.
Could you even imagine being given $1000 anonymously? Or having cars, student loans, etc. paid off for you?? Amy, you have a big heart!
The blog seems to have eaten my original comment, so I'll try again. This is what I said (with some revisions and additions now) when WilliamB first introduced the topic last week. I'd like to:
(1) Accomplish all deferred maintenance around the house and grounds, and rent an AirBNB or similar while the interior painting and wood floor refinishing are going on. (I know my limits.)
(2) Hire a 20-hour-a week gardening assistant. "King James," my lawn care/snow removal guy, is a wonder at what he does--but he doesn't know one garden plant from another, or the weeds from the intentional plants.
(3) Build a real greenhouse (not just my current pop-up plastic variety) somewhere on the grounds.
(4) Give lavishly to my preferred charities: JASNA, Doctors Without Borders, the Alzheimer's Association, Heifer International, and my local food bank.
(5) And squirrel some of the money into my investment accounts, given the recent dire predictions about what's going to happen to Social Security and Medicare.
I realize, as Central Calif. Artist Jana and Selena noted last week, that the current scarcity of helpers for (1)-(3) would make accomplishing those difficult. But, hey, this is wishful thinking, right?
And, otherwise, I wouldn't change my life much. Thrifting, eating mostly at home, etc., etc., would continue. My hope is to keep the faithful Nellybelle running as long as I'm still able to drive, but the $10 million would be a nice cushion if I needed to replace her before then. And the urge to travel left me during the pandemic and hasn't returned, so I wouldn't budget much for travel.
Yes, I pretty much agree with you! Other than buying my daughter, a home! She's 48, and always rented.
I'm too into buying second hand to change that part of me.
Husband, who is the ultimate cheap skate, said he'd buy us both brand new cars!
Things to spend on:
- Travel the world, first class of course
- Buy a home with a pool and hire a pool service
- Hire groundskeeping crew to take care of the flower beds
- Hire housekeeping crew
- Pay off mortgages for both kids
- Set up college funds for the grandchildren
- Create and fund a literary charity like Imagination Library or provide significant funding for Imagination Library
- Spend on wellness services our family
- Create a charity or fund existing one to inspire young girls to participate in science, technology, engineering, and mathematics (STEM) areas
- Retire early so I could volunteer in the community
Frugal things I'd continue:
- Not buying new clothes or electronics, just because
- Eat at home
- Continue to use the library resources
- Driving cars for years before replacing them
If I had $10,000,000 I would:
Create a fund that helps low-income, mentally ill people pay the expenses for companion animals.
Provide college funding/mentoring for foster care kids who age out of the system.
Have weekly housekeeping service.
Have massages once or twice a week.
Some fun things:
I would buy a second home in my country of origin, so I don't have to stay in a hotel or Airbnb when visiting. I would actually splurge on both a city apartment and a lakeside cottage.
I would quit my regular full-time job and go back to pursuing things I'm really interested in but don't pay as well, such as writing, arts, pottery.
Part of this would be to go back to school, maybe get an art degree which I always dreamt of.
Since I'm not working full-time, I would spend more time back in my home country. And yes, I would travel first class as I've suffered for many years of jet lag and lack of sleep on the planes 😉
I would help my mother to get all the eldercare she needs and pay off her debts.
I would also invest in my brother's company so he would feel on a more secure footing.
I would pay for my kids degrees and set up funds for them on a home down payment and business seed money, or fund a little money to help out with a lower paying passion career.
In my house, I would finish all the renovations that have been completed piecemeal, and hire a landscape designer and landscaper.
I would, however, be tempted to move to a house that has a water view, large porch, and woodsy yard, but not too excessively large.
Things I would keep doing:
Cooking from scratch.
Buying secondhand when I can, but also invest in some high-end pieces.
Have hobbies that are low-maintenance (but I would build an art studio).
Keep my car but pay if off.
Keep older electronics until I need to replace them.
Go to small concerts and events and not large stadium concerts.
Travel mindfully and mostly to see family.
Scratch the part about low-maintenance hobbies. There is one high-maintenance hobby I would pursue, which is that I would take horseback riding lessons (and get good allergy treatments)!
My husband has also dreamt of sailing lessons, so I see a sail boat in our future as well.
Your list is very fun, Kristen.
I would:
-Definitely bump up all travel to business class
-Create a travel fund for my family, so they can enjoy a few trips before they are unable - specifically my parents.
-Create a few scholarships
-Get weekly massages
-Hire someone to build a mother in law unit at our house & a greenhouse. We can't grow anything thanks to the squirrels, and I would love to have the ability to have fresh garden produce
-Donate a lot more money to our favorite causes
-Set random acts of generosity goals
-Take classes that interest me (be that a tennis class, foreign language, etc - whatever strikes my fancy)
-Get more household help (maybe a monthly yard service & a deep cleaner)
-I'm already planning to retire soon & pivot to volunteer work, but definitely stay on that track
-Pay off medical bills & fund a non-profit that already exists & has processes in place for this
-I would help my kids a bit, but not too much, to Kristen's point of ensuring it helps vs disrupts their lives
While we do not have 10 million, we do have multiple millions. Half of that money was made while working and saving; the other half through an unexpected inheritance.
And here is what we have done so far...
We have had a financial advisor and a tax person and a updated will throughout the past 30 years of our marriage. These the things really gave us good guide rails as we saved for retirement.
We paid cash for our current home and car and have no outstanding debt. We also do not have children.
When the unexpected inheritance came in we made some lifestyle changes:
1. Gave money to our nephew so he could buy a home to use as a rental and partially fund college for his children.
2. Offered to take all of our friends on trips of their choice.
3. Set up charitable beneficiaries for our wealth when we are gone.
4. Decided to fly first class on any trips over 5 hours.
5. Hired a house cleaner to come by every two weeks.
6. My husband retired and I moved to part-time work. I carry our health insurance through my job.
But we didn't change much of our thrifty life style. Still eat at home, live under our means, buy used whenever possible, and try to be good folks.
Meg, I love that this happened for you. Congratulations!
I am impressed, the more so since you worked and saved for half of that wealth!
Your spendings come across as both warmhearted and responsible.
Setting up charitable beneficiaries is something that is increasingly popular in my country. It is possible to have funds in your name for which you indicate the guardrails of how the money is spent, while the execution lies with larger charitable organisations, saving on the admin. We know a couple who have set up a beneficiary already during life, and they are so happy whenever they have been able to support, by means of their beneficiary fund, talented young musicians with little means.
"Try to be good folks" is as much as anyone can do in life -
My bestie is a financial planner and when he and his gf visit, we dream about this. Invest, allocate and keep life simple with a sprinkling of fun.
I have watched my brother and his wife do good after he sold his company. Still buying used nicer cars/trucks. paid off their farm. Paid for his kids college. Helped me establish my foundation for foster kids aging out (we bought 2 apartment complexes and have built 10 duplexes on donated property) We established a scholarship fund for our dad's high school, invested funds for a good works helping hand out for our 3 communities.
I cannot wrap my head around that kind of money, but I do know if it is invested well, the principal will continue to work, providing more opportunities for good works for generations.
BGF, I never cease to marvel at your foundation/community and its good work. Long may all of you wave!
Thank you! I also want to add that we have and will continue to sponsor nurses and water contractors (my hubby's specialty) as everyone in the world needs safe, clean water. We started this sponsorship after a 3 month stint abroad before kids and companies got in the way. By sponsoring, it keeps the monies local and out of overhead funds. The nurses we know are 3rd gen nurses who work mostly in South and Central America, both are currently working in Venezuela with their spouses.
a [heart] for you and your community!
BGF, I briegly worked with a young man several years ago who had been a foster child. He told me about what happened when he turned 18.....basically, you're on your own. He did get assistance finding an apartment, and fortunately, he has a good head on his shoulders and is also a hard worker. But what an eye-opener. Thank you for what your foundation does for aging-out foster kids.
What A. Marie said. You're amazing!
I did receive a large inheritance. Not 10,000,000 but a substantial sum. It is is a trust fund so I don't have all the money in hand but I am set for the rest of my life. right off, I spent $15000 to update my home. but I still furnish it with second hand furniture and thrifted artwork. Finding original artwork that goes with my color scheme always thrills me. In fact over my fireplace hangs a watercolor painting by a not famous but known artist, that informed my choice of wall colors. The painting was a Buy-Nothing gift. Like Kristen, I've kept my mismatched dinnerware. I hire someone to do housework and gardening but that's as much related to growing old as it is to having money.
The big difference is each quarter when the trust payment arrives in my bank account, I distribute anything remaining to charity.
It has also been a joy to buy other people's groceries when I see someone who needs help.
Linda, you sound like an excellent person—generous, wise, and practical. You are exactly the sort who deserves a large inheritance!
Agree!
Thanks for sharing your experience! How interesting! I loved hearing how you handle it.
good for you. i always tell my kids not to hang on to their money to tightly. it needs to be spread around to come back to you.
I'd hire professionals to landscape/maintain my yard, clean the house, remodel my kitchen (new counters and install a built-in oven that works!), update the electrical system, better insulate the attic and insulate the part over the garage, and install solar panels. And a backup generator that comes on automatically. No more snowmagedon or summer power outages for me!
No more running a cash register, I'd resign.... although I'd go shopping at the store a lot, just so I could visit with everyone.
I'd take or audit college classes just for the heck of it. Lots of history and literature courses. And take the horseback riding course from the community college.
I'd travel to cooler climates in the summer. With Snuggles by my side. He'd fly in a first class seat or we'd charter a jet.
I would not change out my secondhand wardrobe because I love the clothes I wear.
I'd keep all my antique furniture. (Most was not antique at the time my parents and grandparents purchased it. My mother called her decorating style Early Matrimony....but she married during World War II!)
I'd go to my usual (non-fancy) restaurants and tip with $20 bills.
I'd find places I could join where I could go swimming all year and do Jazzercize/exercise with only women allowed in the pool or gym or dance studio. I'd also find places to socialize.
I'd generously support charities and health clinics run by women for women and girls. Ditto, church ministries and progressive political parties and causes, and do some in-person volunteering there.
When I die, my estate would be used to establish a journalism scholarship program at my alma mater for white/Anglo women. Because it was hard for me to get financial help or employment due to the rush to hire minorities (esp. "two-fers" -- women of color, who would count as both a female and a minority on FCC hiring quotas at broadcast stations) and management's preference for white males back then. As a Caucasian female from a lower, working class background, I feel I suffered from reverse discrimination during those years, the late 1970's. So did my "little sister" BFF who attended my university a decade after me, and it hasn't gotten any better. There are tons of scholarships for people of other ethnic groups but too few for folks like me. (OK, off my soapbox...)
I'd also set up financial aid for anyone wanting to leave my hometown to attend a state university in another city.
There would be a fully restored candy apple red 1964 1/2 Ford Mustang in my garage!
I'd have other vehicles, too, instead of my crappy Kia. Maybe a self-driving one someday. Or someone to drive me to out of town concerts, like Paul McCartney or Ringo and his All Starr Band. And to Dallas Summer Musicals, or else I'd travel to NYC and see the Broadway plays there.
I'd first get some repairs made to our house, which is about to be 75 years old, was architect designed, and has some unique elements that can't be bought at a big box store.
Would also add a big chunk to the trust for our son, who is on the autism spectrum.
Give generously to several causes dear to my heart. And hire out the cleaning and yard work because the big stuff gets harder to do the closer one is to 70.
Such a fun exercise! Kristen, I love you ideas for using the money. My own splurge list would include many of the same items and actions.
But what I think I would do is invest the $10M and call it my endowment. Then I would pull $400,000 off of it a year (4% of the principal). I would use that $400K to work my way down my list, which also includes adding a hot tub to my backyard. After a couple of years I might start cutting into the endowment for big projects, but I like the idea of going slow. Maybe I never even need the $10M itself and one day it is $50M and I leave it to a few good causes.
Perfect! Who couldn't live off off $400,00 a year.
Kristin, would you keep cleaning your own house? I'd be done with scrubbing bathrooms.
Hmm, that's a good question. I think I might, because I don't relish the idea of someone coming into my house to do it. I don't mind hiring yard work, of course...somehow that seems less invasive!
I also don't mind cleaning, so that's another factor.
Oh man, I would definitely hire someone to clean. I hate it!
Sophie in Denmark,
Same here! I would love to pay someone else to do it.
I spent my first free $50 on hiring someone to clean my apt. It's my least favorite chore and yet I also love a clean and tidy house. Tidy and organized I do myself, and I can maintain clean counters and fridge. The rest - especially vacuuming - I want someone else to do.
I am rather particular about how my house is cleaned. I prefer elbow grease to abrasive cleaning liquids, for instance.
A few years back I saw an hour-long video on the bbc website, on the Icelandic housewife's academy (That also trains men, by the way). I would not mind having a housekeeper trained by them! That would lift a whole burden of housekeeping from me, from organisation to cleaning to maintenance etc etc.
I have actually given this a lot of thought, LOL. Every time the lottery reaches new heights I make a plan. Unfortunately I don't buy tickets so I haven't won yet.
We lived frugally and now we are retired. We saved and planned our whole lives for this and we are comfortable. We live in the house we bought 48 years ago and paid off 18 years ago. We have no debt. The hardest part right now is spending money because we are so used to saving. We have to keep reminding ourselves this is what we saved for.
The first thing I would do is pay all my children's student loans and mortgages. Second I would make accounts to pay for all my grandchildren's higher education. And probably invest money for their own homes someday.
The second thing I would do is make substantial donations to charities we support, like our local food bank and St Vincent de Paul which helps residents with utility bills and overdue rent.
I am hoping I have enough of the 10 million left to start a subdivision of affordable starter homes. I would like to offer low interest loans to families starting out, similar to Habitat for Humanity. I think allowing young families to move out of apartments would help with housing crisis in my town. New construction homes in our area are almost a half million dollars and there is no way for young families to finance a new home.
I will probably be able to spend all of it within a year.
I'd start by paying off all my debts (including my house) and my kid's college loans, which they're currently paying off, then invest a good chunk of the remaining funds to live on. I'd put up a privacy fence around my yard, add an ensuite bathroom to my primary bedroom, install a walk-in shower, replace the old tub in the main bath, and properly insulate my house. Maybe build a detached garage to replace the one that I had to tear down years ago because it was literally falling down.
My car runs well (and is paid off), but it's old, and the mileage is getting up there. I'd sock some funds back to replace that once it goes. I might eat out a bit more than I do now (which is rarely).
I already recycle, buy much of my stuff second-hand, and eat/buy local when I can, and I'm quite content physically, financially, and ethically with all of that, so I wouldn't see that changing drastically. If anything, I might do more of that. I don't travel, partially because I don't travel well, so I really don't see that changing much either. I might shift from full-time to part-time work, but my job engages parts of my brain that make me happy, and I work with a great group of people doing a job I really like, so part-time would be ideal.
I'd like to set up funds where the dividends could support local initiatives — classroom teachers who need supplies, paying school lunch debts at the local schools, college and tech school scholarships for our graduates, fire department fundraisers, etc. I'm a little free library steward, and the year that I installed the LFL, I participated in our local Halloween parade and handed out books instead of candy. It was a huge hit, and I'd like to do that again if I had the books.
I'd like to think the money would provide some breathing room in my own life and improve my community.
I love your idea to support local initiatives, Mary! I dream of one day having a LFL outside my house (which would also work as a seed library and a place for me to put surplus fruit and veg from my allotment and garden for people). We are in the process of buying our house at the moment, and the LFL is probably years away (as we need to pay for levelling the front garden first). I love dreaming about it though. Also, handing out books at Halloween is INCREDIBLE!
I, too, would keep my car, shop secondhand, and try to avoid food waste. I'd keep my part-time job (it's fun and I like my team) and be a little more relaxed about my volunteer roles. We're at the stage where I wonder every year if it'll be my last year because I need to work more at the job where I actually get paid.
I would...
* donate a very large chunk of it to build a new kids wing at our church. I've joked for years that if I won the lottery (that I don't play), that's what I'd do. We're fairly tight in the space we have and I'd love to help expand it.
* pay off any debt my parents have. They have always worked hard and have been great parents. Money has never been overly easy and I'd like to take a little stress off their plates. My dad is about to turn 73 and still works part-time. I'd like to be sure that it's because he wants to work, not that he has to. And if my brother's college loans aren't paid off yet, I'd finish those off too.
* sock away money for my kids' schooling - both current and college. And donate towards scholarships at their Pre-K-12th school. We have benefitted from others who have donated to the scholarship fund and I'd be happy to pass that on to someone else that needs it.
* take the easy way on food a little more often. I would let me children buy food at the concession stand if we were at a game, rather than stressing to make sure I packed dinner. (Are we talking about tonight perhaps? Yes, we are.) And I'd take my 12yo daughter to Starbucks and Tropical Smoothie Cafe from time to time, rather than our current extremely infrequently.
* donate uniform clothes to the school's closet where you can take clothes for free. One of my kids told me that they saw a parent buy a bunch of stuff from the spiritwear/uniform stuff at school, then just put it straight in the donation bin. I love that idea!
* save some for retirement. Of course. 😉
This was really fun to think about! A great pick-me-up on a rainy day. Thanks! 🙂
Oh my. $10M. If course I'd get an accountant. Then I'd be off to the races (metaphorically speaking!).
I'd fix up our house - interior painted, floors refinished/replaced, porch repaired, our original 1957 kitchen renovated (those horrible countertops!) - and get a cleaning service to keep it all nice. I know that's a drop in the bucket of $10M, but that's what I can come up with immediately, other than the obvious stuff - donations, etc. Maybe a hobby farm at some point.
Oh, yes, I would for sure hire someone to help me manage such a sum of money.
I would try not to let Uncle Sam get any of it...
I would get a housecleaner.
Someone to cook part time & do dishes.
Someone to walk my dogs part time.
Help our local animal control & rescue groups.
Throw some $ at my kids and my sister.
Go south during part of winter.
Maybe remodel a bathroom.
Other than that, I would not change any of my current frugal ways.
What a fun thing to contemplate!
I would......
- buy a new-to-us house, not necessarily bigger than our current home, but all on one level. Of course, it would have been recently updated, and have some room outside to garden.
- have a cleaning service to keep the new-to-us house clean, and hire folks to keep it maintained.
- pay for son's college when the time comes (he's a junior this year), wherever he wants to go and can get accepted. His dream is to study music composition at the Sorbonne in Paris, which would be no problem with $10,000,000 in the bank.
- set up a trust fund for son.
- travel all over the world, flying in first class (having flown to Paris last June in - I guess it was Economy class, or whatever they call it these days - for 7 hours, first class would be the way to go) and staying in nice hotels/airbnb's/etc.
- Set up some sort of ongoing trust fund/investment vehicle to fully fund my son's high school marching band program for the future. We do a great job with the resources we have, but in my opinion, can't compete fairly (no matter what anyone says) with other schools that have huge budgets, in spite of endless fund raising and obtaining local sponsorships.
- donate $ to organizations I care about (our local food pantry, for one).
- take classes on things that interest me.
Ha ha, my DH would probably say something like "buy a Congressman or two". 🙂
I would keep thrifting, going to yard sales, gardening, cooking and baking, because I enjoy these things. I would absolutely STOP working as soon as the money hit our account.
I do hope you get to live on a hill in a sweet little house, even without all that money. Sounds pretty swell to me!
I love your idea of a nursing scholarship.
If I had $10,000,000.00, I would travel first class. I have never done it but I have walked thru first class on my way to the economy section many times. 😊 it would be lovely to stretch out during a flight. Plus, no line up for the bathroom. Food would probably be better too. Definitely more travel.
I would put away $5 mil for long term care since my husband has a terminal illness and will eventually need that. The remainder would be split between my Church and the Alzheimer's foundation.
i always leave good tips at restaurants. last time noah and i ate at olive garden after the dentist our server remembered us. it was so nice. i gave her a nice tip again.
for sure i would get air conditioning and a dishwasher in my apt. good question WilliamB thanks for suggesting.
I'd buy 2 houses, #1 to live in, and #2 as a rental, so I can volunteer ALL my time, and donate the rest of the money to the organizations that help countries that America invaded and destroyed ( I know, a harrowingly long list).
One time I bought a lottery ticket when the prize was an inexcusable amount of money. I couldn't sleep that night for fear I would actually win. I thought about all the friends I would split it with, the foundations I would start (spay and neuter and local hunger are special interests of mine) and how I would probably be disliked by all my neighbors. Thankfully, I didn't win, I never do. That's why I don't buy the tickets.
If I had 10,000,000 I would probably do the above, with the added splurge of a personal chef or cook to make low calorie and healthy foods. Think fresh fruit and vegetables always ready whenever I wanted...smoothies...roasted eggplant, the list goes on.
I would certainly try to leave my world a better place.
There would be taxes taken out - don’t know how much, but it wouldn’t be ten million anymore. At any rate, still more than I can wrap my head around.
I would:
Hire contractors and have my house fixed up top to bottom. I would probably stay in the same little house though.
Try not to tell people about this.
Like others have said, I would hire a chef to come in every evening (or most) and cook me a healthy fresh dinner.
I would hire a personal trainer.
I would hire someone to drive me places. I no longer drive and ask friends for help, but I don’t like to burden people, so some things just fall by the wayside. So the driver could take me to the gym for example.
I rarely fly, but when, absolutely first or business class.
The money would my life easier in all sorts of ways.
How could I make others lives easier?
Make significant donations to causes I support, probably anonymously. (There are many….)
Start a foundation? Not sure. That would probably require even more money than this mind blowing sum. But something to think about.
Help people who are doing things I admire.
I would set up a foundation to buy teachers anything they needed for their classrooms and students. Just a simple system of make requests, fill them. Teachers know best how money should be spent. Maybe I would expand it to include nurses, too. I dare say they also could allocate funds a little better than the systems they work for.
Aww, I love this idea, Becca! Teachers would spend the money so wisely, I think.
I can’t think of anything in our daily lives that I would change.
I would increase donations to charities that we already support, and add more charities and arts organizations. I would absolutely love to put a struggling professional orchestra on solid financial footing. It would also be great to fund private music lessons for talented low income students. Private lessons with a qualified teacher are very expensive! And absolutely essential for success, at least on a string instrument.
After flying economy to the UK a year ago, I would most definitely upgrade to first class travel, at least for international flights. Actually, I would do it domestically as well. The biggest stress for me when flying is, if I am flying with my violin, will there be bin space? If my violin doesn’t go in the cabin, neither do I. So far that has never been a problem, but I do worry. First class solves that problem very nicely.
For our kids, I would love to set up a trust fund for each of them that pays out only as much as they earn each year. For example, if they earn $50,000 in a year, the trust fund pays out a maximum of $50,000 to them that year. Or maybe have it set at 50% – a $50,000 year on their part brings in another $25,000 from the trust. I would want to make their lives easier, but not ruin them.
It’s all completely hypothetical, of course. There is absolutely no chance we would ever come into this kind of wealth, but it is fun to think about.
First thing I would do is hire a CPA to help me manage the funds. But also:
*retire immediately. 32 years is a nice run as a Rad Tech.
*set up trusts for my children
*arrange to help them with furthering their job skills and education
*purchase a smaller home with cash EXACTLY where I want to live
*100% pay someone else to help with yardwork and home repairs. I'm getting older, and I still want those things done. And a meal service and cooking/cleaning help sounds like a grand idea.
*take some life enrichment classes - become a lifelong learner. I feel like I have a book in me.
*visit far away family and friends
*as for charities, I would want to do some research and set that up so that it self-perpetuates.
Gosh-I think about this sort of windfall often, but since I don't buy lottery tickets or have wealthy relatives, I don't think it's in my future. However, if it did happen:
Pay off my credit card debt. Buy a new car for my mom. Replace the windows in my house. Buy a second small house in the NC mountains where I used to live. Buy health insurance! Start giving really big tips, as in $100 whenever I go out to eat (have always wanted to do this). Invest/save a chunk since I have very little saved for retirement. Instead of setting up a charitable foundation, I think I would give large gifts to organizations that are already doing good work that I believe in.
I would keep using the library, but I would feel more free to buy books that I couldn't find there. I would be very tempted to use some sort of food delivery service, and I would definitely get a house cleaner!
I will have fun thinking about this one! But in the meantime, I wanted to mention that a friend of mine, who is financially comfortable but not, I imagine, anywhere close to this number, DID establish a nursing scholarship through the local community college where she started her nursing career! (She later went on to become a university nursing professor ). She sees it as a way to leave a legacy. 😊
I've actually spent many sleepless nights imagining this!
Here goes:
*A large gift to my church.
*Pay off my brother and SIL's townhouse, and new cars of their choosing.
* A large amount in a trust for my dear nephew.
*purchase a well appointed home in a local 55+ community for me and my dad to live in.
*I would head up to the island in Maine my family is from and make large gifts to the Historical Society, the island Medical Center, the Union Church, the Eldercare on the island, including the Meals On Wheels program, and monetary gifts to the few remaining relatives there. And I would purchase a lovely home near the water to spend summers there with my Dad and my brother, SIL and nephew to spend time there as they choose. And then I'll keep enough only to live out my days comfortably with my family, as truly that is all that really matters!
I would do all of the helping out my family things - pay off mortgages, buy cars, fund colleges, update houses. My church would have a large budget for increased ministry, and I would like to shop locally in a big way to help my community more. Tip big and buy groceries randomly. I would definitely have a pool and a beach house. I love the beach. I would also have a housekeeper, although I would still cook at home. I would just have time to do all of the cooking and canning I would enjoy! I would also buy new books to support authors, and maybe, finally, write the books I have been working on mentally for years.
One thing I would like to do is build a house with some of my ideas, just to see if they would work. For example, I would like for the pool to be semi-enclosed, so we could use it year-round. And I would like to have it either attached to the house through a bathroom/dressing room area, or have its own. Instead of clothes closets, I would like to have an oversized family clothing space - with washer, dryer, folding table, steamer and/or ironing board, and clothes racks for everyone. As clothes are washed, they are folded or hung up and put in each person's area. We can get what we want from there when we need it, and be able to see everything easily, as the room would be open and well-lit. And I would love to have a sleeping porch.
I would also like to go to several "big" sporting events - the SEC college football championship, if my Georgia Bulldogs are playing; Wimbledon; the Masters; the World Series if the Atlanta Braves are playing; and the Olympics, both summer and winter, including the opening ceremonies.
I would still be frugal about clothing, makeup, saving leftovers, cooking and eating at home, and taking advantage of sales.
I would have to stay frugal after buying a spot where I could care for rescue animals. Feed and help are expensive—not to mention vet bills! Maybe also put in a pool:)
Since my life is already good, I would give most of it away but not change anything else except maybe hire a personal chef. I would give some to our daughter but also to charities I already support--mostly charities that provide housing, food, clothes and other support to those in need.
When I received a stimulus check during the pandemic, I sent the entire amount to a local charity while making it clear this was a once time donation so they were not to advertise it or come looking for more. They honored that. So, I know it is possible to do.
Such an interesting question! And, I love all the answers people have given.
First, I would set aside 10% for charities and my church.
Next, I would give each of my children 250,000.00 towards their mortgages/homes.
Then, I would pay my grandchildren’s post-secondary expenses. I know this wouldn’t necessarily be equal, but I would hope they would understand.
For us, I would hire a gardener and have household help a little more frequently, especially to help with deep cleaning.
Last, I would travel and use first class. We’re already traveling, but we do watch what we spend.
I might spend more on clothes. I don’t often find second-hand clothes that work, but I always try to get the best deal and buy things that will last and have a classic look to them.
Otherwise, I’d still be cooking, shopping, and maintaining with an eye towards conserving resources, being healthy, and avoiding as much negative impact on the environment as possible.
Eventually, I know I’ll need to consider long-term care or assistance. I’d like to stay in my home and do what it takes to make that a reality.
Hah, something I think about every time the lottery gets to a high level.
Interestingly, my 18 year significant other is worth nearly double that, but his frugal habits are so deeply ingrained that our guest room has a complete bed (headboard, footboard, new mattress that I bought) while our bedroom has a 14 year old mattress on a metal frame "hollywood" and mismatched dressers etc.. He gives me a chunk of money each year for our "big" vacation, which I do my best to maximize (baragin shopping for all components), and while he complains about our 10+ hr red-eyes to Europe, he won't spring for business class...yet.
For me, I keep investing/saving of course, keep using the library, probably keep clipping coupons in my store app and so on.
What I would do with the money: buy a Sprinter conversion van to travel the US in so my guy can pursue his love of finding and buying old porcelain signs (Route 66 type), plus see all of the beautiful corners of our country we haven't seen together.
Remodel/update our home and Hire a decorator to put the finishing touches on it.
Buy a small vacation home on a body of water, close enough to enjoy regularly.
Rent places in the winter near friends/family in Arizona and in Southern Utah.
My kids have both paid off their homes already, but I'd give them each a chunk of money ($250k maybe) to do something fun with.
Gift each of my 6 grandkids money for schooling or a good down payment on a home. 2 have already graduated from college, with the oldest getting her Master's with minimal debt because she too is uber frugal.
Pay off my parent's homes and help with their long term care needs.
Fly business class when we travel.
Hire a personal chef to prep meals once a month.
Bump our house cleaner to twice a month from once.
Weekly massages.
Hire a gardener to help me with the yard and my soon to be expanded dahlia garden. My guy does a lot of the pruning and maintenance of our yard with a tenant he hires, and I'd want to take some of that off of him (we are on 5 acres and over an acre around the house and detached garage are landscaped.) Certainly he could afford to pay someone else to do it all but won't lol. We do have someone to mow weekly.
Put in a sprinkler system, better hardscaping, a hot tub and redo the fountain in the front (things "we don't need" per Mr. Frugal lol).
A whole home generator.
Of course, retire now rather than in a few months and not sweat the insurance payments between now and medicare
More traveling with my girls, grandkids, friends.
Gift money to a friend who is my work bestie and does everything for her family in El Salvador and here, working herself to death to afford it.
Gifts to food banks and other local charities.
Travel with my older grands, take the littles to Disneyland.
As I type this, I realize I should just buy nice really nice luggage because I'd always be traveling!
This has been such a fun exercise, and I really like reading all the responses. I'm 36 at the moment, and I think 21 year old me and probably 51 year old me would have different priorities on how I spend 10 million! When I was younger, I definitely would've put aside a travel pot and I would've used it to retrain earlier so I could start my 'dream career'. Now, I would:
- buy our house with cash (we're currently in the process of buying the house with a mortgage) and make all the changes we need/want like replace the roof tiles, put in a heat pump and solar. Like someone suggested, I would rent somewhere else nearby to live while all the building work was being done.
- pay off the student loans for me and my partner, plus the loan on our van
- I'd immediately quit my job to go freelance and my partner could immediately quit his part-time job too! This would make the biggest difference to our lives in the short term.
- my partner would probably have 1 million for his independent business which would mean he can hire someone to help him and pay them well
- put money aside for investment/retirement
- treat my mum and stepdad to some amazing meals and holidays plus buy any plants for mum that she wants - I don't think they need cash necessarily, but they've helped me out so much over the years, it would feel amazing to treat them. Likewise my grandma.
- pay off my brother-in-law's mortgage and give some money/set up trust funds for my partner's foster siblings and niece, depending on their age
- fun stuff: I would spend as much as I wanted on my hobbies (gardening, sewing, crochet, art, reading) including courses to learn new skills, dreamy fabric and pre-ordering books in hardback (which to me is a real luxury). The caveat being that these would be purchases from small, indie businesses. Otherwise, I'd continue my secondhand and library ways!
- I'd also give money to our local youth centre, community kitchen and charities for people of colour and trans people. I'd also want to support our local homeless and asylum seekers and refugees charities - perhaps by buying homes they could use rent-free for people who need it?
- my career (publishing) is notoriously difficult to get into - incredibly middle/upper class and location-specific. I'd love to set up something to make it easier for working-class people to get into (and progress).
- finally, I would keep doing all my own cleaning, cooking and gardening - I loathe cleaning, but my home is my retreat and I don't like having people over! Maybe my partner can take up the cleaning as he'll have more time, haha. And in return, I imagine I'll let him persuade me to finally buy a boat (after we've had lessons)! This would be a little dinghy, guys, not a super yacht, just to be clear.
Yeah - a super yacht is a great way to spend $10MM quickly.
I would:
- Finish out this school year then leave my job as working full time is relentless to my current capacity.
- Be excited to see what opportunities life brings me to teach or work with people in a capacity and timeframe that's more manageable.
- Have a well installed at the house but keep the cistern operational to catch rainwater for plants.
- Buy a few pieces of clothing not on sale that fit me really well.
- Help out some family and friends with educational or housing expenses that are overwhelming.
- Invest some well but try to avoid investing in ways that bring harm to people and the world.
- Appreciate that both DH and I could live as we pleased, with adequate discipline for a functional and well life but the freedom to pursue what life calls us to.
- Donate thoughtfully
I'm honored that you posted my question, Kristen. I had a great time reading everyone else's answers. It was a lovely start to my day.
First I'd do the obvious financial planner, long-term investment plan with payout schedule, and eliminate debt.
Then I'd buy myself time. Housekeeper, gardener, clothes shopping at Nordstrom (fantastic customer service for shopping-hating me), first class for long flights. Just once, book an individual cabin on Emirates (https://www.emirates.com/us/english/experience/cabin-features/first-class/). I'm not sure if $10MM is NetJets/private jet territory, given how much I like to travel.
What I'd really like is a butler, the sort of person to whom I could say "The roof needs replacing" and they'd elicit bids for me to evaluate, then oversee the work as carefully as I would myself.
I would also help others. My family likely doesn't need it so increase my donations to my select few charities instead. Tip generously and in cash. Donate everything I replace rather than selling it, including the car. I might pay off all the lunch debt of the local public school. Buy more from indie artists and local stores.
There are things I would not do, particularly establish a foundation. They take a lot of work and seed money, and almost certainly there is already one doing what I want done.
I would not stop buying second-hand furniture or considering second-hand cars; although the last time I bought a car, a 3 yo car was only $2k less than new. I would still work hard to avoid food waste and take sales into consideration.
I would try very, very hard to be the millionaire next door and not an obnoxiously rich person.
Among many other things, I would savor the joyous feeling of being able to go into a store and just buy what I want/need without stressing over if I have enough funds to pay for it.
I’m loving this exercise and reading each of your posts. It’s fun to think about what I’d do differently and also what would stay the same. I would:
-Pay off the remaining $200k on our mortgage to be fully debt free.
-Shift to working part time, likely half time as that’s the minimum to get benefits. I get a lot of purpose from my work and feel like I help a lot of people but full time limits ability to do other things. Half time until my youngest finishes college it reaches 26 and can’t stay in my health insurance seems like a good compromise. I’d love to work two 10 hr days and have 5 day weekends each week.
-Pay to host a sibling retreat each summer for a week. Doesn’t need to be fancy, but I’d cover the cost if the rental, food, travel so it wasn’t a burden for anyone else
-go on daily hikes
-open a trust fund with specific parameters for education expenses for our kids, future grandkids, etc hoping this will continue to grow with compound interest and support several generations.
- get more massages, nice meals periodically in restaurants, and splurge on comfortable high quality shoes that will last
-I would still grow a garden, make most meals at home, shop at thrift and consignment shops because it’s fun & better for the environment, drink filtered tap water, and mend clothes because I like those things.
-I might consider an endless pool in my backyard for swimming with an orangerie sunroom type enclosure over it, but that also sounds like a lot to maintain so I might just go to the pool at my work gym with all of my open hours working half time ;),
aww, let's see:
- Pay my mom's rent every month+whatever else she needs (groceries, etc)
- Put money aside for my young nieces and nephew's schooling
- Buy my older niece and nephew a house each
- Put money aside for my own kids but still push them to go to school, then work. Eventually buy them houses
- Pay someone to do the cooking and the cleaning
- Get massages every week!
- Give a good amount to a charity that is important to our family
- Pay for weekly therapy sessions for both my kids
- Buy top of the line exercise equipment for home
- Buy a second car for the family and/or cars for both my kids (eventually. They don't have permits as of now)
- Eventually have a new smaller house constructed to our exact liking (when the kids move out)
- Let my husband retire when he wants too
- Retire from my current job and do something else that is more fulfilling
- Invest in experiences with hubby and the kids
"cabin on Emirates", what an interesting concept!
Fun reading. I'd like the old boarding house style, and I guess that's what assisted living is today. Helping others who genuinely try, are responsible and truthful, is a universal goal I think.