As you all know, I am a member of the Yakezie network (a group of the best personal finance blogs) with my main site, where I talk about the bible and money. I also entered Fat Guy, Skinny Wallet into the Yakezie challenge back in February.
Well, a number of people within the network have decided to post what our plans would be if we won $1 Million. Since you know that we are trying to pay off debt – over $100,000 when I started this site – you should expect that to be one of the first things on our list!
I wrote about this a while ago on my other site, and had a bunch of interesting comments. Let’s see if my answers have changed from then.
Here are all the things that we would do if we won $1 million. To make this easy, I am going to assume that the $1 million figure is after taxes:
Pay off debt – Every extra dime that we bring in is going toward this goal, so that wouldn’t change. We still have about $100,000 thanks to a recent mattress purchase that came with 12 months of interest-free financing.
Pay off my parent’s debt – That still wouldn’t repay them for all that they’ve done for me in my over 3 decades on this earth, but it’s a start!
Put money aside for my parent’s retirement – I hate to see my mother dealing with the various stress and frustrations caused by her job. I would want to put her closer to retirement.
Give much more than 10% to my church – One of our strongest motivations for getting out of debt is supporting our local church!
Retire – Well, sort of. I would focus more on this site and my consulting business. This would free me up to get the necessary certifications and full-time experience to become a financial adviser.
Save – I would fully fund retirement accounts (adding up to the current IRA contribution limits during each year, for the next 10 years) for both of us, and put aside 1 year worth of living expenses.
Take an extended vacation – We love to travel, but we hate debt even more, so we are usually limited in our options. We would probably go somewhere (or a couple of places) for at least a month!
Buy a new laptop for my wife – Her laptop is so beat up and run down – I would have no problem replacing it (as long as it’s not better than mine ;-))!
Create Our “Giving” Account – My wife and I have always had it as a goal to establish a bank account that would only be used to help people in need. This way, even if things are “tight” for us financially, we can still be a blessing to someone else.
Buy a house? – I think I would need more than $1 million to do this. I detest mortgages, so if I wouldn’t have enough left over to pay cash, then we’d wait. I have no real desire to own a home (I haven’t been fooled by the “pride of ownership” brainwashing), and would only do this so we could better help out family if they needed it. I honestly don’t know if I would rent or buy in this case!
What about you? If you were given $1 million after taxes, what would you do with it?
photo credit: aresauburn
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