If I had $1,000,000 dollars I would keep my day job. When I was young, a million dollars seemed like an fantastically huge amount of money,and I suppose it was in the 70's and 80's, but now it seems almost paltry. A person could never retire on the interest generated by that kind of cash, for having a cool million in a savings account would generate $15,000 per year tops. To put it into the stock market these days? Yikes!Not to be completely boring, this is what I'd do...
- Firstly, put half in the bank and half in the stock market via my 401k and IRA (and there must be some bargain stocks out there.
- I would use the funds to finance an international vacation with my family each year - France, Israel, Russia, Argentina, China, Japan, Mexico, Africa, Australia, Galapagos.... Here we come! A nice three week vacation each year will cost about $20 grand a pop!
- I would put $100,000 into a safe college fund for each of my children.
- Charity must not be forgotten. If a million dollars suddenly came my way, I'd cut a $20,000 check for some kind of charity.
- I'd spend about $20,000 or so for upgrades on our house. We'd like new siding, a finished basement, and a nice backyard deck.
