Would You Spend All Your Money If You Won 1 Million Dollars Today?

by David Ning · 29 comments

How much money would people spend if they suddenly won $1 million dollars today? Remember that this is money that is totally unplanned and was immediately at your disposal. Would you donate to a charity, celebrate, pay off mortgage or something else? Share what you will do with everybody here and read what others will do!

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{ 29 comments… read them below or add one }

Clever Dude October 27, 2007 at 9:39 am

I often dream about getting a lump sum. Of course we all dream of that big one, but I’d also like something “small” like a million. After taxes it’s about 600k, right?

$400k to pay off our house. $50k to pay off our debt. About $50k to upgrade some much needed areas of our home. And the other 100k? Help our families with their debt, because after all our debt is gone, we’d have a whole wad of disposable income to put towards retirement for ourselves. We would help our families pay off their debts (that they incurred partially because of us).

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Kimboshell October 27, 2007 at 9:42 am

I would pay off every debt that we have (approx $270k) take $30k to do some home repairs, $100k to put in the bank to supplement our income, $100k to my parents for putting up with me for 40 years, and the rest in the bank for retirement.

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Shadox October 27, 2007 at 6:32 pm

We have no debt. We are happy with what we have. If we won a big lump sum, we would probably take a nice vacation to some exotic location and the rest would go to our investment portfolio.

A million dollars really doesn’t take you very far these days – it is certainly not enough to retire on in California, but if wisely invested it could lead to financial freedom in a few short years.

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MoneyNing October 27, 2007 at 7:44 pm

Clever Dude: It’s good of you to help your family pay off their debt. I see so many families that have one rich sibling but wouldn’t share.

Kimboshell: Hmm…. I would think that you should put some in investments instead of just the bank. If you really mean like a savings account, maybe you should look for a good financial advisor and see what his/her suggestion is.

Shadox: Yes I totally agree with the California and also the financial freedom comments. I don’t know about a few short years but over time it would a great investment. I think most people make the mistake of retiring right away, when they just use that money and let it grow a little bit before they start using it.

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KCLau October 27, 2007 at 8:50 pm

I will probably just spend the investment return of the million dollar capital

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plonkee October 28, 2007 at 8:09 am

I’d be giving 10% to charity, 5% to my parents and each to my siblings, spending 1-2% straight away. That puts me over 30% already.

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Let's Discuss Money October 29, 2007 at 8:14 am

$1 dollars (about £500,000) doesn’t go very far here in the UK – my next door neighbour’s house just went for £485,000, but I’d probably buy a property in Spain and a few apartments in Prague, put £100,000 into shares, and give what’s left over to family and relatives.

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MoneyNing October 29, 2007 at 9:23 pm

plonkee: Wow that’s very generous of you to give $100k to charity in one big swoop :) I would be calling you if you win the lottery or something.

Let’s Discuss Money: Imagine that you just won something that will take you 30+ years to pay off (mortgage + years to gather down payment) and you wouldn’t think that $1 million USD is not a big deal :) Think positive.

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Stephen October 30, 2007 at 4:12 pm

Omg.. if I got a million dollars… I would put it in a high yield savings account that earns at least 5%. In a year, I would earn 50k or more in interest without ever touching the principle. After taxes, you are looking at around 35k a year to spend. How many of us americans live with a 40k/year job? That’s before taxes. That is more than enough to live on without ever working. Treat each month like it’s your paycheck and pay off your bills and debt till it’s all done. I would however work a good solid year so you could build the interest up to where the second year, you could start spending your interest money and just retire forever.

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MoneyNing October 30, 2007 at 10:30 pm

Stephen: You are the first person to say that you will still keep working but retire after one year and live off the interest. I think that’s such a good idea because most people end up using much of the winnings early and then end up not having enough when they could’ve delayed the enjoyment but made it last a lifetime.

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debtdieter December 11, 2007 at 12:51 pm

I think I’d spend around 6% right away, paying off all my debts, and hiring a financial advisor to help me allocate the rest wisely.

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slingfisherdrogg September 18, 2008 at 3:17 am

I would purchase a larger, detached house with about one acre of land in the country where it is cheaper. I would have to sell my present house to have enough money because I think such a house as I would like would cost about £750000 in the uk.

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toto June 14, 2009 at 11:32 am

Hi

I want to have 12 million. But, one million would not be bad at all. Pay of $220K debt and play with the rest. I would not be investing a lot into investment portfolios, instead build a business that would keep me busy for the rest of my life and help the economy… one thing we would do is around the world cruise on HAL in January 2010.

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Josephq July 4, 2009 at 4:18 am

million is quite easy to spend actually. Its not much really..but i would keep 100k aside for friends, 300k on vehicals, 50k on charity, 100k on family save 200k and with 250k on vegas and 50k in Amsterdam (maybe a world tour with vegas winnings.

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marci September 28, 2009 at 7:33 am

I’d be retired. Immediately :)
I live low enough on the hog that the interest alone on it would be three times my annual salary, so it would be no problem to quit working :)

I’d move more rurally and have room for fruit trees as well as as bigger garden. Except for moving I’d let the money ride mostly :)

I’d finish getting my daughter thru nursing college, and I’d set up college accounts for all my grandkids :)

And I’d be able to give, from the interest, to my fav charities locally. I think except for being able to give more generously, and to spend more time with my family (not working) my life would not change a lot as I’m already about as happy as a person can be.

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lrea February 7, 2010 at 9:48 pm

First I would find out who to thanks. Then I would get my husband to stopping working to take care of his health problems . Then I would pay off all of our debts and spend the rest of my life working in the service of others in need.

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wil February 14, 2010 at 2:44 am

My Mother has been in the hospital for four months no cure, my Brother paralized, but there is hope. My focus is on them first god be welling

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Dreamer March 10, 2010 at 12:05 am

Firstly, I would quit my day job.
Then, I would pay all the bills for my wedding.
Continue on, I would then buy a new or renovate house for my parents.
By then, I would give time to work at SPCA and orphanage.
Invest some on stocks/properties.

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Claudia Smigel April 21, 2011 at 2:17 pm

first thing i would do is QUIT my job, lol 2. make sure that my Grand children are set up to go to college 3. Give a good donation for Cancer Research 4. take a trip back to my Country to visit with Family,5.buy me a House to retire in.6. let the interest grow on the rest

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Penny Wal April 21, 2011 at 2:18 pm

I would use it to open an ALL ANIMAL RESCUE in my area. There isn’t one and there are so many animals. Would add on to our house we we could use the extra rooms to help fund the rescue. If there was any left we would put it away so there was always money for the rescue. Yes its all about the animals..

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SteveJ September 24, 2011 at 10:01 am

Real estate, purchase multiple properties in the area which are capable of producing a reasonable monthly return each (a $120,000 home rents for approx $1200 per month in our area, $800.00 per month would be more than reasonable after taxes and insurance per property x6 houses would yield $4800 per month with $2400 per month left for repairs, taxes and insurance) use the proceeds to accelerate the payoff on the current house (continuing to work of course) Depending on the market, create a 5 yr plan to retire. Cashout or continue to be a landlord, that depends on real estate values.

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keys357 December 26, 2011 at 9:09 pm

my advise to all of you that said “id quit my job” is NOT to do that ,keep your job , 1 mil is not enough to do that right off of the bat ! if your not a doctor or a lawyer or a stock broker you can still live like one WITH your average joe job, invest a good percentage for a good return , buy some nice things with some of it , but more importantly use that mil to take the stress and worry out of your life, now if its over 7 million NOW thats a different story, but not 1 mil.

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Randy January 4, 2012 at 9:37 pm

I would purchase my mom and dads property in setup a windmill farm.my ultimate goal is to retire my mom and dad,at 71&72 years old they work hard everyday to make ends meet.

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Lolo February 2, 2012 at 7:17 am

I’ll buy a business and run it. Then the kids will grow up knowing that they will have a real job for them if they are no good at school. They can also experiment at our business and continue to work in our business. Eventually, it will become a family business and it will help them in the future and their family too. I don’t want them to follow what I did. Work hard for other business to get money and if I’m no good I get fired. :( I’ll let the money help my kids’ future.

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Jennifer March 6, 2012 at 12:50 pm

Like everyone else, I’d pay everything off and put money away for retirement and for my daughter. There are a few charities that would get some money. I’d sell my house and buy my second home and start my B&B. I’d take the time to search for the right proprety, change my residency, plan the move and expenses of opening the business and get to it. We already have some tentative plans for the future. We’d still work but our work would be the business. I think I’d try to sneak in a cooking school vacatoin to Italy though. :)

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imdb April 16, 2012 at 11:41 am

I’m with Stephen. I’d plop the money into an account and learn to live off the interest, after continuing to work for a year. Then I’d buy a home, continue with school, and become a yoga instructor :D

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Nikole February 27, 2013 at 6:07 am

If I won $1,000.000.00 I would thank God & give the church 10% & then pay off ALL our debt 100%. Then get a safe family vehicle to drive my8 week old little girl in.

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Frankie January 1, 2014 at 6:43 pm

My first action would be to pay off all debts, about 40,000.00, pay off the house, get a car that works. I will also help my siblings and children before I invest what is of special interest to me and help the salvation army because they helped me so many times.

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JJ April 25, 2014 at 7:59 am

assuming i won 1million AFTER taxes, i would first have to settle old debts, medical, disability ect.. hopefully afterthat id have about 950,000. Id buy a pasport and plane tickets to the UK, pay any visa fees ect, that gives me some time to be in the country with my best friend, and since she owns a home, i could probably stay with minimal rent for a while. id invest a bit of the money in stuff thats likely to get a return – CDs – ect ect.. Id buy a car, nothing to expensive, just whatever a solid car is over there. If all goes well, I’d plan for a marriage, and all fees involved there , with wedding, and visa ect ect. then I would probably invest in a modest home, big enough for myself and her daughter and granddaughter, 2 if i could afford it, and use the rest of the money for living expenses, anything i invest, would go towards living expenses/back into more investments. I think i could die a very very happy Boi this way.

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