If you inherited $1 Million at age 35
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- UKV0
I would immediately surrender 65% of it in taxes. FTW!
- pillhead0
YES
- scarabin0
prolly wouldn't do anything with it.
- oh i guess i'd make a hippy busscarabin
- then drive around and pick all of you upscarabin
- stop in dallas please.johnny_wobble
- i'll leave the light on! ;)sea_sea
- ETM0
First thing I would do is stick it in a term deposit for 6 months. Earn a little interest and lock it away while I really figure things out. 6 months gives you time to really absorb the windfall and not make a bunch of impulse decisions.
Then there is a good chance I would simply save it. Reason being that with a high interest account, you could get anywhere from 30-40k+ in interest per year. Although it's not a full years salary in most regions, it would let me work casually while supplementing my income. The extra cash would go to accelerated mortgage payments and other debts.
See the problem is, if you use it all at once to pay off your debts great, but then it's gone. If you use the interest to pay things off over a couple years, you'l still be debt free, yet also still have that million in the bank.
Once your debts are gone, reinvest the unneeded interest income and you will grow it into a nice sum.
- bingomonospaced
- but 30K interest a year is laughablemonospaced
- oh, yeah, that is possible...and it compoundsmonospaced
- dont forget tax.JSK
- Yeah, it would be better if it was winnings, because we don;t get taxed on winnings in Canada like in the US.ETM
- moniker0
Pay off debts
Sell house
Sell car
Buy new (and used) photography gear
Move out West
Mortgage a modest 2-3 bedroom condo
$10,000 in bank account for play
The rest invested in whatever Dinky says I should invest in.
- vaxorcist0
1.hide half of it from myself, or anyone else....
2. probably pay 25% tax
3. split the rest... so 12% for pure hedonism, 12% for starting a "shit disturbing artist grant project, funding the most controversial art possible"
- TheeOtherJuan0
Communications technology is a great place to park 30% of this.
- new wi-max technology or buy a couple of cell towers and lease them out. Bandwidth IS increasing
TheeOtherJuan
- new wi-max technology or buy a couple of cell towers and lease them out. Bandwidth IS increasing
- registe0
The Perfect Salary for Happiness: $75,000
http://blogs.wsj.com/wealth/2010…
- JSK0
Actually you wouldnt get 1mil. You would have to pay estate tax on it.
- registe0
Some inheritances, such as life insurance proceeds, are tax free
- identity0
Assuming the 1,000,000 is post-tax.
Take $100,000 and use that to set up a website that offers seed capital for new start ups. Also use this money to advertise the start-up and live on (sparingly) for 1 year's time.
Divide the other $900,000 into 18 separate seed ventures - $50,000/venture for an equity stake no less than 20% of the company.
Of the thousands - if not tens of thousands who enter, pick the 18 that have the best chance of succeeding. Of those 18 of tens of thousands, you'll likely have a good one that's bought out by google, yahoo or facebook. Cash in that 20%.
- ukit0
I would move to Jamaica and buy a small bar/ restaurant on the beach. Yeah mon
- call it cocktails?registe
- ...and dreamsbulletfactory
- and the ganjafyoucher1
- Continuity0
I'd split it equally in three between my mum, sister and myself, donate some to causes I support from my portion, and use what's left to start a sustainable and personally rewarding business, where I can do what I love, make money from it and even provide jobs for others.
- Great idea, but 1M isn't that muchfyoucher1
- It doesn't need to be. Just enough to get a small start, and grow at a decent rate.Continuity
- Making sure my close family would share equally in my good fortune would be the most important for me, though.Continuity
- agree with you there....I'd share mine with the family as well....exador1
- Knuckleberry0
- financial advisor
- buy a house
- put rest in savings
- registe0
It wouldn't be enough.
I read recently a human being to be "happy" needed about $75,000/yr avg. I remember something about $5 million over the course of a lifetime is needed.
Pay off debt to avoid unneeded interest and continue working.
- stole my thunder, but yes exactlypopfodders
- how did i steal it? i wrote more accurate information before you.registe
- hahaa, yes, you did.mikotondria3
- that wasn't the questioneficks
- Those numbers are way too general because they don't even ask where you live, what lifestyle you lead, debt, etc.CyBrainX
- popfodders0
$1M isn't a lot of money, first of all. You would not, repeat would not be able to quit your day job, if you were young and live off of that the rest of your life.
- <-- exaclty.TheeOtherJuan
- you would, 10% high interest a/c, live off the interestAtkinson
- you better be living like a pauper at 10% interest, if you can get that dudepopfodders
- obsolete0
go to vegas and multiply it!
- Is that what your financial advisor said?Projectile
- I'd fire that advisor, the odds are heavily against you brahpopfodders
- I'd advise you to get a fast car with no top.bulletfactory