Fru-Gal Friends

This is just a hypothetical question. I'm interested to see how my fru-gal friends would respond.

I was watching "Curse of the Lottery" yesterday where many people won millions and lost it, went bankrupt, committed suicide, etc.

Hypothetically speaking, if you were to somehow "acquire" $500,000 (after tax), what would you do with the money?

~M
_________________
"It is not how much money you make - it is how you spend it."

Group Weight Loss Goal for June (updated as of Wednesdayd, July 2nd):

I would pay off debt, buy our home, give 10% to our church and whatever is left put in the bank and use either for missions or as needed.
_________________
Vicki

[/url]

give our tithe to church
donate to charity
invest for the Children and Grandchildren
save for a rainy day .
_________________
Gayla

"They take great pride in making their dinner cost much; I take my pride in making my dinner cost so little."

---Henry David Thoreau (1817-1862)

Pay off our mortgage (our only real debt).

Donate a percentage to charity.

Give some to Mum and Mum-In-Law.

Bank what's left in a high-interest savings account while seeking advice on how best to make it work in our favour.

Maybe have a nice holiday but not unnecessarily extravagant, or buy a 'brand new' caravan.

I have a certain 'mindset' when it comes to spending and I don't think an unexpected windfall would change that, I'm quite cautious (one of life's worriers!) and always thinking ahead about 'what-ifs'.
_________________
~ By sowing frugality we reap liberty, a golden harvest. --Agesilaus ~

I would pay off our mortgage (new house only), 2 credit cards, 2 cars.
That would leave $400,000 left.
Buy a Saturn Outlook (used) and a camping trailor (used).
That would be another $30,000 down.

I would invest the money to create an income of around $30,000/year interest (some in stocks, some in CD's to guarentee income).

Todd and I could quit our jobs and find ones that are seasonal, part time and more rewarding. The other months of the year, we could take the camper out and travel the US/Canada.

Our goal is to go see all 50 states by the time we die.

Can you tell I havent been thinking about it much at all? :-)
I dream about it every day at work!

~M
_________________
"It is not how much money you make - it is how you spend it."

Group Weight Loss Goal for June (updated as of Wednesdayd, July 2nd):

Moderator Age : 27 Joined : 12 Oct 2006 Posts : 1790

Well, first we would give 10% to the church...
make a faith promise and love offering
pay off house
pay off CC's
budget with the money for the years to come so we would never be THIS broke ever again. I would not do anything lavish....but would focus on staying out of debt!

Put it in the bank immediately, sit down and pray, then figure out how to use it wisely and responsibly.
_________________
MARY

I would contact a financial advisor immediately for expert help in investing the money so that it could grow.

Very Valuable Member Joined : 12 Oct 2006 Posts : 389

m, I love your thinking!!! Very Happy

*I would pay off my mortgage.
*Buy a used Toyota hybrid.
*Donate to church & a couple of charities of my choice. (more generously than usual).
*Buy a summer home in N.H., Maine, or Vermont.
*make sure my two daughter's college educations are taken care of.
*invest to be able to live off of yearly interest (like m & Todd).
*take a cruise in Alaska, AND a cruise in Hawaii~ sunny

_________________

$Earth Day countdown banner$

Oh yes, I forgot about Alaska!
We loved it so much on our honeymoon. We really lucked out. It was a trip of a lifetime, and I recommend it to everyone!

We're talking about doing it again on either ouf 5 year or 10 year anniversary. Depends on what financial situation we are in at the time. It was definitely not a cheap trip.

~M
_________________
"It is not how much money you make - it is how you spend it."

Group Weight Loss Goal for June (updated as of Wednesdayd, July 2nd):

I would buy a new home

Give some to the church

Give some to the charities we support

Invest the rest for retirement