Assume that an inheritance from a long lost great-grandpa or a lottery nets you about $1 million after you paid all taxes and or other liabilities. Assume also that there’s not a huge probability of this ever falling into your lap again- this has to last.
So, $1 million is a lot of money, but nowhere near as much as it used to be obviously; unless you make a once in a lifetime style investment the income from it’s not going to support you lavishly (though invested wisely it should support you in middle class style anyway).
How would you spend it?
Would you quit your job to take something less high paying but more emotionally/intellectually rewarding?
Would you buy a house? Or pay off your mortgage? Or put it in the bank and keep renting if you don’t currently own?
How would you make it go the furthest?
What that’s frivolous would you buy “off the top”?
Myself, I’d probably buy and furnish a small but comfortable place (condo or bungalow) in the $250K range in a college town or small city where that still goes a long way. I’d use perhaps $50K that I’d use to take one helluva vacation or 6, and bank/invest the rest. I’d use the income from the money to subsidize myself as I either downgraded to another job that I’d like better than the one I have or else go to grad school.
How about you?