$1,000 - probably just put it in the checking account. Nice little boost.
$10,000 - probably half to 3/4 into the savings account, rest into checking account. Possibly pay off student loan, although at 1.5%, it’s not like I’m paying much in the way of interest, and having an extra $5000-7500 in the savings account might be more prudent overall.
$100,000 - maybe put 5000-10000 into the savings account, invest the remainder.
$1,000,000 = same as $100,000. Probably end up a LOT less willing to put up with ANY bullshit at work from then on out.
$10 million = same as 1,000,000, except quit my job. No real need to keep working for the Man, if I am liable to make upwards of 250,000/yr on indifferent investments, and probably upwards of 500,000 or even higher on better ones.
$1,000 - I would just do something fun, nice dinner or some shopping, maybe some frivolous things I didn’t need but wanted; no real impact except for fun
$10,000 - pay off home equity loan with most of it; see above for the rest; impact of about $250/month freed up
$100,000 - pay off home equity loan; balance to mortgage seriously lowering my monthly mortgage payment which would have an ongoing impact on my monthly finances
$1,000,000 - pay off my mortgage, my brother’s mortgage and my sister’s student loans; with the other $500k, I would give some money to the dog rescue I volunteer for; spend some; invest the rest; serious impact on my life
$1000: Nice weekend somewhere
$10,000: My savings account 100,000: Spend on the house we are building
1 Milion: Buy out some flats and put them out for rent
$ 10 Million: Into some account, live off the interest.
$1,000 - buy something nice for my family
$10,000 - organise a nice holiday for my family
$100,000 - Quit my job, pay off my mortgage and work on building my own little income streams (my website and YouTube channel has the idea potential to support me, if I had the time to build it)
$1,000,000 - Quit my job and start doing all of the above straight away
$10 million - All of the above, in a farmhouse with outbuildings, an orchard, etc.
$1,000 - New basement stairs
$10,000 - New basement stairs, Pay off bills
$100,000 - New basement stairs, Pay off bills, Pay off house
$1,000,000 - Pay off bills, Sell house, Buy new house
$10 million - Pay off everything, Buy new house, live off interest
I’m sixty years old, and have been an apartment dweller for my entire adult life. There will be no forty-year mortgages for me.
I presume all of the amounts are after applicable taxes.
$1000 - is about a week’s pay. Take the family out for some nice dinners.
$10000 - pay down my credit card balance, make a couple of early car payments, take the family out for some nice dinners.
$100000 - (this is my probable position at year’s end, after my Dad’s estate is settled) Pay off credit card, pay off car and trade it in for a new one (or a different used one), make “catch-up” payment into my TSP, plan an actual family vacation for 2017, open an IRA, remove my name from the overtime desired list at work, and start bidding for jobs on Tours 2 and 3.
$1000000 - all of the $100k things, plus move into a nicer apartment, the new car will actually be new, hire a financial adviser to assist with investments. There will be family vacations every year, so I will get passports for the three of us.
$10000000 - One million dollars each into my and my wife’s personal checking accounts, set aside one million dollars each for health spending for the family, and education funds for my daughter and her cousins, buy as much house as a million dollars will get me, give gifts of $37.8k to each of my siblings and their spouses (and to my wife’s siblings and spouses), and of $27k to my daughter and each of her cousins, invest $2.6M in tax-free municipal bonds @ 4% per annum, yielding a weekly spending allowance of $2k, and quit my job.
1K: minus Treasury’s take, plus whatever they end up having to return me… would go into the general piggy bank.
10K: general piggy. Treasury’s return for last year has this many figures.
100K: would ask FinanceBrother to help me decide if it would make sense to close down the mortgage (I think not, it’s deductible to a certain amount and this year it brought me down a tax bracket, the usual recommendation is “don’t”). Would invest part of it, either before or after shutting down the mortgage.
1M: wouldn’t tell the family thank you much. I’d be telling you guys until I got rid of the need to tell people. And my therapist. And every priest I could get hold of, under secret of confession. It would allow me to make bigger investments than the piddly ones I currently have access for.
10M: see 1M.
I pretty much live how I want to live. Everything is not perfect, of course, but I discovered a long time ago I’m the kind of person who’s happier in a 2-star hotel where the receptionist can reset the router and loves an excuse to chat than in a 5-star one where the receptionists are afraid to breathe too deeply as it might break their uniforms.
$1,000 - Buy myself something nice
$10,000 - Into the travel fund, next year’s big trip a bit more extravagant
$100,000 - A big chunk to retirement, renovations to the house
$1,000,000 - Allow for accelerated retirement, plans move into high gear
$10 million - Retire now, setup funds for nieces and nephews, travel more starting today
$1,000,000 - see if I can pay for computer game(s) to be designed to my specification (e.g. 1856 railway game; a roleplaying game based on one of my dungeons)
$10 million - build a castle, complete with moat, portcullis, battlements and secret passages. Plus a hedge maze in the grounds.
$1K - probably just use it as fun money
$10K - spouse wants to start a business - so some to him for that, the rest for some fun and savings
$100K - We’re going to take some of the trips we dream of but can’t swing lest we affect our retirement, maybe give a few bucks to the daughter.
$1 million - I’m retiring for reals. We’ll talk to our money guy about what to save, what to invest, what to have fun with.
$10 million - I’d bulldoze the house and build a new one on the same spot. I like where we live, but there are things about the house I don’t like - it was built in 1975, so things like a decent size master bath wasn’t a priority. I’d also make sure it was set up so we could stay here even if mobility issues crop up. And I’d make sure we set aside enough to hire help as we get older - like a driver and a yard crew and a housekeeper. Yeah, I could live a good retirement with this kind of money.
$1,000: goes into bank account; no change.
$10,000: goes into bank account; no change.
$100,000: goes into bank account; we’d move in a better condo apartment (with elevator) a few months to a year earlier
$1,000,000: We’d get a better condo apartment righ away; some expensive travel; remainder into bank account.
$10 million: Fuck-you money for my SO and me. We’d probably quit our jobs and retire on the return on capital.
Considering our lottery winnings are essentially tax free, i.e. what the prize says is what you get:
$1,000
That’s what I typically get paid a week, if somebody bothers to employ me, so not much effect at all. Though right at the moment money is precious, so I would welcome it gratefully.
$10,000
I would pay off some debt with this, which would be a good thing indeed. I’d keep some for saving or spending on a treat, but debt would be the priority.
$100,000
Solve all my immediate problems. I could fulfil a lot of plans for my future with this. I want to start a home-based self-employed business, and this would let me do it.
$1,000,000
After consultation from a financial expert, I would try to retire on this. $1m isn’t as much as it used to be, so it might be a frugal and low key life, but that’s what I have now, so it would just mean a quiet simple retirement with financial security.
$10 million
Party time! Nice house, then retirement, and a life a couple of levels up in quality.
$1000 - nothing special, it won’t be spent wisely.
$10,000 - not enough to make a huge difference, nice amount to add to retirement funds
$100,000 - makes an upcoming decision much easier, it gets invested though not enough to make me retire
$1,000,000 - retirement, but really just finding something else to do where I don’t have to earn any money
$10,000,000 - don’t know, need to do something with that money, investment in some kind of business, just nothing in particular i’m itching to do right now. Half of what’s left after taxes makes retirement easy, the rest I keep liquid enough to have available if I want to do something in particular.
For $50K you’d divorce your wife? Maybe you should ask her family about that, they could take up a collection. You know, $5K from ten relatives to get rid of you they might consider a bargain.
$1,000: No Change
$10,000: Goes toward house remodel.
$100,000: More house remodel. Pay off wife’s car? It’s such a low interest rate, I could do better investing. Also, my next car would be paid for. That’s a few years away though (I’d still keep driving my 2006).
$1,000,000: Retirement much closer, if not around the corner. I’d have to talk to my mom about her needs/assisted living.
$10 million: Retirement. Very nice assisted living for my mom if she would want to. At least we would be ready when the time comes.
$1,000: Get a new rag to tie my head with.
$10,000: Get a toaster which can do four-slices at once.
$100,000: Purchase all the OJ Simpson memorabilia available, have a bonfire and share the video of it all being destroyed on YouTube.
$1,000,000: Take courses at Trump University.
$10 million: Sue Trump University.
Hmm, you might be able to get someone to do that for love, rather than money. I hadn’t really thought about it, but the 18xx railroad games would be nice on a computer interface.
I’d start by trying to interest my programmer friends in playing them…
as for me:
$1,000: celebrate with a nice supper out. Rest goes to the bank account.
$10,000: probably do some work around the house. I’ve done this in the past with annual bonuses of about this size.
$100,000: probably do exactly the same work around the house as with 10,000. But there’d be money left over to put in the bank. Probably give a nice chunk to charity, as well.
$1,000,000: Hmmm. This is tough. That isn’t enough to outright buy my dream house closer to the city, on public transit. But it would be tempting to do it anyway.
$10 million: This is enough that I WOULD buy that dream house, and make some custom renovations.
