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What would you do with a million dollars?

What would you do with a million dollars?

Old Dec 19th 2003, 1:46 am
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Default What would you do with a million dollars?

OK, seriously, what would you do with $1,000,000?

Apart from "move to Australia/NZ/Back to the UK" or bribe govt officials , what would you do with a million dollars?

Dagboy & I have had this conversation a couple of times now, its not enough to 'live on" ie interest, but I think you could comfortably *retire* & do something that you wanted to do. My suggestion was to buy a huge flybridge cruiser & do fishing charters (approx cost to set up about $500,000), what better than to have to do something like that 3 or 4 times a week . Or become a property baron & own 3 or 4 investment properties. Or would you just splurge it all on fast cars, fabulous new house, lots of partying?

No one say "put it in the bank" please LOL. What would you do?
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Old Dec 19th 2003, 1:54 am
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Pay off my mortgage, then be an owner builder to project manage the construction of my house. Re-fence the entire property, dig out the lake and stock it with koi, plant lots more trees, furnish the house, get the necessary farm plant and put the remainder (half a mill?) in a high interest account.

So I nearly broke your rule about putting it in the bank....

If you insist on my spending the rest, then I'd buy and outfit a cruiser for scuba diving. Completely kitted out and hire a crew to charter as a diving boat when I wasn't using it with my usual dive buddies.
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Old Dec 19th 2003, 1:55 am
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Not that I've given it much thought.....
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Old Dec 19th 2003, 2:12 am
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That would give me the money to buy a place to start a family. No retirement on that money these days.
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Old Dec 19th 2003, 2:14 am
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Immediate thing that comes to mind...

My mum has just had a heart attack in Uk, she is out of hossie now but this will confirm the fact that she'll never come to visit so I would hire a personal doctor and fly her out here in the presidents plane (forget its name) and get a new house with a granny flat so she could live out her days in Oz with all her children and grandchildren around her (she has none of us left in uk)

Ans if there is anything left after that lot, then stock the fridge up with Crownies to ensure my husband doesn't leave me!!
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Old Dec 19th 2003, 2:16 am
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Originally posted by DianeOZ
Immediate thing that comes to mind...

My mum has just had a heart attack in Uk, she is out of hossie now but this will confirm the fact that she'll never come to visit so I would hire a personal doctor and fly her out here in the presidents plane (forget its name) and get a new house with a granny flat so she could live out her days in Oz with all her children and grandchildren around her (she has none of us left in uk)

Ans if there is anything left after that lot, then stock the fridge up with Crownies to ensure my husband doesn't leave me!!
Make sure there are enough snacks to go with the Crownies.
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Old Dec 19th 2003, 2:29 am
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The problem is if you only have one one million dollars and know you stand a chance of living more than 10 years.

Conservative investments returning 5.5% only net 1.5% net after tax and inflation - $15 / yr.

Passive investments returning 9% and netting 4.5% - $45K / yr stand a good chance of capital loss equivalent to 2% / yr leaving a life of investment return of 2.5% net - $25k / yr.

For those reasons, no rational person sells businesses with good net lifetime yields cheaply.

Starting a new business is more risky and often more expensive than buying a proven business. Starting a (new) good business is actually invention. Not common.

With two one million dollars a rational person can take more risk with less significant consequences.

So two one million dollars are better than one one million dollars.
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Old Dec 19th 2003, 2:34 am
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First I'd set off to south America for a year or two , I've always wanted to travel around there for a while. Trouble is $1,000,000 is too small amount it's only around 417 thou GBP - Right with a million pounds, sterling - now that's better (can we make that two, maybe three ... getting greedy) , I'd buy a few homes around the world , - then I'd go off on my travels (put the other half in the bank.. boring I know, but you can live off the interest I'm winning my millions in pounds and not $$ ).

Another boring answer, but it's what I'd do - I'd give some to charity, actually I'd open up my own "shelter" for abused animals that way I know the money will be going where it's supposed to be going.

who knows.. but travelling would play a very big part of it, with a home base... I have itchy feet.

Then when I've done all that I'd open up an ATV business back in Wales (total career change), which is just a passionate hobby/side line at the moment, as we haven't got the real inclination or time to do it here in Aus.- but we will be actually doing this with the ATV's in the near future without dreaming of winning the lotto.

Trouble is most of what I've listed above - I can do anyway (except buying a load of houses around the world) , money isn't everything, people use money as an excuse for not doing anything - If you're passionate enough and want something bad enough, you'll find a way to do it. Then when you finally reach your goals, you actually appreciate them all the more.

It's quite surprising how many people who have won millions in the past have actually squandered it all away with nothing to show for it.

cheers
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Old Dec 19th 2003, 2:40 am
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I'd pay for my family and a couple of close friends to visit Oz, see all the places we've always wanted to see.
Give some to The Bloke so he can buy a race car - then he'll love me forever!
Put the rest towards a decent house, if its my money i can say what house, so I want a real Queenslander, with a lovely verandah and a nice big cool kitchen - shame its only a dream!

All a bit selfish - nothing for charity or good works, but I think my family deserve a trip!
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Old Dec 19th 2003, 3:15 am
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Originally posted by bondipom
That would give me the money to buy a place to start a family. No retirement on that money these days.
BP, thats my point, if you have $1mill, you wouldnt have to live in Sydney & work where you work now, you can change your position. So what would you do?

Meg, two one million would always be better than one one million . But thats my point about investing it, you cant live off it if its invested unless its in a business. I disagree about the business though, plenty of businesses to be had that make an excellent return for under a million $. But its more about chosing what you want to do. After all, if you mad about fishing or diving or whatever, taking people on fishing or diving cruises is hardly *work* now is it? Especially if you can buy or setup a business so that you dont have repayments to be made & running costs are your main expense.

Diane, hope your mum gets better really quickly .

DUP, you're my kinda man
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Old Dec 19th 2003, 3:28 am
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OK my dream would be sailing charters in the summer and ski guide in the winter although I think the Mrs would like to setup a shoe shop.

On a more practical level I would get some serious linux and networking experience and startup a security consultancy.
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Old Dec 19th 2003, 3:28 am
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Thanks Mrs DB

Now if I didn't do that with the money, I would buy somewhere in the hills and have a kiddy farmyard open to the public (for a small fee of course) and live the Waltons life....

Goodnight Jimbob
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Old Dec 19th 2003, 3:37 am
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Originally posted by MrsDagboy
... I disagree about the business though, plenty of businesses to be had that make an excellent return for under a million $. But its more about chosing what you want to do. After all, if you mad about fishing or diving or whatever, taking people on fishing or diving cruises is hardly *work* now is it? Especially if you can buy or setup a business so that you dont have repayments to be made & running costs are your main expense. ...
Its almost fair to say that if you don't enjoy it, it will not become a good business.

I knew a bloke flogging fancy cars who dreamed of running a cruising yacht business in Vanuatu because that was what he liked as a hobby. However, when I did some sums on the back of a virtual envelope imagined to exist on the top of his head to show that a 6 berth would cost a serious amount and would pull in little money and he would have to give up a fairly steady and good car flogging income he became pensive.

It is extremely rare for a good business not to involve quite serious commitment over a long time. Soon as you find it you will have competitors unless you have a state granted monopoly such as a patent or mining lease - and then the real work begins.

Cairns Reef Charter Services

How about finding the going price of such a business, the return net of your wages and the risk of bankrupcy.

Sorry to be a "bummer" but while dreams can be sweet, they can turn to nightmares.
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Old Dec 19th 2003, 4:08 am
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Not pensive here, I do think that its quite possible to setup or buy a business which would allow you to make a reasonable living with a million dollars especially as we dont have a mortgage on a house. Lets face it, we arent out to MAKE a million dollars, we want to spend it .

A fishing charter was only my suggestion for ourselves. Yes, I have setup & run a business before, so I understand risks, competition, expenses, commitment etc.

At the end of the day, if you have the capital & own the assetts, & have a commitment to making it work you are leaps ahead of the next guy who is making repayments on loans, houses etc. Its alot like immigrating, a positive attitude wont guarantee success, but it sure as hell will help an awful lot .

Having said all that it looks like I would be crewing our charter cruises by myself anyway, Dagboy says he would continue to work where he works now & negotiate a 4 day week. Gotta love *the dream* .
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Old Dec 19th 2003, 4:17 am
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Just think of the potential market though "Dagboys Boat Trips - an essential experience for every new Expat......" And entertainment laid on in the form of two little Dagboys!
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