A million dollars to spend in 24 hours. Challenge Accepted!

in #challenge6 years ago

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I was challenged by @simms50 who was challenged (weeks ago you slacker!) by @freedomtowrite who was challenged by @whatisnew to tell how you would spend 1 million dollars if you only had 24 hours to do it.

So here goes!

I would take all 1 million dollars and invest it in a growth stock mutual fund that has been trending at a 10% or higher annual return.

3-Example-Dave-Ramsey-Mutual-Fund-Portfolios-Beat-SP500-over-10-years.jpg

After 1 year I would have roughly $100,000 in earned interest. At that point I would pull out the interest and leave the million in the fund to continue earning. I would quit my job and go in to the family business. Family business? What family business dwells? The business of spending time with my family!

Thinking about this now, I would probably just take 50 grand off the top and quit my job immediately and invest the 950k in the fund and then only pull out 60k a year over the next 2 years til the fund had 1 million and then I would live off the 100k interest each year.

Dwells that's not how the challenge works. You gotta use up all the money in 24 hours.

Fine! If you have to have it that way, then here goes.......again.

  1. I would eliminate all of my debt, all of my parents and in-laws debt and I would pay off my best friends student loans.
  2. I would give away my current single wide home to someone in need and I would have a 2 story country farm house with full wrap around porch built, to include attached garage, a fully stocked with tools shop, fully setup to be off-grid.
    glamorous-farm-style-house-plans-with-wrap-around-porch-74-for-home-your-room-decorating-id-and-carport-porches-2-story-canada-attached-garage-pool-southern-living.jpg
  3. I would buy land, at least 240 acres, further out in the country somewhere, land with both woods and pasture where I can grow my own crops and raise my own livestock. I would have a barn there with all the needed older farm equipment and a shop to work on said equipment.
  4. I would have a Meeting Center built for all the Hebrews of the Ozark mountain region. A place where weekly Sabbath gatherings can be held, where feast events like Sukkot could be held and where conferences could be held.
  5. I would buy my wife @essentialoilmom what ever vehicle she wants, I would get my son some sort of classic car he likes that needs to be restored and we would restore it in the aforementioned shop to be ready by the time he is 16 and I would buy myself a Chrysler 300, a military surplus Humvee, and a mid 80's Chevy crewcab 4x4 truck.Bew2cVwWkKGrHqEOKiMEryPJqhn4BK-jcQj.jpg
    6.If after all this, there were funds left over, I would stock up on some silver and gold and take my little family of 3 on a vacation to include visiting Northern Ireland, Ireland, Germany, and the carribean islands.

Well that's what I would do! Now it's time to nominate 5 people. So I nominate
1.@essentialoilmom to see how close our ideas are.
2.@hansjurgen to see and learn how a retiree would spend that kind of money.
3.@thehomeschoolkid to see how an 11 year old would spend it.
4.@bowentroyer to get to know him more.
5.@sevinwilson to learn from a young silverstacker.

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Thanks @dwells for calling me a slacker...it is true..well at least about doing this challenge! I was thinking about the long term goals as well and I applaud the fact that you did include it in your post! It seems like you and I have similar ideas on how to spend that money! I never thought of number 4 but I would do that as well!

jajajajaja. tienes todo un plan de inversión a mediano largo plaso jajaja. buen trabajo

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