What Would You Do With One Million Dollars?
My friend @jongolson tried to answer this question which was asked in a private @adsactly call. I really liked his answer.
The idea is what would you do if you would suddenly have one million dollars, like if someone gave it to you. What will you use it for?
I had some thought about it myself, but failed to come up with a satisfactory answer.
If I were a computer software, I think I would through an "integer overflow" error in this particular instance.
I'm not sure I'm "upgraded" or updated enough to understand that number.
That also tells something about my vision. Not clear enough, not bold enough, not big enough or all of them. Do you think a younger Elon Musk or Jeff Bezos would have known the answer to this question?
I bet they would certainly had had a much clearer picture in their minds than I do.
Seriously, one million dollars is huge for someone who would think long and hard what to do with ten times less money.
I don't think I am ready for such a jump. Millionaires who remain that way are made, going through a process.
The first thing that needs to change is the mentality about money, and only then should one go to a higher level with it. Otherwise, spending money without purpose is the most likely course of action one would take.
Without really understanding what having, keeping or multiplying 1 million dollars means, here's what I think I'd do:
- 10% for retirement
- 10% for savings (including crypto)
- 10% charity
- 10% investments (including crypto)
- 50% to start or buy a business (but what business? and create one or buy one?)
- 10% various other spendings, including a fund for vacations/entertainment
But would I really do this, if I'd had 1 million dollars? I don't know. Saying it now is easier than doing it when "luck" strikes.
I probably didn't surprised you with that answer, maybe with some percents, but I doubt that either. I told you I wasn't ready to even conceptualize the idea of having 1 million dollars.
Just for fun, because I don't have a car and I think the car services and autonomous cars are some of the best improvements in the close future (at least for me), I looked up the price of a lambo. You can become a lambo owner with much less than 1 million dollars, but would you spend the money for the lambo, if you only had one million dollars?
What do you think? What would you do with one million dollars, if someone would give it to you?
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