What would you do?

[Csara]

I saw this article (http://moneycentral.msn.com/content/SavingandDebt/P74355.asp) on MSN about how all the reality tv winners spent their windfall.

What would you do if you won a large sum of money....say $1 million....and be realistic. :)

[Trina]

First and foremost, I'd pay off all our debts!

Then, I would fill up all our interest-bearing accounts to the maximum FDIC insurable limit ($100,000 per account, I'm pretty sure), so that we could probably live pretty comfortably off some of the interest for a while.

Then, I would contact a financial advisor to determine how we should distribute the remaining amount... like how we should best invest for our children's college tuition, our retirement, etc.

I would probably also be tempted to use about $250k to $300k of that remaining amount to buy a nice house... and I'd definitely buy a minivan and whatever family-type car Don chooses.

$1 million wouldn't really go very far in today's economy... About half of that amount could EASILY be spent on the new house and cars and paying off debt. And I'm positive that our wonderful federal government would grab a large portion of that, as well.

[Csara]

I agree, Trina. It wouldn't go very far at all unless you invest it very wisely so that it can continue to make more money for you...and I would make sure of that!! :)

First thing, I'd have to take care of all the money. I'd set aside the amount going to taxes in a safe, interest bearing account. I'd actually probably put all of it in "safe" accounts right now.

I would set aside "vacation" money so that we could go on a great trip every year. I would start a college-fund for the future child we'd start trying to conceive right away. :D

Then we'd go on that first great trip....all around Europe.

Other than that, I really wouldn't buy that much. Instead of going on a shopping spree or making any major purchases, I'd be happy to just know that if I ever do need something or want something, I'd be able to afford buying it. ;)

[FarmGirl]

I agree with both of you - invest the money.

I would probably get hubby and me both new cars of course :D

Also, I think I would take maybe a $100K and use that as a down payment on a new home.

[yonksgirl]

I would pay off all my debt and invest most of the rest of it in CDs something safe.ANd we would just keep living mostly off of DH's income. It would not be hard after paying off all of our debt!:)

[emben]

I would pay off all of my debt, finish all of our remodeling, and invest the rest. We would have no need for it all at once.

[Deana]

pay off all debt
have dh take at least a 6 month leave from work (he has always said that even if he wins the lottery, he will still want to work... I think he needs to take some time off to recharge his batteries)
travel Europe
buy one new vehicle
Have cosmetic surgery
spend about $15K on new clothes
Put enough aside for private school and college for our daughter
invest the rest

[CATsAngel]

i would put a hefty downpayment on a house so our monthly payment be very low and not a big house.. a comfortable house. After all i'll still be the one to clean it. maybe 4 bedroom 2 bath and a den. Then buy us all some new clothes NOT from Walmart!
Then get a couple of reliable vehicles. And take a tropical island vacation. Then i would invest the rest of it rather nicely for college, retirement, and emergency (and a tummy tuck after kid number 3 IS an emergency!)

[CC21]

-Pay off our debt.
-Buy a brand new truck for DH, and a Suburban for me.
-Buy some land and build a log cabin close to our parents.
-Invest the rest.

[kristen nov02]

1) invest, invest, invest
2) go on a trip around the world
3) dh would want a BMW
4) go on a few shopping sprees

We don't have any debt, if we did it would be our first priority. We just bought a new house so I'm pretty content for right now. Which reminds me, we could buy lots and lots of furniture. Dh is a wiz with investing so it would be great to put most of the money away to set us up later. I would most like to travel.
:D

[suzieq728]

Good Question!

I would pay off all my credit cards, and any other debt I have.

Then I would buy the building that I live in and renavate it, and rent out the other 5 apartments.
Of course I would go on a quick spending spree, if I didnt say that I would not be being honest.
I would probably buy my daughter a car, and invest the rest!

[Lisa]

~pay off my car and mortgage
~get dh a new truck
~get my driveway paved
~put a new bay window in my living room
~new refrigerator and stove
~get dh's barn built (he's been working on it for 2 years and it looks the same to me. Just a pile of beams)
~put some in my IRA account
~take a nice vacation
~invest