What would you do differently if you were a millionaire??

[disneysteve]

Originally Posted by Aleta

I think the point that this man was making was that he would continue working....

This is true. If I suddenly had an extra million in the bank, we could loosen our spending belt a bit as there'd be an extra 50K or more of income being generated by the investments. Even if we spent an extra 5K or 10K/year and let the rest continue to grow, that would change our lifestyle, so maybe my earlier answer that it wouldn't change things isn't quite right.

[LivingAlmostLarge]

It depends really on your age. If you are younger it may buy a slightly earlier retirement. If you are older it may buy a more comfortable retirement.

But in general, will it change a life a lot? Probably not. If you make $40k/year and inherit a million then you can live on 2x your salary. But if you are a poor money manager you'll just blow through it anyway.

People who are money conscious will not change their habits because of an inheritance.

[disneysteve]

Originally Posted by LivingAlmostLarge

People who are money conscious will not change their habits because of an inheritance.

This is a great point. Us frugal folks won't become spendthrifts just because we come into some money. Honestly, we'd probably do some little splurge, like a nice vacation, and invest the rest of it, not changing our day to day lifestyle one bit. Being only 42, though, that extra million would be enough to advance my retirement date a few years.

[Denvergirlie]

I would travel more domestically to see family.

I would plan and save for overseas trips and then the rest would be to maintain my future homestead property. A million isn't all that much these days and we are in our 30's so that amount would make me feel secure for all time future.

Has anyone read "The Millionarie Mind"? If not, I recommend it

[dreamweaver]

Goodby dayjob. No more nightshifts. I would hire a caretaker and pay them well. And I would travel .