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

[Ima saver]

Would you live your life differently if you were a millionaire?

[Aleta]

Oh, one never knows. I think that in the beginning one might do some things that you would want to do. I think that eventually you would have to come down to reality and realize that you might not be able to support that type of living if you throw it all to the wind. Although, I think that you do have to do some things while you are on this earth to make it worthwhile. Would I still look for bargains? Yes!

It may give you a chance to move to another place that you would be happier. Many of us don't move because it might upset the cart.

[jamai]

Originally Posted by Ima saver

Would you live your life differently if you were a millionaire?

everybody would live differently. you wouldn't have time for this forum, probably you'd be drinking champagne at a millionaire friend's dinner!

[Hez]

I would definitely travel!

But other than that I wouldn't live too differently, I would just do the same stuff with more expensive things...watch shows on a bigger tv, sleep on more expensive sheets, stuff like that.

[Bookie]

It's too late to matter.

[jodi]

No, I wouldn't do much different at all...probably only travel more. There are very, very few material things I want. The luxury of having more time would be nice, as well as more money/time to donate to good causes.

I might upgrade my car, but it would be to another sensible minivan Nothing flashy for me.

[Broken Arrow]

I would do absolutely nothing different.

The truth is, a million-- even tax-free-- would not be enough to sustain me at a relatively early age of 33.

The only thing it would do, I think, is greatly accelerate me along my financial road map, and perhaps allow me to hit financial critical mass much earlier. That would end up allowing me to retire earlier and with more.

All that would still happen later on in my life though, so again, it would not change my life in any way right now.

[zakity]

I would replenish the EF and then pay off the house. I would then pull a little out for us just to blow (maybe $2 -3000 at most). The rest would be dumped into retirement funds.

[pearlieq]

Assuming we're not talking about a literal million dollars (which ain't what it used to be...) and instead just about having enough money not to worry about money, I would add back in a lot of the indulgences I don't do right now for the sake of conserving money.

I would:

Travel very often (monthly or semi-monthly even)
Eat out more at nicer restaurants
Go to more plays, concerts, etc.
Increase cleaning service to weekly
Enjoy salon services like manicures, facials, and massages
Get all the cable channels, and maybe even HBO (ooh, I'm a wild woman!)
Give generously to my church, local school programs, the animal shelter, etc.
Help my mom update her house so it's totally accessible
Set aside a college fund for my nephew


It's not that I don't do any of these things, it's just that most of them are treats. I get a manicure once a year or so--I'd love to get one every week. We go to Maggiano's for birthdays, but most of the time you'll find us at an inexpensive family restaurant.

It's not really stuff I want, but services and experiences. Still, I'm comfortable with the trade-offs we make. I much prefer the content sleep of having my financial house in order over an expensive 2 week cruise to Hawaii.

But a girl can dream, can't she?

[pearlieq]

And if we were talking about an actual million dollar windfall:

I would make my generous $300,000 contribution to the feds and the state of IL. Then I would:

--Use $250,000 to pay off our mortgage and student loans.
---Dump about $200,000 into a taxable account balanced between a low cost stock index fund and low cost bond index fund (as an investor, I'm about as thrilling as watching paint dry...)
--Spend about $200,000 to buy my mother's house. I would then just lease it back to her for $1 or something. The cash flow freed up there would let her take an early retirement comfortably and also let her make all the updates and accesability changes she wants.
--Spend about $50,000 on fun--build a Florida room on our house, take a big trip with friends and family, etc.

Not necessarily the "best" options from a financial standpoint, but I think the ones that would make up the happiest.

Our day to day life would change a bit. We would have extra cash flow in the budget without the mortgage or loan payments, so we'd be able to add back in a few indulgences, but we would probably keep our jobs and keep investing at a pretty good clip. We'd just have a bit more of a cushion to fall back on.

[MonkeyMama]

No, I don't think we would do much different. We increased our income by 5 times and didn't do much different so I can say that with confidence.

I would depend how much money. I have a goal of $3-$5 mil to retire by the time I am 65. To retire now I would need much more. Plus I love my job and would not quit just because I came into money.

I may speed up our retirement or work less in the meantime, but beyond that I can't imagine doing much else. We are very happy with where we are at now.

Mostly I am with BA - I am only 30. Ask me when I am 50 or 60. My answer may differ. But there is really not much I want for right now. It would be more important for us to work less than to have more.

[disneysteve]

I don't think I'd do anything differently. A million dollars isn't that much money. It certainly wouldn't be enough for us to live on. With a 3-4% withdrawal rate, that's only $30-40,000/year and that's before taxes. I'd still have to work to support myself and my family.

The only thing I can say I would do differently if I was handed a million dollars today is that I'd be able to plan to retire earlier than age 62 which is my current goal.

ETA: I just read everyone else's response and see that BA hit it right on the nose for me.

[Aleta]

I think that we all know what we would do but how would that change our spouses and family in their decisions?

I think that the fireworks would start with others decisions. What do you think?

[MonkeyMama]

My spouse and I would be on the same page. I would NOT tell anyone if we came into money. That is just trouble. At least dh an I are on the same page. No one else has to know! & is probably best that way.

[disneysteve]

Originally Posted by MonkeyMama

My spouse and I would be on the same page. I would NOT tell anyone if we came into money. That is just trouble. At least dh an I are on the same page. No one else has to know! & is probably best that way.

I totally agree. There would be no issues with my wife and I. We would definitely agree on how to handle it. And I also agree about not telling everyone.

[Ima saver]

As many have said, that is not that much money anymore. Technically, if you count my paid for house and land, I have become a millionaire sometime during the past few years. I don't do anything differently now than I did then. I have had a wonderful life the past 30 years!!

[Cassandra]

I would stop doing scholarship searches for one thing. Wouldn't have to worry about finding a way to pay for undergrad and grad school if the school didn't give me enough aid.

I would also not work during the school year. Only summer jobs and internships.

One last I would do would be buy season tickets to the local ballet, opera, and theater. My dad and I used to have season tickets for the theater but had to stop that last year.

After all that, I would max out my Roth IRA and put the rest into savings.

Cassandra

[PrincessPerky]

spend some save some, use some..(donate some)

Spend some .....Get a maid and a cook...not to interested in to many more restaurants, I have a fondness for veggies in my meals, and not canned ones, hard to find in many restaurant meals (cause Americans don't want em)...not to mention whole wheat bread, brown rice...ect, just easier to get a chef once in awhile.

pay off house and car, consider moving (back to PA)

save some in usable investments, and some in 'untouchable' retirement.

Would keep husband working...million isn't enough to retire at 30 something, but it is a nice way to pad the future.

[My English Castle]

The best piece of advice I ever heard was someone who asked people what they would do if they won the lottery: " Would they travel, live in a foreign country, give more of themselves to charity, spend time by the ocean or somewhere?"

Then the wise one said: "Ok--now figure out how to do that without winning the lottery." The truth is most of have unimaginable resources and ingenuity and we can make our dreams happen without lottery-type riches.

If you want to live in France--get a job teaching there or volunteering. If you want to give more to charity, give your time and your extras, even if it's the free toothpaste from CVS!

We choose our lives, at least our attitudes toward them, and one reason to adequately manage your resources is to enable your dreams to happen.

[DebbieL]

I would buy a house and travel more. I would keep working, but it would definitely take a lot of the stress out of my life. I don't agree that a million isn't a lot of money anymore. It's still a buttload of cash IMO. Free money - I'll take it! I'm only in my 30's and I guarantee I could make it set me up for life.