Monday, February 23, 2015

What would you do with Five Million Dollars?

I once read somewhere that the majority of jackpot winners (we're talking multi-millions) are broke in less than a year or two. 
Why? 
Because they didn't plan or pace themselves. 
They thought they'd have money forever and bought anything and everything their hearts desired; catering to their whims, living in the now.
Some spend the money decently, traveling and experiencing the world, but after a few years, they're back home working a mini-wage job...
On the fat chance I happen to win any large amount of money I enjoy pondering what I would do with all that money. It actually quiet fun trying to figure out how one would divvy up that amount of cash.
What would you do if you won (let's make it fun, so after $taxes) $5 million dollars?
Here's how I'd spend the money...
  • $1 million would be immediately tithed.
  • $2 million would go towards a new house/property. -Whether we purchase property and build a house, or buy an already set up farm; the one stipulation is that there has to be a spot to raise buffalo on the property. 
  • $400,000 would be set aside for groceries and other necessities.
  • $100,000 would be used to make the home self sufficient (i.e. solar panels). 
  • $150,000 would go towards fencing (if needed, if the property came with fencing this money applies to below).
  • $115,000 would go towards animals, gardens and orchards.- Purchasing a starter buffalo herd, dairy and beef cows, stocking lakes, stocking fields and woods with quail/pheasant/turkeys, have an apiary. Setting up a nice garden plot, vineyard and fruit & nut orchard etc.
  • $10,000 would go specifically towards a flower garden-Rose garden, wild flower garden, hummingbird/butterfly garden, Japanese garden, or a maze garden. Whatever garden my little heart desires.
  • $180,000 would go towards my wants and gifts for my family (vehicles, cameras, guns, side saddles, horse/livestock trailers, new jeans or coveralls etc.).
  • $1 million would be loaned (with not interest) to my older brother-don't think I'm greedy and mean, he said he'd want a legally binding loan written out. He wants to start his own farm (with a friend) raising cows and growing corn, soybeans and hay. I know he'd do great at it, and would quickly pay me back (which I wouldn't be worried about getting paid back quickly)-so look at this million as my savings-to later use on yearly property taxes.
  • $20,000 I'd take my family to Disney World. 
  • $25,000 would be set aside in savings.
I think that about covers it...
Obviously, I'd hope not to spend as much as I gave allowance above. But, it's a start; and any extra money would be put into savings or spent on another vacation.

From the start, my main purpose and goal in spending the money would be setting myself, and my parents up for life...As a note; if you didn't guess it, things are set up for long term, $500,000 for groceries and other necessities would last my family many, many years.
Yes, it would be nice to travel all over the world; but for me, those two-three years of adventure wouldn't be worth it the misery of having a 9 to 5 job once I returned home. 

I set myself up to be able to grow my own food and to start my own ag related business...To be self sufficient; to be able to provide for myself and my parents. 

What would you do with $5 million? Comment below as in depth as you'd like, or just tell me the one thing you'd do/buy.

Note:
This is but one of my plans; I have a few others thought out, but this is the one I'd most likely stick to and use....Also, to each their own, if you'd chose to just have fun and go crazy spending, that's your choice...I mean, I'm sure I'd have some call me crazy for wanting to spend money on an nut orchard or a trip to Disney World. 
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