So, the million dollars meme
Jan. 30th, 2004 02:54 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
xiphiasRemember when a million dollars sounded like a lot of money?
Who do I call? Lis first, then probably my friend Rich, who's the best person I know about money management.
First thing I buy for myself? The house we're living in. Pay off all debts.
First thing I buy for anyone else? The house we're living in. Maybe talk Lis into lowering the rent for our tenants. If we didn't have a mortgage, we could charge less. Couldn't do free -- we'd still have to pay taxes, fees, maintenence, and stuff. But less.
And help out sibling with college.
Give any away? 20% of 1 million is $200,000. That sounds like enough to set up some sort of charitable trust. Probably try to do something to help people get housing or something. But that's not a whole lot of money for that. . . what could I do for two hundred thousand dollars that would be REALLY helpful to people? Maybe try to help out our local school system, which could use it. . .
Invest any? Fuck, yes. So, let's say 20% for charity, 30% for paying off all outstanding debts including house, and doing rennovations for the house like re-roofing, redoing the outside, adding more insulation, redoing the downstairs kitchen, and so forth, and that would leave $500,000 for investment. I'd be working with a financial planner for that. I'd love to get a 5% ROI, but I'd settle for 3%.
I'd take $100,000 of that money, and start my own business, a bar, based on Callahan's.
That would leave $400,000, and, a 3% ROI woud be an extra thousand dollars a month, which would make life a lot more comfortable, especially if we didn't have a mortgage. Any extra would be going back into capital.
Lis wouldn't be able to quit working completely, but she'd be able to look at much lower paying jobs that she'd find more rewarding. Especially if the bar didn't tank.
Who do I call? Lis first, then probably my friend Rich, who's the best person I know about money management.
First thing I buy for myself? The house we're living in. Pay off all debts.
First thing I buy for anyone else? The house we're living in. Maybe talk Lis into lowering the rent for our tenants. If we didn't have a mortgage, we could charge less. Couldn't do free -- we'd still have to pay taxes, fees, maintenence, and stuff. But less.
And help out sibling with college.
Give any away? 20% of 1 million is $200,000. That sounds like enough to set up some sort of charitable trust. Probably try to do something to help people get housing or something. But that's not a whole lot of money for that. . . what could I do for two hundred thousand dollars that would be REALLY helpful to people? Maybe try to help out our local school system, which could use it. . .
Invest any? Fuck, yes. So, let's say 20% for charity, 30% for paying off all outstanding debts including house, and doing rennovations for the house like re-roofing, redoing the outside, adding more insulation, redoing the downstairs kitchen, and so forth, and that would leave $500,000 for investment. I'd be working with a financial planner for that. I'd love to get a 5% ROI, but I'd settle for 3%.
I'd take $100,000 of that money, and start my own business, a bar, based on Callahan's.
That would leave $400,000, and, a 3% ROI woud be an extra thousand dollars a month, which would make life a lot more comfortable, especially if we didn't have a mortgage. Any extra would be going back into capital.
Lis wouldn't be able to quit working completely, but she'd be able to look at much lower paying jobs that she'd find more rewarding. Especially if the bar didn't tank.
(no subject)
Date: 2004-01-30 12:26 pm (UTC)As I saw this meme, I thought "first thing I buy for myself" as a nice dinner out with you...
Paying off debts and such is something to work out with a financial planner.
Re:
Date: 2004-01-30 05:45 pm (UTC)Of course, it's hard to say who is more literal, you or me, since I'm discussing financial planning on a meme.