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Old 04-02-2008, 07:44 AM
 
2,005 posts, read 5,125,974 times
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Ok, here it goes. In about 5 years I'd say, I am going to come into a whole lot of money (not from a death, so don't think I'm one of those types). It will probably be about a million. I will be in my early 40s when this will happen. I have two small kids and a husband who makes pretty good money. I don't earn any money right now, but plan to go back to work in a few years.

What do you do with a million bucks? We just bought a house, but not my dream house or my dream location. We are simple people who generally live below our means. I just feel like I need to start thinking ahead and trying to figure out what to do when the time comes. Any thoughts?
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Old 04-02-2008, 07:49 AM
 
Location: Hampton Roads, Virginia
1,123 posts, read 4,706,444 times
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I'd say go read the retirement thread.... that $$ 'might' get you thru the retirement years .
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Old 04-02-2008, 07:58 AM
 
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I take the million bucks and buy a small (1 acre) piece of land and start saving more to build a house and getting a jumbo loan... that's what I would do if I had a million...
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Old 04-02-2008, 08:03 AM
 
Location: America
6,979 posts, read 15,141,511 times
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Quote:
Originally Posted by evilnewbie View Post
I take the million bucks and buy a small (1 acre) piece of land and start saving more to build a house and getting a jumbo loan... that's what I would do if I had a million...
uhmmm, what....
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Old 04-02-2008, 08:33 AM
 
Location: lumberton, texas
652 posts, read 2,413,015 times
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Its hard to give advise on something like that without a lot more detail. Totally depends on where you are in life. Do you have any money in retirement? If not it should all go there. Do you have any debt? Do you really want this dream home? Have you put any money away for college? Will you need to buy more reliable vehicles by then? Do you have 6 months of bills in liquid savings? Are you able to take a vacation at least 1 time a year? do you have good public schools where you live? You need to ask yourself all those questions and more.

I would suggest since you have plenty of time..... read read read read!!!
There are lots of good books out there that can help you. Also if you are okay with talk radio Bob Brinker (more into investments) and Clark Howard (more on day to day money) are great to listen to. Lots of people like Suze Orman also, more for beginners with money. Honestly she kind of bores me.

Anyway... Good luck!
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Old 04-02-2008, 08:37 AM
 
16,704 posts, read 18,933,830 times
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Quote:
Originally Posted by Wild Style View Post
uhmmm, what....
Buy some land that costs 1 M then build a 2 M house... u need a jumbo loan for that... unless u have 3 M...
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Old 04-02-2008, 08:40 AM
 
Location: Sheffield, England
2,639 posts, read 5,933,041 times
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Quote:
Originally Posted by evilnewbie View Post
Buy some land that costs 1 M then build a 2 M house... u need a jumbo loan for that... unless u have 3 M...
Why would you actively want to get a million bucks in debt?
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Old 04-02-2008, 08:43 AM
 
Location: America
6,979 posts, read 15,141,511 times
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Quote:
Originally Posted by evilnewbie View Post
Buy some land that costs 1 M then build a 2 M house... u need a jumbo loan for that... unless u have 3 M...
why not just buy land and build a home for under a million? Why put yourself in debt? Also I would say make sure that land is profitable i.e. do farming of some sort.
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Old 04-02-2008, 08:47 AM
 
16,092 posts, read 35,802,339 times
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Remember a million only generates $40,000 per year if you don't want to run out of money.

I would save it all and invest it in different things (very blue chip dividend-paying stocks would be a major component).

The only way I would even break it would be to pay off a mortgage...
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Old 04-02-2008, 08:54 AM
 
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Let's see . . . one million dollars . . . five years from now . . .

Byt then, that ought to cover a trip to the grocery store . . . or maybe a couple tanks of gas. But not both.

Groceries or gas. Your choice.

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