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Old 07-21-2019, 12:05 PM
 
Location: New Mexico
6,679 posts, read 3,721,206 times
Reputation: 12572

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Back in the 1950s there was a fictional TV show called "The Millionaire" where a dapper guy (Michael Anthony) would distribute checks for $1 million dollars to unsuspecting people at the behest of his employer, John Beresford Tipton, Jr. The storyline followed how the unsuspecting beneficiary used the money. Doing this was Tipton's "hobby". The show's starting premise...
My name is Michael Anthony, and until his death just a few years ago, I was the executive secretary to the late John Beresford Tipton, Jr. John Beresford Tipton, a fabulously wealthy and fascinating man, whose many hobbies included his habit of giving away one million dollars, tax free, each week to persons he had never even met.

(Apparently, Tipton didn't leave Michael Anthony much in his will if he had to go on TV to make a buck and sell toothpaste.)

We have had a few threads lately on how much money is needed for retirement, how much to save, how will I cope, etc. Granted, one-million dollars ain't what it used to be, but what would you, a retiree, do with an extra million bucks that fell into your lap?
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Old 07-21-2019, 12:11 PM
 
376 posts, read 75,332 times
Reputation: 791
Figure out how to get the money to my kids as tax efficiently as possible.
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Old 07-21-2019, 12:33 PM
 
29,906 posts, read 34,965,886 times
Reputation: 11807
Quote:
Originally Posted by SoCal_Native View Post
Figure out how to get the money to my kids as tax efficiently as possible.
Bada Bing!
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Old 07-21-2019, 02:38 PM
Status: "Put the Wet Stuff on the Red stuff" (set 9 days ago)
 
Location: USA
1,320 posts, read 432,874 times
Reputation: 1137
OP

$1,000,000 in 1955 is worth $9,577,575 today

I volunteer to be the first recipient of the current value even after taxes and report back how I am doing if they bring the show back
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Old 07-21-2019, 02:57 PM
 
Location: Florida
4,397 posts, read 3,735,645 times
Reputation: 4152
Would not make any changes.
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Old 07-21-2019, 03:29 PM
 
Location: VT; previously MD & NJ
2,236 posts, read 1,373,706 times
Reputation: 6483
I would hire my own Michael Anthony to handle all the household nonsense, drive me around, arrange for any repairs that might be needed (car and house), make plans for and accompany me on trips to interesting places around the world, buy me a nice winter house in a warm place (I already have a nice place for the summer). I would also ensure my grandchildren get to go to whatever school/college they want.

Added: My son can have whatever is left. As is, he is doing well on his own.
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Old 07-21-2019, 03:54 PM
 
Location: equator
3,545 posts, read 1,571,271 times
Reputation: 8825
Daily massages and more travel.
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Old 07-21-2019, 04:23 PM
 
Location: Central NY
4,706 posts, read 3,276,460 times
Reputation: 12103
I would make sure some of it went to my kids.

I would give some to the charities I care about.

I would do some traveling. Some of the posters write about places they have been, I would like to visit some of them. I've never been to Europe, would like to visit England (my Dad was born there, Wales (my Mom's parents were born there). Ireland, Italy, Denmark, etc.

I'd like to visit many places right here in America that interest me.

I've probably run out of money by now.
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Old 07-21-2019, 04:54 PM
 
Location: Carolina Shores NC
6,754 posts, read 8,109,511 times
Reputation: 5200
Quote:
Originally Posted by SunGrins View Post
Granted, one-million dollars ain't what it used to be, but what would you, a retiree, do with an extra million bucks that fell into your lap?
Probably wouldn't do a thing other than stick it in the bank. It could come in handy down the road in old age.

I did remember the show by the way. I watched it when I got a chance.
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Old 07-21-2019, 05:16 PM
 
Location: VT; previously MD & NJ
2,236 posts, read 1,373,706 times
Reputation: 6483
Quote:
Originally Posted by Poggly Woggly View Post
Probably wouldn't do a thing other than stick it in the bank. It could come in handy down the road in old age.

I did remember the show by the way. I watched it when I got a chance.
Some of us are in old age now... therefore handy to spend now.
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