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Keep in mind the million dollar house you get may bite you with a big tax and maintenance expense.
At least for me, the money I allotted for housing includes money for taxes. And the money accrued through interest will be used for my housing expenses.
My wifey and I discuss this every now and then when a large jackpot is in the news.
We would probably donate most of it to St. Jude Children's Hospital. I know a few parents who used their services. I cannot imagine a better thing to do than assist genuine innocents in need.
I enjoy working and earn enough with prospects for more at current employment and I have no debts except normal cost of living. My family does not need nor accept charity. My wife would wish to help financially some of her deserving family members.
I earn enough with prospects for more at current employment and I have no debts except normal cost of living.(mortgage paid off in 4 years) I enjoy working. My mother is wealthy. My brother does well. My wife would wish to help financially some of her deserving family members.
I have a steadily rule that I do not lend or give money to friends or family members who mismanage their money. If they want money from me, they need to agree to let me manage their finance.
Well I can never dream about this subject too much!
I would hire a financial advisor to see how to best ensure that this money continues to make money.
I would then pay off various homes, loans and bills of ours, and those of our dear friends. We both don't have many heirs so no children/grandchildren to think about.
We would both retire immediately, and devote our lives to animal rescue, something we are both very passionate about. Possibly build a shelter and/or contribute to existing shelters in need.
We would also anonymously give money randomly to people in need, who may lose their homes, can't afford medical bills etc.
We would continue to live our lives very much the way we have been and wouldn't splurge on crazy homes, boats, etc. We are comfortable and aside from a few more shopping trips, and vacations, wouldn't do anything extravagantly. The ability to not have to work every day, not worry about money, and help others is reward enough.
Buy 20 acres of half wooded and half fertile ground. Build an approximately 350 sq ft home of my design on it (in the trees). Bury lots of money in lots of places on the 20 acres (of course, nobody would know this at the time). Pursue my many personal passions/interests. Dig up about $15,000 per year to live on. When I die... the distant relatives will have a good easter egg hunt to find the remaining cash.
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(of course, nobody would know this at the time). Pursue my many personal passions/interests. Dig up about $15,000 per year to live on. When I die... the distant relatives will have a good easter egg hunt to find the remaining cash.
