If you won $5 million, would you move? Where? (houses, neighborhood)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
This topic came up on another forum, and I thought it made for interesting discussion.
Let's say you won the lottery for about $5 million (after taxes). $5 million is an interesting amount, because it means you're rich, but you're not so rich you can do absolutely anything. You can't live a "money is no object" life unless you're at or near retirement age already. You can't buy three mansions, you can't travel the world for the rest of your life, etc. But you could quit your job and live off the interest generated by an index fund, as long as you kept your expenses under $250,000 a year.
Alternatively, you could get out of dodge and buy into basically anywhere. Even in NYC or San Francisco you could buy a home. You'd still need to work for a living (unless already retired) but it would give you the option to be a homeowner in even the most expensive U.S. markets.
So what do you do? Do you stay put in your home? Do you buy a bigger/better place in your existing metro? Or do you relocate to your "dream" area?
There’s a slim chance I’d buy a single-wide in the Upper Peninsula with RV hookups and travel a lot.
Any of these scenarios I’m traveling as much as possible.
We might have one more move in us, to a place with more social opportunities. With $5 million I could buy a house I love, rather than one in my budget. I’d give the grandkids some money.
I'd stay in Pittsburgh, but I'd be tempted to move. We love our house, but we made compromises in terms of neighborhood. I don't see a "dream house" on the market right now (this comes close), but I think we could wait around for one, do the needed work, then move.
My kids are 9 and 13, so it's awhile yet until we're done with school. Plus my mom and my wife's parents are local to the area. So I don't think we'd consider any relocation until at least a decade from now.
But you can bet your ass I'd stop working forever. Retirement at 43 baby!
Nope, nor would I if I won $250M. In fact, while I would love to win the lottery and am confident I would be just fine managing the money it would crush me because I would almost certainly have to move because I live in a Lottery winner disclosure state and would no doubt be besieged by people begging for funds. I freaking love where I live right down to the neighbors, historic cottage and garden in the back and couldn’t imagine a better place.
Sure, I would travel a bit more but can’t even think of a place for a second house - maybe a couple of summer months on the coast in Cape Anne MA.
I just don’t play the lottery and feel relieved because of it haha. Houses around here go for close to $2M (we bought ours for under $200k) so $5M isn’t gonna change one’s life too much if you want to plunk down that much for a modest sized house here.
^^^
Edit: I do love those historic homes in Pittsburgh and it is one of my favorite cities so I completely understand you not wanting to move either.
Nope, nor would I if I won $250M. In fact, while I would love to win the lottery and am confident I would be just fine managing the money it would crush me because I would almost certainly have to move because I live in a Lottery winner disclosure state and would no doubt be besieged by people begging for funds. I freaking love where I live right down to the neighbors, historic cottage and garden in the back and couldn’t imagine a better place.
Sure, I would travel a bit more but can’t even think of a place for a second house - maybe a couple of summer months on the coast in Cape Anne MA.
I just don’t play the lottery and feel relieved because of it haha. Houses around here go for close to $2M (we bought ours for under $200k) so $5M isn’t gonna change one’s life too much if you want to plunk down that much for a modest sized house here.
^^^
Edit: I do love those historic homes in Pittsburgh and it is one of my favorite cities so I completely understand you not wanting to move either.
You already live in a great place...
and don't homes near the ocean (not even ocean front) go for $15 million plus?
$5 million doesn't go that far in San Diego.
Yeah 5 Million isn't that much nowadays. A conservative estimate for utilities, internet, cable etc is about $1,800 a month. That's over 20k a year. And if I'm lucky enough to live for 40-50 more years that would be over a Million in JUST BILLS! Add food and clothes and it would be approaching another Million. Especially if I'm keeping up appearances.
I would rather take about 100K to upgrade my current home and make sure I can live comfortably for the rest of my days. I would rather see the world than spend all my money enjoying just one really nice spot in it.
If I won about 50M, I would buy a modest House in Southern Lousiana, A modest house in the Pacific NW, one in Southern France and one in the Caribbean and I would just just shuffle around. No Million dollar homes in fancy pants cities for me.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
