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I just want to make it clear that I have not come across this windfall but rather am asking the question because of its potential to make all of us think, particularly when trying to be specific. Thanks again.
What is there to think about? This is the Retirement forum. Based on that context, people would save/invest/use the money to finance their retirement.
There's no single way to allocate investments. Just general rules based on age and risk tolerance.
Besides investments, people will use the money to support their particular lifestyle.
Well, what good intentions I may have probably wouldn't pan out as would be like many others who came in to a windfall and were broke and unhappy. Will stay down where I am and be grateful for it.
If you prepare right, you should have relatively low-maintenance free power, and there are ways to make plenty of money to buy groceries with cash, so you don't need to toil your butt off. You should however grow some organic foods in your garden, which is recreation not toil. You actually have far more menu choices off the grid. By growing your own food you can have real food, not eat poisonous processed garbage you get from the grocery store.
If your goal is to live on zero dollars income, that can be difficult. But not impossible.
But if your goal is to make savings and run a virtual business from a cabin off the grid, making a good income, that is a much easier and freer way.
The important thing is learning what you need to know and setting most things on practical autopilot.
Living off the grid can be difficult if you are still indoctrinated, and if you are uneducated, and unwilling to do what it takes to be free from the government.
Life off the grid can be really great, especially if you have a lot of intelligence, aptitude, and ambition, resilience, passion, skill, and make adequate preparations as well as having adequate savings and back up plans.
Utter rubbish. But if you are completely off the grid, you will enjoy rubbish. . Growing an organic garden is recreation? Then you can come over and grow mine. I grew up on a farm . I'm sure you did not. Running a business virtually and from a cabin is easy? LOL. And you have lots of qualifiers...adequate savings, back up plans, etc. Again, a croc.
Bag the stock market for at least the next 18 months. Nothing to be messing with right now. I don't care what it does between now and then. It's way overpriced, highly manipulated, and even worse, there are both domestic political and international monetary goings on right now of totally unknown outcome. I don't care who blabs what - the fact is at this point, nobody knows. This is not your mom and pop's stock market. "Breast it." Just for now. Not forever (I hope). Patience pays. You got the mil. Priority number one? Don't lose it!
70k-pay off the mortgage
30-40k- reinvest in the house, small upgrades, maybe enlarge a few rooms, landscaping, etc
30-40k- newer car and a small beater truck for hauling stuff
30-40k- work on some health and wellness related issues for me and the kids
20k- gift kids their allowable 10k per year, watch to see how they spend it before deciding whether to continue gifting (prefer gifting while I'm alive over leaving money after I'm dead)
15-20k- ski boat or used cabin cruiser for the lake
20-30k- yearly for travel/adventure
invest the rest, mostly in 'safe' ventures, but maybe a little in something more risky, just for the heck of it.
yeah right, I doubt it but I do think you would like people here to think you are all benevolent and totally selfless.
I'm not a 20 something. I'm retired. I have no kids or spouse. I have an illness that is not currently curable and which limits what I can do. I believe I have enough money to last my remaining years. I see no reason to spend unexpected money on frivolous things, when I could help people who need it more. I spent on myself when I was younger. Now it's time to give to others.
Bag the stock market for at least the next 18 months. Nothing to be messing with right now. I don't care what it does between now and then. It's way overpriced, highly manipulated, and even worse, there are both domestic political and international monetary goings on right now of totally unknown outcome. I don't care who blabs what - the fact is at this point, nobody knows. This is not your mom and pop's stock market. "Breast it." Just for now. Not forever (I hope). Patience pays. You got the mil. Priority number one? Don't lose it!
as an investor for almost 30 years i never knew a moment there wasn't a wall of worry. whether it because we were high or because we were plunging and it was like trying to catch a falling knife .
when it stopped plunging and you looked around you after the smoke cleared things looked awful so it was expected to plunge more. once it started to go up it was expected to be a suckers rally.
the truth is no one should try to time these things . just invest and look again in 15 years . odds are pretty damn good you could sell at a profit .
don't have 15 years ? then you should not be in long term volatile assets.
If I had a million bucks, I'd buy a home in Ridgway Colorado with this view...!
not me , that view would get stale with us awfully quick as pretty as it is . there better be a whole lot more to do then a view in my book.
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. Growing an organic garden is recreation? Then you can come over and grow mine. I grew up on a farm . I'm sure you did not. Running a business virtually and from a cabin is easy? LOL. And you have lots of qualifiers...adequate savings, back up plans, etc. Again, a croc.
