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If you inherited 5 million dollars

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If you inherited 5 million dollars, what would you do with it?  

For me it would be starting a non profit shelter and sanctuary for senior dogs.  A place where senior dogs would have a happy place and safe place to finish out their lives.  I would purchase about 5 acres.  I already have a house pictured in my head that would be just for the dogs with easy access to outdoors.  I would be able to hire some staff but also be able to rely on volunteers.  I would also have a garden to be able to grow some of the vegetables that dogs need to keep healthy.   

Of course I might do a little bit of traveling.   But I seriously would really love to do a senior dog sanctuary.

 

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I'd get my two sisters and myself debt free with our own homes and reliable vehicles (nothing that screamed "I inherited $5 million"), maybe help out with their or their husbands' schooling if they'd like.  Then I'd update my parent's homes as they saw fit (including forcing my mom to get a professional to finish the bathroom remodel her brothers started over a year ago). Since I've been technically homeless a couple of times, I'd make sure mine had a few spare bedrooms to take in folks on the edges of my circle needing temporary places to stay until they could get back on their feet.  Probably also foster/adopt as many cats as city ordinances allow.

With whatever remains, I would put 1/3 in savings/investments, 1/3 to getting us some dedicated curling ice (although part of me likes playing on arena ice) and be recklessly philanthropic with the rest of it, one fistful at a time.  Humane Societies, LDS Humanitarian Aid, a gaming app called Givling that crowdfunds to help people with student loans and mortgages, United Ways, public libraries, local food pantries, paying it forward at the grocery store, domestic violence shelters, random Go Fund Me projects, etc.

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If I inherited five million, I would pay off my mortgage and other debts. I and my husband would have much needed dental work done on our teeth, which we currently are unable to afford. We would get a decent car. We would replace some of our food storage. Travel some. Maybe buy a camping trailer. Our aches and pains are such that camping is getting hard for us. Taxes would probably take about half. I don’t think there would be much left after these expenditures. 

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I would pay tithing, build my dream home cash down. Buy 20 or so rental units, a couple self sustaining business, invest in stocks, and maybe a car or two. Whatever was left would go toward Other investments.


I would likely donate a good chunk to Underground Railroad, and then once I am making double my expenses in passive income, I’ll be donating almost everything I have to them.

Edited by Fether

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4 hours ago, pam said:

If you inherited 5 million dollars, what would you do with it?  

Pay off my house, have a nice found for my daughter to earn for college... and just be really happy to not have to worry about money.  That sense of security is huge.  So if something happens to us, or a dear loved one, we can be there.  

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$5 million, invested very conservatively, would yield income that would still be about a 100% pay increase for me.

I’d probably pay off my mortgage and student debt, replace my 12-year-old car, get the boat I’ve always wanted, invest the rest, take a less-stressful and less-time-intensive job, and use part of the investment income to make up the pay cut.

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Pay off the house, put money aside for the kids, then find my land for my forever home. I plan on leaving the city and never coming back once my kids are raised. I mean out in the country away from people. Plan a huge chicken area, orchards, raspberries, black berries, grapes, blueberries, a few cows, some old horses that too old for riding, a green house for veggies and flowers year round and amazing gardens in the summer.

Not much would change for the day to day. I would also get custom cowboy boots and a killer pair of heels.

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7 hours ago, pam said:

If you inherited 5 million dollars, what would you do with it?  

For me it would be starting a non profit shelter and sanctuary for senior dogs.  A place where senior dogs would have a happy place and safe place to finish out their lives.  I would purchase about 5 acres.  I already have a house pictured in my head that would be just for the dogs with easy access to outdoors.  I would be able to hire some staff but also be able to rely on volunteers.  I would also have a garden to be able to grow some of the vegetables that dogs need to keep healthy.   

Of course I might do a little bit of traveling.   But I seriously would really love to do a senior dog sanctuary.

 

I would pay my tithing and taxes that with what is left I would take my wife out to eat at Taco Bell.

 

The Traveler

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11 hours ago, classylady said:

If I inherited five million, I would pay off my mortgage and other debts. I and my husband would have much needed dental work done on our teeth, which we currently are unable to afford. We would get a decent car. We would replace some of our food storage. Travel some. Maybe buy a camping trailer. Our aches and pains are such that camping is getting hard for us. Taxes would probably take about half. I don’t think there would be much left after these expenditures. 

Have you spoken to your Bishop?  Here, we've assisted people with dental work in the past.  

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15 hours ago, pam said:

If you inherited 5 million dollars, what would you do with it?  

The first thing I'd do is to get the garage door fixed. I had to cut the cables on it the other week because they'd got all snarled up and mangled so it wouldn't close at all, and now I have the full weight to lift whenever I open it. It's also got free of its runners, so when it closes it comes down at all kinds of funny angles. I have to open and close it several times before I can lock it. It's an absolute nightmare.

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I've actually had the same answer to this question for 25 years.

 

Quote

If I were rich, I'd have the time that I lack to sit in the synogogue and pray.
And maybe, have a seat by the Eastern Wall.
And I'd discuss the holy books with the learned men, 7 hours every day.
That would be the sweetest thing of all.
*sigh*...   If I were a rich man...

 

Edited by NeuroTypical

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3 hours ago, NeuroTypical said:

If I were rich, I'd have the time that I lack to sit in the synogogue and pray.
And maybe, have a seat by the Eastern Wall.
And I'd discuss the holy books with the learned men, 7 hours every day.
That would be the sweetest thing of all.
*sigh*...   If I were a rich man...

I teach at a university - which you probably think is a cushy job - which it probably is - but...oh the tedium of marking undergraduate assignments! Sometimes over 100 of them, all saying more-or-less the same thing with varying levels of articulation and accuracy, and having to assign fair marks to all of them - and give feedback! And defend those marks when the complaints come! The tedium of MEETINGS - listening to people argue for hours!

Perhaps if I had 5 million, I'd offer to pay my own salary but only do the bits of my job that I enjoy. So:

  • No more undergraduate marking. Just research dissertations. Nothing else.
  • No more than one undergraduate lecture and a couple of undergraduate tutorials per week.
  • I get to go to whatever conferences I want. (I'd pay my own travel and accommodation.)
  • I get my own lab, for my own research students, picked by me. (I'd pay their stipends and their tuition fees.)
  • No more going to meetings. I'd pay a student to sit in meetings for me, and tell me if anything happened that I needed to know about.

Deedle deedle dum.

Edited by Jamie123

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34 minutes ago, Jamie123 said:

I teach at a university - which you probably think is a cushy job - which it probably is - but...oh the tedium of marking undergraduate assignments! Sometimes over 100 of them, all saying more-or-less the same thing with varying levels of articulation and accuracy, and having to assign fair marks to all of them - and give feedback! And defend those marks when the complaints come! The tedium of MEETINGS - listening to people argue for hours!

Perhaps if I had 5 million, I'd offer to pay my own salary but only do the bits of my job that I enjoy. So:

  • No more undergraduate marking. Just research dissertations. Nothing else.
  • No more than one undergraduate lecture and a couple of undergraduate tutorials per week.
  • I get to go to whatever conferences I want. (I'd pay my own travel and accommodation.)
  • I get my own lab, for my own research students, picked by me. (I'd pay their stipends and their tuition fees.)
  • No more going to meetings. I'd pay a student to sit in meetings for me, and tell me if anything happened that I needed to know about.

Deedle deedle dum.

What subject(s) do you teach?

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34 minutes ago, Vort said:

What subject(s) do you teach?

Officially networking and cyber security, but that's mostly because those subjects pay. On the side I'm very interested in information theory and computational linguistics, and type-token systems in general. At the moment I have little time to spend on such things, though I did manage to get a paper on vocabulary prediction submitted to a journal back in April. (It's still "under review".) If I had more free time I'd go more in those directions.

At least I think I would.

My problem is I have the heart and temperament of a polymath, but not the brains to be one.

Edited by Jamie123

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