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- Re: What would you do with a sudden windfall of mo...
What would you do with a sudden windfall of money?
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First I would give 10% to charity. Then I would pay off all my unsecured debts, essentially everything except my mortgage. Next in line would be the mortgage. Then put the remainder into savings. This would give me plenty of time to think about the next step. I would be very inclined to plan to make aliyah since the savings would be enough to let me travel between California and Israel whenever necessary.
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As most ,pay off debt. Depending on how much, I would buy a home and furnish it.Save enough to make my monthly income comfortable, as I only have small SSI and SSD. Give to some other's that could use help as in food Banks and if possible, put some away for my end, so not to be a burden on my eldest. That would be a dream come true.
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i'd pay off my house, pay of my brothers house, buy a small place so my adult Aspie son would have a place when i'm no longer here, buy a place for life skills classes (and other classes) for Autism Spectrum kids and adults and secure appropriate teaching staff and set up an endowment (?) plan to keep it going, get some quality health care.....................
Sheesh ! that would have to be som e BIG windfall !
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Invest with a very large reputable investment firm like what we have done all thse years. Instead of spending the principle amount, rely on what income it generates so one can live comfortably for years to come. This idea has worked well over the years for us to retire in comfort and hot have to worry about where would the money come from. Also can leave behind for the future gerations for their studies!
I would buy the hosue I am living in or find one more updated and buy it. I would build a shop and double car garage all heated and Air conditioned. THe shop would have a vacuum system to keep it clean while cutting up wood and other soft mess making things. I don't have any bills I can't handle currently. I would also start a business which would get some Homeless off the street and give them work and dignity. I would also pay for my burial services and buy family burial plots as I don't believe any of my family members have cemetary plots. I would set some aside for those who I have never met and are related to me. If there was something left after that, I would buy an annuity so I had enough to continue paying for what I started. There would be help for people down on their luck. I have been known to share what I have with others.
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I would first pay off all my husband's school loans. Next would be our home and vehicle - pay them off. Then I would do any remodeling that needs done on our property. If there is still funds left, I would see that each of my kids has a new vehicle to drive. After that, the rest would go in the bank.
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$100 - Dinner at Ruth Chris Steak House. Been there once for a fantastic dinner.
$1,000 - Put in the bank and spend it on Christmas gifts for the family.
$10,000 - Buy my recently divorced daughter a new car.
$100,000 - Pay off my mortgage.
$1,000,000 - now we're talking windfall. Pay off all bills, buy a new house in a better neighborhood, gifts to kids ($100,000 apiece)
$10,000,000 - I'd do the above but increase the gifts to a $1MM each. The remainder would be set aside in a trust to provide future legacies for the kids and grandkids with $3MM to create a family foundation to give anonymous gifts to people in need.
$10,000,000+ - This is a point where the more money available doesn't impact my actions other than to proportionally increase the legacies and gifts.
The idea of a windfall causes each of us to focus inward on our own needs until we reach a point where we feel "satisfied" and begin to focus outward. I think is what most people would. There are certainly exceptions to the rule (e.g., the celebrity who doesn't tip), but I want to believe we are all basically philanthropists waiting for a "windfall".
When my windfall of money comes to me. I would be so generous with my family, friends and people and dogs. I would also be very generous to the people not as lucky as me. Homelessness, poverty would not be in our vocabulary.
SIncerely,
Michelle
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