Personal Finance Quiz - If Financial Bloggers Had A Million Dollars

If Financial Bloggers Had A Million Dollars

7 years ago

This week I wrote a little bit about what I would do if I suddenly inherited a million dollars.  I hid from my family and then went on a spending spree buying a house and a business.  We all have those fantasies, so I challenged a bunch of financial blogger friends to come up with that they would do if they had also inherited $1M from good ‘ole aunt Bertha.

Khaleef at Fat Guy Skinny Wallet isn’t just paying off debt, and quitting his job, he’d retire his mom as well.  Awww, isn’t that sweet!

If Jacob from My Personal Finance Journey inherited $1 million, not only would he save half of it to achieve his Purpose Focused Financial Plan, but he would also use 5% of it to travel around the world.

Family Money Values has a short list of things to do with a million dollars – first, pay the taxes, second spend a little and third – set up a family fund to grow for generations.

Kay Lynn from Bucksome Boomer is beefing up her retirement plan but she has some interesting things planned with the remaining money.

If retirebyforty had a million dollars, he wouldn’t show up at work the next day! The million dollars would be enough for him to achieve his financial goals and enable him and Mrs. RB40 to both retire early.

The Single Saver already had this plan ready to go and a HUGE block of money is going right to investments.

Harri is already breaking out into a guilty sweat about her inherited money at Totally Money.  We need to work on that guilty conscience woman!

Andrea at So Over Debt discusses her (for once) practical plan to save, give away, and spend her million dollars.

Jana from Daily Money Shot is the most realistic of us all since she would “be a little irresponsible” for a month.  That’s what I call livin’!

The No Debt MBA (I wish!) really went over to the dark side and he’s blowing his money on a fabulous sail boat.  Ahoy matey!

JT from Money Mamba is being responsible by buying a 4-unit rental but then he goes a little off the deep end!

Now, some of these guys made me feel a teensy bit bad for not giving anything to charity, but I brushed that guilt off really quickly because if you look around, there’s no donate button on this blog.  🙂  I make very small donations now not to churches, but to the occasional charity and even more important to me, to people that I see on the street in immediate need of help.  I would need to change my thinking and be very secure in my financial footing before I would be confident enough to cut a check for a big chunk of change to a charity.

Lots of us are wandering souls and would take sweet exotic vacations.  Mr. MBA Guy is doing that whole sailboat thing.  It’s great to know that we don’t think about our own tiny little world but would like to explore a little.

Almost ALL of us decided to set up an income stream.  For some it was investing in dividend paying stocks, for some precious metals, for me a business, others real estate and whatever Ponzi scheme popped up at the time (just kidding).  It’s important to realize that we all recommend setting up a way to make your money last as long as possible.

Finally, I think that we all concluded that while we’d love Bertha to send us a check (please, God) we know that there is no Bertha (damn) and we are all in control of our financial future.  But really, secretly, wouldn’t you just love the opportunity to spend an unexpected million bucks?

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Sandy Smith

This messy little blog was all my doing. I started this blog four years ago as a way of keeping myself accountable to my own debt reduction plans. Now I'm using this blog to help others get out of debt as well. Consider subscribing to get more delicious posts like this at least twice per week.

17 thoughts on “If Financial Bloggers Had A Million Dollars”

  1. Love the chain you started Sandy! If I had an extra million bucks I’d put $500,000 of it on black! Then I’d put the other $100,000 left thanks to taxes and buy my parents an around the world cruise.

  2. What a fun topic to write and read! Thanks for hosting this! I’m off to read them all now.

  3. If I had a million dollars … I don`t dare to dream. I have a million things to do with them… I can not decide..

  4. Hahaha! Sandy I’ll get working on that guilty conscience for you 😉

    Loved this meme and loved reading everyone’s brilliant posts!

  5. I would take $100k (10%) for immediate use. I would pay off our two small car loans (12k total), my student loans ($13k) and the last of the credit card debt (<$5k). I would hold onto $55k for a house down payment and the remaining $15k would be for a trip to visit my MIL and an awesome vacation somewhere. That amount conveniently takes care of all the goals I really want to have done right now.

    The rest I would move over to Vanguard and probably sit in a mutual fund or bond fund until I figured out what to do with it. Right now, I'm thinking I would invest for long term income. A steady passive income helps me more in the long term than a whole lot of immediate gratification. I'd be pretty darn happy just spending the $100k above and having the extra money coming in. Then I would wait for a while before I made any more drastic life changing moves. I might still use some of the money for other big goals or wants, but I'd want to seriously weigh all my options before I did anything. I would think that right after getting a million dollars is a horrible time to make any huge life altering decisions.

  6. I would take $100k (10%) for immediate use. I would pay off our two small car loans (12k total), my student loans ($13k) and the last of the credit card debt (<$5k). I would hold onto $55k for a house down payment and the remaining $15k would be for a trip to visit my MIL and an awesome vacation somewhere. That amount conveniently takes care of all the goals I really want to have done right now.

    The rest I would move over to Vanguard and probably sit in a mutual fund or bond fund until I figured out what to do with it. Right now, I'm thinking I would invest for long term income. A steady passive income helps me more in the long term than a whole lot of immediate gratification. I'd be pretty darn happy just spending the $100k above and having the extra money coming in. Then I would wait for a while before I made any more drastic life changing moves. I might still use some of the money for other big goals or wants, but I'd want to seriously weigh all my options before I did anything. I would think that right after getting a million dollars is a horrible time to make any huge life altering decisions.

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