Pay off debt
Sell house and build dream house
Travel, travel, and more travel
Go on a shopping spree (ok, this will probably be done first, lol)
LOL! Isn't is weird when one million dollars might not be enough?
1) Invest it so we can live off the proceeds. If I can get approximately 2% interest right now, that would "only" be about $20,000 a year. I'd probably go back to work to bolster that income and get us health benefits.
2) Let hubby quit work so he can go back to college. I think he doesn't need to go back to college but it is a big dream for him.
3) Once hubby is done with college, move out of country where we could live cheaply on the interest.
Seriously, that's it. Like I said, $1M doesn't stretch far.
It is true - 1 M does not go far with the current super-low interest rates. If you put that 1M away & invested it, and all investments carry some risk, even if you diversify, you are not going to get whopping amounts of interest to be able to "live off the interest". Also, if you are dinging that 1M up front to pay off bills, pay off the house, buy a car, remodel, take a trip, you don't have that 1M starting amount for investing. DH and I have been having several meetings as of late with our financial investors as one of our goals this year is to finally try to organize/clean up our money situation. We've got CDs and IRAs and some account from DH's dad, and a bunch of things scattered all over and we want to get it so it makes sense, is working better for us, and maybe be able to earn more interest. We've learned a lot in our meetings so far, and it becomes obvious that, if you had 1 M, depending on your age, how long you need it to last to pay for your retirement years - it doesn't break down into all that much in the long run, unfortunately.
1. Pay off Mortgage!
2. Renovate house
3. Pay off ALL debt
4. Buy new car, pay cash and have no payment! LOL
5. Take entire family including mom and mil on vacation!
Of course being responsible like saving, paying college tuitions, and investing are in there, but after living paycheck to paycheck and frugal for so long, it would be nice to live a little and enjoy the money!
1.Sell our house and buy one in the neighborhood we want to move to and pay it off.
2. College fund for DS
3. New or new to us cars for DH and I both or ours are getting old and will need to be replaced in a few years.
4. money for travel
5. Hopefully invest wisely so DH can retire earlier especially with no mortgage.
I would like to basically live like we do now just in a different neighborhood and do a bit of traveling and not worry about money. Unfortunately a million bucks doesn't buy much these days. But even doing the things I listed it would take years off our retirement plan . Since DH would be able to retire sooner we would do more traveling - something we have not done at all in the past 9 years and we really miss. We have never done expensive trips but road trips but we haven't even done those since before DS was born.