For most people $1,000,000 is a genuinely life-changing amount of money and sometimes it is fun to dream about how you would feel and what you would do if you won a big prize like that from a site like Winloot.com. Tell us what you’d do in the comments below and you’ll automatically be entered into this month’s $100 blog sweepstakes. While that isn’t as nice as a million dollars would be, it isn’t too shabby.
While we’d all be in shock and of course be excited, I would think that everyone would go through a mix of emotions. Some may be in a state of disbelief and others will be overjoyed. Who would you tell first? Of course, one of the first people you should talk to is your accountant!
Pay Of Mortgage / Buy A House?
Most of us would be able to pay off our mortgages (and if you have a mortgage of over $1,000,000 you may not need the money) or buy a very nice home. Don’t go too crazy though. You want to stretch out that $1,000,000 as much as you can. While you could certainly purchase a lovely home, let’s make sure to leave a lot left over for other goodies.
If I won a million dollars, one of the first things I would do is go on a great vacation. It is cold here in New York, so I think I’d head to somewhere nice and warm like Hawaii for a couple of weeks to work on my tan, relax and think about what I am going to do with my winnings.
With a proper investment strategy in place you should be able to double whatever you don’t spend in every seven to ten years so it would be wise to talk to some investment managers, your accountant and probably a lawyer to lay out a sounds plan. They can help you decide whether you should invest in stocks, mutual funds or perhaps a hedge fund with that kind of wealth.
If you wanted to splurge a little this might be a good way to do so. Are you into sports cards, trucks, SUVs, or maybe motorcycles? With $1,000,000 at your disposal you could buy one of each if you really wanted to.
If you have kids you probably already have a pretty good idea about how expensive college is, so putting some money aside to pay for college is probably a very wise thing to do. Perhaps you’d like to go back to school and learn something new. With one million dollars you can certainly do it if you wanted to.
Think you’d like to win $1,000,000? Yeah, me too! Play Winloot.com for free and you who knows? Good luck!