As requested by a reader- What would you do with a million dollars?
Once you think about what you would do with just one million you quickly run out of funds.
1. I would pay off both mortgages and buy a larger home in the same neighborhood. The other two houses would remain rental property. All in all this would be about 450,000.
2. I would give 200,000 split between some family members to put towards their mortgages.
3. I would give 100,000 to my church to pay towards the mortgage and building fund.
4. I would invest substantial amounts into funds for my children and their college expenses.
5. I would pay off any other debts that we have… which aren’t much but I’d get them off my mind.
6. I would make sure one of my elderly family members had enough for their general welfare.
Our jobs wouldn’t change.
Cars wouldn’t change.
We could use the additional funds from the rental property and not having to pay a mortgage to invest in some new living room furniture…really it would be awesome right now. Those funds would be equivalent of making over 1600 more a month and not paying a mortgage anymore.
Knowing John and I we would invest in more property and make some improvements on the houses we own. We’d just do it slowly over time.
We would increase our retirement savings and put more in our general savings.
We would reasonably increase our tithes to the church.
To be honest I’d probably get a pedicure more often.
Lastly, even given our luck, I would take the time to call and thank Dave Ramsey for financial peace along the way.