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I would finish nursing school, move back to Alaska and go to work there. During the winter I would work to support the family and spend summers travelling and camping with the family.
I would also give a couple million to my parents. As most of you know I went home to visit my parents last week. They could really use the money for health reasons.
Buy some land far away from everyone and every thing and build a cozy little cabin. Not leave a forwarding address!! change my phone number, set my kids up with property and housing of their own.
travel travel travel...
Buy some horses and just relax and enjoy what is left of my life.
I'd pay off the mortgage on our house and my husband's student loans from medical school. I'd add some money to the kids' university funds, and then buy my parents' condo on Vancouver Island. They are trying to sell it and need the extra money for their retirement. I'd buy a house for my friend who is living in a cramped apartment with 3 little kids. I'd give some money to charities that I support. Then my family and I could take a big trip around the world. I've always wanted to do that.
This question reminds me of a journaling exercise I did once. It was called an "abundance" exercise. Every day you had to pretend that you were given a certain amount of money, that you had to spend within 24 hours. On the first day you had $1000, the second day $2000, thirs day $3000, etc, and you were supposed to keep doing the exercise daily, adding $1000 a day, until you couldn't think of what to do with the money anymore. I did it daily for about 3 months... it was a really interesting exercise, because after a while you really have to think about how you would spend it. It's a good way to help you realize what you really want out of life, too!
1 mil and 10 mil are very different amounts. Lets assume that the amounts are After Tax amounts.
1 Mil
I would take 1/2 to 3/4 of it and invest it so that it would provide retirement income for me. The balance I would use to pay off my debts and fix up the house. I MIl doesn't go that far.
10 Mil
Now this would give me enough to retire, I would take 1/3 and buy tax free municipal bonds that paid quarterly dividends. This give me a around $150K annually to live on. I would take a second third and use it to pay off debts, fix the house, buy an RV, then travel around. The remaining third I would invest for long term to provide an inheritance for my daughter and/or cover catastrophic illness for my wife and I.
I'll go one better and add if I got 100 Mil.
In this case I would put $10Mil into the bonds for my annual income. I would put another 10 Mil into paying debts, the RV, building a new house etc. I woudl take 30-50Mil and establish a philanthropic trust figuring it would generate between 1.5-2.5M a year which I would then use to establish some scholarships and look for some other chariitable works.
I agree that $1 million wouldn't go that far. I don't mean to sound greedy.
$250,000 would get me a nice paid for set up...house, car.
$500,000 retirement
$50,000 per child for education (although I'm not sure that would go very far)
$10,000,000 all of the above+
help parents
finally take a vacation
travel everywhere
live
travel everywhere else
enjoy
etc.
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