I have to say that as a kid when people talked about winning $1 million, everyone said they "would be set for life." Pfffft, ha! One million really is not that much these days. I mean don't get me wrong, its a nice chunk of change-just not enough to live off of indefinitely. The average working American-with a college degree, makes about $35k per year. In 30 years they've made a million. Oh sure, you could try to invest your million but in this economy and stock market, that is VERY dicey right now.
First thing I would do is pay for all three of my kids' college tuition. Then I would send myself back to college for a degree. I would at least go for a Master's, probably a PhD. I want to go into the field of Chemical Dependency/Addiction. I would love to develop an alternative treatment to what most rehab centers teach now. I just think that there's got to be another way other than the 12 Step/AA dogma. But that discussion is for another day.
I would buy myself a nice condo and furnish it of course. I definitely would do something "frivolous" with some of the money. It would be awesome to take my kids on vacation somewhere. Just me and them, alone as a family. It really wouldn't be frivolous in my opinion. That kind of quality time with them would definitely be worth the money.
I would also try to help out my family and friends that truly needed it. I would have to be careful though, like I said, a million bucks doesn't go as far as it used to.
What would YOU do with $1 million?????
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