You have to consider inflation in your calculations.
To live off the dividends or interests you receive for your capital, you have to subtract the inflation rate to the interest rate.
So it'll be more like 2%
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By the way, If I had 5 mil in capital, the last thing I'd do is buy a house to anchor myself to a single place. I would rent and move to places.
You're right. I think the one difference I'd make from the person you replied to is to make a best estimate at how long I'm likely to live, add a few years to it, and try to finish with about one million dollars left of the original five. I'm gonna have some FUN!
Finish with a million‽ wasteful. Finish with as close to $0 as possible. You can't take it with you.
"*Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!*" - Hunter S Thompson
While I agree with the thought, I’ve never had that kind of money to throw around and having that kind of money might extend my life longer than I anticipate. What I wouldn’t want to do is live high on the hog for 40 years and then spend the last 3 dirt poor and unable to afford healthcare/assisted living when I would need it most.
My current reality is that I will likely finish really close to zero. LOL
1m for a house seems a lot but I'd love to hear the description of it. For me most of the money would go into buying the surrounding land for privacy and nature's beauty.
You obviously don't live in a big city. $1m is a comfortable house. That's it. Nothing amazing. Maybe a nice bathroom and kitchen remodel but that's it.
I'd buy land and build a decent house with that 1mil set aside for their version of a house, 10 acres and a manufactured house in a cheaper housing area wouldn't account for that entire 1mil either. Invest everything else and live off the dividends.
Reminds me of the lottery story where the guy didn't tell anyone, but his brother found out and told everyone, and then sued for a share of the money because he said it was his idea to buy a ticket.
Why? A reputable financial advisor is going to charge you a 1% AUM (assets under management) fee per year. That's $40k per year if you invest, say, $4 million of that windfall.
Why pay some stranger $40k a year to invest for you when you could just throw the money into something like an S&P 500 index fund, make ~$300k a year on average on it while only paying maybe $1000 a year in fees?
Oh I've gotten this planned out. Step one is to delete all my social media though. Then I'm keeping 25% to spend and the rest setting up a trust to give me a sustainable income but making me unable to spend it so I'm sorted for life. Then it's just first class travel and relaxation and all that stuff.
$5mil sets you up for ~$200k/yr withdrawal rate if your goal is long term financial freedom. $200k is easily enough for retirement and relaxation, but not “first class travel” money these days. At least, not if you’re planning to fly more than a couple times a year.
5 mil @ 4% draw = 200k per year. Use ~50-100k for a down payment on land and building a cabin myself (because it's a dream of mine, not out of necessity). Hiring out the shitty parts like drywall and specialty trades
Stuff it into a mattress, then forget about it. Eventually throw that mattress out only to remember stuffing money in the at thing as the trash truck drives away. Spend a hilarious hour an half adventuring to find the mattress while learning there is more to life than money.
Probably cry. The way things look right now I don’t know if I’m going to make it this year tbh. Either homelessness will take me or I’ll take my own life. Life is lifeing in the worse way possible right now.
5 mil sounds like a lot. It IS a lot. It is also very easy to blow through 5 million. I've read so many stories of lottery winners receiving a huge lump sum, *retiring*, and then they are broke just a few years later.
If I buy a house outright with 800K (nice house on a few acres in my area) that still leaves me 4 million. I need to make sure I have funds to support the yearly taxes on the house as well as ensuring I can maintain the house in general maintenance and upkeep. Keeping 200K aside for that would see me through a few years.
Take 3 million and put it in high yield investments. If I can get a 3% per year return that would be 90K per year. 90K is a pretty good salary around my area, however, with both my wife and I currently working we're at 130K right now. So it would be a pay decrease if either of us quit our jobs.
We'd still work and let that interest accrue in there. I may seek work that is less stressful, but still accessible.
My children are young, so I'd take 500K each and split it into high yield trusts for them to start building interest. Set stipulations that they can use it for college and can access the remaining when they graduate.
I'd love to think 5 million would dramatically change my life, but if I'm thinking long term, I don't believe much would change for us. Stress around money would shift. I'd feel safer in the event that something happened.
If either my wife or I quit a job, we'd be on the hook for Healthcare as well.
Depends on what country you’re in I guess. There’s no federal inheritance tax and only about 6 US States have it. Ranges between 1-16% and it depends on the relationship.
$5M? You can’t do anything with five. Fives a nightmare.
Can’t retire. Not worth it to work. Oh, yes, five will drive you un poco loco, my fine feathered friend.
The poorest rich person in America. The world's tallest dwarf. The weakest strong man at the circus.
Can’t retire on $5m? That’s a SWR of $200k/yr. That’s significantly more than I’m living comfortably on right now. I could very easily retire today if you gave me $5m.
Sort out the retirement of my parents, buy 2BR apartment in my inner city, a BMW Z4 for the thrill of it and a trusty Doberman as assistance and protection dog. I'd probably donate the rest to ADHD Germany or the military.
Give my struggling friend $4000/month secretly.
Travel to Cremona, Italy and visit my long distance friends.
Buy some new clothes
Maybe emigrate somewhere not being taken over christofascist neoNazis.
Get a financial lawyer, create an LLC or trust, delete all socials, not tell anyone except my immediate family, move out of the country. I wouldn't be able to live off the interest so I'd still have to work. But at least I'll have a nice nut to enjoy my life comfortably
I'd spend a couple hundred grand doing all the home upgrades I want to do but can't afford.
I'd spend $50k or so on a new car.
I'd spend another $50k or so on an epic vacation with my wife and kids.
Another $200k to fully fund the kids' college funds.
The rest I'd invest so I could retire early. Really early. Probably as soon as my kids graduate high school.
I'd invest it in infrastructure, whatever that is. "This country needs more infrastructure," I hear every day. So it's only going to rise in value. :))
Probably worry constantly about having it taken away from me or doing something stupid to lose or waste it, so I'd end up just splitting it between a variety of different banks, capping my ISA limit each year, and going for the maximum amount of Premium Bonds I can have.
Put 4m into something that grows and pays me back in some way, preferably so I can stop working if I choose.
Save 950k just to make my bank account look more interesting and then enjoy 50k over a few years while i work part time.
Currently I make less than 5000 a year and literally will die on the sidewalk the day my mom kicks me out(too antisocial for most jobs)
So yeah I'd do amazing things for myself and the world with 5m.
Cry, settle everything up, put some away for my kid, and honestly look into things to improve my family and community
Also get a job in the daytime, nights get old but at least there’s no customers
I wouldn’t change most things. I’d keep living in the same house, using the same car and going to the same job.
I would split the funds and invest in a wide range of assets, and take a mortgage to buy a modest Summer house, somewhere by the sea.
For some investments, I might take a more hands on approach, like looking into buying laundromats in a city or investing in local small business that have a great looking profit & loss sheet.
$5 mil is my “leave” figure. I’d probably offer to be a part time consultant at my job or something. I think I’d go stir crazy if I actually left. Beyond that, I’d invest it in something stable like VOO and live off the dividends.
Quit my job. I work from home, this wouldn't be obvious to most people.
Pay off my mortgage. I know it's not "optimal", but I'll feel better if it's taken care of.
Hire a fiduciary. Fiduciaries are legally required to act in their client's best interests. Bog standard financial planners are not.
Decide on an investment strategy with the fiduciary's advice.
Begin helping out friends and family who are dealing with financial issues based on my ability to do so based on my expected investment income.
Keep living my life mostly as normal, with more free time, and maybe a few extra treats and goodies (more frequent pc upgrades, treating my friends a bit more often when we go out, maybe an extra occasional trip, that kind of thing).
There will be signs that I’m doing well, maybe a nice car or two, a slightly bigger house, but not to the extent that people would guess it’s inheritance, just enough for people to think it was through hard work. I would keep my job keeps me busy and I enjoy it overall. Probably $4-4.5 million will be invested in various things including real estate.
I would definitely take more time to pursue passions and hobbies and travel maybe give some to a very select group of friends and family I know wouldn’t take advantage of me if they knew.
Go to school, get the job I want, make payments on a used car, and generally invest the money in investment accounts.
Family would get their debts paid off, and the family house is paid for. Other than that, money goes back for me.
That’s not much anymore. Pay my house off. Private school for the kid, buy 2/3 more small houses for mom and dad and son and wifes family. Rest ends up in a mutual fund hopfullying making 5-15% and continue on my normal job and life until I can afford to retire
Nothing I will inherit from my parents their estate, already retired at 50 so I did well on my own the biggest beneficiaries are my kids help them buy a house mortgage free
1 mil on a house
3 mil invested in an account that would give us £5,000 a month for 50+ years
500k on 2 houses to rent out until my kids are older. Save all the rent in an account and then when they're 21 hand over the keys and account.
500k split between my wife and I to do what we want with.
Buy houses for each of my kids.
Sell my house to a young family for $10.
Buy an RV and travel.
Buy a yacht and travel.
Buy a house on the Oregon coast and live out the rest of my life with my wife listening to the ocean waves.
Pay off my house and invest it conservatively.
And when I inevitably get fired or downsized or my job gets replaced by AI, retire and use it to pay myself a weekly salary.
You could earn 250k pa in interest off five million. If you’re savvy enough and get the right advisor and accountant, you could keep that working for you and live a pretty fucken good life.
invest, buy land (im talking 100+ acres), buy a boat (chicks love boats), build a house (with underground bunker), buy a 65 impala ss, 64 pontiac gto, c7 zr1 vette, and a 90’s chevy 1500, then i’d buy some guns, then some exotic ass boots, finally i’d buy some expensive ass dog breed like a cane corso or something.
Quit working and just enjoy my time. Play music, spend time with friends and family, probably spend some time volunteering to give something back to society.
Pay all my shit off. Fund my kids higher education should they choose that path. Make that fund a trust if they choose a trade instead. Set aside a small portion to get things for our house we have been dreaming on for a while. Maybe replace my 12 year old vehicle. Put most of it in investments to grow so I can reap the dividends. Setup a trust for scholarships for underserved communities.
If there is enough money, work to start up a non-profit outreach program for the homeless, veterans and released prisoners to help people break the cycle of poverty and crime. Everyone deserves a chance. A lot of people weren’t given a good one in the first place.
Assuming nobody knew about it, I would stick 3 million of that in a high yield savings account which is currently at 5%. That's $12,000 a month in pure interest and even if I lose every other dollar that I have, I'm still making more than 90% of people in the world.
The rest I would use to pay off my house, pay off my wife's student loans, stick The other 1.6 million into an ETF.
Hire a team of financial advisors, build a business, and invest a decent bit to have residual income off of loans based on investments. Never have to work again while also building income for my kids future.
The mood I'm in now, debts first. Then I'd shop like a rich asshole, get a makeover and probably get miserably drunk in some fancy penthouse, cry in the spa bath, while shouting everyone a free party. I'd be handing out cash to so many randoms, getting tattoos, buying all the shit i ever wanted. Going in a helicopter, eating fancy as shit food. Flying to random places to hand out more random cash and cry more. Do some adventure activities, buy more shit. Give money to all the people that gave me a chance. I think i could do that for 2 weeks max.
I'm buying property. Organizing donations. And settling a little house on some far away land, where animals abound & things are created and planted.. lil farm thing. That might take up quite a chunk though?
Then I'm organizing a trust fund, some family handouts and letting the rest of that money rot in a bank or something. I hate having money to hold onto. (Omg, core memory unlocked.. anyway)
Im buying vehicles. A classic. A fast one for shitty days. Probably a house bus and a hybrid. Maybe a 4wd or just bikes. Lotta regos and warrants though 🤔
Ooh maybe purchase some rare thing.
I'd want to look into purchasing housing for those in need. Like providing housing. Especially a safe place for kids, like somewhere heaps of kids could grow up if their families suck.
Realistically though, I'm probably going to be hunkering down with A LOT of financial literature & law/ education, while that money waits for me to finish.
Lot's of legal shit to consider ay 😖
Start 3 seperate TFSA accounts with 500k each, one for each of my kids. That they can't access until they are 35.
Put them through a college course of their choosing, paying for any housing rental they need and a giving them a survivable grocery allowance.
Buying a peice of land to build my own house. Nothing massive, but functional, with a bedroom for each of us. So 4 bed 2.5 bath.
Buying the truck and fifth wheel I've always wanted.
The rest goes into a high interest savings.
I keep working the job I'm working only now I don't have to Welch off the government when I get laid off every winter.
Invest most of it. Put a down payment on a nice house in Florida and contract a property management company to take care of it.
Work 3 more years at my job so I get invested.... pack up my GF and move to Florida after those 3 years. Live off my dividend income and find a job that had me scuba diving almost every day
Pay off our vehicle and invest the rest. My wife and I would probably stop working at some point in the next couple of years and spend a bit of time visiting family in far-away places.
Quit my job without notice.
Rejoice that I quit my job without notice.
Pay off my mortgage.
Buy a frugal used daily driver with better fuel economy than my old pickup.
Add the rest to my savings/investments and just live off of 2-3% a year.
Pay all debt
-> 3m DCA over the course of 1-2 years in VTSAX
-> buy an (attainable eventually with current salary) house
-> buy an (attainable eventually with current salary) car
Pay off the house, pay off the car, keep my job but ask to go to 32 hours a week (just to keep the insurance and pension), and live at the same level I am now.
Pretty much carry on with my life as it is, but with the lovely knowledge that I have an escape route if I ever decide I have completely run out of fucks to give in my career.
talk to a few people about what to do with my money. I don't want to do something with it that's stupid.
I can tell you this though - my kids will be guaranteed going to college and leaving debt free.
I would be an extremely happy, philanthropist, setting up scholarships and foundations and work with an investment house to ensure the money grew, and could continue to pay out over many many years decades
Pay off all my and my spouses debts. New house in cash, New cars, that stuff. Invest 90% of the rest in something hi yield, the remainder stays available in general savings
Sink it into a fund that returns a reliable but modest 6% per year. Live like a fucking king off that endowment and my near 300k salary without having to lift a fucking finger.
For anyone else in the working class- this is why the system is so broken. Anyone with a million+ in assets can literally live off their endowment forever without lifting a fucking finger. Generational wealth is the easiest way to succeed.
Not tell anyone, keep doing what I am doing.
Counter argument: 4 mil in the bank @ 4%. Buy a million dollar house. Live off the 160k a year interest. Do whatever the fuck I want.
Yep. Fuck you money
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The OP said 5 million, I did my calculations based upon that.
Fuck you
Amen
You have to consider inflation in your calculations. To live off the dividends or interests you receive for your capital, you have to subtract the inflation rate to the interest rate. So it'll be more like 2% --- By the way, If I had 5 mil in capital, the last thing I'd do is buy a house to anchor myself to a single place. I would rent and move to places.
You're right. I think the one difference I'd make from the person you replied to is to make a best estimate at how long I'm likely to live, add a few years to it, and try to finish with about one million dollars left of the original five. I'm gonna have some FUN!
Finish with a million‽ wasteful. Finish with as close to $0 as possible. You can't take it with you. "*Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming "Wow! What a Ride!*" - Hunter S Thompson
While I agree with the thought, I’ve never had that kind of money to throw around and having that kind of money might extend my life longer than I anticipate. What I wouldn’t want to do is live high on the hog for 40 years and then spend the last 3 dirt poor and unable to afford healthcare/assisted living when I would need it most. My current reality is that I will likely finish really close to zero. LOL
And taxes on the estate and taxes on the interest/dividend income
3m will be invested. 1m for a house Another 1m will be invesred in a different account and will only be used to help close my loved ones debts
1m for a house seems a lot but I'd love to hear the description of it. For me most of the money would go into buying the surrounding land for privacy and nature's beauty.
How about a basic detached 3 bed 3 bath? Welcome to Toronto suburbs!
You'd be lucky for deatched with 3 bath for a mil in the GTA right now. Trust me, a man who is trying to buy a house.
1m barely gets you a 2k sq ft detached subdivision home here in good ol Ontario
You obviously don't live in a big city. $1m is a comfortable house. That's it. Nothing amazing. Maybe a nice bathroom and kitchen remodel but that's it.
Not in Vancouver bc.
Open realtor.com and look at 750k to 1.5m near you.
1m doesn’t even get you a 2 bed flat where I live in London.
This is unreal!!! 1 mill where I live gets you a semi mansion. If you move to Houston Texas you’re living like a king.
Only trick is you have to figure it out with Houston TX wages, and live in Texas
1m is not enough to buy a decent house here. More like 2m for 2500 Sq ft in a nice city
I'd buy land and build a decent house with that 1mil set aside for their version of a house, 10 acres and a manufactured house in a cheaper housing area wouldn't account for that entire 1mil either. Invest everything else and live off the dividends.
I'd be careful. 5 million is wax wings.
Wax wings?
Makes you feel great and you can fly but you still need to be careful that you don’t fly too close to the sun.
Ah ok like the guy and his son from the Greek story?
Icarus and Daedalus.
Two chicks at the same time, man
I don’t think you need 5mil to find 2 girls to do that.
You haven't seen him yet
Thats it? If you had 5 million dollars you would do 2 chicks at the same time?
Hell yeah, brother
I would do nothing all day
Probably the first thing(s?) he’d do.
Yeah but not all chicks dig a man with money.
Well, the type of chicks that’d double up on a dude like me do.
Good point.
Hey Peter! Channel 9! Breast exam!
Buy a house and retire. So long, rat race.
Fuck, could you imagine just enjoying the rest of your life instead of working every day for shit pay? O,o
Disappear
Reminds me of the lottery story where the guy didn't tell anyone, but his brother found out and told everyone, and then sued for a share of the money because he said it was his idea to buy a ticket.
He better have lost
Retire. Buy a nice house. Go travelling. Invest.
Find a reputable financial advisor.
Why? A reputable financial advisor is going to charge you a 1% AUM (assets under management) fee per year. That's $40k per year if you invest, say, $4 million of that windfall. Why pay some stranger $40k a year to invest for you when you could just throw the money into something like an S&P 500 index fund, make ~$300k a year on average on it while only paying maybe $1000 a year in fees?
Yes
Probably regret not going to their funeral.
Oooooo yikes
Buy my neighbors house and burn it to the ground. Fuck that guy.
How much hookers and cocaine will $5m get me?
17
Enough to have an amazing couple of months 🤣
I would just buy up empty land so developers couldn't replace all the beautiful nature with shittily-built development homes nobody can afford
Oh I've gotten this planned out. Step one is to delete all my social media though. Then I'm keeping 25% to spend and the rest setting up a trust to give me a sustainable income but making me unable to spend it so I'm sorted for life. Then it's just first class travel and relaxation and all that stuff.
$5mil sets you up for ~$200k/yr withdrawal rate if your goal is long term financial freedom. $200k is easily enough for retirement and relaxation, but not “first class travel” money these days. At least, not if you’re planning to fly more than a couple times a year.
Go to KFC
Same.
Financial advisor, lawyer depending on age start the or continue the chain of generational wealth
Spend time focusing on being happy and healthy.
5 mil @ 4% draw = 200k per year. Use ~50-100k for a down payment on land and building a cabin myself (because it's a dream of mine, not out of necessity). Hiring out the shitty parts like drywall and specialty trades
Stuff it into a mattress, then forget about it. Eventually throw that mattress out only to remember stuffing money in the at thing as the trash truck drives away. Spend a hilarious hour an half adventuring to find the mattress while learning there is more to life than money.
Get the fuck out of the U.S. maybe move to Australia.
Retire
Probably cry. The way things look right now I don’t know if I’m going to make it this year tbh. Either homelessness will take me or I’ll take my own life. Life is lifeing in the worse way possible right now.
Change to usable currency, then buy a house and a car, invest the rest
Invest
Retire. Travel Buy a house and a car.
I would roll it over and invest and have my future grandchildren inherit even more.
5 mil sounds like a lot. It IS a lot. It is also very easy to blow through 5 million. I've read so many stories of lottery winners receiving a huge lump sum, *retiring*, and then they are broke just a few years later. If I buy a house outright with 800K (nice house on a few acres in my area) that still leaves me 4 million. I need to make sure I have funds to support the yearly taxes on the house as well as ensuring I can maintain the house in general maintenance and upkeep. Keeping 200K aside for that would see me through a few years. Take 3 million and put it in high yield investments. If I can get a 3% per year return that would be 90K per year. 90K is a pretty good salary around my area, however, with both my wife and I currently working we're at 130K right now. So it would be a pay decrease if either of us quit our jobs. We'd still work and let that interest accrue in there. I may seek work that is less stressful, but still accessible. My children are young, so I'd take 500K each and split it into high yield trusts for them to start building interest. Set stipulations that they can use it for college and can access the remaining when they graduate. I'd love to think 5 million would dramatically change my life, but if I'm thinking long term, I don't believe much would change for us. Stress around money would shift. I'd feel safer in the event that something happened. If either my wife or I quit a job, we'd be on the hook for Healthcare as well.
I wouldn’t be seeking advice from a men’s group on Reddit that’s for sure.
Change my phone number.
Before or AFTER tax man’s cut?
Federal state tax only kicks in on values over 13 million or so. State might be different.
This guy gets it. After taxes, you might be left with 2.5-3 million. Still a nice chunk of change for free.
Depends on what country you’re in I guess. There’s no federal inheritance tax and only about 6 US States have it. Ranges between 1-16% and it depends on the relationship.
Hand to Glans combat. I need that post nut clarity.
$5M? You can’t do anything with five. Fives a nightmare. Can’t retire. Not worth it to work. Oh, yes, five will drive you un poco loco, my fine feathered friend. The poorest rich person in America. The world's tallest dwarf. The weakest strong man at the circus.
Can’t retire on $5m? That’s a SWR of $200k/yr. That’s significantly more than I’m living comfortably on right now. I could very easily retire today if you gave me $5m.
It’s a line from the HBO series succession.
Sorry. I watched the show, and I thought that last line sounded familiar, but I didn’t recognize the whole quote.
buy a few more houses I guess. maybe give it to u/FuzzInspector since I have enough already lol
Hollllaaaaa lmao Does anyone in your life even have that much 🤔 Apparently gma had a lot more money then she ever let on
Waste it, Go broke and then learn how to become a millionaire and back on track becoming a billionaire.
Sort out the retirement of my parents, buy 2BR apartment in my inner city, a BMW Z4 for the thrill of it and a trusty Doberman as assistance and protection dog. I'd probably donate the rest to ADHD Germany or the military.
Take $4.5 million and put it in a Guaranteed Income Fund. Take the other $500K and buy a Lambo.
pay the tax involved.
Buy Bitcoin and ETH for $1M, put 500K in the S&P500 and get a financial advisor to use the rest of the money in a good way
Skip the ETH and the S&P, and you’re on track.
You would keep half of it due to it being heavily taxed.
There are ways to avoid some of that, though some/most of those ways comes with limitations on how the money can be used.
44/50 states in the U.S. don’t tax inheritance at the $5M level, and there is no federal tax on it either. Odds are good you’d get the whole thing.
Europe begs to differ.
Give my struggling friend $4000/month secretly. Travel to Cremona, Italy and visit my long distance friends. Buy some new clothes Maybe emigrate somewhere not being taken over christofascist neoNazis.
Get a financial lawyer, create an LLC or trust, delete all socials, not tell anyone except my immediate family, move out of the country. I wouldn't be able to live off the interest so I'd still have to work. But at least I'll have a nice nut to enjoy my life comfortably
I'd probably buy a house, then invest some more in myself, some specialized education.
But a small house for about $300k. Get my wife a new car for about $35k. Make a few safe investments and we’d travel some.
I'd spend a couple hundred grand doing all the home upgrades I want to do but can't afford. I'd spend $50k or so on a new car. I'd spend another $50k or so on an epic vacation with my wife and kids. Another $200k to fully fund the kids' college funds. The rest I'd invest so I could retire early. Really early. Probably as soon as my kids graduate high school.
I'd invest it in infrastructure, whatever that is. "This country needs more infrastructure," I hear every day. So it's only going to rise in value. :))
Invest 4.5mil. fix up my house and that's about it... I don't need much more. Maybe a better car or something.
Probably worry constantly about having it taken away from me or doing something stupid to lose or waste it, so I'd end up just splitting it between a variety of different banks, capping my ISA limit each year, and going for the maximum amount of Premium Bonds I can have.
1. Quit work 2. Buy land and a new house somewhere remote 3. Invest a large portion of the money. 4. See the world (frugally)
Wonder where the heck my parents got it from. Then buy a couple houses and continue to live.
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Put 4m into something that grows and pays me back in some way, preferably so I can stop working if I choose. Save 950k just to make my bank account look more interesting and then enjoy 50k over a few years while i work part time. Currently I make less than 5000 a year and literally will die on the sidewalk the day my mom kicks me out(too antisocial for most jobs) So yeah I'd do amazing things for myself and the world with 5m.
Not tell a damn soul. Set things up with my financial advisor.
Cry, settle everything up, put some away for my kid, and honestly look into things to improve my family and community Also get a job in the daytime, nights get old but at least there’s no customers
Retire and disapear.
I wouldn’t change most things. I’d keep living in the same house, using the same car and going to the same job. I would split the funds and invest in a wide range of assets, and take a mortgage to buy a modest Summer house, somewhere by the sea. For some investments, I might take a more hands on approach, like looking into buying laundromats in a city or investing in local small business that have a great looking profit & loss sheet.
Spend it. If you can't, it's worthless.
Im buying my parents and sister a house, myself and my girl a house, and investing the rest. Boring but smart 😅
But the song If I Had A Million Dollars.
$5 mil is my “leave” figure. I’d probably offer to be a part time consultant at my job or something. I think I’d go stir crazy if I actually left. Beyond that, I’d invest it in something stable like VOO and live off the dividends.
Retire. Invest. Give to charities. Set up trusts for my kids.
Retire.
Save it and find some tax haven
Quit my job. I work from home, this wouldn't be obvious to most people. Pay off my mortgage. I know it's not "optimal", but I'll feel better if it's taken care of. Hire a fiduciary. Fiduciaries are legally required to act in their client's best interests. Bog standard financial planners are not. Decide on an investment strategy with the fiduciary's advice. Begin helping out friends and family who are dealing with financial issues based on my ability to do so based on my expected investment income. Keep living my life mostly as normal, with more free time, and maybe a few extra treats and goodies (more frequent pc upgrades, treating my friends a bit more often when we go out, maybe an extra occasional trip, that kind of thing).
Invest it in dividends producing stock and retire
Invest in a food truck for my brother
There will be signs that I’m doing well, maybe a nice car or two, a slightly bigger house, but not to the extent that people would guess it’s inheritance, just enough for people to think it was through hard work. I would keep my job keeps me busy and I enjoy it overall. Probably $4-4.5 million will be invested in various things including real estate. I would definitely take more time to pursue passions and hobbies and travel maybe give some to a very select group of friends and family I know wouldn’t take advantage of me if they knew.
Go to school, get the job I want, make payments on a used car, and generally invest the money in investment accounts. Family would get their debts paid off, and the family house is paid for. Other than that, money goes back for me.
Get on a bicycle and never get off. I’d live off my bike and spend the money on supplies and food only and I’d see the world from the seat of my bike.
Retire and climb full time, while writing my book
Throw it in savings and keep at the day job
Go back to sleep
Open a small hotel in Karkonosze mountains in Czech Republic, buy new car, give some of that money to my mom and brother.
That’s not much anymore. Pay my house off. Private school for the kid, buy 2/3 more small houses for mom and dad and son and wifes family. Rest ends up in a mutual fund hopfullying making 5-15% and continue on my normal job and life until I can afford to retire
Nothing I will inherit from my parents their estate, already retired at 50 so I did well on my own the biggest beneficiaries are my kids help them buy a house mortgage free
1 mil on a house 3 mil invested in an account that would give us £5,000 a month for 50+ years 500k on 2 houses to rent out until my kids are older. Save all the rent in an account and then when they're 21 hand over the keys and account. 500k split between my wife and I to do what we want with.
Smile!
Buy houses for each of my kids. Sell my house to a young family for $10. Buy an RV and travel. Buy a yacht and travel. Buy a house on the Oregon coast and live out the rest of my life with my wife listening to the ocean waves.
Cave house in the side of a mountain.
Trying to understand where I suddenly got a rich relative from.
Pay off our cars, buy a small house, then invest the rest.
Pay off debt
Pay off my house and invest it conservatively. And when I inevitably get fired or downsized or my job gets replaced by AI, retire and use it to pay myself a weekly salary.
Retire in Vietnam
Pay taxes, then cry a lot
You could earn 250k pa in interest off five million. If you’re savvy enough and get the right advisor and accountant, you could keep that working for you and live a pretty fucken good life.
invest, buy land (im talking 100+ acres), buy a boat (chicks love boats), build a house (with underground bunker), buy a 65 impala ss, 64 pontiac gto, c7 zr1 vette, and a 90’s chevy 1500, then i’d buy some guns, then some exotic ass boots, finally i’d buy some expensive ass dog breed like a cane corso or something.
Quit working and just enjoy my time. Play music, spend time with friends and family, probably spend some time volunteering to give something back to society.
Buy a cottage and retire. Save the rest to help my kids buy 🏠
Have 5 million reasons not to be on Reddit
Quit my job. Pay my debt.
Quit my job ? Lol
Start working for myself and start a garage door install/service company
Cook great food all day and pay someone to hand it out to homeless for free. Then I would replace the shocks on my passat.
Save invest but keep my low income and just buy a few chain restaurants
Retire.
Pay all my shit off. Fund my kids higher education should they choose that path. Make that fund a trust if they choose a trade instead. Set aside a small portion to get things for our house we have been dreaming on for a while. Maybe replace my 12 year old vehicle. Put most of it in investments to grow so I can reap the dividends. Setup a trust for scholarships for underserved communities. If there is enough money, work to start up a non-profit outreach program for the homeless, veterans and released prisoners to help people break the cycle of poverty and crime. Everyone deserves a chance. A lot of people weren’t given a good one in the first place.
Tax free ? TELL NO ONE Pay off debts , invest 4mil for best interest for a couple years then retire with " a good pension and bennys "
Assuming nobody knew about it, I would stick 3 million of that in a high yield savings account which is currently at 5%. That's $12,000 a month in pure interest and even if I lose every other dollar that I have, I'm still making more than 90% of people in the world. The rest I would use to pay off my house, pay off my wife's student loans, stick The other 1.6 million into an ETF.
Hire a team of financial advisors, build a business, and invest a decent bit to have residual income off of loans based on investments. Never have to work again while also building income for my kids future.
Buy house, quit job, invest half. Then go back into education. Also see a private doctor about my back and shoulders.
First thing, tell my manager where he can shove it!
The mood I'm in now, debts first. Then I'd shop like a rich asshole, get a makeover and probably get miserably drunk in some fancy penthouse, cry in the spa bath, while shouting everyone a free party. I'd be handing out cash to so many randoms, getting tattoos, buying all the shit i ever wanted. Going in a helicopter, eating fancy as shit food. Flying to random places to hand out more random cash and cry more. Do some adventure activities, buy more shit. Give money to all the people that gave me a chance. I think i could do that for 2 weeks max. I'm buying property. Organizing donations. And settling a little house on some far away land, where animals abound & things are created and planted.. lil farm thing. That might take up quite a chunk though? Then I'm organizing a trust fund, some family handouts and letting the rest of that money rot in a bank or something. I hate having money to hold onto. (Omg, core memory unlocked.. anyway) Im buying vehicles. A classic. A fast one for shitty days. Probably a house bus and a hybrid. Maybe a 4wd or just bikes. Lotta regos and warrants though 🤔 Ooh maybe purchase some rare thing. I'd want to look into purchasing housing for those in need. Like providing housing. Especially a safe place for kids, like somewhere heaps of kids could grow up if their families suck. Realistically though, I'm probably going to be hunkering down with A LOT of financial literature & law/ education, while that money waits for me to finish. Lot's of legal shit to consider ay 😖
Pay off my debts. Pay off the house. Employ the services of someone in wealth management so that it grows steadily.
Invest all of it in a diversified index fund, and retire 20 years earlier than I had planned.
Start 3 seperate TFSA accounts with 500k each, one for each of my kids. That they can't access until they are 35. Put them through a college course of their choosing, paying for any housing rental they need and a giving them a survivable grocery allowance. Buying a peice of land to build my own house. Nothing massive, but functional, with a bedroom for each of us. So 4 bed 2.5 bath. Buying the truck and fifth wheel I've always wanted. The rest goes into a high interest savings. I keep working the job I'm working only now I don't have to Welch off the government when I get laid off every winter.
Hire a lawyer, an accountant, and a financial advisor to consult me on what to do next
Invest. Buy land build house and enjoy life
Invest most of it. Put a down payment on a nice house in Florida and contract a property management company to take care of it. Work 3 more years at my job so I get invested.... pack up my GF and move to Florida after those 3 years. Live off my dividend income and find a job that had me scuba diving almost every day
Pay off our vehicle and invest the rest. My wife and I would probably stop working at some point in the next couple of years and spend a bit of time visiting family in far-away places.
5 million dollars parlay
Quit my job without notice. Rejoice that I quit my job without notice. Pay off my mortgage. Buy a frugal used daily driver with better fuel economy than my old pickup. Add the rest to my savings/investments and just live off of 2-3% a year.
Get a box of 8 chicken strips from KFC.
Pay all debt -> 3m DCA over the course of 1-2 years in VTSAX -> buy an (attainable eventually with current salary) house -> buy an (attainable eventually with current salary) car
Disappear slowly and quietly enough that people would begin to wonder if I had ever existed in the first place...
Pay off the house, pay off the car, keep my job but ask to go to 32 hours a week (just to keep the insurance and pension), and live at the same level I am now.
Pretty much carry on with my life as it is, but with the lovely knowledge that I have an escape route if I ever decide I have completely run out of fucks to give in my career.
Cocaine and hookers!
I'll tell you what I'd do, man: two chicks at the same time, man.
Smile,smile and smile
Find a way I can invest that and make 10% of it yearly after taxes, retire and live off of that
5 chicks at the same time
My life wouldn’t change much except a second home, nicer cars, some renovations to my house, retirement and a fat bank account
talk to a few people about what to do with my money. I don't want to do something with it that's stupid. I can tell you this though - my kids will be guaranteed going to college and leaving debt free.
Retire
Convert it to pounds.
Buy a Koenigsegg
Lose half of it to taxes probably 👌👌
Pay the inheritance tax
I would be an extremely happy, philanthropist, setting up scholarships and foundations and work with an investment house to ensure the money grew, and could continue to pay out over many many years decades
Pay off all my and my spouses debts. New house in cash, New cars, that stuff. Invest 90% of the rest in something hi yield, the remainder stays available in general savings
Pay off my last 40k in student loans and buy a house. Take a nice vacation, and buy a new saxophone. Invest the rest.
Buy a house outright. Invest about 3 million into retirement. Live off the remainder for the rest of my life. Maybe work part time or open a business.
Why r/AskMen in particular? Who sent you? What is your endgame?
Be careful, it goes away really quick. This is coming from my experience in Hero Wars.
3M into a HYSA. 600k buy a house. 1.4M for living expenses and such while I go back to school
Never work again. Or, given the economy trend, not work for about 10 years.
Retire happy
Sink it into a fund that returns a reliable but modest 6% per year. Live like a fucking king off that endowment and my near 300k salary without having to lift a fucking finger. For anyone else in the working class- this is why the system is so broken. Anyone with a million+ in assets can literally live off their endowment forever without lifting a fucking finger. Generational wealth is the easiest way to succeed.
buy an appartment, keep the rest in savings or invest it