Comments on: What Would You Do With $10 Million? http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/ The best Credit Card Debt Blog online Thu, 02 Feb 2012 13:31:13 +1100 http://wordpress.org/?v=abc hourly 1 By: Jeff http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-179228 Jeff Thu, 02 Feb 2012 13:31:13 +0000 http://masteryourcard.com/blog/?p=755#comment-179228 I would give it all away yep every penny. I am mostly poor but still would give it away. I would start by depositing the money in a few banks to draw interest. Then take 10 thousand dollars at a time divided into 100 dollar bills and find people who need it and give it to them one person at a time. Some would find its way to charities, but most would be given to perfect strangers in need or as a reward to those who are helping others in need. I would charge each of them to help someone else in the future when they were able. I don't really need money to be happy, but some people need it to survive, to escape pain, to calm a crying child, or to find a warm bed just for a couple of nights. How can I treat myself when many suffer in this world. Yes 10 million would not solve the worlds problems, but to those who can benefit just a little it would be worth it to me. I would give it all away yep every penny. I am mostly poor but still would give it away. I would start by depositing the money in a few banks to draw interest. Then take 10 thousand dollars at a time divided into 100 dollar bills and find people who need it and give it to them one person at a time. Some would find its way to charities, but most would be given to perfect strangers in need or as a reward to those who are helping others in need. I would charge each of them to help someone else in the future when they were able. I don’t really need money to be happy, but some people need it to survive, to escape pain, to calm a crying child, or to find a warm bed just for a couple of nights. How can I treat myself when many suffer in this world. Yes 10 million would not solve the worlds problems, but to those who can benefit just a little it would be worth it to me.

]]> By: Sophie http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-159515 Sophie Mon, 28 Nov 2011 09:21:13 +0000 http://masteryourcard.com/blog/?p=755#comment-159515 Some more nice ideas here - looks like everyone agrees that <a href="http://termdepositrates.com.au" rel="nofollow">investing</a> for the future and taking care of the people we care about are some of the most important things we could do with a big windfall. It's also heartwarming to see that many people would give some of their money to worthy causes! Some more nice ideas here – looks like everyone agrees that investing for the future and taking care of the people we care about are some of the most important things we could do with a big windfall. It’s also heartwarming to see that many people would give some of their money to worthy causes!

]]> By: zaid http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-158473 zaid Fri, 25 Nov 2011 13:26:22 +0000 http://masteryourcard.com/blog/?p=755#comment-158473 If i won 10 million dollars the first thing i'd do is to head to BMW and get the most powerfull BMW Z4 they have.. and a motorbike and a Range Rover Sport or a Jeep Wrangler :D then i'll build the villa of my dreams that i will design and decorate since i'm an interior designer :D it will be on the top of the most amazing hill in the town and have the most amazing view :D the most important thing is to open my own business to keep on growing my fortune, such as a cafe and a restaurant, a super market, petrol station.. and i'll build some residential buildings and rent the apartments - this will assure annual income :D what else? umm, i'll go shopping and go on a vacation and make my best friends dreams come true... because a paradise without people and friends is not paradise!! If i won 10 million dollars the first thing i’d do is to head to BMW and get the most powerfull BMW Z4 they have.. and a motorbike and a Range Rover Sport or a Jeep Wrangler :D

then i’ll build the villa of my dreams that i will design and decorate since i’m an interior designer :D it will be on the top of the most amazing hill in the town and have the most amazing view :D

the most important thing is to open my own business to keep on growing my fortune, such as a cafe and a restaurant, a super market, petrol station.. and i’ll build some residential buildings and rent the apartments – this will assure annual income :D

what else? umm, i’ll go shopping and go on a vacation and make my best friends dreams come true… because a paradise without people and friends is not paradise!!

]]> By: kerri http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-154768 kerri Sun, 13 Nov 2011 02:47:35 +0000 http://masteryourcard.com/blog/?p=755#comment-154768 i am only eleven but if i won 10,000,000 dollars i would save some for college a house a car and other expences for when im older donate to the research of anorexia and other eating disorders buy my parents a new house and a car or 3 and save the rest for retirement i am only eleven but if i won 10,000,000 dollars i would save some for college a house a car and other expences for when im older donate to the research of anorexia and other eating disorders buy my parents a new house and a car or 3 and save the rest for retirement

]]> By: Sophie http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-150528 Sophie Sun, 23 Oct 2011 15:26:21 +0000 http://masteryourcard.com/blog/?p=755#comment-150528 Hi Katie, thanks for joining in. It's good to see there are wise young people, like you, who are capable of being financially responsible. Perhaps one benefit of the global economic crisis will be that a windfall no longer makes people think "spend, spend, spend!" Hi Katie, thanks for joining in. It’s good to see there are wise young people, like you, who are capable of being financially responsible. Perhaps one benefit of the global economic crisis will be that a windfall no longer makes people think “spend, spend, spend!”

]]> By: katie http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-150444 katie Sun, 23 Oct 2011 00:10:53 +0000 http://masteryourcard.com/blog/?p=755#comment-150444 Hi! I know this comment is really late for this post but I just wanted to say that this is amazing. Its good to know that there are people in the world like this. Now I am only 14 years old but this is what I would do with the money. First, I would keep some to pay for college for my 3 cousins, my brother and I. Of course I would spend some on myself but only very little as I would feel so guilty for spending that money on unnessacery things. I would put maybe 1 or half a million in the bank for later in life. This would go towards a house, car and any other expenses in life that I would run into. This money would make me feel very safe because I have a fear that I will not be able to make it in life and turn out to be a failure. the next thing I would do is give some to my mother to help her pay the bills. This is another fear I have, which is that we wont end up being able to afford everything and end up on the street again. After all that is done, im pretty sure there will be more than 5 million left and I would divide that all up and give it to different charities that are close to my heart. Such as, the make a wish foundation, broadway in south africa, unicef, cancer research and really any other charity I find out about. Its so important to me to give back to people. I have grown up very poor but I don't regret any of it because it made who I am today and I wouldn't change it for the world. I would always get stuff from people like a "secret santa" thing and I never understood it but now I do and if I had a chance to get that much money, that is something I want to do. I would feel like its a priority for me to give back to everyone who has helped me and even people who didn't because these charities are doing an amazing thing and I would be thrilled to be apart of it. I may only be 14 years old but im lucky to have figured a lot out, about life. That has made me wiser and smarter and im happy but I always am looking for opportunities to give back to people. I know I have gone way off topic but I felt that I needed to say this and maybe actually inspire a few people to be more giving. The world needs more of selfless people. God bless you all! Hi! I know this comment is really late for this post but I just wanted to say that this is amazing. Its good to know that there are people in the world like this. Now I am only 14 years old but this is what I would do with the money.
First, I would keep some to pay for college for my 3 cousins, my brother and I.
Of course I would spend some on myself but only very little as I would feel so guilty for spending that money on unnessacery things.
I would put maybe 1 or half a million in the bank for later in life. This would go towards a house, car and any other expenses in life that I would run into. This money would make me feel very safe because I have a fear that I will not be able to make it in life and turn out to be a failure.
the next thing I would do is give some to my mother to help her pay the bills. This is another fear I have, which is that we wont end up being able to afford everything and end up on the street again.
After all that is done, im pretty sure there will be more than 5 million left and I would divide that all up and give it to different charities that are close to my heart. Such as, the make a wish foundation, broadway in south africa, unicef, cancer research and really any other charity I find out about. Its so important to me to give back to people.
I have grown up very poor but I don’t regret any of it because it made who I am today and I wouldn’t change it for the world. I would always get stuff from people like a “secret santa” thing and I never understood it but now I do and if I had a chance to get that much money, that is something I want to do. I would feel like its a priority for me to give back to everyone who has helped me and even people who didn’t because these charities are doing an amazing thing and I would be thrilled to be apart of it. I may only be 14 years old but im lucky to have figured a lot out, about life. That has made me wiser and smarter and im happy but I always am looking for opportunities to give back to people. I know I have gone way off topic but I felt that I needed to say this and maybe actually inspire a few people to be more giving. The world needs more of selfless people.
God bless you all!

]]> By: tasha http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-146861 tasha Sat, 08 Oct 2011 05:27:38 +0000 http://masteryourcard.com/blog/?p=755#comment-146861 i will give money to the churches and salvation army and people that has helped me in the past and took care of me in the past. i will give money to the churches and salvation army and people that has helped me in the past and took care of me in the past.

]]> By: Sophie http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-142601 Sophie Wed, 14 Sep 2011 14:41:04 +0000 http://masteryourcard.com/blog/?p=755#comment-142601 Good point - some prizes and windfalls come with high taxes, but unexpected income is always a good thing! Everyone has their own dream plan of what to do with a sudden win, whether it's a lump sum or paid in instalments. Good point – some prizes and windfalls come with high taxes, but unexpected income is always a good thing! Everyone has their own dream plan of what to do with a sudden win, whether it’s a lump sum or paid in instalments.

]]> By: SLA http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-142457 SLA Tue, 13 Sep 2011 18:15:15 +0000 http://masteryourcard.com/blog/?p=755#comment-142457 1st of all, if you won 10 million dollars, you would not get 10 million dollars. IF you take the lump some, it will be reduced to a much smaller amount. Usually $25 to 33% of the full amount depending on the size of the prize and their planned payment schedule. These contests rely on investing in zero coupons or other such vehicles to build up the $10M over time. For example, Publishers Clearing house tells you that you can take 3,739,056 as a lump some or accept 30 annual 225000+ payments. There will probably be a balloon payment as the final payment. For the lump sum scenario, your federal taxes will be 1278541 or 34%+ of the lump some. If you opt for the payments and assuming those payments are 333333, you tax rate drops to 28%+. Assuming I get a 5.5% return on the money should I just leave it in the bank, The money would grow to $10,649,690 if I took the lump sum. If I take the payment schedule, I have an earning potential of 16,315,459 instead. Based on this information, I would take the payment schedule. The author said that they would pay off other peoples mortgages. If they wanted to do this, then they would have to also pay their taxes because ANY gift above 10K is taxable as income. They would be saddling their family and friend with a rather hefty tax bill. Me, I'd pay my tithes, fund my current foster kids college funds (planning to adopt) with $150K each over the next 5 years. Put 50K in college funds for the past foster kids. Pay for private school for the current kids. Then I'd let the rest of the money sit in a couple of mutual funds. That way I might have enough to pay for my medical when I reach retirement. I am assuming that SS will be insolvent and madical cost have been maintaining and 15-30% inflation rate for a few years now. 1st of all, if you won 10 million dollars, you would not get 10 million dollars. IF you take the lump some, it will be reduced to a much smaller amount. Usually $25 to 33% of the full amount depending on the size of the prize and their planned payment schedule. These contests rely on investing in zero coupons or other such vehicles to build up the $10M over time.

For example, Publishers Clearing house tells you that you can take 3,739,056 as a lump some or accept 30 annual 225000+ payments. There will probably be a balloon payment as the final payment. For the lump sum scenario, your federal taxes will be 1278541 or 34%+ of the lump some. If you opt for the payments and assuming those payments are 333333, you tax rate drops to 28%+.

Assuming I get a 5.5% return on the money should I just leave it in the bank, The money would grow to $10,649,690 if I took the lump sum. If I take the payment schedule, I have an earning potential of 16,315,459 instead. Based on this information, I would take the payment schedule.

The author said that they would pay off other peoples mortgages. If they wanted to do this, then they would have to also pay their taxes because ANY gift above 10K is taxable as income. They would be saddling their family and friend with a rather hefty tax bill.

Me, I’d pay my tithes, fund my current foster kids college funds (planning to adopt) with $150K each over the next 5 years. Put 50K in college funds for the past foster kids. Pay for private school for the current kids. Then I’d let the rest of the money sit in a couple of mutual funds. That way I might have enough to pay for my medical when I reach retirement. I am assuming that SS will be insolvent and madical cost have been maintaining and 15-30% inflation rate for a few years now.

]]> By: Sophie http://masteryourcard.com/blog/2009/01/30/what-would-you-do-with-10-million/comment-page-2/#comment-140515 Sophie Wed, 31 Aug 2011 09:54:56 +0000 http://masteryourcard.com/blog/?p=755#comment-140515 I like your enthusiasm, Giles! And mixed in with all that fun, you'd have an up-and-coming manpower business and property investments. A very cool plan; I hope you get to achieve it even if you <em>don't</em> win millions outright! I like your enthusiasm, Giles! And mixed in with all that fun, you’d have an up-and-coming manpower business and property investments. A very cool plan; I hope you get to achieve it even if you don’t win millions outright!

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