i like this idea, at least someone with some proper thoughts, even tho you cant realy live off the interest of just half a million
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lol depending on where you live. I don’t own a house, my partner and I rent. Her side of the bills is the rent, the rest is me. I can tell you right now I spend over $1500 on your everyday bills and expenses in a month, that doesn’t include any luxuries or trips. Let’s face it, trying to live a debt free life and not having fun if you won $1 million would suck. You know you want to go places and do things.
Buy your house but don’t go all out, get the size house you’d buy if you didn’t have $1 million, then invest the rest into a rental properties such as apartment buildings, condos, office space, ect... now you have a monthly income. Think about it, even if you got a small apartment building with only 40 units and rented them out at just $800 a month. That’s $32,000 a month, now let’s say you spend $3000 a month on expenses for the building being taxed, bills, repairs, and your landlord wages. That leaves you with $29,000 a month for yourself. So you would make $348,000 yearly for the rest of your life or till you sell. Think you could live off that better then the interest of half a million ?
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So don't buy an apartment building where you live, that's why you hire a landlord. I looked at buying an apartment building a few years ago. I already know the in's and outs of what it takes to run one (Which isn't much as repairs within a year are usually below $2500). Since I was born up to now being in my 30's, my Mother has been a landlord for a 34 unit apartment building.
So about an hour away was a building for sale and was kept up, even had the roof newly done. All 24 units already rented at $650 month. Yearly cost and taxes where below $8,000 on average depending on some of the work that was done, eg: a stove gave out and you needed to buy a new one for a unit. That stuff doesn't happen as often as people think. So that's not to bad as $650 x 24 = $15,600 a month. $15,600 x 12 = $187,200 - $8,000 = $179,200 yearly. So the dude selling the building was off loading all of his apartment buildings (He own 7 all over the country) as he wanted to retire 100%. He was asking for $520,000 and was willing to do $500,000. That's a good deal, but because it's a high sum and a commercial property and me not having any other commercial or business assets to put up as collateral, the bank wouldn't do the loan without a down payment of 50%. I didn't have $250,000 sitting in my bank account and I still don't today lol.
I still look for great deals, and I look beyond my back door. I look at cost, average rental rates, population, average pay rates, and crime stats for an area. So it not that you can't buy an apartment building for a million, it's that you don't want to invest in the time it takes to do research.
Something you may not know, most people who win or come into a gift of money lose it all because they don't reinvest it back into something that has a good earning rate to keep the cash flow alive. you can't really go wrong with property (unless your buying in Detroit lol) as everyone needs a roof over their heads and God isn't making anymore land so the more you can get the better.
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if you don't mind me asking, what was the net cost of your home and the type of area you live in. I can get a house that would cost me $250,000 where I live out in the sticks for $50,000. But I'd have to drive 45 mins on the highway. Use a well for my water and a septic tank for sewage, and give up Gigabit internet for DSL 3 Mbps and have limited access to services like police and medical as it be a 45 min drive on the highway. Looked into it before and it can be nice but the convenience just isn't there for us.
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under 100k and less than 10 years old when bought, college town, about a mile from downtown (bars and restaurants mostly) or 3~ to larger stores, normal municipal hookups and availability. Area is adjacent to not great places but have never had any trouble roll in, sort of tucked away here. This was after the bubble collapsed though so most recent nearby sales have been 10-15k higher than my buy. Employment isn't great, but here I am talking about how I live on very little :p
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Wow, you won’t find a home for 100k anywhere around here that has a town hookup and all life comforts. It’s either something out in the woods with nothing provided but power and phone or it gonna cost you.
Where I live it a population of 12,000 (yes that’s a town here lol) and housing is between $200,000 to 500,000. Now you do get a big house and land but the prices are crazy. The city that 4 hours away with a population of 109,000 (yup that’s a city lol) is 2x to 3x worst for housing prices, less land and homes tend to be smaller unless your going for over $450,000 where as $450,000 can get you a nice 2 story home with 6 bedrooms and 2 garages in my town.
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well, it obviously depends on your livestyle for sure. 10k a year....thats wow, i mean, how? thats nothing here
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Spend less than 10 a day for your food, live with people you like so you can split the cost on utilities and other niceties, basically. It's not a fancy life but it keeps me sheltered and entertained. Unless you were born fortunate you can choose to have money or time, I chose the latter.
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i ffin like your point of view and how you seem to manage that. keep it up and heads up!
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No, working on it. Funny thing is, if I had kids, I'd have more money and a full year off work with pay. Buddy of mine on kid number 3 now, each one about a year apart. So he been off work for over 2 years, being paid by his employer top dollar and then getting the government baby bonus for each kid which I think is $6,400 yearly for each kid six and under if you make less then $30,000 a year (goes to $5,400 if you make over $30,000 in a year). So that's $19,200 extra a year for 3 kids and he still getting a decent pay check. Then there even more programs offered to help with family costs that people can apply for.
And no if your wondering, the misses and me are working on a kid as we want to start a family. A paid year off work and $5,400 isn't the reason lol
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The obvious, buy a modern well insulated house, double glazing all that energy efficiency crap that i can't afford currently, well actually it would be on a life style block, that can be subdivided in about 20-30 years or so when i am too old to look after it and need the money, i'd get solar installed a big orchard, garden etc. Probably wouldn't be much left over, but I might update my computer which is over the hill in gaming terms
I would keep working in my dead end job/soul crushing job, but it would be so depressing because i would know i have a fall back if anything went wrong.
Actually thats kind of boring, 30 years ago i would have spent it on around the world travel and actually getting to spend time in various countries, you know fully immerse in other cultures take part in acheological digs, seduce hot woman and make off with buried treasures and battle thieves and I really did spend to much time watching Indiana Jones and reading about Egypt and south america and all that fun stuff
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First, I'd rid myself of the annoyances of rain. I'd buy new siding that doesn't leak when it rains, install a path to the front door so people don't have to walk through mud, and re-grade the backyard so that a pond doesn't form when it rains. I'd get solar panels for the roof.
Then I'd buy a PS4 Pro, maybe a Switch, and maybe some G-Sync monitors if I can find ones that match what I need.
The the rest I'd invest.
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Pay off my loans, buy a new cpu/ram/motherboard to replace the decade plus old parts, and then invest the majority in safe investments, the rest in slightly riskier investments. Then I'd see about finding a new job in a different part of the country, car if required. In a few years I'd spend some taking a trip overseas, probably taking a couple years worth of vacation at once and go to a few countries.
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Hmmm, tough choice! One of my childhood dreams was to earn and save up $1 million by myself through honest work and living super frugally. It's kind of like those achievements that is its own reward. I'm tempted to just not even bother with it and donate it into public library. A library where you can borrow games and books would be neat :D. When I play life simulator games like Stardew Valley, I'm really sucked into money-making routine. But once I hit my money savings goal, it kind of gets boring fast >_<. So having town building investments are always great in my book.
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I would invest $600-700k of it into a small solar cell array so i could get some money out of it every month.
I would pay for my collage education so i can later get a better job and not be under constant stress of struggling with month by month.
I would buy my brother a new safer car (at the moment he has one cheap one and one jackass almost hit him with his car in December, so to avoid it he drove off the road and messed his car up).
I would send mom and dad to a vacation they wanted to go for few years, but still didn't managed to do so because they cant afford it.
I would give some to my gf for her to buy something nice for herself (she would probably get a lot of shoes, i don't get it tho, women/shoes, if that would make her happy than i guess its ok).
I would not spent all until i would get my uni diploma and a good job and after that i would try to get a house and try to start a family.
I would also create enormous GA train here. :)
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Invest & try to accumulate more to afford a house. :) Now, if I was given $10 million, I'd probably splurge a bit and get a house with nice insulation in a nice neighborhood, with a nice yard, and invest the rest & live off the interest. Maybe treat myself to fancy dinners every once in awhile, purely to see what the chefs have been up to and get some inspiration for my own cooking. Oh, and I'd buy games. :)
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I’d be able to get that replacement computer that I’ve been holding back on, because I feel bad about spending money unnecessarily. Maybe get a starter watercolour art paint set as well.
Maybe invest in finding a better doctor so that I can cure my depression once and for all, keep $10 000 in my savings, and give the rest back to my parents. They aren’t perfect, but they have been taking care of me all these years.
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I would definitely buy a plane and a house, then some good advised investments.
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I'd maybe invest some in professional AR / VR but definitely a good financial adviser :D I'd also buy games on Steam and play video games all day while smoking like a chimney
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So, lets do a hypothetical setting right here.
Lets say that someone were to give you $1 million, or the current exchange rate equivalent thereof, in the currency of your country. And it come with no consequences. No drawbacks. No need to pay it back. A gift.
What would you do with it? Would you spend it? Invest it? Hold on to it? Give some away? Donate to charity (HB counts under that one)?
What would you do with that?
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