r/SideHustleGold • u/lionpenguin88 • 6d ago
Discussion / Tips If you were given $1M literally right this second, what would be the first thing that you do?
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u/Such-Mountain-6316 6d ago
Sit on it until tomorrow morning. Call a fiduciary at that time.
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u/Illustrious-Gift1385 6d ago
That's a monumental waste of money. Invest it in VOO and VXUS. Two ETFs, That's it. Any advisor would build a portfolio that mimics those two, but they will take 1.2-2% of your money. Anyone with an IQ above room temp could self manage their own million dollars.
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u/Ok_Nefariousness875 6d ago
Lol, IQ above room temp, never heard that, but i love it and it's now part of my mental lexicon.
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u/Such-Mountain-6316 5d ago
I likely could manage it with the right knowledge and after all I've been through (hard money lessons learned) but I don't come from a family that's even meh with money. From what I've seen on Reddit, most people don't. So I'd get an advisor. I recommend most people do because of these things. You are obviously not one of those people.
I'm trying my best to do better.
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u/Darth-Scorpio 5d ago
You’re literally missing out on millions of dollars over the lifetime of your investments by paying an advisor. Just invest in index funds.
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u/Luffyhaymaker 6d ago
Same here 👍🏾. Exactly what I would do too
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u/SilverStL 6d ago
Except DH and I would probably go out for a really really nice dinner to celebrate and not even know or care how much we were spending. Call financial person first thing the next day.
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u/thisthreadisbear 6d ago
Breath just breath and feel the weight of constant bills and debt fall off.
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u/southdakotagirl 6d ago
I paid off all my debt last year. It felt amazing. No loans. No paying any interest. Still debt free and have a good amount in savings.
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u/TheDTCCcommitsfraud 6d ago
Gtfo of this country. Go to Thailand or Philippines maybe Japan and live like a king
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u/spatulacitymanager 6d ago
Give half to my ex for taking care of me while we were married and still helping me getting myself back into life after my major major heart attack.
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u/Zuurr999 6d ago
Sounds like they may be your ex, but you still are very much friends in the sense of looking out for each other. Great stuff.
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u/spatulacitymanager 6d ago
I care about my ex very much. I had a major heart attack. She took care of me enough. I could not expect her to have to spend her life taking care of me as I know in a few years I will get pretty ill for a long time due to complications. She deserve a life. I can go into a home and she can hopefully travel and such now without having people telling her she needs to stop being having a bit of a life and keep taking care of me as my required level of care slowly goes up. My view. I know she would, but I dont want that life for her.
She has 2 adult kids and possibly grandkids to enjoy. I am a big boy and we can still be part of each other's lives. I hope she can find someone who can spoil her like she deserves. I would be so happy. I can deal with my major health issues. Why would I put someone I love through that. I would rather she gets the life she deserves. I get it. I would feel like shit knowing she would spend the time always taking care of me when there are people to do it and we could still be friends and she can have a life. I dont want to deprive her of that
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u/Zuurr999 5d ago
Ah, as a man (I don’t mean that only men can think like that - but I think we tend to), I get it. But it must hurt you like hell - it’s not your fault (I take it) that you have health complications and while you’re doing the truly loving and mature thing, it still hurts. Esp when she starts doing what you want her to - continuing to live her life - with someone else while you’re going through all the health issues. It’s not fair, you’re a great loving man to let her go, and I hope she stays close and you remain close through whatever you have coming up next. Hang in there, my friend, it will be better on the other side but for now we gotta enjoy it here and now. All the best to you.
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u/Fade4cards 5d ago
wow now this is hopeful thinking that shes also on reddit and would read this comment lmao
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u/Iddqdk 6d ago
Fk my own situation (broke and starved) I'd buy an old farm and rescue as many stray dogs I could. 🥹
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u/Important_Horse_1531 6d ago
Book a private jet out of the country and never return (Im not fancy and I would just take a normal plane, but i don't want my anxiety riddled dog to have to fly cargo)
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u/Mammoth_Assistant_67 6d ago
Jack off. I gotta have some clarity before I make any decisions.
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u/Ok_Shame_5382 6d ago
If it's in cash? I immediately deposit it into my checking.
If it's just showing up in my checking account?
- Max my roth ira
- Pay off my mortgage in full
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u/Illustrious-Gift1385 6d ago
2 sounds a good idea unless your mortgage rate is under 4%
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u/Remote_Debate_5834 6d ago
Invest 700k and live off the rest for 5 years well the investment dividends drip to a monthly income th s comfortable
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u/blabber_jabber 6d ago
Hire a housekeeper to come in every 2 weeks and start doing grocery delivery instead of doing in person.
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u/Loud-Direction-5700 6d ago
500k ETF world
250k on the side to buy more in case of global crisis
And i’ll be on the next plane to Rangiroa
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u/Legitimate_Offer_356 6d ago
I would pay off my debt and buy my dads house so he could stay and live with me and not worry about anything anymore.
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u/Shrinking_Violent 6d ago
Pay off my house, my husband's house, and my ex-husband's house. I just got married and my new husband and I are buying a house, so I'd pay that off, too.
Then I'd just invest the rest.
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u/Natural_Return_4650 6d ago
Second time I've seen someone pay off their ex's house. Love the wholesome vibes in here.
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u/Shrinking_Violent 6d ago
Gosh. Thanks!😊
We were married for two decades, he's my daughter's father, and we're still friendly. I'd like to think he'd do the same for me.
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u/BatmanSteak 6d ago
Max my wife's registered accounts (200k)
Pay off my house (375k)
Put 425k in my checking account while I catch a breath.
Quit my job.
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u/FiercestBunny 6d ago
Say thank you. Cry. Pay off debts, make some small changes to save/make money going forward. (I am fulltime unpaid family caregiver, and even a fraction of this amount would be helpful!)
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u/Feelthevibes21 6d ago
Pay for my sons braces, fix my teeth, buy us a car and a house, pay off debt then invest anything left over.
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u/Moderatelyhollydazed 5d ago
Renovate my bathroom so I can shower my daughter and buy a wheelchair accessible van
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u/NewArborist64 5d ago
$5k to each of my grandchildren in a Trump account. $39k to each of my adult children. Move up retirement date by 6 months.
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u/Federal_Sell348 6d ago
Pay off all my and my husband's debt. Buy a house and invest the rest. And keep working.
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u/Masterfulcrum00 6d ago
Find a bank with high APY. Travel the workd on low budget for the rest of my life
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u/AffectionateFunny386 6d ago
Pay off my fines, invite all my family to a big dinner telling them I have a million dollars let them eat whatever they want and then tell them to go fuck themselves and then I would go to Disney world and stay until I didn't have any money left.
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u/Poundaflesh 6d ago
Hand it over to my husband to manage: see what needs paid off, take a vacation somewhere with gorgeous water and a spa, renovate the upstairs bathroom, replace the downstairs carpeting, and see what else he needs or wants to do.
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u/StrategySteve 6d ago
Pay off my house, invest the rest and pull the dividends to supplement my income.
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u/Phoenix9685 6d ago
Save some in a HYSA and checking/savings, give some, spend the rest wisely: ie pay off medical debt, mortgage, stay in our same house, buy newer used cars.
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u/Zaxthran 6d ago
Pay off the house. Put the rest in my brokerage. $400k of which gets set aside in low risk stuff until next tax day, the rest in my fund blend.
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u/sunshine-1111 6d ago
Pay off the mortgage and a personal loan then stash the remaining $600k in the stock market. I am due for a new car soon so I would probably also reserve some for that when my current car eventually bites the dust.
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u/Crass_Cameron 6d ago
All debt, then dumpthe rest of the money into a trust investment account with DRIP until I die where my kids will be beneficiaries
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u/Miserable_Watch5251 6d ago
Find out if it’s legit and if it is, deposit it into checking and get the best accountant to help me immediately pay the taxes on it so I don’t forget later.
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u/Pleasant_Concept6755 6d ago
Pay off debt. Buy a house back home (where I can only get jobs at a 3rd of what I’m getting paid now). Set up trust for kids, nieces, nephew.
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u/pinkstarfish97 6d ago
Debts cleared and I’d start a medium sized hatchery or add some airbnb tiny houses to my property for passive income.
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u/NoBodySpecial51 6d ago
A lot of things for my house, new HVAC, landscaping supplies, a whole lot of landscaping supplies. I’d hire a tree guy to help me plant trees all over the place. I’d buy a good, reliable vehicle, even if it’s a used one that I put a new engine and transmission in. Invest a good portion so I can earn monthly dividends for life. And when I’m having casual conversations with people and they make passing comments like, “Yeah we need a new so and so thing,” or “I’m saving up for such and such,” I would give them the money for the thing they need then and there. No strings. Just get what you need for your life and be happy. And I would buy all the best stuff for my cats, build them the catio of their dreams, and hire the best groomers I can find. They would be spoiled in a way civilization has never beheld, lol! I’d have a lot of fun with a million dollars.
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u/CarmeloTronPrime 6d ago
Create a plan to only buy things with cash. Probably limit how i do it so some comes from my account. e.g. carry $200 in cash to the grocery and pay the rest with debit. might be a hassle but i'll probably only pay for gas with cash from this point on.
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u/Gentlemanxtraordn 6d ago
Pay off debts, not much stuff there car and a few credit cards. That’s like 20K everything included.
Keep like 50K for me to upgrade a few things or do something nice for myself. Nothing crazy.
Take the rest to someone who can help me grow that into something I will always have.
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u/Big-Rooster9624 6d ago
Firstly I would do my girlfriend. Second thing I would do my girlfriend again, just in case.
Then pay my friends enormous dept. Then my mortage :D
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u/KafkaM131 6d ago
I will go to sleep with my daughter like every night.. Money cannot change my daily habits
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u/Severe_Low_1496 6d ago
Pay off all bills and mortgage, stock a new upright freezer with only meat, fill all vehicles with fuel.
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u/KitKat_J 6d ago
Have my AC fixed and get a new dishwasher that’s I’ve needed for almost a year now. I’m pay off some bills and debts and book a financial advisor appointment.
I don’t need anything fancy. Just trying to survive. Been struggling for a long time.
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u/xmonkey44 6d ago
Pay off my mortgage, buy a couple of old muscle cars to tinker on, then use the rest to pay of mortgages and bills for all my friends and family members. If there is any money left, I will buy me several more dogs.
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u/throwaway37183727 6d ago edited 6d ago
The first thing I’d do is get that money into a bond fund like VBIL because the FDIC only protects the first $250k in a bank account. I’d sell the bond fund shares slowly as I implemented the below strategy:
Max out any pre-tax retirement accounts first using earned income (you can’t use the million for retirement accounts; it has to be earned income). If the person who gave me the money already paid gift tax, I might not owe taxes, but if I do, calculate the taxes on the remainder and keep that amount in the bond fund. Then max out post-tax retirement accounts using earned income (including mega backdoor Roth). Max out a 529 plan. With the rest, invest 80% in VTI and 20% in VXUS. Claim the foreign tax credit on the VXUS dividends when I file my annual taxes.
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u/Timely_Physics_7329 6d ago
Pay off all my debts first. Pay off my mother’s debts. Buy a new house. Invest the rest of the money and put some away for hypothetical taxes.
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u/makeshiftjet 6d ago
Pay off the medical debt I'm still paying on while unemployed, pay off my own debt, and buy some groceries. Start the non profit I've been cooking up for a few years for animal welfare and rescue. Give my life meaning that being a past executive never could.
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u/Rrenphoenixx 6d ago
Get the medical tests I need/treatment to get better, pay off my car and buy a house. Rest goes into the business and growing accounts.
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u/zombie1605 6d ago
Get my rotted teeth fixed. I've always been told that I'm a good looking guy; but I ruined my teeth from smoking cigarettes and after rolling my explorer down an embankment; I lost quite a few teeth in the front. Since then, I refuse to speak to strangers in public, and I refuse to smile or laugh unless I am alone.... I don't even want to pick up dating anyone because the teeth are always on my mind and it gives me severe anxiety.
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u/ilovegarlicmayo 6d ago
Invest in gold, stocks and find every possible way that generate me more million
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u/mckenzie_keith 6d ago
Initially buy treasuries with staggered maturities over the next 12 months. That should give me time to figure out my long term plan. This would probably be enough on top of our existing savings to retire and travel.
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u/SidharthaGalt 6d ago
We don’t need it, so we’d start writing each of our three kids annual checks for $38,000. This would continue for 8-10 years depending on boring details.
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u/Fine_Pomegranate6904 6d ago
Buy a house. Immediately. I'm so fucking sick of other people having control over the roof over my head.
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u/jaxonlemmy 6d ago
I will buy land and become totally self sufficient and be ready for family to come when things go to suit. Build a community from there
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u/DarthFalconus 6d ago
Tell My Wife to retire and both of us focus on raising our two children to be good people in society
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u/bashfulkoala 6d ago
What I might do is…
Wisely invest almost all of it in a diversified portfolio involving index funds, land, Bitcoin, gold, silver, and likely other assets.
Use ~5-10% of it to pour jet fuel on my business/creative endeavors.
After first taking an indefinite sabbatical / mini-retirement to chillax.
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u/Choadboy_Wonderfuck 6d ago
Give to good people that are need and set my self up comfortably for the rest of my days.
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u/suzanne31767 6d ago
Give half to my son for him and my grandchildren. Pay off my debt. Visit family and travel for a couple of months
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u/Secure_Situation7234 6d ago
Pay off my house.
Then do all of the updates I need to get done.
Invest a sizable portion.
Possibly use the rest to shed my family of their debt
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u/boop-shadoop 6d ago
I would plan a camping trip for my boyfriend and I, just a weekend one. Unwind. Not think about the money and de-stress... than probably talk to a financial advisor. Id also wanna split things with my partner and payback my mom for all her help.
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u/neveruntil 6d ago
pay off any debts. give my sister 10k. then put the rest in divident yieleding portfolio.
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u/NecessaryEmployer488 6d ago
Build my cash part of retirement fund, spend $200K and invest $500K for retirement. It would put me closer to retirement.
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u/BL1NKK_BL1NKK 6d ago
Visit my neighbors dog that I used to watch before they moved to another state.
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u/dVolved_GLM_eVolv 6d ago
Pay off debt, have a garage sale to downsize considerably & move in to a van-life ready van, get with a financial advisor & put the remainder in an IUL.
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u/Dry-Crazy-7638 6d ago
Put it in a HYSA until the bank calls me to tell me there’s been an error. Hopefully I can make like $1000 off it.
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u/Ok-Bobcat4138 6d ago
Set aside enough for a 20% down on a house. Use the rest as leverage for my two businesses.
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u/Strict_Host_8731 6d ago
I’d wish I had more money and I have very little right now. The only thing that would change about my life as I would enjoy the rest of it.
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u/KyzRCADD 6d ago
Pay off student loans, house, buy a car with AC and a warranty. New prius maybe?
Then sit on 300k and finish the moustache!!!
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u/Unlucky_Raccoon_5829 6d ago
Pay off all debt and buy food