If I had a million dollars…

By Pinyo, on August 13, 2007

Hin asked me if I was given $1,000,000, what I would do with it? Gee…I would be excited and scared, but here goes…

First, I would hire the best financial advisor I can find. So far, I have been doing well on my own — learning from the Web and books. But if a $1 million is thrown on my lab (ouch…I think a $1 million would be quite heavy), I want the best to help me protect that million. My first question to them would be what could I do to minimize taxes?

Second, I would settle my debts. I think being debt free is one of the best ways to build wealth. However, with my mortgage being the biggest debt I owe, I will have to work with my financial advisor to figure out which is better: pay off the mortgage or use the money for something else — i.e., invest.

Third, I would share my good fortune with my family and a few close friends that may need financial help. I know the proverb: “Give a man a fish and he’ll eat for a day. Teach a man how to fish and he’ll eat for a lifetime,” but if I can help them dig out of their financial hole, then I think it is worthwhile.

Lastly, whatever I have left I will invest that money so that I can see it grows. If I am lucky enough, I will have to revise my $1 million goal because I will be reaching it a few years sooner than expected.

I am not going to tag anyone (don’t want to impose), but if you would like to pick it up from here please feel free (and do link to me please)

Here are links to others who have been asked the same question, and what they do with their $1 million

1. SYH will spend for Family
2. Miche will give to the needy
3. Montessorimum will keepsake
4. Lovely Mummy will spend & save
5. Babyfiona will buy house and open business
6. MonkeyWong will go for a long vacation
7. Emila Yusof will realise her dream
8. Mariuca will open a Perfume Gallery
9. Janice Ng will upgrade house and go for long vacation
10. Hin will blog to donate for charity
11. Bobo will invest in property and let her parents go on a holiday
12. Chin Nee will spend on everything
13. Laundryamah will spend a lot and not keep any!
14. Mumsgather will secure her kids’ financial future
15. Mott will buy the crappiest house
16. wHOisBaBy will save it for future
17. Suzette will buy a shoplot to collect rental
18. Leah will purpose build a Montessori school
19. Wuching will hire money counters!
20. Angeleyes will migrate to Ozland, start an eatery business and invest the rest
21. Min finds 1 million not sufficient! She wants more!!
22. keeyit will go for investment
23. Danielle will buy a cottage in the woods and never look back
24. Norski will tithe to top off 10%
25. AdSenseTracker will buy a good blog
26. Pinyo will minimize taxes, pay off debts, help his friends, and invest

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Pinyo is the brain behind Moolanomy personal finance blog and a few other web sites. If you like this article, please subscribe for free daily email updates.

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1. If I Have $1 Million