Realistically I'd do something boring and responsible like invest it in low-risk bonds like TIPS or something, diversify, and live off the proceeds. Even at 2% per year I'd be happy as a clam living off of half and leaving the rest to compound. We have a $25 grocery budget, I think I can manage a nice lifestyle for two on the interest.
But that's no fun to write about at the moment. So let's say I had to spend it all in one year. That's more fun.
How would I blow $1,000,000? Actually I have a much easier time spending large sums of money than small ones. With a million dollars in the bank and needing to clear it all out in a year I'd first shell out for a nice sail boat. With a six figure budget I'd be able to buy one that was both gorgeous and practical, a boat that could take me anywhere. I'd buy something like this:
 |
That's a 50' Hinckley yawl priced at a cool $395,000. I'd buy one of those beauties from the '70s when they were solid fiberglass rocks. I'd be picky and look for a gem with a navy blue hull and teak interior (I don't like the interior of the one above) who'd been excellently maintained.
Even $1 million wouldn't be enough to buy one new, but that's okay. I'd use the rest of the money to buy the gear and and do any maintenance or refurb needed to take her across oceans and live aboard. I'd then sail around the world taking my sweet time for as long as the money lasted. If I could keep half of it and only spend half on the boat, I could sail for practically forever though maintaining a boat of that size in excellent condition can take a pretty penny.
I'd sail around the US and through the Panama canal, hop all the islands in the Caribbean then move on the the Med and Europe or Africa. Friends and family could come visit and stay with us as we sailed around their country of choice. Visiting everywhere accessible by boat could take the rest of my lifetime so I'd consider my million well spent.
What would you do?
This is a Yakezie meme. Check out Yes, I am Cheap on Friday for a round-up of all the posts.
If you like this please Link Back to this article...
I wrote about doing the boring thing because it's on my mind so much. If I had to blow 1M, I would travel around the world in style. ;)
ReplyDeleteI wrote about travel too and so did Jacob! Are we all mindless wanderers at heart? Good to know you'd blow your money in style and luxury.
ReplyDeleteI think traveling the world captures the same sort of romanticism that the question of getting a million dollars has.
ReplyDeleteI would live in Japan for a year, but come back to the states to visit relatives once or twice (easy to do with a million dollars!).
ReplyDeleteNice boat... from the ad, it comes with quite a lot of gear already for $400K.
ReplyDeleteAmanda - What brings you to Japan?
ReplyDelete101 Centavos - I'd hope so for $400k, but you always need more or newer gear ;)
Is it too boring to say that I'd spend a lot of it paying off the mortgages of everyone in my family? I think I'd even have leftover funds to buy myself a Nissan Leaf and convert my house to 100% solar energy.
ReplyDeleteI like your boat idea alot, except for the fact I get a little motion sick on smaller vessels. I currently work for CBP on a program that deals with vessels of that size and keep thinking... man it must be nice to jump on your boat and head down to the Bahamas this winter.
ReplyDeletePersonally, If I had a million fall into my lap I would probably move back to Ireland and maybe buy a second home in Southern Germany and split my time between the two.
Anonymous #1 - That's not boring, it's exciting! Fully paid off house? Yes please! I hadn't thought of doing solar, clever. I think I just wanted to write about a less responsible plan ;)
ReplyDeleteAnonymous #2 - I won't be headed to the Bahamas any time soon, but I do occasionally, wishfully day dream. I actually am more likely to get motion sick on bigger vessels since I'm more likely to be inside and on water with bigger swell. Correlation, not causality, but kind of funny.
YES! My boyfriend's parents sold up their house a few years ago, bought a yacht and now spend their retirement casually sailing around the Mediterranean Sea. Living. The. Dream.
ReplyDeleteHarri - I don't think, even with a million dollars to start, we could afford to sail the Med for years on end. Living the dream is pricey! I am so jealous though.
ReplyDeleteSounds like you need to put a smaller sailboat in the budget and start out on a lake close to home!
ReplyDeleteFollow the dream.
Marie - Great advice. After all, shouldn't I make sure I like living on a boat and sailing day after day before putting $400k down?
ReplyDeleteNothing. Just stash it, move to the west coast, and have another kid asap.
ReplyDelete