This is a very exciting thought – have you ever considered what will you do if you have all that money? Will go on lavish vacation trips, invest a good chunk of it, start your own business and quit your job or set yourself for life?
Having a million nowadays may not really be a huge amount due to high costs of consumer goods and services. Whether it be a million dollars or a million pounds, you need to be financially smart so that you won’t end up being broke again after spending all that money or worse, be in bigger debt than what you started with. There are a lot of stories of instant millionaires who end up broke again, due to poor financial management or maybe they underestimated their spending habits. So what can you do to avoid being one of those people, if ever you get a million?
There is a survey done on several Brits and Europeans on what they would do when come into £1 million and the answers may be quite similar to what you do have in mind:
- Purchase a house. This is the ultimate dream. If you don’t have your own home yet, then this should be on the top of your list. You wouldn’t be able to make this large of a purchase easily, otherwise. If you do have an existing mortgage, then this comes in next. If you do have a million in cash, you’d want to pay it off and get rid of your mortgage as fast as you can.
- Pay off all debt. If you have some form of debt, wouldn’t you want to also pay it all so that you can enjoy the rest of your money? It would be the best feeling ever! Imagine, to wake up everyday and not thinking about the debt you owe and need to pay for. You’ll feel better and have peace of mind when all debt is cleared under your name.
- Go on a luxurious holiday. Now that you have enough cash to travel, why not treat yourself? Pamper yourself and take a well-deserved break from all the stress you have to deal with in life. Most of us, with our regular jobs can’t afford to allot enough money for going on yachts, cruises or go on that exhilarating safari adventure. This is your chance to experience that dream vacation that you’ve always wanted.
- Buy a new car. If you always rely on public transportation, then this is a great opportunity for you to finally ride in comfort. Going from one place to another should be convenient for you, especially at this time that you can afford getting one.
- Start your own business. A million in cash, whether in pounds or in dollars, wouldn’t last forever. If you want to be wise with your finances, you should start your own business so that you’ll continue on having a good cash flow. Maybe you decided to quit your job and wanted time to enjoy your money but also think in the long run. Do you want to go back to working as a regular employee once you run out of money? Make sure that the business you will establish will be a business that you’re passionate about, so that starting, as well as managing it, will just be a breeze to you.
Do you agree with this list? What would you do with a million bucks? Share it in the comments below!