You just inherited $1,000,000 from an aunt you didn’t even know existed. What’s the first thing you buy (or otherwise use the money for)?
Twenty years ago, a million dollars would have bought you so much, nowadays, it really doesn’t buy you much. Most people are probably going to say the same generic things like, buy a house, buy a car, go on a holiday, go shopping etc… but the money wouldn’t really stretch that far if they wanted to do all of that.
Now, if you still want that massive flashy house, it’ll cost you more than a million bucks. Personally, if I won a million dollars, I’d buy myself either a nice inner-city apartment, or a cute little house on the city fringe. I’d spend a small amount on furnishings, and the rest I would just invest. At least that way, once it’s invested, you’ll end up getting a return (interest) on your investment, and depending on how much you invest and where / how you invest, you could possibly end up getting a nice bit of pocket money to do with as you please.
Or, maybe I’d just go crazy and have a massive 12 month holiday, travel all over the world, live in various cities and continents for a couple of weeks at a time. I’d probably end up spending a massive chunk of that cash, but at least I would have thoroughly enjoyed every single minute of it. At least I would have done something with it that made me truly happy, and I can say that I’ve lived.
Who knows what I’d do. Until somebody hands over a cheque for a million smackeroonies, I’d rather not play into the fantasy of how I would spend it… it just gets too depressing.