Hypothetical--Receiving a windfall

[QueenIsabella]

I'm just curious as to what different people would do if they received a windfall. In this case, I'm talking about ~$2 million or so--enough to be comfortable, but not enough for private jets and live-in servants. So, what would you do with the money? For starters, I would assume that everyone on this forum would pretty much either go to WDW more frequently and/or more lavishly, so I'm really looking for other thoughts than those. Not that there's anything wrong with either, just I assume it's a given.

So--fully fund college and retirement? Travel more? Upgrade your house? Buy a boat/RV/summer home? Become a beach bum?

I would start, but I honestly don't know what I'd do, once I was confident that retirement and my kids' college educations were assured. But, I'd love to hear what others would do!

 

[SallySkelington]

Whelp, WDW was my first thought, or a Disney cruise. I would take a trip to New Zealand... I need to visit Hobbiton. Otherwise I'd put the money away for a rainy day.

 

[Klayfish]

Pay off all debts we have...mortgage, cars, credit cards. Put a good amount aside for each of the kids, a good amount aside for us for retirement. Then have some fun.

Buy myself a head of hair.

 

[mjkacmom]

That amount would modestly fund retirement and college, plus I'd buy a new vehicle (all of ours are 10+ years old), and former some home repairs.

 

[tvguy]

Retire. Travel yes, probably DL not WDW. Travel would probably require a new car as our newest car will be 14 years old in a few weeks and has 152,000 miles on it.
Already upgraded our house in anticipation of retirement in 3 years. DW has Europe, Washington D.C. and the midwest on her radar for travel, so there too.

 

[NHdisneylover]

Hmmm, if I had 2 million (after taxes) land in my account today?

I think the first thing I would do is put enough to pay off the penthaouse we recently bought into an interest earning account. we have a really good interest rate, so that would be better than actually paying it off---but I would want to know that cash were there to pay it off whenever I choose.

Then I'd throw another 350K or so into a similar account earmarked for each of my recently grown kids so they could buy a house or condo when they finish school and have a feeling about where they will want to land.

That would leave me with about a million. Hmmmm. I'd probably set half of that aside to really bulk up retirement.

For the rest? I'd donate some and spend some on more/nicer/further out travel than I might otherwise be going on (and brining extended family on various tripw with me). New Zealand. Shanghai Disney, Iceland, Norway, Argentina. . .

 

[Christine]

What I'd do today in my 50s is different than what I might have done even 10 years ago.

I'd first pay off my mortgage. Then I'd dump quite a bit of it into some sort of retirement fund. Lastly, I would buy a house in a resort-ish area, but nothing expensive. Just a second home for vacation that I could ultimately retire to. It would probably be in Florida since much of those areas seem relatively affordable to me versus where I live now. Then I think the money would be spent!

 

[kimmar067]

.....I've secretly wished that I could win a lottery - not necessarily hundreds of millions of dollars; just enough to make life a bit more 'comfortable' and stress-free. The first thing I'd do is to have a grand family reunion, or more specifically, a big family vacation....of course, you certainly wouldn't have to twist my arm to locate that vacation at WDW! However, a nice tropical island would do nicely too (Aulani perhaps? ) I don't know if I would retire - I'd miss my students too much. After all, they keep me young and young-at-heart.....I'd also donate money to my church, especially if there are any parts of the building that are in need of repair.... I really don't think I'd buy a new house or fix the one in which I currently live - my DH is a builder and I really LOVE our house, especially since it's been newly renovated....I'd REALLY love to set up a fund to be able to anonymously donate money and/or things to families in need. I just hope there's a little left to set up a retirement plan...

 

[cluvsdisney]

Pay some bills, replace our cars, do some work on our current place then stash the rest away for retirement.

 

[DaisyJ]

I'd pay off our two houses (only debt we have), buy acreage and build a custom home. I'd also buy my mother a small home or condo.

I'd set aside $100,000 each for our kids to receive at age 25, and take everyone in my family (mom, sisters, bil's and niece/nephew) to WDW.

DH and I would take the kids to Hawaii for two weeks and probably another trip or two somewhere we've always wanted to go.

We would also donate $10,000 to charity.

The rest would be put away for retirement.

 

[Kathryn Merteuil]

I would like to retire or work far less if possible. I would like to keep the same house (and pay it off), some upgrades of course, travel much more, new cars, and a college education for my step-children.

 

[ronandannette]

We'd both quit our jobs TODAY and take whatever time we needed to figure out the next step.

 

[aprilchem]

Pay off our house, which is our only debt. Then put the rest into an interest-bearing fund and take out the drawdown (which would be about $80k on what's remaining) every year, enabling DH to quit his job. I'd keep working (my job guarantees all our kids free college education) and he could be a stay at home dad.

 

[Elleshoodat]

After putting most of it toward retirement, kids' college, our mortgage and home updates/upgrades, I'd take my husband's and my parents to the Vatican and roll that into a bigger Europe trip. None of us has been.

 

[Disneylover99]

Finish the basement, upgrade the house, nice landscaping outside, hire a once a week maid service, invest wisely and then it would be business as usual. Hopefully my husband would be able to retire a few years earlier.

 

[Gorechick]

I'd put some toward our mortgage, pay off CC and car loan debt, take care of some repairs and renovations on our house, put a chunk away for medical/retirement, put a chunk away for our daughter (college is paid for by our town) and enjoy life with the rest (including many trips to WDW, Aulani, DL and other places.)

 

[Nettester]

make an appointment to see the homes for sale at Golden Oak

 

[xjillianpaige]

I would definitely pay off my student loans and my parent's mortgage (which includes a large part of my undergrad loans). I'd also be done with my car payments and whatever other debts we have.

Then I'd buy my own place and move the heck out!

 

[RedAngie]

I'd change my phone number, e-mail, and other social media accounts so friends, co-workers, and relatives wouldn't be able to contact me seeking a handout.
'

 

[cabanafrau]

I'd consult a good financial advisor to figure out the best way to have that money be a longlasting change for us.