What to do with 2 million dollars?

[Anonymous]

1.6 million dollar house and save the rest.

[Anonymous]

Anonymous wrote:http://www.bogleheads.org/wiki/Managing_a_windfall

OP here: Thank you for that link. We are frozen. We go from lets buy a new house! to better put it all away.

[Anonymous]

Anonymous wrote:ADOPT ME AND MY KIDS PLEASE.

+1. What a miracle would that be to get out of my plight

[Anonymous]

OP, do some reading about managing a windfall or inheritance. If this is due to losing a loved one, remember that grief is also a factor and can make you do strange things. Many planners recommend putting the money somewhere safe at least for 6-12 months until you are feeling a little more clear headed and can think about goals. In other words, don't be rash, and don't fall into a trap of thinking you have to make major decisions right away.

I also echo the suggestion of finding a fee-only planner who can help you talk through goals and priorities and related impacts (taxes, etc.). If you manage this money well, it can serve your family for many years. Take your time. Remember that most lottery winners burn through their money in just a few years -- don't make the same mistake.

I recently read a good book on this, The Wise Inheritor by Ann Perry. Good place to start. Good luck.

[Anonymous]

Pay off any debt including a mortgage, do any outstanding home improvements, put the rest away for school, college, and retirement. If you have a clunker car trade that in and get a new one.

Then do nothing but rest easy knowing you have a cushion.

[Anonymous]

Also, be very careful who you tell about this windfall. The more people you tell, the more likely someone will come forward trying to lure you into an investment scheme. And wealth can do strange things to relationships -- jealousy, envy, etc. Tell as few people as possible, at least at first. And don't go out buying so much stuff that you raise suspicions either.

[Anonymous]

Anonymous wrote:Also, be very careful who you tell about this windfall. The more people you tell, the more likely someone will come forward trying to lure you into an investment scheme. And wealth can do strange things to relationships -- jealousy, envy, etc. Tell as few people as possible, at least at first. And don't go out buying so much stuff that you raise suspicions either.

Thank you. We have told no one. We said we got a small amount that helped pay off our debts. You would never guess looking at us.

[Anonymous]

Anonymous wrote:Pay off any debt including a mortgage, do any outstanding home improvements, put the rest away for school, college, and retirement. If you have a clunker car trade that in and get a new one.

Then do nothing but rest easy knowing you have a cushion.

This seems realistic and smart. Don't get giddy.

[Anonymous]

I'd probably sink $200k into fixing up our house into our "forever home", and the rest would go to savings. Boring perhaps, but smart.

[Anonymous]

Personally I'd get it all in 100s, put it in my bathtub and roll around naked in it.

[Anonymous]

Anonymous wrote:Personally I'd get it all in 100s, put it in my bathtub and roll around naked in it.

Or pennies and swim around in it Scrooge McDuck-style

[Anonymous]

Anonymous wrote:

Anonymous wrote:Personally I'd get it all in 100s, put it in my bathtub and roll around naked in it.

Or pennies and swim around in it Scrooge McDuck-style

I think one of the great disappointments of adulthood was learning that you can't actually do this.

For me, at least.

[Anonymous]

Take an awesome vacation, then save the rest until you've really thought out what you should do with it.

[Anonymous]

Listen to the Barenaked Ladies song, and do everything they say twice.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Personally I'd get it all in 100s, put it in my bathtub and roll around naked in it.

Or pennies and swim around in it Scrooge McDuck-style

I think one of the great disappointments of adulthood was learning that you can't actually do this.

For me, at least.

For me it was the realization that even if I became filthy rich, diving into a pile of copper and gold would hurt like fuck.