Reply to If you inherited a million dollars, WWYD?

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Reply to "If you inherited a million dollars, WWYD?"

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[quote=Anonymous]I think we would do a lot of what the other posters mentioned.  I would look at the house situation and either move and rent out current house as investment property or make the improvements to the house that would make the biggest difference in our day to day life but maybe we were hesitant to borrow money to make those improvements.  We added onto our house with an inheritance and having the bigger kitchen isn't just about having the bigger kitchen but having the space for the kids to make cookies with their dad or hosting our family over for the holidays.  Maybe it's fencing the yard and getting a nice playground set or the dog your kids always wanted.  I would also look at a nice family vacation.  The rest of the money would go into things like college funds, investments,and retirement.  If there was a non-profit I was attached to (church, kids activities, college alma mater, Children's Hospital etc.) , I would consider donating more than I usually do to that organization.

I would look at a million dollars sort of like skipping stones in a pond.  I wouldn't want to throw it all in one place but rather see how it can make the most impact and ripple effects.  I would like to think how I use it honors the person that left me the money in the the sense of contributing to family memories or opportunity to participate in something or help someone (realizing things like college and education or being in a stable position in retirement or paying off debts would fall in that category) that maybe I wouldn't otherwise be able to do without it.  I would also balance long term with short-term so the benefits and impacts aren't all today nor are they all in 30 years.

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