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What would you do if you won $1mill?

Discussion in 'Living Room' started by LifesGood, 20th May, 2016.

  1. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Just for fun....what would you do if you won $1,000,000 tomorrow?
     
  2. datto

    datto Well-Known Member

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    Remember one thing....tomorrow never comes!
     
  3. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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  4. datto

    datto Well-Known Member

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    Yes, but it's true. We all know what the chances of winning the lottery are, sweet FA.

    You could play the lottery all your life and never win the big one. But, by investing in property you may become a millionaire many times over.

    OK then. If I won a million I'd buy a sandwich shop.
     
  5. bob shovel

    bob shovel Well-Known Member

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    Buy a few mines in WA :p
     
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  6. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Geez, when I started writing an answer it was pay down debts. Which is boring!

    Unfortunately 1mill really doesnt go too far.... so my strategy will be to build more money first (chunk deals), then look at income replacing investments with that capital.

    Answer #2 is:
    1. Temporarily sit the money in PPOR Offset (and if no PPOR Debt, put it against the IPs, firstly the one with the highest interest rate), till I am prepared to make better use of the money. Organise to get laser vision correction. (Costs like 6k, right?) Pay back parents and partner the money I owe them. (That's only small sums of money)

    2. Take North Epping home off the market immediately and properly consider doing a knockdown and rebuild at North Epping. Then sell that for big bucks. 1 top of the range family home on that land could sell for 2-2.5mill. (Chunk deal) This will set me up with cash for further investing. Once that has sold... a good holiday is in order. (Still done on a budget though!)

    3. I should continue to rinse and repeat North Epping strategy, and it can be done anywhere. Find something in a good area that's undervalued, knockdown + rebuild or just extend out or up. Whatever makes sense.
    -->Mega millionaire here.... :D

    4. Once I have created my millions that's been set up from the above, then invest for cashflow. NRAS, shares etc. Pay down debts on everything as money allows so everything is debt free* Assuming the non deductible debt already has been wiped out, i'd start with highest interest rate on the deductible debts.
    *well, better to keep the funds in offsets... it will feel debt free but still available to use!

    4. Retire and see the world... buy a classic car. (atm we share a 10 yo car between the 2 of us). Allow the partner to buy the car he wants too.
    :)
     
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  7. Random Username

    Random Username Well-Known Member

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    I wouldn't tell anyone.
     
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  8. EN710

    EN710 Well-Known Member

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    Look for income producing asset so hubby and I can start cutting back on work ;)
     
  9. Angel

    Angel Well-Known Member

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    I would retire.
     
  10. Barny

    Barny Well-Known Member

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    I'd buy 4 places in Adelaide market with subdivision potential at later years. Should generate 41k plus a year, every year, after all costs.
     
  11. Sonamic

    Sonamic Well-Known Member

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    I would give up working Saturdays.
     
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  12. beachgurl

    beachgurl Well-Known Member

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    I would pay down a few of my properties and live off the rent
     
  13. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    1) Buy an acreage in adelaide hills
    2) Buy a horse
    3) Install fibre cabling so the internet doesn't suck
     
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  14. Ed Barton

    Ed Barton Well-Known Member

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  15. Redwing

    Redwing Well-Known Member

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    Maybe it already has but you've forgotten and you can't remember what you've already forgotten ;)
     
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  16. wombat777

    wombat777 Well-Known Member Premium Member

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    Pay off my PPOR loan and drop back to 4 days of work a week ( from 5 days ) to keep a healthy PAYG income stream coming in.

    That would allow me to comfortably apply 50%+ of my net PAYG income towards regularly topping up share/ETF investments. At the same time would be able to continue leveraging to buy IPs. Would step into doing small-scale development ( partly because I enjoy the process of building ). This to me is a relatively diversified approach.

    All the above would leave me with a significantly-sized offset account applied against IP loans.

    Perhaps retire from PAYG work in 6 years instead of 11 years or drop down to 3 days per week at 6 years.
     
  17. spludgey

    spludgey Well-Known Member

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    Buy a $2.5M commercial IP with an 8% yield. Assuming closing costs of $200k and interest rates of 6%, this would leave you with $98k a year (before expenses other than interest).
     
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  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Move to Utah & become a Mormon. ;)
     
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  19. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    Pay down some debt instead of selling off a few IPs as I move into the next investment phase.
     
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  20. JDP1

    JDP1 Well-Known Member

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    Buy a parking lot in sydney...which will be about a mil. Maybe more if it has some views.
     
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