What would you do with 1m cash?

Discussion in 'Money Management & Banking' started by Gavin Ng, 26th May, 2017.

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  1. wylie

    wylie Moderator Staff Member

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    wylie, 26th May, 2017
    #21
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  2. EN710

    EN710 Well-Known Member

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    Go to some holiday
    Invest the rest to cover living cost
    Cut my work hours :)
     
    EN710, 26th May, 2017
    #22
  3. Sackie

    Sackie Well-Known Member

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    Hey if your feeling generous I'm always not far away :p
     
    Sackie, 26th May, 2017
    #23
  4. BKRinvesting

    BKRinvesting Well-Known Member

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    That makes Two of us...
     
    BKRinvesting, 26th May, 2017
    #24
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  5. EN710

    EN710 Well-Known Member

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    You can give me $1M and I'll be very generous to you :p
    I'm usually generous with my time when I have them ;)
     
    EN710, 26th May, 2017
    #25
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  6. Sackie

    Sackie Well-Known Member

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    Eva when I'm back from HK hopefully you'll still be in Sydney! :)
     
    Sackie, 26th May, 2017
    #26
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  7. EN710

    EN710 Well-Known Member

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    Should still be! Unless you're back next year
     
    EN710, 26th May, 2017
    #27
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  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    Talk to an accountant about tax minimisation.

    So many options and possibilities...
    Pay off PPOR
    Throw a second dwelling in backyard (maybe?)
    Put a new roof on the Birkdale place
    Solar panels/solar tiles and batteries
    Laser vision correction
    Shares.
    Consider buying other IPs.
     
    Gockie, 26th May, 2017
    #28
  9. devank

    devank Well-Known Member

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    What involved in 'debt recycle' in this situation?
     
    devank, 26th May, 2017
    #29
  10. MTR

    MTR Well-Known Member

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    Glad you did:)

    Find another booming market, and keep growing wealth, or look at upskilling ie developing property, start on small projects first and dont forget to reward yourself along the way.

    MTR:)
     
    Last edited: 26th May, 2017
    MTR, 26th May, 2017
    #30
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  11. BKRinvesting

    BKRinvesting Well-Known Member

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    BKRinvesting, 26th May, 2017
    #31
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  12. devank

    devank Well-Known Member

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    Your own situation will change what you can do.
    Q1: Do you have home loan? Place the fund in its offset.

    Q2: Do you need the would be income generated from this fund now?

    Q3: Do you need this fund in the near future? How liquid it needs to be?

    Q4: What life stage are you in?
     
    devank, 26th May, 2017
    #32
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  13. Scott No Mates

    Scott No Mates Well-Known Member

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    I'll tell you what I did in a couple of weeks :p

    Shocked by this answer ;) no mention of KFC and it's a hookah.
     
    Scott No Mates, 26th May, 2017
    #33
  14. Xenia

    Xenia Well-Known Member

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    I would not even care to notice it was there. Not that exciting.
     
    Xenia, 26th May, 2017
    #34
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  15. chylld

    chylld Well-Known Member

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    Off topic: Have been watching this for a few years, and finally the numbers made enough sense to me to take the plunge and get panels/inverter installed next month (no battery yet). 6.48kW $6590 will pay itself off in 6 years with the new feed-in tariffs. No protection from blackouts at night - battery needed for that, but they won't pay themselves off before their useful lifespan.
     
    chylld, 26th May, 2017
    #35
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  16. Angel

    Angel Well-Known Member

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    You left out move to Birkdale and start your own business, doing project jobs at CBA when you feel like it.
     
    Angel, 27th May, 2017
    #36
  17. Angel

    Angel Well-Known Member

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    I would pay off the PPOR debts, prepay a year's expenses for the three properties, buy a newer car and take a year off work, most probably in Europe and America.

    I would leave some to offset the IPs in case we want to buy something else and put some into Super and start reading up on LICs and VAS.
     
    Angel, 27th May, 2017
    #37
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  18. Gavin Ng

    Gavin Ng Well-Known Member

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    Thanks for all the great replies guys, like many have said I guess it would depend on situations but a big theme I have found of this forum of late is to pay of poor. Why is it so important to pay off ppor? Is it purely the fact that it's non-deductable interest and the face someone needs a house to live in so if they have that sorted they don't need to worry about it?
     
    Gavin Ng, 27th May, 2017
    #38
  19. kierank

    kierank Well-Known Member

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    As I am a self-funded retiree, I would give it to a good cause like cancer research.
     
    kierank, 28th May, 2017
    #39
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  20. MTR

    MTR Well-Known Member

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    Kieran would you help your kids, a leg up first?
     
    MTR, 28th May, 2017
    #40
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