What would you do with $1 million in cash

[Markola]

Pssst. Plastics....

 

[bobneardc]

Add to in three (or four) fund portfolio...

Add to existing portfolio and continue with three (used to be four) percent rule.

 

[socca]

AFAIK the <$14K only means that you don't have to report it to the IRS. Over that amount and you report it but don't pay tax until you've gifted over $5M. (I think it's $5M)

I think you can give out <$14K to 1000 different people and not even have to report it.

For 2017, the lifetime gift tax exclusion is $5.49M (double that for a married couple).

 

[ownyourfuture]

I'd build a small home in the 'country'
Peace & quiet is something you can't put a price on.

 

[RobbieB]

I'd quit trying to DIY all these home improvements and just hire it all.

Move all the stuff out and store it
Do the house to my spec
Camp out in Vegas at the Bellagio and fly back a day every week to check
Eat, drink and gamble the other 6 days of every week until it was done

Sweet -

 

[NW-Bound]

I'd build a small home in the 'country'
Peace & quiet is something you can't put a price on.

For $1M, you can build a BIG country home.

 

[NW-Bound]

I'd quit trying to DIY all these home improvements and just hire it all.

Move all the stuff out and store it
Do the house to my spec
Camp out in Vegas at the Bellagio and fly back a day every week to check
Eat, drink and gamble the other 6 days of every week until it was done

Sweet -

Perhaps you can do this already, if you cut out the caviar, Wagyu beef, and XO Cognac.

 

[RobbieB]

Dude...

No wagyu, no caviar and no really good booze?

Besides, DIY and walking the dog are my only forms of exercise. I guess I would need to pay for a gym membership too?

 

[NW-Bound]

In that case, how are you getting any exercise in Vegas? Pulling on the one-arm bandit does not burn any calorie, and even if it works, you would have the right arm of Popeye while the rest of the body atrophies away.

Just teasing, as I am also one who never goes to a gym. I work around the house as a form of exercise too.

 

[RobbieB]

I like to play no limit hold'em, eat really good food, go to the spa and get rubbed and drink while I'm playing.

Usually never even leave the hotel/casino unless I'm really leaving (going home)

I'm due but the road to Reno is not good this time of year.

 

[ownyourfuture]

I like to play no limit hold'em, eat really good food, go to the spa and get rubbed and drink while I'm playing.

Usually never even leave the hotel/casino unless I'm really leaving (going home)

I'm due but the road to Reno is not good this time of year.

I'd be right there with you, except I would prefer video draw poker.
Deuces or jokers wild.

 

[RobbieB]

I play a lot of that too, at the bar getting a bloody mary or 2 in the morning so I don't have to pay and also when I'm waiting for a seat at the poker table.

 

[kimcdougc]

Think I would take a trip around the world, first class. Then take a trip to Vegas, stay at the nicest hotels etc.

Come home and pay the two kids houses off. Hmm give some to charity (the local community center I volunteer for is in need of some cash).

 

[dallas27]

Probably would put 100% in my after tax account and use my existing allocation profile to invest it.

 

[RAchip]

Cover 5 years of my Netjets bills.

 

[Markola]

I'd buy my own polit... Sorry mods, I checked myself just in time.

 

[HFWR]

Have one helluva party!

 

[kgtest]

burn a bit more gas in the boat.

 

[dunkelblau]

Something like this happened to me about six months ago. What fell in my lap was less than a million, but close enough that I think my reaction would be the same. Not tax-free but tax deferred until Rothification/RMD, and it came as a total surprise.

I don't play the lottery but I like to throw small sums into long shots, so six years ago I bought shares of a small electronics distributor that entered bankruptcy even though I thought its financials looked OK. I knew then and still know that these kinds of bets rarely pay off, but that one turned out to be my big kahuna. When I saw a surprisingly large cash balance appear in my IRA account, I looked up the transaction and found my non-trading shares had been replaced by a different cusip-- and cashed out. I immediately sent my Schwab FA a snarky e-mail, and within a few hours he confirmed it was legit. I found nothing online explaining what all happened, just old links to the docket. Anyway still a mystery and no idea whether any additional payouts may be coming on the replacement shares.

My reaction to this windfall over these past six months was pretty much nada. The new money I continue to put into long shot punts (I prefer to call them widely diversified high beta investments) and so far ~5% of it is in play. Probably no different than what I would have bought with the old cash balance in that account. As for its effect on spending, also nada. Same monthly outlay before vs after, and not even a celebration lunch. Maybe there's a number that would elicit more response, hopefully not but I'm willing to be tested...