What Would You Do With $20 Million?
@whimsystoryteller (1743)
United States
March 19, 2007 2:11am CST
The other day, Oprah Winfrey did a show on people who had suddenly come into large amounts of money and followed up to find out how they had used their money and what they had left. I wasn't exactly surprised to find out that many of them had spent either most or all of what they had. Some of these people had won or inherited millions of dollars and they had gone through most or all of it.
The reason that they found themselves with so little of the money was because they never planned for it. Of course, they couldn't plan for how they received the money but most people don't plan to have money. They don't plan really at all or if they do, they plan by what they have and what they can earn for themselves.
The problem with that is when people do get money, they don't take the time to budget it and plan how it would be used. They allow their emotions to rule how they spend and they allow other people to use guilt trips to con them out of money.
So, let me ask you, what would you do with $20 million? Instead of just making a list of everything you've ever lusted after to buy, take a little time to think about it. What if you came into that much money? Don't just think about the here and now, think about making the money stretch and last. If all you think about is all the things you can buy, the money can be gone in no time and you'll be right back where you started.
If you ever want to be successful, you have to plan. Money can come and go. I know because my father was very wealthy and then lost everything. Being successful over the long term means planning to be successful and that means planning how you will use money. The money you earn and money that comes to you from other sources.
So, I ask you again. What would you do with $20 million?
2 responses
@mikeashiyna (170)
• Philippines
19 Mar 07
for mwe i guess the first thing i would do is try to get in touch with a investment firm and try to build uop my portfolio and just spend some of the ineterest and spend some on basic things that i would need and get a specific amount for splurge money i guess invest first so things wont run dry
1 person likes this
@whimsystoryteller (1743)
• United States
19 Mar 07
Good answer. You may also want to consider buying real estate both in the form of a house and investment real estate.
@comedyaddict (772)
• Canada
20 Mar 07
Great question.. I would invest a large portion of in the property. Either buying or building a large apartment building. Either that, or look for an old run down building, buy it, spend a few million doing it in, and then sell it. Donald Trump did this. Bought a building for a million, spent a few million renovating it to a hotel. It is now worth about a 100 million..
I also like your idea about the cafes. I used to own one in NZ where I lived. It would be great to bring the concept I had for it down there, and building it into a large company.
Thats what I would do.. :)