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What to do with a million USD dollars (or 700,000 or so euros) Answered

If you were to recieve $1,000,000 taxfree and you had to get rid of it in less than a year what would you spend it on? (you can still invest it in stocks or something, original money must be gone in less than 365 days)

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Weissensteinburg (author)2008-01-15

I'd buy a few D3's, all my dream lenses and an uber computer with four widescreen monitors and a wacom cintiq. Then I'd build my dream house. One room would be full of play pen balls. There would be a few studios in there. I'd have a room that could be 100% silent and 100% dark. There'd be a tie-dye room, a forge, a shop (woo laser cutters!), and an amazing kitchen. My dog Buck would get his own room...with an in ground treadmill and 270 degree projection TV with air fresheners that smell like outside., so that he could go on a walk any time! And a bunch of other toys =]

Then of course there's that car problem...

Oh, and I'd buy family and friends some stuff, too.

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why do you need multiple d3s? There is a D3x now! (Im saving up for that) I would buy a 70-200 f/2.8 VR and a 200mm macro (Id have to get it used...but te things are SOO NICE!)

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Well...if you had a million dollars you could afford a backup d3 (IfI could say I used a d3 as backup....I would feel special) I want the D3x, mainly because I prefer landscapes.....the 70-200 f/2.8 AF-S VR would be for sports, but I dont use the burst to much...so the D3x would be the perfect camera for me! That or a hasselblad HDIII50 (I beleive thats the name...it the 50 MP one)

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Or maybe I'd just buy a country.

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westfw (author)Weissensteinburg2008-01-15

I think you have a somewhat exaggerated opinion of how much a million dollars will buy...

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Weissensteinburg (author)westfw2008-01-16

Or maybe I'm just a really good haggler?

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listoman (author)2009-06-29

I would spend it all on a career in photography. (that would include almost every camera and lens both nikon canon and fujifilm makes, along with a leice and maybe a hasselblad) Oh, and I would by a nice size house, a decent car (The new deisel Volkswagen jetta? "This thing hauls! its all *immitates engine*" I would also buy a ton of electronics.

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Punkguyta (author)2008-01-09

If I had 1 Mill, I'd put all but $10,000 of cash into a bank account, I'd buy an gas powered go-kart (brand new) and put some sweet tires on it, then continue on into the town next over from here and buy anything I want, I'd just carry the cash with me.

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Punkguyta (author)Punkguyta2008-01-09

Oh don't forget that if you had a Million in your bank account, you could live off the interest exponentially for the rest of your life.

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Kiteman (author)Punkguyta2008-01-09

I read somewhere that a millionaire's lifestyle now costs several millions.

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royalestel (author)Kiteman2008-01-09

If you're satisfied with a modest lifestyle, you could do it just fine where I live (maybe not NYC, though). I'm always uncomfortable around gold-plated china and "tasteful decor" anyways.

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Kiteman (author)royalestel2008-01-09

Nah, gold-plating just makes sparks in the microwave ...

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royalestel (author)Kiteman2008-01-09

Heh! Man I love your sense of humor. I ought to put that in a movie. I remember when my brother did that once with an old piece. Heh!

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Goodhart (author)royalestel2008-01-09

I did it once with a bag from the local yearly Chicken barbeque thinking, it is a paper bag, the microwave won't harm it. I hadn't noticed that the liner to those bags was a thin layer of aluminum foil. Sparks and holes burnt through the bag.....I ended up with paper smoked chicken :-)

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Punkguyta (author)Goodhart2008-01-10

Well thankfully the store I buy my chickens from here, I actually get them hot + the 5 min trip from my house = occasional munchies. Yeah, I wouldn't throw one of those in the microwave, although in some designs of "pre-cooked, pre-heatable" foods, companies line surfaces of the package with aluminum or whatnot to help aid with the heating (although I just generally try to stay away from shrink wraped crap, cuz it ain't good for ya no matter how much you heat it up, it's probably better frozen...)

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Goodhart (author)Punkguyta2008-01-10

Yeah the "browning" coating on some of those containers is ok. There are two rules of thumb about metal in the Microwave: #1 is the ratio of food (water) to metal, and the other is position (should not be on TOP of the food LOL). My "bag" completely surrounded the chicken......bad news (but I hadn't looked inside the bag, so I was kind of unaware it was metallic).

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Punkguyta (author)Goodhart2008-01-11

*Add's new # 59 to list of reccomended ROT's* Personally I find it kind of redundant to put a chicken that's been rotisserie cooked, into a microwave, I'd much rather put it in the oven to re-heat it.

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Goodhart (author)Punkguyta2008-01-11

It may seem slower in the oven (or even toaster oven), but the convection of heat does a more even job, for sure.

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Punkguyta (author)Goodhart2008-01-11

Just the generally rubbery texture microwaving give, sure a good quality microwave can heat evenly as they have mechinizims to do such (re: rotating megatron deflectors!! Groovy) I did happen to obtain a microwave/convection oven a few years back, and it needed a new fuse or something, even though it was like 10 years old or something, it was apparently good enough to cook a 20lb turkey (that would be cool to see).

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Goodhart (author)Punkguyta2008-01-11

It is still harder for a microwave to do a decent job on a high fat low water content item like a thick piece of meat. And the microwave gives a horrible rubbery texture to breads and rolls and such. To cook a large bird like that, it would probably need a temp-probe to make sure it got hot enough in the center. The one I have is like that, but we got it used, so the probe was missing

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Kiteman (author)Goodhart2008-01-12

Did you know, it is now considered greener to cook by microwave?

A much greater fraction of the energy used goes into the food rather than the environment around it (oven walls, shelves, kitchen).

The recommended compromise is to do hob-top cooking (rice, vegetables etc) in the microwave, and things you want crispy on the outside in the traditional oven. Even better, there are (I think) combination ovens, that cook by microwave then switch to radiant heat to crisp the outside.

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Goodhart (author)Kiteman2008-01-12

Did you know, it is now considered greener to cook by microwave?

I would say as long as people were taught how to use them. I still hear all kinds of weird myths and things about microwaves that are either untrue or can be dangerous if not handled properly.

Even better, there are (I think) combination ovens, that cook by microwave then switch to radiant heat to crisp the outside.

Yes, or even some of the crisping devices on the market that work (if used properly).

It is just that I have come across so many people, in person, online, etc. that have almost no clue as to how to use the microwave.

An example of a myth that can cause havoc, whether believed or not believed but mishandled: no metal in the microwave.

That just is not true, but if you do it wrong, you can start a fire or ruin the Magnetron, an expensive piece to replace.

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Kiteman (author)Goodhart2008-01-12

My wife's grandmother kept misreading cooking instructions, and famously cooked 2 chops in the microwave whilst following the oven instructions. After 20 minutes on high, they burst into flames.

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Goodhart (author)Kiteman2008-01-12

Yes, had they not flamed, they would certainly have become inedible if nothing else. My wife still puts things in it to "reheat", doing so for times between 2 minutes for a small bowl of frozen veggies (not bad); to rolls or muffins (which completely vulcanizes them), to trying to cook meat until it is "brown" (it may turn gray, but never brown). It is hard to break old habits for some.

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Punkguyta (author)Goodhart2008-01-16

Hey now, Vulcanized muffins can be delicious too, and also double as structural support for your house too!

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Goodhart (author)Punkguyta2008-01-16

They are good shock absorbers if nothing else ;-)

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Punkguyta (author)Kiteman2008-01-15

Isn't that what I mentioned owning at one point?

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Kiteman (author)Punkguyta2008-01-16

That must have been why I thunk that.

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Punkguyta (author)Goodhart2008-01-13

>It is still harder for a microwave to do a decent job on a high fat low water content item like a thick piece of meat. And the microwave gives a horrible rubbery texture to breads and rolls and such. . Yes you're right, I've heard of old(er) microwave machines burning out from trying to heat something frozen up, because it's frozen it doesn't resonate the water the same. Almost like a no-load situation. And yes the particular microwave had a pretty nice thermometer (with multi ringed jack! Multiple heat sensors?) or rather I guess as you call it, a temp-probe, which is probably closer to what it's called. They are handy, but hell if your 5+ year old (perfectly fine) microwave still has the one that came with it. To cook a large bird like that, it would probably need a temp-probe to make sure it got hot enough in the center. The one I have is like that, but we got it used, so the probe was missing

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Punkguyta (author)Kiteman2008-01-10

At least until you burn the coating off or burn a coating of something off inside the megatron.

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Punkguyta (author)Kiteman2008-01-10

Oh really, I'm surprised Engadget hasn't posted about that yet.

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westfw (author)Punkguyta2008-01-09

A million dollars in "safe" investments (like a bank account) should net you $30-40k after taxes (or tax free.) I suppose that you could live off that (many do), but it hardly supports a "millionaire lifestyle." "Poverty level" for a family of four exceeds $20k these days (although that might be pre-tax income, not that it matters much if you're at the poverty level...) You might get 5% (more if you're older) out of a charitable remainder trust, if you can find a suitable charity that's interested in "only" a million dollars. I had someone recommend "buying a politician" if you came into money. I don't think I care to know exactly how that would work. :-( I know! Scholarships as prizes for Instructables' Contests!

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Punkguyta (author)westfw2008-01-10

Well let's not forget either that usually money in large amounts are given away in quantities of more than 1Millon (Re: Lottery, raffle tickets)

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westfw (author)westfw2008-01-09

> Scholarships as prizes for Instructables' Contests! Nay! An ENDOWMENT to yield that $30k of instructables's scholarships every year, for ever!

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jessyratfink (author)2008-01-16

I'd build houses for me and my mom, probably. They would be very green and use lots of solar power. And mine would have a big workshop and extra bedrooms for the kids I hope to have eventually. And a gorgeous kitchen. I'd also pay off my car and student loans. I might help my sister pay off her $100,000 house if she gets herself together and starts acting like a responsible mother! Donate a lot of the rest after the houses are done and other things are paid off. I don't really know what else I could ask for besides a house.

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Jasmin442 (author)2008-01-16

i would buy Real Estate and it will be great business...(later on money from bussiness ill buy flat for myself(for first time)and after i will buy more and more estate) and 100.000 ill send to the africa for poor kids:)thay are need our help! GLuck to all

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Doctor What (author)2008-01-09

I would give about a quarter of it to One Laptop Per Child. (250,000) I would buy a house for my self. (200,000) I would buy a car for my self. (25,000) I would buy a car for my mom and step-dad. (25,000) I would make a decked out craft room. (30,000) I would give 10 K to my ten favorite relatives that come in second place. (100,000) I would give my Aunt (name protected) 70 K (70,000) Invest the rest so I can go through college and live a little comfortably during and afterward. (300,000)

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westfw (author)Doctor What2008-01-10

Alas, many of the things people like to spend windfalls on end up having recurring costs forever. Woo hoo! I'm gonna buy a million-dollar house free and clear! Oh. $10k/y taxes, $4k/y insurance, maintenance, energy, water, garbage pick up... How come my entirely paid-for house is costing me more than my old apartment? Your new (entirely paid for) car will have ongoing costs too. You may owe gift tax on your favorite aunt's gift. You can't just give money away, you know! My income has been bigger than "the interest on $1million" for a long time, and it doesn't stretch very far (though of course it would stretch further most places other than the SF bay area, and if I were a DINK, and if I didn't have expensive hobbies like computers and photography.)

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Labot2001 (author)westfw2008-01-10

"If you were to recieve $1,000,000 taxfree..."

the key here is TAXFREE

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westfw (author)Labot20012008-01-13

A lot of people don't know that you're supposed to pay taxes when giving away large sums of money, as well as when you win/earn large sums of money. (Interstingly (?), the recipient of a "gift" does not owe taxes; they're the responsibility of whoever gave the gift.)(actually, at "only" one million dollars, there's a lifetime exemption that comes into play. Normally it covers inheritance taxes after you die, but you can start using it before then too.)

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Doctor What (author)westfw2008-01-10

Well, it said taxfree in the forum topic description, which I interpreted as all taxes. Which I still do. But the leftover 300,000 that I "invested" in the first list could easily be cut down to include those taxes. But I would have a job at the end of everything (hence the college [or tech school]). And the 250 K to charity would have some great tax cuts at the end of the year. In conclusion: Stop crushing my dreams. :P

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Labot2001 (author)Doctor What2008-01-10

you'd share it... that's lame... I'd buy a sweet European race car. Then I'd spend the rest of money on candy to fill the car with to attract babes and such. ;]

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Doctor What (author)Labot20012008-01-10

Candy is a bad idea to attract "babes". Try filling it with Euros (gold diggers like Euros better)

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KentsOkay (author)2008-01-09

I'd pay off all my debts, and start building a space craft for the Moonshot X-Prize.

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KentsOkay (author)KentsOkay2008-01-10

Ooh yah, give the euros, US dollars are going down in value =[

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KentsOkay (author)whatsisface2008-01-13

*pulls accent* Och nooo fair!

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teaaddict314 (author)2008-01-10

definitley butt implants... lol just kidding. id probably hire every famous lawyer i could possibly afford with 1 million and try and get mcdonalds shut down...that way i could be remembered as the man that saved the world. and that would prob make me even MORE money...

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