What Would You do with a Million Dollars?
by Nicole Crimaldi on February 8, 2010
Welcome to Ms. Career Girl’s shortest blog post ever.
I had some really interesting conversations this weekend that really got me thinking. I’m sure you’ll hear more about these soon.
Here’s one fragment for you to chew on for today.
What would you do if you were given $1,000,000 right now? (Tax free, no strings attached)
- How would this money change your life? Your career?
- Would it change the types of people you date?
- Would you move?
- Would you feel more confident?
- What’s the first thing you would buy?
- Would you give any away?
Money is a really interesting (and psychological) thing. I’m very curious about your responses.
Tagged as:
business,
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entrepreneurship,
gen y,
generation Y,
life,
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Nicole Crimaldi is the founder of mscareergirl.com, a blog for millenial women. Along with working in finance, Nicole consults with businesses on SEO, social media and all things online marketing. You can find Nicole around Chicago devouring marketing books, walking her yellow lab Giada or trying not to shop. Feed Nicole's Twitter addiction by chatting with her here.
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{ 13 comments… read them below or add one }
Great question!
I’d probably donate some money to those that truly need it, and save the rest. I’d make sure my family was comfortable and just live my everyday life, doing things that I want to do. I don’t think I’d splurge or anything. What it would really mean is that I’d be financially secure for a long part (or even all) of my life.
Yeah I don’t think my every day life would change much over $1,000,000.
You would think I’d have an answer to that. I’d probably donate a percentage. I’d pay off all my school loans. I’d set aside a certain amount in an interesting bearing account that generates enough interest for me to live off of. I might take some time to travel the world and meanwhile I’d keep working on setting some sort of a business. The people I’d date would probably stay the same. I’d also visit friends that live out of state more often.
I’m not sure $1MM is enough to earn enough interest to live on forever, but hey it’s better than nothing! It sounds like your life wouldn’t entirely change either which is a good thing! I’m surprised you didn’t say you’d buy some sweet new surfboards!
Nicole,
That’s a given
. Actually I’d probably take the boards I have and hop on a plane to a place where all the girls are in bikinis surfing and I wouldn’t need a wet suit.
I think I tend to be a little different than most people when it comes to money. My parents refuse to send me money as a holiday/birthday gift because I put it in the bank instead of spending it.
So that said, the first thing I’d do with part of my million dollars is start a Roth IRA. I’m thinking $400,000. The next $100,000 would go into my bank accounts. Next I would treat my relatives to something nice. My parents love cruises, so maybe a Mediterranean cruise for the whole family. I’d probably also send everyone some money. Let’s say $25,000 each, so I think that adds up to $225,000. I think I’d update my work clothes with a major shopping spree of $50,000 at most (but chances are I’d have a hard time spending that much on clothes and shoes). I’d pay for a few friends to visit me and have a fun night out in NYC. I really want a bigger bed, too. But otherwise, I don’t think I’d change the way I was living nor would I do something dumb like quit my job (because I actually love it).
Oh, and I really want TiVo.
That’s pretty cool that you’d save so much of it. It’s also cool that you wouldn’t quit your job- that’s awesome! I think it’s also a good move considering $1mm would go real fast. I love that you’d give money to your family and take them on a cruise too.
Also, I’d love to learn more about She’s the First. That sounds right up my sister @acrimaldi and my alley.
Well I have a problem spending my own money. But if you gave the million to my parents and they were like “buy anything you want.” Well, that’s a whole new story. And it took me a while to find this job, too, so I’m very grateful to have it, especially since I really enjoy it. As for family, well, they’re family, and I owe them probably at least a million each for putting up with me, haha.
Here’s the Web site for She’s the First: http://shesthefirst.org/. If you really wanted to get involved, get in touch with @tammytibbetts. She’s a pretty amazing chick overall, too.
I feel like an ass for not saying I’d donate money. But I would, specifically to Caboodle Ranch, a non-profit cat rescue society, and She’s the First, a media campaign that promotes the importance of educating girls in developing nations.
I wish I had a really detailed answer about the types of things I would do with the Million – but I really just have three. I would start my nonprofit organization and pay off my student loans. And lastly, I would go to India. So that I could stop living vicariously through my I-Phone, which I have set to tell me the latest times and weather in India. Sad story,
It’s a great question though, and one I think can say a lot about where people are in their careers/lives
It looks like paying off debt is most peoples #1 desire. What type of non-profit would you start? I think that is an awesome way to do something positive for your life and for others.
-I’d pay cash for a 3 bedroom house in a cool neighborhood in Chicago. Then I’d put away 5 years worth of property taxes on that house into an escrow or savings account I can’t touch. That way I have no mortgage or property taxes for the next several years.
-I’d allocate at least $50,000 to decorating and buying furniture.
-I’d trade in my car for a Black Cadillac SRX.
-I’d take a trip with my best friends, boyfriend and family- all in one.
-I want to go back to Italy, so maybe I’d do that too.
-I’d save the rest for retirement.
As sad as it is, I almost feel like getting $1MM would make some of us more selfish. For example, I never had a need for a 3 bedroom place before but now that I have $1mm I’d get it. Nor would I feel the need to sock away 5 years worth of taxes or spend $50k in furniture. Interesting.
I feel like answering this question is one of those things that reveals aspects of how one thinks.