At one point of time, million dollars was a lot of money. People dreamt about having that amount of money and plans for what they would do if they laid their hands upon it.
How times have changed? These days million dollars would barely buy you a house in Sydney. If you want to live close to the city, that would be petty change and you would need to take a home loan to afford anything.
But I still wanted to write about that amount as I am a Gen Xer where winning/getting a million dollars was always a pipe dream.
If I had a million dollars, the first thing I would do is plan on divvying it up for various buckets. Budgeting that money is key as I would like to ensure I am making the most out of it.
The first bucket would be travel and it would be the largest. I would spend a big chunk of that money in travelling across the world with my boys. I would not spend it on luxuries but try and see as many destinations as possible.
The next bucket would be for my family. I would earmark some money to create memories with them. This includes my extended family, a lot of whom I am not able to visit as often as I would like to.
The third bucket would be for charity. I would like to share my good fortune with people who need it most. I am passionate about children, so a donation to children’s charity would be on the cards.
The last bucket would be a small nest egg for the future. I would invest it in something that gives long term returns so that we have a self funded retirement.
While million dollars is not a lot of money, it would still be a windfall! Time to buy that lottery ticket to make it happen!