Poll Results

After much anticipation, we will finally announce the results of the poll...(drum roll)

 Although the poll is still open to votes, we are excited to announce that majority of the votes counted to investment with a million dollars. Followed close by pursuing dreams, holiday, charity, splurge, purchasing expensive vehicles and property. Surprisingly, we had the less votes for diamonds/golds. Is that hard to believe ? I guess there weren't so much female voters. 

There is still time to vote. If you want to change the results, please vote and give your input on how to spend a $1,000,000.


 

How many millionaires?

Wealth experts all agree that the world is creating more millionaires. Just how many? It all depends on who's measuring—and who defines "millionaire."
Capgemini and RBC Wealth Management released their World Wealth Report measuring the world's millionaires. The report said there were 920,000 new millionaires created in 2014, bringing the global total to 14.6 million[CNBC].

How many millionaires are there really? 

It turns out, the numbers depend largely on definitions of "millionaire." Specifically, while some studies measure people, others measure households. And while some only count "investible assets" as wealth, others include homes. 

Credit Suisse, for instance, says it defines millionaires as those with total wealth of $1 million or more. It says it measures both "financial" and "nonfinancial" wealth, in other words anyone with net assets of more than $1 million, i.e. your house, art collection and other assets.Capgemini, however, restricts its definition to those with more than $1 million in investible assets, which doesn't including primary residences. So if you have a house worth $1 million and an art collection worth $5 million, but investible assets of only $500,000, you don't make the cut. That results in a much lower count. 

This is not to say the methodologies are faulty. It's just that we don't have much visibility into exactly how the results are derived. Like estimates of billionaire net worth, the studies are useful as general guidelines. But when it comes to estimating individual wealth, whether for millionaires or billionaires, no study or list can be exact. 

This much we know for sure: The rich are not only getting richer, they're getting far more numerous.

- Don

Nouveau Riche

You will frequently see people mocking the nouveau riche, i.e., people who have recently acquired wealth, typically those perceived as ostentatious or lacking in good taste. (source: encyclopedia.com)

It's pretty easy to spot someone who has recently acquired wealth, especially if they were not previously wealthy. There are certain, dead giveaways because almost every nouveau riche does the same things. They splurge. They indulge. They flaunt their wealth. Usually, this involves spending money on things typically associated with 'being rich': expensive race cars, luxury designer clothing and accessories, property, artworks.

There's another similar term -"fashion victim", which refers to someone who is obsessed with wearing the latest trends, lacks any personal style and ends up looking like walking billboard. They're very easy to spot as they wearing a lot of the items which are "in" or popular this season, and more often than not they look extremely tacky wearing them. Fashion victims also usually buys only luxury goods like handbags, jewellery, watches, etc. An example of this would be the recent case of Christine Jiaxin Lee, a 21 year old Sydney student who is charged with fraud after a bank accidentally put $4.6 million in her account. Read more about this at: http://www.abc.net.au/news/2016-05-05/woman-arrested-at-sydney-airport-over-alleged-fraud/7385482

It's undeniable that suddenly coming into a large sum of wealth can be a very exhilarating experience. Sure, you could argue that maybe those people are just envious and you wouldn't be completely wrong. But, envious of what exactly? Their wealth? Both people of wealth and of lesser wealth engage in this, so there's an issue with your argument. Maybe it's an issue with society that we place so much importance on wealth and socioeconomic status.

 

- Anthony

One Million Dollars Isn't What It Used to Be

There was a time the word “millionaire” carried cachet. According to the Oxford English Dictionary, the word was first used in French in the early eighteenth century and in English nearly a century later. Regardless of your station in French society in 1719, you would recognize a net worth of one million lives being notable. The same would be true for one million U.S. dollars a century later. Only a small percentage of society could be listed within a roster of millionaires(Forbes magazine).

Millionaires are easier to find today. Inflation and the erosion of the value of a dollar over the course of two or more centuries has put the goal of having a financial worth of one million dollars within reach for more Americans, but the club is no longer the exclusive party it once was. When the term became popular in American print, the persons most likely to be millionaires were the heads of large, multinational corporations. These are the same folks who are most likely to be multi-billionaires today.


- Don

A little on the dark side of too much money

We have all heard of the stories that lotto money can change your life for better or worse.

For these people, this lump sum of money have turned their lives into a nightmare.

First we have Keith Gordon who won $14 million and thought that he wouldn't ever be stressed about money again. He ended up dying from a heart attack that was caused by 'money stress' as he quit his job and made some bad investments which lead to him getting a drinking addiction.

Another person we have is Callie Rogers. She is a 16 year old teenager who won $3 million. She  ended up splurging her money on expensive gifts, night outs and unfortunately drugs. None of that made her happy and the consequences were that she tried to end her life. She has now learned her lesson and now understands the value of money.

For more stories on how lotto changed the lives of people, check out the link below:

http://www.news.com.au/finance/money/wealth/beware-the-lotto-curse-when-instant-riches-ruin-your-life/news-story/e5cd968928f894f6404cdc0924493884


- Katie

'Cheap' or 'Smart' ?

We all know at least one person that hears the word FREE and would come running to you. Or even drive across town to save 10 cents on a litre of petrol. 

They absolutely love freebies, coupons, discounts and bargains. Doing everything at all cost not to pay full price or pay as little as possible ! You would usually find these people comparing various deals before they let the hammer drop. And if they can't find a deal, then they'll simply not purchase and wait until there is some kind of promotion. Some of them, may even try to still bargain despite being on sale.

Although some may like to call them 'cheap', while some may argue 'smart' ! 

It is very important to make notice of these people, as they demonstrate a lifestyle that is able to not solely focus on material possessions and not allow impulses to get the better of them. Money is truly appreciated, valued  and MAXIMISED ! Many in which can't do in today's society.

Imagine these individuals with a million dollars... do you think they'll still be savers ? or will they turn into 'spenders' ?

It is indeed a difficult question but I still believe there will be a % of them who would still be 'savers'. As many don't save simply because they don't earn enough for their future rainy days but rather they have an ideology in their mind that values money.

So what are your thoughts ? Are they 'cheap' or are they 'smart' ?

- Mimi

Gadget Nerds vs Money

 

Gadget nerds or gadget gurus or gadget freaks, whatever you may like to call them. If you don't know what I'm talking about then I'll describe it in a sentence or two and hopefully you'll be able to picture those kind of people.

So when I refer to those people, I mean the obsessive, somewhat peculiar, self-confident and adept individuals with the latest and greatest technology and gadgets. It usually comprises more of males than females but females do exist in this group. They're also the people you would most likely see camping outside the Apple store, waiting to be first in line for the newest iPhone, iPad, MacBooks and so on... Constantly upgrading to the latest tech. 

They're are indeed great people as they always know about the latest technology and how to utilise it to benefit them. However, these individuals tend to splurge on gadgets and technology like I mentioned but also tend to push their budgets to the very end and some, going overboard.

And with no doubt, you can see where they'll be heading with a million dollar figure in their bank account. In fact, a million dollars may be gone within seconds of reaching a gadget nerds bank account. With the most luxurious laptop, Luvalgio costing exactly 1 MILLION !

Interesting articles:
UK's biggest gadget geek
Breaking wallets to stay on top of technology


- Mimi

The ones that gave it all away

There are many big-hearted people who have won the lotto and gave nearly all the money to charity. They were the ones that parted from the money they won to help the lives of those less fortunate than them.
Please give a round of applause to these generous people.

First we have Ray and Barbara Wragg, from Britain who won 7.6 million euros and have given away 5.5 million euros to family and friends, strangers and charities.They love to make people happy. They now have little to give away as they are saving up for retirement. They continue to buy lotto in
hope to win again so they can give it all away and make more people happy.

  

Next we have Tom Crist from Canada who won 24.5 million euros and plans it give it all away to cancer charities in memory of his wife, who passed away due to cancer. The couple had been married for 33 years and he believes his wife will be ecstatic to know he was donating the win.

Allen and Violet were in their 70s when they won around 11 million dollars. They found the whole experience quite tiring and a big headache . The couple therefore decided it was better to give it all out and handed it all over to friends, charities and hospitals.

To read more on lotto winners, click on the links below:

http://www.thesun.co.uk/sol/homepage/news/5169546/Couple-who-gave-away-5million-of-their-lotto-jackpot.html 

http://money.aol.co.uk/2014/01/30/7-lottery-winners-who-gave-it-all-away/

http://www.dailymail.co.uk/news/article-2525147/Canadian-man-wins-40m-lottery-gives-away-charity-memory-wife-lost-cancer.html

- Katie

The Gambler

Their are people out there that are addicted to the euphoria of winning more money. So imagine a risk taker getting the million dollars to spend as he/she pleases. There are so many ways a person can gamble these days from casinos, lotto, scratchies and sports which are all designed for you to lose your money. So what tactics can you use to get the winning edge? An interesting theory I discovered was involved in the game of 'Craps'. This game allows you to hold, shuffle and throw a pair of dice however you want in the hope that your numbers face up. Apparently there is a technique going around that if mastered could see your earnings skyrocket. Take a read at http://www.cracked.com/article_21806_5-brilliant-hacks-you-can-use-to-cheat-odds-at-gambling.html but know that with gambling you have to be prepared to lose money to make it.


Hope you have enjoyed this story and remember to just leave it to the pro's.

- Sam

Week 3: Stereotypical Stories

Our last Subtopic is confirmed and will address some of the ways stereotypical people would do with the money. You may be confronted with some pretty crazy ideas! Let me clarify that we do not personally suggest you to spend the money like this but instead you could take wisdom from decisions you wouldn't have made yourself. Hope you enjoy the posts to come!

- Sam

REACTIONS with $$$$$

To end the week, we thought we'd put something interesting up. And something a bit different. 

It's been such a long week and everyone deserves to end the week with bit of laughter. 

So the first thing we thought of was some humor. As we have been talking what we would do with a million dollars, the "practical" side and also the splurging side.  But now lets look at people's reaction when they receive FREE MONEY !

It's not necessarily a million dollars but just 0.01% of a million dollars, which is $1000. Still money ! But maybe not worth so much today ?!

So after watching ... 

How do you think you would react ? Would you laugh it away ? or perhaps happily accept it ? 

We'd love to hear from you, so feel free to leave comments below. 

Hope everyone enjoys some laughter and have a good weekend :) 

---

From all of us,

Anthony, Don, Katie, Mimi and Sam 

What you can get for 1 million dollars!!!

These are some of the things you can get for a sum of 1 million dollars.

Top 9 items that you can buy for 1 million dollars are featured below.

1. House

A place where you can call home after a tiring day...

 2. Luxury car

 Be the envy when you drive on the road...

 3. Diamonds

Diamonds are a woman's best friend...

 4. Private performance from a celebrity

Who wouldn't love a performance from their idol...

                                                    Celebrity private performance fees


 5. Gold

Who doesn't love shiny gold...

 6. Small jet

You get to travel anywhere around the world in peace and quiet...

 7. Small islands

A paradise that takes you away from reality...

 8. Famous artworks

A famous artwork in your living room...yes please!!!

 9. Renting out an amusement park or restaurant

No wasted time lining up for rides...

- Katie

If I had a million dollars ...

I would use it to fund my creative pursuits. I would be able to quit university and start studying fashion design at a prestigious college. After that, I'd be able to fast-track my dreams of starting my very own fashion label. A million dollars would allow me to completely devote my life to artistic pursuits.

I have been interested in art and fashion for the longest time, yet I have barely had the time or opportunity to pursue it as a hobby. I'd be able to completely revamp my wardrobe and dress the way I want to with more ease and flexibility. Fashion is not a cheap hobby, at least not the kind of fashion that I'm talking about. Artisinal garments can cost up to a couple of thousand dollars, which sounds absurd to the average person. I mean, it sounds absurd even to me, but like I said, that's because I'm not able to afford it right now. 

Making art and taking photos are a few of the only things that I actually get any enjoyment out of doing nowadays, so being able to live comfortably and not worry about anything else except doing what I love would be the ideal way to spend my $1000000.

- Anthony

$1,000,000 Spent My Way

At the top of list would be to buy myself a holiday house that is not too fancy but just a place with a killer location where I can get away from everything. I could either organise family holidays or just keep it as a retreat for myself. Secondly, would be a personal chef that would cook me what ever my stomach desired. I am the type of person that loves food but hates cooking, mainly due to the amount of time it takes. So I think you can tell the excitement it would bring me if I could have perhaps a pizza when ever I wanted or be surprised with a pizza. Now I was tossing up between either a sea plane or a car and thought I would be going over if I have both. So I decided that I would buy a sports car and once I am sick of driving it, I would sell it for either a new car or the sea plane. Smart thinking hey ! This would bring some enjoyment going to and from work either by air or road.
Well that's me... Hope you enjoyed reading.


- Sam

Lets CLEAR that ever growing bucket list

Everybody has some kind of bucket list !

If you don't, it's never too late to create one. You'll be amazed about how many things you would want to do. 

So for those who do have a list like I do, have you ever wondered sometimes when you'll ever be able to tick things off ? Because I certainly do. 

All I know how to do is add and add and add. That so called bucket list of mine has become a good book to look at to see how many things I have yet to do in my life. Which can be good motivation to get you up every morning in this chilly weather.

But if I had no worries in my life, lets just pretend I don't for now. Give me those dollars and I will spend spend spend on anything or everything on my bucket list. From sky diving to climbing that harbour bridge to flying a plane to travelling the world. I would have endless things to do, I probably won't even stop till my card has been declined. My list would never stop growing so if ever in one point was given a million dollars, I think I may just tick everything off my list.

OKAY ~ but I agree. This may not be the best practical way to spend those dollars. But it would definitely be very self indulging.

You only live once, so might as well enjoy it to the fullest. 

- Mimi

Say $1,000 unexpectedly landed in your hands. How would you spend it?

Perhaps you’d hit the casino. Take your friends to the swankiest restaurant in town. Or splurge on those designer shoes you’ve been eyeing. But if the money’s here today and gone tomorrow.... 

Saving your winnings will protect them, however, they will likely be depleted over time. Investing your winnings can allow them to grow, earning you even more income on your initial investment. Wise investments can even provide a livable income, allowing you to live off of your winnings permanently....

Apart from investing, you can use your winnings to acquire assets. Assets are items, goods, or property that hold value over time and can solidify your winnings in these items. Acquiring these assets can be a great way to protect your winnings over time

If you are able and willing to, donating your money to a worthwhile cause can be a great way to put your winnings to work for the good of others. You can find a charitable organization that you support or offer your winnings as funding for specific endeavors you would like to see realized.

 - Don

Letting myself go free with $1,000,000

If I had to spend a million dollars fast...what would I buy?

Would I buy a house, private jet or a lamborghini?

In one quick instance, my mind has been made. I would buy a house. A house close to the water and the city.

Why? Because I want to live in a place where I am able to feel calm and relaxed. A place that would make me forgot about the stressful things in life during the weekend but close to the city so it is easy to travel to work on weekdays.

Why not a private jet? A private jet would be nice as you can travel alone or with friends. However, a private jet would be too expensive to keep in the long run. Where would I store it? How much would the fuel cost? Who would fly me around? All these questions would constantly bother me if I were to purchase a jet.

Why not the Lamborghini? Haha...I'm still on my L's. If I were to drive it, I'll probably smash it. However I would consider buying a small new car. Something not too expensive...maybe a Toyota? There's so many new models of cars that I have no clue what to buy.

So out of those three choices, what you would buy with $1,000,000? If you want, comment below.

- Katie

Week 2: What You've Always Wanted

Our 2nd subtopic is up and running this week! Let's get excited by the thought of spending $1,000,000 towards what you've always wanted. Yep, that's right impulsive buyers. It's the time to shine. Now is the opportunity to indulge ourselves and tick off those key items at the top of your bucket list. As usual we will be giving you some ideas of how we might burn that money fast. 

Will we go all out for the big purchase or split the money up into gems that will last a lifetime?

We will soon see...

-Sam

Thinking further with a MILLION DOLLARS

Keep Calm and Remain Practical 

Lets be honest, one day you woke up and checked your account balance and suddenly realised you have a 7 digit figure amount. A figure you would never have thought you would be able to save your whole life.  What would you be doing ?

Yes, most would verify (or maybe not for some) to see if there was a mistake. But what's after this ? Many of us, and I admit too would go crazy and spend it on everything you ever wanted at that point of your life. Purchasing all the new technology. Travelling. Donating money to charity. Investing. Retiring ? and what not.

But what's next ?  Continue your life as if that million dollar never existed ? It'd be like a complete dream !

So let's be practical ~

You should always try to think further. Whether it be a year or two. That year or two could possibly have massive impact ! And i mean MASSIVE !!!! There have even been a proven failure of many people winning money and spending it all up within a matter of time, leaving them to restart life as if they haven't won anything. Just as if the winnings were some good old dream. Some even claim, they would have been better of without that money. And the sad thing is, there is no second chance. Once you spend, its ALL GONE !

So remember to think further and think better.

Whether that be a property investment, term deposit, starting up your business, donating or just whatever.

ALWAYS think further ! 

 

Interesting article to check out on the"aftermath" of those dollars :

http://www.news.com.au/finance/money/wealth/beware-the-lotto-curse-when-instant-riches-ruin-your-life/news-story/e5cd968928f894f6404cdc0924493884

 - Mimi 

Practicality vs. Indulgence - What should you do with that money?

What should you do with that money?

For many of us who haven't always been well off, suddenly coming into a large sum of money can be both very exciting, but also very headache-inducing. For starters, you're stuck between either giving into your consumeristic tendencies and buying everything that you've coveted for age, or thinking about the future and doing the "smart" thing with your money. In the grand scheme of things, it doesn't really matter what you do with that money. What's considered the "smart" thing differs from person to person - for some people, the best thing that they could do right now is indulge and treat themselves. I know I could really use a million dollars right now.

Sure, thinking about the long-term and investing it in property or whatever is a smart decision. You'll be set for life. You won't have to work when you're older. You'll be able to buy 10x as much as what you would've bought if you hadn't invested it. You could pay off your student loans instantly. These are all good decisions. But are they right for you in this particular moment? Sometimes, thinking about the future isn't really the best thing for you right now. It sounds counter-intuitive, I know. But for many, especially those who aren't exactly in the better part of their lives right now, that money could really change their lives around. Taking some wisdom from Donna and Tom in Parks and Recreation, sometimes you just need to "treat yo self".


- Anthony

What I should do with $1,000,000

In the world we live in, we need to be practical to survive.

One million dollars won't last you a life time in Australia. Not with rising food prices, housing prices and TAX!! You would still have to work to survive. One million dollars will definitely make your life easier as you have the security blanket that most people don't have.

I'm the type of person who likes to save my money. I have a budget that I keep to each month. Sticking to the budget is hard at times but the feeling is great when you look at your bank balance.

So the million dollar question is: what would I do with $1,000,000?

Well I will put $500,000 into a term deposit. Term deposits usually have higher interest rates than savings accounts. You should browse around to try to get the best offer. You can get even better rates if you book meetings with those bank specialists who are looking for opportunities to gain more clients. (At the bottom of the blog are two links that are of term deposits rates. If you're interested, check it out.)

What would I do with the other $500,000? Well, I will give $300,000 to my parents. It's the Chinese culture for children to look after their parents when they're old. I want them to relax and not work anymore. I would give $100,000 to my brother as he has recently purchased a new apartment and is starting to pay off his mortgage. I want to help lessen the burden from his shoulders. The remaining $100,000 would be used on me. I would pay off my university fees and spoil myself a bit.


-Katie

Links on the term deposit rates:
https://www.commbank.com.au/personal/accounts/term-deposits/rates-fees.html
https://www.stgeorge.com.au/help/interest-rates/fixed-term-deposits

What would you do with your million dollar lotto winnings?

You aren't much of a gambler but you decide to buy one lotto ticket. You check up on the numbers a few days later, well after the lotto has taken place, and what do you know? You won!!! You are the newest lotto winner!!  Imagining you have won a million dollar windfall and trying to figure out what you would do with it.For starters, there are a lot of different ways to invest $1 million. Would you buy a Lamborghini? Maybe a huge half a million dollar house?

Or would you invest it all and live off a low yield of 5% interest? Keep your same standard of living and make $50,000 each year in interest. 

What would you do with your million dollar lotto winnings?

- Don

Week 1: Spending It Practically

Our first weekly Subtopic has been confirmed!! Yes, you read it right. We are having subtopics for each week about different viewpoints with spending the lustrous $1,000,000. Follow our first weekly blogs about how to spending the money practically. Easier said than done. It will be interesting to see what us Uni students actually need with that type of money. Hopefully we will see some innovative ways to stretch that budget for maximum effectiveness. But it won't stop there. Stay tuned in the following weeks for new subtopics that will provide more incite into what a million dollars could be to you.

So in the meantime... We'll start shopping.

- Sam

ONE MILLION to YOU

Have you ever thought what $1,000,000 would mean to you ? Would it be a new property ? A Lamborghini ?  Overseas holiday ?

---- 

Well now is the TIME to THINK about IT !

But first, before we get started let us introduce ourselves to you. We are a group of 5 uni students currently studying in Macquarie University. We all have a common goal of graduating one day of course and decided to start this blog because 1 million dollars to students studying now means alot. It could be a career change or maybe quitting uni to start our own business or doing something we have always wanted to do but couldn't because we weren't able to financially support ourselves. It is indeed a very interesting topic as the value of 1 million dollars can change dramatically over time. We are forecasting once we graduate, 1 million dollars may not be the same as before. Maybe it'll be worth less than it was during the time we were studying. So for this as our starting point, we would like to shed light on what a million dollars would mean to you and US :)

And maybe ... just maybe ... 

we might shed some light on

 A MILLION DOLLARS....

to you.

---

Anthony, Don, Katie, Mimi and Sam

Each of us, having received several hundred dollars, we passed the time gloriously, spending our money freely - never thinking that our lives were risked gaining it. Kit Carson
Read more at: http://www.brainyquote.com/quotes/keywords/dollars.html