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