If you had R1 million land on your lap

12
Posted on 21 April 2010 Personal

What would you do if someone anonymous donor gave you R1 million to do with as you please? Would you quit your job, buy stuff, invest it? Would you retire at 25?

I’ll tell you what I’d do. I’d take 6 months (ok, maybe 3 months) off and travel the world to experience as much as I possibly can in that time. I’d then come back to exactly where I live and carry on as if I haven’t been away for 1 day. Obviously the money left over will help whatever ideas I want to pursue, but the point of my post is I wouldn’t drastically change where I am and what I’m currently doing. I’m having that much fun.

You?

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  • http://www.jasonbagley.com Jason

    Sometimes its cool to dream. :)

  • http://tyronbache.com Tyron Bache

    I would pay off my flat and buy another one and then fly to an Alaskan retreat and start my business.

  • http://www.naeem.co.za naeem

    1bar is not enough to retire, noggal at 25? noway.

    Half would pay of my house, probably spend 100k on some renovations, travel a bit, buy some tech junk, use about 200k to setup a little community empowerment project.

  • http://www.jasonbagley.com Jason

    Does sound like the underlying thing most people would do is pay off debt. Definitely the smart move, but is it the most enjoyable one?

  • http://withtank.com/ alan

    Debt-free is the way forward: it enables you to do things – take risks, tackle new businesses, etc without the worry of having to each and every month pay off the bond, car loans, all the shackles..

    But yeah: a bar won’t go far towards retirement, and the travel idea is a good way to spend it.

  • http://imod.co.za Chris M

    I think what I’d be inclined to do is invest it into a few companies that are up and coming, so fairly high risk stuff :)

  • http://imod.co.za Chris M

    You know, I actually might use a portion to pay off my folks place too :)

  • http://www.jasonbagley.com Jason

    Ok, how about something a little more crazy? Pop down to Grand West and bet the R1 mill on red. or black. no wait, red.

    Or how is this for an idea – give away R500k in a blog post where all you have to do is comment, or worse, one of those retweet contests! What you guys think?

  • http://www.imod.co.za Chris M

    Must admit, the thought of taking a couple good mates down to Grand West for some Champagne, good dining and gambling, definitely sounds like a blast!

  • http://www.kers.co.za Christo

    Maybe it is just the business person in me, but maybe just maybe you could use the R1 mil to gear / leverage it so you could potentially generate R7 Mil of finance and start something great that will bring in income for you to travel as much as you want whenever you want. Don’t be scared of using the banks money! They are not scared of charging you for it!

  • http://www.jasonbagley.com Jason

    Smart man Christo! I think if something like this really did have to happen, a lot of us would think long and hard about what to do with it. I threw this question out there to see if there was any wacky responses – like put it all on red at the casino!

  • Robin

    Forgive the accountant in me, but i would invest the R1bar in a fixed deposit which would earn roughly R60k per year after tax… I’d blow the interest annually on a off season holiday. R60k should give you a pretty awsome 1 month adventure if you’re not roughing it too much!

    How about some food for thought… what would you do if you entered, and won, the US MegaMillions Lottery?
    A cool $225mil, which is R1,680,000,000, yep, R1,68 billion Rand!!??
    I’ve got a few spread sheets with my dream wish list!!

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