Q: If you found one million dollars in the morning and had to spend it by nightfall, what would you do with the money?
To start, I would make a list of the people in my family, their situations financially and give them individual gifts to take care of their debt situation. I would ensure that some of them have enough savings to live on. Second, make a list of things my wife and I need and would buy them, such as a new roof, new siding for the house, a new fence, and a new car to replace the old one we have, new sofas and refinish the floors. Key things we need to do in the house.
Next, I would also make a list of my favorite charities and would make a donation to each of them. The rest of the money, I would invest in dividend income stocks to ensure my wife and I have a monthly income that supplements our existing income.
This should take care of the one million dollars and it would be spent within 12 hours.
Now, if I could get someone to donate $1.0 M by tomorrow morning, I could put my plan into effect tomorrow.