Q:

What can one do with $1 million?

A:

Quick Answer

You can retire on $1 million, invest it or buy some extravagant items. Your age, expenses, needs and wants play a critical role in how long the money will last over your remaining lifetime.

Continue Reading

Full Answer

You could purchase anything from 25 frivolous parking spots in Manhattan to two blimps, but most people want to use $1 million to retire and have money for vacationing. Paying off your home is always a good investment and is highly recommended. Forbes recommends investing in up-and-coming stock sectors to see a return over time.

Retirement depends on your age when you come into the money and your level of expenses. If you are younger, your portfolio should become more aggressive and your risk tolerance should be higher. You cannot expect $1 million that you receive at the age of 20 to cover of your all expenses until turn 65. The most common mistake in retirement is failing to reduce expenses beforehand, leaving you scrambling for low-paying jobs or whatever work is available after you retire. Seventy percent of Americans who experience a windfall are broke a few short years after winning the lottery, according to the National Endowment for Financial Education. The best approach to handling the $1 million is a conservative approach.

Learn more about Financial Planning

Related Questions

  • Q:

    How can I make $1,000 fast?

    A:

    According to an article by US News and World Report, one way to make money quickly is to recycle items that you have around your house. Tires, printing cartridges, aluminum cans and old metal piping are all recyclable; take them to a recycling center to earn some fast cash. Old computer electronics can also be recycled for money. Some brands are worth more than others because they contain precious metals.

    Full Answer >
    Filed Under:
  • Q:

    How do you create a due diligence checklist?

    A:

    To make a due diligence checklist, create a list of important areas to evaluate, divide every item on the list into specific components, and record all items using a spreadsheet or tracking process, instructs the Houston Chronicle. An extensive checklist allows you to confirm a company's financial status.

    Full Answer >
    Filed Under:
  • Q:

    Is 50 a good age for early retirement?

    A:

    50 is a good age for early retirement if the individual has saved money for retirement, can reduce his retirement expenses, is willing to trade or barter for certain items and services, and can control his expenses, states Forbes. To avoid fees, retirement accounts shouldn't be used early.

    Full Answer >
    Filed Under:
  • Q:

    What information is on a sample deed of gift form?

    A:

    The University of Chicago Library states that a deed of gift must contain the following information: donor and institution information, a description of the item, a statement transferring legal ownership from the donor to the organization receiving the gift, a statement that the gift is permanent, and instructions for what is to be done with unwanted items. Individual institutions may add additional information.

    Full Answer >
    Filed Under:

Explore