If I were a rich man

[Perfect Balance]

If I could have everything handed to me, whats the point of being alive?

Nobody hands you stuff when you're dead, so I guess that would be one reason.

 

[Omnis]

If I Were A Rich Man.......

I would do the same as I do now.

I would forget I had the money.

I would still work.

I would still spend time with my friends.

I would play Counter-Strike Source just as much as I do now.

I would still sleep in on weekends.

I wouldn't spend a dime on useless expenses.

I would buy a house, and pay it off with the money I make from working.

I would hate to have millions.

I would stop caring about everything.

If I could have everything handed to me, whats the point of being alive?

Too much money is useless.

Well give me a call should you ever inherit a large sum of wealth. I'll give it a use.

 

[ExigeEvan]

If I could have everything handed to me, whats the point of being alive?

Too much money is useless.

Because then liek many millionaires you could waste your money on expensive projects. Travel round teh world ona push bike, go to both poles, find a cure for AIDS or see how fast you can make a yellow Daewoo Lanos do the quarter mile.

 

[Barracuda]

17, living with parents.

I'd probably buy a large amount of land somewhere in New England and build house with a circuit, drag strip, and rally stage on the grounds that I'd open to the public with a small entrance fee to make a little profit as well as pay for upkeep.

With the house I'd build a 6000 sq ft air conditioned garage that my friends and I could work on our cars in. In my garage i'd have my car fully restored, a Diablo, an F40, and probably a bunch of other cars to just toy around with like a 98 impreza and a jacked up blazer. There would also be a blue BMW that I promised my mom, and whatever my dad wants, presumably a 70 Barracuda, lol.

I'd still go to college to become a mechanical engineer (just now the full scholarship wouldn't be the deciding factor) and still work once I became one. When it came time for me to start a family, or at least live by myself, I'd build another house on the grounds and let my parents have the old one. Thinking about it now I could also have another say three houses built for my cousins and other family whom I'm quite close with and already live in New England.

As for kids I'd raise them like they should be raised and never spoil them. What they want they'll work for and when it comes time to get their first car they're going to have to get a job because they're on their own. Depending on the car I won't mind throwing in a part here and there of course. And growing up I could take them around the tracks and if they're interested buy smaller cars for them to practice with.

Almost forgot, I'd give 10% of the original money to the church, then probably give $100 to offering every Sunday.

Hope i didn't over think the original question, there's just a lot of things I could and would like to do with that kind of money.

 

[GT Pro]

I'm 16, and am a student currently living with my parents. If I won, say, a billion dollars, I would deposit the money in a local savings account (at 7%ROI), finish up my final year of school and take a break for a year. Once the year of relaxation has been I'd move into my future goal of investing in real estate, with the goal of renting out at least 1000 properties by the time I turn 30. I'd then completely retire, living off the rent and driving exotic cars all day.

 

[Danoff]

I'm 16, and am a student currently living with my parents. If I won, say, a billion dollars, I would deposit the money in a local savings account (at 7%ROI), finish up my final year of school and take a break for a year. Once the year of relaxation has been I'd move into my future goal of investing in real estate, with the goal of renting out at least 1000 properties by the time I turn 30. I'd then completely retire, living off the rent and driving exotic cars all day.

If you won a billion dollars, you could live off the billion dollars. No need to rent anything.

... and I can only imagine what your local bank would think when you show up a with a billion dollars to put in your savings account. The manager would faint.

(7% ?)

 

[Sage]

in a local savings account (at 7%ROI)

A 7% savings account? Where on earth is this bank?

 

[Casio]

Commonwealth Bank of Australia has it. Some banks here are even higher than that. I've got one. (Well, it's now 5.75, but I'm pretty sure mine's locked in at 7%)

(This one is still %7.50, and even %8.10)

 

[Keef]

A 7% savings account? Where on earth is this bank?

My savings account has a 7% APY. I go to Wright-Patt Credit Union. It's a local place here in the Dayton area. All the stations are small but neat, with computers available to use, drinks and coffee, and they don't have the usual counter tops either. You just kinda walk up with the teller and look at the same computer they're looking at. It's pretty chill.

Also, 7% APY. Win. Yes, I just looked up my eStatement to make sure. I've made $22.75 so far this year and I've never had any more than about $1800 in it. I probably averaged less than $1000 but I don't feel like doing math right now.

EDIT: Apparently I've averaged $325 in my savings account.

Here's a theoretical situation:

Say I won a lottery. There are more than a few $500,000 lotteries won every year, and suppose I nailed one. In my savings account (I'll take a chance on losing half that money) it would make $35,000 interest in one year. The next year, $37,450. Now, $35,000 would be plenty to allow me to live happily. I could even afford a cheap house with that. Better yet, me Buddy D and I could share that payment. Sounds like a happy existence to me, just sitting on the egg and holding down a part-time job to buy the everyday stuff.

But of course, every plan has flaws. The first obvious roadblock is winning the lottery...

 

[Wenders]

Commonwealth Bank of Australia has it. Some banks here are even higher than that. I've got one. (Well, it's now 5.75, but I'm pretty sure mine's locked in at 7%)

(This one is still %7.50, and even %8.10)

Sorry to tell you this but your rate isn't locked in, it's a variable rate and changes with the market and interest rates are going down, down, down. That aside Netsaver is a good account, I have 3. Of course I am slightly biased as Commonwealth bank pays my wage.

 

[TheCracker]

Say I won a lottery. There are more than a few $500,000 lotteries won every year, and suppose I nailed one. In my savings account (I'll take a chance on losing half that money) it would make $35,000 interest in one year. The next year, $37,450. Now, $35,000 would be plenty to allow me to live happily. I could even afford a cheap house with that. Better yet, me Buddy D and I could share that payment. Sounds like a happy existence to me, just sitting on the egg and holding down a part-time job to buy the everyday stuff.

But of course, every plan has flaws. The first obvious roadblock is winning the lottery...

Surely if you spent the interest the amount of capital wouldn't increase so you'd always be drawing the same amount of interest ($35k) each year? You'd also have to leave it for an entire year first to get that initial interest.

$35k might be enough now but will it be enough in 10 or 20 years time?

 

[Casio]

Sorry to tell you this but your rate isn't locked in, it's a variable rate and changes with the market and interest rates are going down, down, down. That aside Netsaver is a good account, I have 3. Of course I am slightly biased as Commonwealth bank pays my wage.

Oh really? That's interesting. Are term deposits locked in for the duration of the term?

 

[Wenders]

Oh really? That's interesting. Are term deposits locked in for the duration of the term?

Yup, a term deposit is a fixed rate for the term of investment. 6% for 3 month term at the moment but that may drop again next week, if you got some money then maybe worth locking it away.
You can probably get higher at a credit union but at the moment you gotta way up stability against return. Higher rate means the institution is looking for funds to cover other financial dealings.

 

[Casio]

Someone I know just got the rights to a reasonable sum of money (Not huge, but 5 figures) which up until this point in time has in an AMP investment fund. I'm thinking in the current climate that it may be worth moving it into the NetSaver cause I thought the rate was fixed, but now a Term Deposit may be a better way to go. As the money will probably be being used in the next 12-18 months, I don't see an investment porfolio raising more than %6 in that time at the moment.

 

[Keef]

Surely if you spent the interest the amount of capital wouldn't increase so you'd always be drawing the same amount of interest ($35k) each year? You'd also have to leave it for an entire year first to get that initial interest.

$35k might be enough now but will it be enough in 10 or 20 years time?

I figure I'd live at home with my parents for a couple years and keep my current job. If the world operated predictably, which of course it probably wouldn't (for instance, only $250,000 would be insured in this account), I'd be just fine.

Compounded yearly, after the first I'd end up with 535k. That, after the second, would make 37,450, adding up to 572,450. That, after the third year would make 40,071.50. The actual account is compounded quarterly, so after the first quarter of the year you toal a quarter of the yearly interest, but that quarterly amount gets included into the interest for the second quarter, etc.

The money I make now is enough to do what I do now, and also allow me to save plenty for emergencies or the occasional car and go kart part. After a few years I could move out and supposedly be able to pay off a ~$70.000 house (which is beyond adequate in this area) almost immediately, but of course I have no idea how that actually works.

Raises here at work are sort of regular and this job has mega security. I'd be able to afford all the bills of that house, plus internet and a cell phone with the wage I make now, and be able to save a small amount of money beyond car maintanence and whatnot.

My fingers hurt. The bottom line is, I think I'd be able to express enough restraint and budgeting skills to make one payment of $500,000 last the rest of my life, eventually having itself turn into a comfortable sort of income.

Also one thing would buuy immediatley would be some finance classes at the local community college. Those would come in very handy. Five-hundred grand isn't enough to warrant a money man, but it is certainly enough to get yourself into all sorts of trouble.

And if everything screwed up, well, I'd figure that out as I went.

 

[TheCracker]

Compounded yearly, after the first I'd end up with 535k. That, after the second, would make 37,450, adding up to 572,450. That, after the third year would make 40,071.50. The actual account is compounded quarterly, so after the first quarter of the year you toal a quarter of the yearly interest, but that quarterly amount gets included into the interest for the second quarter, etc.

Yeah i get that, but it doesn't work that way if you intend on spending the interest.

 

[PeterJB]

If I were a rich man I would buy Formula One! And Switzerland!

 

[Keef]

Yeah i get that, but it doesn't work that way if you intend on spending the interest.

I wouldn't plan to spend any of the interest for at least a year. Even then, the things that I enjoy doing wouldn't cost much more than the $15-20,000 I make in a year now. I think by far my most expensive venture that I'd want to undertake right away would be go kart racing. After a few years of building up interest I'd probably get myself a humble house in a calm, stable area near where I live now. But I'd have to assess the cost of all the homeowner's insurance and the utility bills and taxes and whatnot and make sure I have a plan to deal with it all. I would make sure I'm not spending any more than I'm making, and I'd prefer a pretty large safety net. Simply bettingmy whole well-being on a meager $500,00 is almost too much of a gamble in my eyes, but with a bunch of math and planning I think it could work out nicely.

 

[peeweegary]

if i were rich i would:

help pay off debts for family

buy my aunt and dad a merc(promised them)

get a better internet connection

get a new video card

get my G2 earlier

get myself a nice car

get myself tons of clothing

get more games for the PS3 and Wii

thats about it

 

[F1GTR]

- Camera stuff:

Nikon D700
14-24mm f/2.8
24-70mm f/2.8
70-200mm f/.28

Leica MP
24mm f/1.4
35mm f/1.4
50mm f/0.95
75mm f/1.4
Nikon Coolscan 9000
Tons of Ilford HP5+, Kodak T-MAX and Fuji Velvia/Provia

Old-Style Mini Cooper

Nissan KPGC10 Skyline GT-R

Trip around the world.

Pay off any family debts.

Pay for my siblings' school fees (and my own).

Put rest in bank and live off interest.

 

[Bones Brigade]

23, (Legally) Single, Live in small 1 Bdr apartment.

First order of business would be giving some cash out to my mother to pay off her and her husbands houses. Then cash to the two sisters; one just bought a house with her husband and two children, the other just became a teacher in Denver and has tens of thousands in college loans. I'd give my dad a couple grand.

I'd buy a modest house in the Old Town neighborhood of Tacoma, WA., Or possibly Point Defiance; some place with a mountain and water view. Plenty of garage space would be needed. I don't know what kind of cars I'd get beyond a V8 Vantage or DBS. Some sort of a sports sedan and a some sort of epic hatch. I'd stash the rest of the money away and live happily ever after.

 

[nk4e]

20, A community college student. I wouldn't be able to handle that much of money. I would let my family pay off Debt ( the rest of it) and try to finish my schooling.

 

[CDailey]

I am a single 20 year old male.

Let's say I won a lottery and after taking the hit for getting the lump sum and after taxes I ended up with $5 million.

I would:

Pay off my car and give it to my friends girlfriend so she doesn't have to drive her beat up Toyota Solara anymore. (-$12k)
Pay off my moms Grand Prix. (-$8k)
Pay off my brother in laws Avalanche. (-$35k)
Pay off my aunts house and buy her the new car she wants. (-$100k)
Pay cash for a small 3 bedroom house and share it with my friend and his girlfriend. (-$200k)
Buy an Aston Martin V8 Vantage. (I can probably get the AM dealer to take the price down to around $100k if I pay cash)
Buy the same friend who I'm shareing the house with a Subaru WRX STi (-$40k)
Buy an E55 AMG as a daily driver. ($60k for a low mileage model)
Furnish the house I bought earlier with everything one would need (furniture, appliances, and electronics $60k)
Buy a nice all purpose boat for crusing and towing wakeboards and maybe some fishing ($70k)
Buy a Chevy Silverado 2500HD with the diesel engine and a trailer to tow the boat ($65k)

This leaves me with $4,250,000.

Time to invest $250,000.

I would buy stock in some tech companies. Apple and Google come to mind.

I would put the other $4,000,000 in the bank and live very comfortably off of the interest.

 

[HKS T51R]

Mmmm. Surely I won't win the lotto, but who can't dream, right? In no specific order here is what i would do with, lets say 300,000,000
I'm 22 and at home and almost done with school...
~Pay off my debts which arent very much
~Pay my Mom's house off as well as my Dad's
~My mom wants a dodge viper for some unknown/ridiculous reason so I'd get one of those
~My dad wants a C6 Z06 in yellow, I'd go with that too...in cash obviously
~Buy myself a huge house with a huge garage somewhere outside the USA
~Fill it with a whole gang of 1000+hp supra's and other extremely fast assorted Toyota's
~buy my brothers their own houses except my youngest brother because he's a twit and gets on everyones nerves...he can have an apartment
~I promised my closest friends any car they wanted (price no object)
~I'd buy my cousin a nice house in Arizona where she lives now and TWO new GTR's (one for DD and one for keep-sake) because she fell in love with that car the moment she saw it
~buy lots of BMX bikes and stuff
~I'd work at wal-mart just for the heck of it
~I'd put probably 200 million or so in CD's and other interest bearing accounts
~then i'd buy my own bank vault for my house so i can have all the extra cash at the house

Other than that I'd be a lazy couch potato who still hates night clubs

I don't do particularly well with large sums of money, but at least i know to put some in banks (even though they arent in the best of shape)

 

[magburner]

Uh, I'm a 35 year old male, single parent. If I came into millions of pounds, I'd keep half, and since I never had the money in the first place, I'd give the other half away.

Out of the half I keep, I'd make sure my family had security, and then I'd modestly spend the rest on some of the things I have always wanted, like fast cars, a big house, and if I had in excess of £20 million left over, a luxury yacht.

Out of the half I give away, I'd set up a foundation that would give out grants to help children that need expensive medical treatments that their parents would otherwise be unable to afford. I would also organise events in my local community to help poor and disadvantaged children.

 

[Peterram430]

I'm 16, single, living with parents

First I'd buy a PS3 and get GT5 as soon as it comes out.

I'll be learning to drive soon, so maybe a Peugeot 107. With OZ Superturismo WRC wheels

When insurance goes down an Abarth Grande Punto would be nice.

I think the rest would be put in the bank for now, until I go to university and leave home.

 

[McLaren]

21, Relationship.

~First & foremost, pay off any & all debts.
~Second, move somewhere new (LA, Florida, NY, Europe)
~Buy a nice home. I don't need any of those 15 bajillion square feet homes.
~Start up my own business. Even with a huge sum of money, I always have a small urge to continue working.
~When not working, vacationing.
~Lastly, building up an obvious type of exotic cars, collection.

I actually put a lot more thought into this when the question first came up, but I have thus, forgotten.

 

[Dave A]

26, homeowner, living with girlfriend.

The first thing I'd to put the vast majority of the money away, I've always been secure with money like that, when I can regardless of if I need to or not I save. It's worked well for me so far so why stop just because I'm rich. The rest of the money I would use to fund my hobbies. I would definitely buy or lease a large garage to do projects on various cars. I'd no no doubt spend more time abroad with the miss, I wouldn't move, not yet anyway and if I did I'd like to stay in the area or close to. I'd probably one of my friends a couple of hundered grand as an investment into his company.

 

[CyborgGT]

20 / home (college student) / single

Depends on the amount of money, but since we're wishing here: first I'd pay off my student loan. My ultimate dream is to have a small house with a big garage out in the countryside (right up by the Rockies), on the infield of my own private race track + 1/4mi drag stip. Then I'd have to buy a Spoon NSX Type-R (the upcoming US model of course), Gallardo LP560-4, 430 Scuderia, and '69 Mustang Mach 1 428 Cobra Jet (daily driver).

 

[Rykon Zero]

Oh, that reminds me. I'd also buy about 14 cubic meters of happiness, and some of the best things in life.