a reply to: Ghost147
Going by the current exchange rate, that's about US$40M. Just converting it to make it easier for me to compute.
I'd pay off our house (~$90k), pay off our cars (~$35k), pay off student loans (~$105k), pay off our credit cards (~$30k), and set up a trust for my
children's college (if they decide to go, if not then they get the money in an annuity starting at 25) (~$200k). That leaves me with about $39.5M. I
supposed it would be prudent invest heavily into CD ladders. That would easily be $10M there.
So now I'm left with about $29.5M.
For my family, I'd buy my parents a house outside the city of Detroit and pay off their few bills. For my in-laws I would pay off their house and
cars. That would probably knock me down to $29M.
I'd probably buy a small home in Cozumel, Mexico. We went their on our honeymoon. It's absolutely beautiful there. Call that $500k initial, plus $15k
annual expenses. So set aside another $500k in investments to pay for those.
Down to $28M.
I'll need a way to get my family, both immediate and extended, down to our fancy home in Cozumel. Guess I'll need to buy my dream plane!
A Cessna 208 Grand Caravan with cargo pod
looks to be around
$2M, plus annual operating costs of $500k. Set aside another $5M in investments to pay for those. It won't get us where we want to go fast, but it'll
get my family and five friends/family with baggage just about anywhere!
So now down to $21M.
Set up $15M in annuities for various charities and non-profit groups. Some of the Michigan animal rescues, veterans charities, disabled peoples
charities, and St. Jude's would all be on he list. Do the same thing, set up investments and have the annuities draw from there. That way it's an
annual source of income for them, not a one time thing.
That leaves $7M.
I'd buy a modest house in central Florida. Watch the Tigers spring training, go see the Wings play away games, close to the theme parks, close to the
Space Coast, a day's drive from the keys or the panhandle. Call that $200k for the home. Set aside another $800k in investments to pay for annual
So now we're down to $6M.
I'd probably open up a few restaurants. Aside from the interest gains on investments, having some businesses to run would be advantageous. I already
have a few years of small business ownership/management under my belt, so I'm familiar with the territory. The UP is very much lacking in Tim Horton's
($500k-750k start up), Jimmy John's ($300k-550k start up), and Mancino's ($200k-$300k start up). Say two Tim's in the UP in Manistique and Marquette
($1.5M), a Jimmy Johns in Manistique ($500k), and three Mancino's in the UP in Marquette, Escanaba, and St. Ignace ($1M).
That leaves me with about $4M to play around with. I'd probably just sit on that.