Truth: I’ve been realizing I need to blog at about 11:45 every night, so I publish a filler post, then edit it with the real blog between midnight and 2:00 am.
I’ve seen “What would you do with a million dollars?” prompt pop up on quite a few other blogs and websites, so I’ll jump on that bandwagon today.
What would I do with a million dollars? Nothing exciting. First, because I am a business student after all, I’m going to assume that I was actually awarded with somewhere in the region of $2,500,000 and, post-tax, I netted a million dollars. I want the full million to play with.
1. Student loans. Mine and my sisters’ undergrad loans. Total: $100,000. I have no idea whether that number is accurate, but I’m sure it would cover the difference.
2. Parents’ mortgage, parents’ current car, my current car: $250,000. I hope that’s an overestimate.
3. Law school tuition and expenses: $250,000 invested in something low-risk with a decent return. Should be about $260,000 when I need to withdraw, which will be enough to cover even the most expensive tuition and modest living arrangements.
4. Extravagance: $50,000- $75,000. Likely to be spent on a trip around Europe, some decent furniture for my apartment, and, because I can, a shopping spree.
5. Salary boost. Withdrawn from a savings account each pay period to bring my annual salary to approximately $65,000 for the next two years. Whatever is left when I begin law school will be saved to be used as a down payment on whatever slightly more permanent living facilities I choose to occupy in 2017.
Most notably, I would not stop working. Not for a single day. Though adequate compensation for the time, effort, and funds I’ve invested along my path toward my future career is something I expect, I legitimately want to pursue a career in corporate law. As much as unexpected hurdles will not deter me, unexpected windfalls will not make this future seem any less desirable or necessary for my happiness.
Secondly, I know I will be capable of this because I am afraid of money. I got a $2000 scholarship last year in the form of a check made out directly to me. It was in my checking account the following morning and transferred to my study abroad savings account by the end of the week. Aside from the immediate expenses for tuition and helping my parents financially, I would be afraid to be responsible for over $500,000 and would invest it as quickly as possible.
Thirdly, no, I did not donate to charity. I’m sorry. I imagine my salary boost would leave me with sufficient disposable income to make regular casual donations to my favorite charities, which would probably include buying some livestock for The Heifer Project, circulating some money on Kiva, and continuing to support the American Heart Association. My first priority is achieving a future through which I can help others with theirs. I’d hopefully eventually become the person who, in the absence of law school loans, has plenty of money to share, but for now, my own life is expensive enough. Sorry again.
Anyway, back to reality. I don’t have a million dollars. I have a few thousand dollars in a savings account that I hope will last five months in London, a summer internship, a drive to accomplish my goals, and (some may disagree) a bright future ahead of me. That’s more than most people have and it’s enough for me.
So that’s that. The most tame way to spend a million dollars ever.