What would you do if you had $500k?

[SamePendo]

By means of lottery, divine intervention, luck, work, whatever.

If you had $500k what would you do with it?
I'd like the answers to be geared toward multiplying the money, not "spending it on some hos on Vegas".

I'm asking because I'm figuring out that myself. I'm talking about pesos though, but, funnily enough, most things cost ten times cheaper here, or the equivalent of the same is ten times cheaper, so, give or take, it's the same thing.

 

[Hughman]

$500K doesn't get you that far these days. Just enough to piss-off people, but not enough to do much with.

The economy is still bust, so I'd personally avoid stocks and shares, though I might invest in oil when it slumps though it's risky as you might have to take delivery of it.

I'd probably just buy a nice but small house in the smart district by the university I'm joining, buy a small hatchback now and buy a nicer car in a few years (plus some additional cash for me to earn interest on which will pay for my tuition fess) and then go on a tour of Europe and get a new wardrobe whilst in Italy/Greece (some amazing tailors with good prices in Greece),

 

[Alle_Gory]

Put it in a nice, safe investment. Low yield. Maybe inflation + a couple of percents. Until you figure out what to do with it.

In the meantime, some things you can look into:

Gold, platinum, and other rare and precious mineral commodities are nice to invest in. Check out the tech trends. I think there's more rubidium being used in LCD monitors so there should be a nice fat shortage soon if not already.

Or you can always start a business if you're the entrepreneurial type. If its going good, then use some more money. Don't spend more than you have to. I suggest you stay away from labor intensive businesses since they cost alot and there really isn't much you can do to save money... unless labor is cheap. Mexico? Maybe start a software company or a restaurant or a bakery... etc.

 

[Hughman]

Gold, platinum, and other rare and precious mineral commodities are nice to invest in. Check out the tech trends. I think there's more rubidium being used in LCD monitors so there should be a nice fat shortage soon if not already.
.

Gold and platinum prices are too high at the moment, risky to invest - they probably will go up in price, but prices are too high and aren't sustainable. The time to invest was in 2001 when Gordon Brown sold a huge chunk of the UK's gold reserves off. Prices where a third of what they are now.

However, metals for techs...didn't think of that. Might be an idea.

As you said, low risk investments, like government bonds. If your State goes bust (like Iceland's) then you're stuffed anyway.

 

[Alle_Gory]

The time to invest was in 2001 when Gordon Brown sold a huge chunk of the UK's gold reserves off.

The time to invest is always at least last year. We're not looking into the past, we're looking into the future. Trends show that precious metals keep increasing in price with no end in sight.

 

[Tao walker 2005]

DON'T invest in Government Bonds unless u want to be wiped out. I mean seriously, if I owed more money to ppl than I could ever reasonably hope to pay off in my lifetime, you wouldn't consider it a safe investment to lend me money I would think.

Look at the picture from a historical perspective....
invest 5000 pounds in the UK economy in 1809 and you would have become wealthy

invest $50 000 in the US economy in 1909 and you would have become wealthy

it follows that if u invest 500 000 yuan in the Chinese economy in 2009 then you will become wealthy.

If you don't feel confident enough to invest there directly, look for industries that will indirectly benefit from the growth of China.
There is like 1 and a half billion of them, so they are going to need masive amounts of raw resources and agricultural resources. They also need things like pure water and energy sources.

As an aside, a friend of mine bought a bar in Yangshou China (a tourist type backpacker hub for rock climbing). It cost him barely f^ck all and now he lives the party life of free booze and abundant drunk backpacker b!tches WHILE making a handsome profit!

You want to be in business and you want that business to be in a growth area (in terms of both economy and geography).

 

[Da Realist]

First, pay off any debt I have. Then I would definitely file a patent for something I designed. I would buy a couple cheap houses and then find a developing suburb to place a business. Any money left is going in the bank for a while. Oh, and I would keep whatever job I'm working at the time.

 

[Luke Skywalker]

Okay, I'd listen to all the advice of members on here and I'd move out of my parent's house.

If I didn't move out of my parent's house, I'd hire a therapist this time because I'd think I would have a dependent personality disorder or something where I'm overdependent on my parents. That is exactly the extreme type of scenerio that can test something like that out. Either I'll move out or seek therapy about why I'm not moving out and work with a professional to move out.

Secondly, I'd take further inventory of what I want to do in life. I have money. I can go to law school. Go to university. Try a different career without having to worry that I can't access government loans. It would feel like I have some control of grip on life. Right now I'm in Real-Estate, and I'm not really doing that well, and have never really choosen this profession. It goes without saying I'd likely quit Real-Estate, and get career councilling and coaching and professional resume writing or applying for university / schools or just apply for a good job out there, and go totally for a complete career change. (hey it's just $ 500 000, it's not like it's a billion dollars, then i wont need a career at all!)

I'd get a personal trainer twice or three times a week rather than the current once a week, and have three different female trainers for variety, while doing an intensive training at the same time.

Then once I get a grip in my life, have the career that I want, move out of my parent's house, and have the type of car I want ("Infinity" car, which I'd likely lease and pay monthly payments for a few years), then that money would have served a purpose of bettering my life from what it is now.

Afterwards, I'd sign up for a few bootcamps and test my boundaries at the same time, and practising picking up girls in day game, and other areas. Since I have money I would have more free time in order to play around with various pick-up styles, etc... I think this one pick-up artist has this seminar overseas where they go to Cancun Mexico and teaches pick-up there. Anyway, just some ideas.


Again, if it's divine intervention (i.e. a Real-Estate deal) -- then 50 000 will go to the church, and another 50 000 or more will be allocated to various charities as the Lord directs. I currently don't play the lottery so I can't win (which is just likely the same if I did play it, except I'm not losing any money).

After all, it's all about becoming a DJ, being in control over your life, and that quest to live the DJ lifestyle. With $ 500 000 I would have no excuse at all, not to become a DJ and won't be able to blame anything on money this time.

 

[f283000]

$500K doesn't get you that far these days. Just enough to piss-off people, but not enough to do much with.

not in america/most western countries.

I would take that money somewhere else and live like a king. Chile is the nicest country in south america, they don't hate americans, modern country, id probably buy me a big plot of land there.

 

[EA Gold]

The first thing I will do is to give away the first portion of the monies to the Lord's Work and his people.

Pay off all debts

Buy extremely cheap foreclosed houses and have them be rented out at very low monthly rates.

Convert U.S. currency to Silver and other currencies

Move out of the U.S. and live in my home country and visit others.

 

[Daddy The Pimp]

150K traveling the world for a year.
350K on some safe investment.

 

[Leporello]

1. Pay for grad school

2. travel the world, including:

-Singapore
-Thailand
-France
-Spain
-Italy
-Eastern Europe
-Argentina

 

[Paintballguy]

pickup a nice house for ~350k then put the 150k in a safe investment. i could always flip the house if the market goes up.

 

[STR8UP]

This is the mistake that most people make when they get a windfall- they spend the PRINCIPAL.

If you came into that much money the only thing you should do is invest in an income producing asset. You can then use the income that the asset produces to buy whatever you want. Once you spend the principal it's GONE, but generally it remains intact if it is used to buy something that produces income.

$500k could buy a small apartment building in many areas of the US. This could easily provide you with $2-$5k income per month for the rest of your life depending upon your level of involvement. That income (and your initial investment) will likely only increase as time goes by.

 

[ChrizZ]

put it all on red...

 

[OzyBoy]

Lots of travel around the world.
Buy lots of new stuff.
Invest the rest.

 

[EA Gold]

If you came into that much money the only thing you should do is invest in an income producing asset. You can then use the income that the asset produces to buy whatever you want. Once you spend the principal it's GONE, but generally it remains intact if it is used to buy something that produces income.

$500k could buy a small apartment building in many areas of the US. This could easily provide you with $2-$5k income per month for the rest of your life depending upon your level of involvement. That income (and your initial investment) will likely only increase as time goes by.

Good advice, I will take that into consideration.

 

[Killer_Demo]

find a PRIME location then open up a nightclub

 

[seagull]

Open a go-go bar in Thailand.

 

[Unbridled_Phoenix]

Str8up got it, buy income producing assets, then use their cashflow to live off (after they have paid their initial investment back, of course). Jet setting around the world and doing stuff you want to do is fun, but once that money's gone, you're right back where you were when you didn't have it.

Use money as a tool instead of as a means of instant gratification, and you will come to know what true freedom is. The right thing to do is rarely the easy thing or the thing we WANT to do.