Well not to be a downer
10 Mill would instantly turn into something like 5,500,000 after taxes are extracted.
If you wanted to live on the interest using tax free bonds at 5% you would have about 275,000 to play with per year. A very comfortable income for most places in the country but not enough to be decadently lavish.
If it was 100, Mill
now that would be different. I would really like to maintain privacy and not let the world know of my good fortune. I think I would use the circle method.
For the most inner circle, Myself, Spouse, and children I would make sure that a substantial portion was set aside so we no longer needed to worry about money. Money can’t buy happiness but the lack of it can weigh heavy on your mind.
Next ring of the Circle, parents, in-laws, very close friends would benefit generously based upon their needs and ability to handle it. Wealth can be a curse to some folks.
For the next ring of the circle it would be more need based. Maybe a collage scholarship fund that cousins or other relatives or friends could take advantage of. Maybe an extended family medical plan. I would like to help those that have been good to my family in a way that would be most appropriate.
Lastly would be Church and Charities that use the funds to help people and not simply enrich themselves at the expense of those they are suppose to be helping.
Nice to have a chance to daydream.
Edited by Nawtheasta, 11 March 2010 - 09:47 PM.