What would you do with a million dollars..

Anytime this question comes up, I'm going to always go with the "appropriate" answer that Lawrence gave in Office Space




Lmao that aside and thinking more strategically: I live in a low cost area, so $1mil here goes a LOT further than it does in other states. So I'd take it and open 4 individual High Yield Interest Savings Accounts at a 5.05% APY rate and not touch a penny of it, while continuing to work. That would generate a minimum of $12,625 per account, totalling $50,500 per year. After 5 years, that's $252,500 so over quarter of the money regenerated. Either take that, leave and place it into more long term investments or let it go to 15 years ( when I'm aged 55) and cash it out entirely at a total of $757,500. Take that with my pension that is accessible at that age and I wouldn't have to worry about anything ever again, including any and all debts paid in full
 
A million doesn't go very far today. But for sure pay off debt. All we have left at this point in life is a few years left on mortgage and car payments. Like Mike, invest some of it in guaranteed income of some sort. Travel anywhere we wanted.

The pipe dream would be sell our house. Divest ourselves of a lot of garbage accumulated over many years. Use some of the million and equity from house and property sell off..... and move to a tropical island. Most likely, Kauai. Been there twice and really like that island.
 
iblive said:
Farmer was asked once what he’d do with $1mil. Response was… spend it till it’s gone.

Edit: actually, the response was…. I’ll keep farming till it’s gone.
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Fact: Farmers are one of the few businesses where they have to purchase all their product at retail…. Seed. Livestock. Machinery. All of it. Then when it’s time to sell that grain and livestock…. They’re forced to sell at wholesale.

I grew up in a small rural community. Half the kids in my HS class were farm kids. I’ve worked for farmers. I’ve worked at the local Farm Service. I spent 27 years working at an implement dealership. Tractors. Combines. Parts. Service. So these people are close to my heart. It’s no wonder there are so few family farms still in existence. They can’t make a living with this financial model.
 
iblive said:
Fact: Farmers are one of the few businesses where they have to purchase all their product at retail…. Seed. Livestock. Machinery. All of it. Then when it’s time to sell that grain and livestock…. They’re forced to sell at wholesale.

I grew up in a small rural community. Half the kids in my HS class were farm kids. I’ve worked for farmers. I’ve worked at the local Farm Service. I spent 27 years working at an implement dealership. Tractors. Combines. Parts. Service. So these people are close to my heart. It’s no wonder there are so few family farms still in existence. They can’t make a living with this financial model.
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That might explain why ribeye starts at about $14 a lb. and goes up from there.
 
iblive said:
Fact: Farmers are one of the few businesses where they have to purchase all their product at retail…. Seed. Livestock. Machinery. All of it. Then when it’s time to sell that grain and livestock…. They’re forced to sell at wholesale.

I grew up in a small rural community. Half the kids in my HS class were farm kids. I’ve worked for farmers. I’ve worked at the local Farm Service. I spent 27 years working at an implement dealership. Tractors. Combines. Parts. Service. So these people are close to my heart. It’s no wonder there are so few family farms still in existence. They can’t make a living with this financial model.
Click to expand...
Yeah family owned farms are a near extinct species because of this. Everything anymore has been switched over to subsidized farming which isn't your local mom and pop operation, rather a piece of a large conglomerate owned operation that receives billions in government assistance aka corporate welfare for lack of a better phrase. When you actually see a true independently owned local farm that is successful, it's quite humbling and you can't help but show respect towards
 
iblive said:
Fact: Farmers are one of the few businesses where they have to purchase all their product at retail…. Seed. Livestock. Machinery. All of it. Then when it’s time to sell that grain and livestock…. They’re forced to sell at wholesale.

I grew up in a small rural community. Half the kids in my HS class were farm kids. I’ve worked for farmers. I’ve worked at the local Farm Service. I spent 27 years working at an implement dealership. Tractors. Combines. Parts. Service. So these people are close to my heart. It’s no wonder there are so few family farms still in existence. They can’t make a living with this financial model.
Click to expand...
Yep, indeed. The oldies that wanna keep farming till they lose it all...

The missus and her bro family rented their land on a crop share (not cash) basis for many decades. So the risk of bad crops etc was totally real and no guarantee of income.
We sold it all off in 2017 thus the retirement. Well, I quit work a ways before that as they sold some smaller sections. Why beat your head against the wall and have to farm it for 50 more years to get the land value out? It's the stubborn old guys that I don't get.
 
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