A million dollars. It’s a sum that undoubtedly releases a rush of possibilities, from paying off debts to indulging in a dream vacation or making strategic investments.
With such an amount, what would be your first move? We asked Benzinga followers on Twitter, and the responses were as varied as they were fun.
Billy Markus, the co-founder of Dogecoin DOGE/USD, kicked off the conversation with a prudent approach: saving $520,000 for taxes. That’s a wise move, Billy. Would you buy Dogecoin with the remaining $480,000?
Many respondents veered toward debt reduction and savings. Paying off mortgages, replenishing college funds, buying rental properties, and adding to retirement accounts were common themes. One follower expressed their wish for a Tesla after more pressing financial matters were handled.
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“Buy more lumber,” Benzinga’s “PreMarketPrep” host Dennis Dick said.
Another planned to break it down into four different bank accounts, so they’re insured under the $250,000 FDIC limit — an amusing reference to the recent regional banking crisis.
Investments were top of mind for many. Some would pour their newfound fortune into small-cap stocks or two-choice stock portfolios, while others considered long-term CDs across multiple banks.
One reader wanted a pink Tesla Model Y, a month-long vacation in Hawaii, or funding a dream wedding for her child. Another individual hoped to install a battery-backed solar system and a water-from-air system, while another wants to return to school and invest in value companies.
Others preferred the path of charity and giving, with plans to donate to charities or distribute a portion among homeless individuals.
If you find yourself suddenly possessing a million dollars, your options are almost limitless. Yet, remember that every financial decision, however large or small, should align with your personal financial goals and risk tolerance.
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Image and article originally from www.benzinga.com. Read the original article here.