What I would do with a Million dollars | Teen Ink

What I would do with a Million dollars

February 23, 2021
By naucar BRONZE, Cascade, Iowa
naucar BRONZE, Cascade, Iowa
1 article 0 photos 0 comments

If I were ever awarded one million dollars, I would have to find a way to not let very extravagant spending get in the way. A good way for me to not do this would be to come up with a plan. Due to how much I worry the plan would have to be detailed oriented or it would fail miserably.

First step for me would be prioritizing what I really want vs what I really need.  Some things that I would want include: College paid off, a car, a house for when I get old enough, Hawkeye basketball/football season tickets just to name a few things. Things I need include money for college, not to go broke, money to survive, long term stability with my money just to name a few things. Now that I have most of my priorities in check, I now need to allot the money down to the dollar.

I would put twenty five percent of the money into the stock market, with another twenty five percent in a bank savings account. The reason I would go those percent’s is because the stock market could always crash, and a bank account could hypothetically get scammed. So, if one of the two would fall apart I could have another option to fall back on. I would also put an additional twenty five percent in a lock box at my home. I would love to put all of the seven hundred fifty thousand in the box but would not due to a potential fire that could happen. I am saving that much money for later expenses like a house, car, etcetera so I can avoid debt.

With the last two hundred fifty thousand I would put down one hundred thousand for college which would hopefully cover most of the total cost of my schooling. I would spend one thousand on Hawkeye sports tickets. I would make a big purchase on a black Porsche Camera which would cost roughly around $125,000. With the last twenty-four thousand dollars I would put twenty thousand on a checking account and keep four thousand in cash for random spending.

The question of what I would do with a million dollars is a tough one to answer. However, I feel like with my plan and lack of spending habits I would do a very good job with being smart with my money for the most part.

The author's comments:

This piece I wrote about what I would do with one million dollars. What I would prioritize with the money and how i would spend it.

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