NoJoMo Richness….

If I became a millionaire overnight I would ______________

Well first I’d realize that being a millionaire and having a million dollars doesn’t mean you’re set for life right away.  The first thing I would do is take care of paying whatever taxes on the money that I’d have to pay.  Granted after that I’d suddenly be a bit further from a millionaire anymore since taxes on that would be quite a bit.  Next I’d make sure I put some of it in a savings account so that I couldn’t blow it all.  After that I’d definitely take care of paying off all my debts as well as J’s debts.  After all if you suddenly come into a lot of money it only makes sense to get the past slate wiped clean so you can be on a good start.  Once that was done I’d find us a nice house to buy.  I don’t think I’d pay off the entire house because that would cut even further into what money was left but I’d pay off enough of it that our remaining house payments would hardly be anything.  I’d also want to take some of that money and help out my parents.  Not sure I could do all of that and pay off all of their debts but I’d try.  At the very least I’d give them each a $10,000 gift because that’s the max amount they could receive and not have to pay taxes on. 

Wait I take that all back.  Well not totally.  I’d just add one step in before I paid money on things.  First I’d take a look at what amounts are owed and what I have left after paying taxes.  That way I could truly figure out how much debt I could pay off and not leave myself broke.  I only say that because I’m pretty sure that taxes on stuff like that are around 40% or so.  So I’d want to make sure I could take care of things or at least a good portion of debts and not leave myself with no money afterwards.  But I have a feeling I could do all I wanted and still have a decent amount left over to put into a savings account.  But that’s what I’d do.  I’d try to take care of debts and get myself in the position I want to be in.