What would you do with a small loan of $1 million?

[LunarisDream]

I'd like to think that I would invest it wisely but truth be told I'd probably blow through most of it in a year and then be sad.

Edit: A loan from a close and trusted individual who is very, very lenient about the terms of the loan and how you can pay it back. But still a loan.

[Olumin]

I cant think of what I would do with it, that's a pretty much impossible question to answer accurately if you hadn't made the experience with that amount of money in the past. I'd probably put it on a bank account I couldn't access and never spend it, or put it towards a project I support (not charity). It is generally not a good idea to just give money to people who wouldn't be able to manage it properly, because of lack in experience with these kinds of situations. It is no coincidence the the company's that fail most often are the ones who where well-funded and started out with relatively big amounts on money, not the ones who stated with 20 dollars and made it into an empire, these are the ones that still exist, because they know who to handle money properly.

EDIT: I understood the therm "loan" wrong, I'm German sorry, I thought it meant gift. I would not take a loan, especially not a million dollars. Anything I said past my second sentence is still valid.

[nmur]

buy all red GMK esc's

[Jokrik]

Buy first class ticket to the States, attend Keycon 2016, profit

[chyros]

Start an enterprise, go into multi-billion dollar debt, get bailed out several times, get gigantic inheritance, claim you only ever got a small loan of a million dollars, run for president.

[tp4tissue]

I'd build a CNC shop.

[rowdy]

Depends on the term of the loan.

It would be unlikely that I could afford the repayments anyway.

[Jokrik]

I'd build a CNC shop.

You can't CNC a girlfriend FYI

[rowdy]

I'd build a CNC shop.

You can't CNC a girlfriend FYI

Now that you've mentioned it he's probably assessing the feasibility.

[tp4tissue]

I'd build a CNC shop.

You can't CNC a girlfriend FYI

[FLFisherman]

Is this a loan or a gift. If it were a loan I would immediately pay it back. Don't ever let anyone hold money over your head unless you desperately need it (mortgages, medical emergencies, etc).

If it were a random gift of $1 million I'd find myself a nice investment vehicle to squirrel it away in. With that amount of money one could probably get about 5% return (at least) on an annual basis - $50,000 a year. Not bad for money that's just sitting around. Very nice supplemental income.

[mrbishop]

build up my business with more equipment... pay off debt. Live free or die hard.

[romevi]

Give it to my friends and loved ones.

[demik]

Build a real estate empire. Vote democrat for twenty years. Run for president of the opposite party I've voted for for nearly half my life.

Become a meme.

[vivalarevolución]

Build a real estate empire. Vote democrat for twenty years. Run for president of the opposite party I've voted for for nearly half my life.

Become a meme.

Start an enterprise, go into multi-billion dollar debt, get bailed out several times, get gigantic inheritance, claim you only ever got a small loan of a million dollars, run for president.

Darn it, you guys beat me to it.

[Marizen]

I would buy a nice house (~$300,000) and either a 4Runner TRD Pro or Tundra TRD Pro. I'd build a kickass computer and all the sweet peripherals. Then I'd invest the rest and just keep working my current job.

[FrostyToast]

It's a loan so I would have to turn that into profit...
Well in that case I would buy out all 60 spots in a Duck GB and flip for profit; you can technically do that if you're crazy enough.

[chuckdee]

Depends on the term of the loan.

It would be unlikely that I could afford the repayments anyway.

This.  A windfall of $1 mil might be a different story.

[Waateva]

Nothing, there is no way in hell I would take a loan for $1 million.

[vivalarevolución]

Nothing, there is no way in hell I would take a loan for $1 million.

Yea, it's a loan people, not a gift.  You need a plan to make enough money to repay the loan.

[Photekq]

I'd build a CNC shop.

+1

Start a CNC shop and hire plenty of hookers. It's the dream.

[chyros]

Give it to my friends and loved ones.

You'd go into 1 million-dollar debt for your friends and loved ones? Oo

[Blackehart]

Buy as much pure cocaine as possible, cut it and sell it.

Pay off the loan as SOON AS HUMANLY POSSIBLE (cuz that interest is a *****!).

Buy a small island.

Send people on my **** list an all expenses paid week vacation to my island.

Scorched Earth.

^_^

 

[HoffmanMyster]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

[Scarpia]

Depends on the interest rate.

If you're talking about a really favorable loan, where the interest rate is less than I could safely expect to withdraw if I invested the money wisely (4% should be safe in the long term, 5% will eventually dig into the principal), I'd invest the lot, pay off the interest with my investment returns, and skim off the margin.
There probably wouldn't be much of a margin, but if I could skim off just half a percent on average, that's still a cool $5000 extra in Christmas presents every year.

In the more likely case that the loan came with a higher interest than that, I'd immediately pay it back in full, unfriend whoever got me drunk enough to sign it in the first place, and keep doing what I was doing.

(I know this is a tedious answer, but insisting that it's a loan rather than a gift makes the question pretty tedious.)

[Shapey Fiend]

Conservative idea: Buy some apartments and pay it back with rent.. hopefully.

Daft idea: Start a peripherals company. A lot of what's out there at the moment looks quite similar and if computers are in the cloud/docks and screens get more minimalist I think we're going to see emphasis shifting back to interfaces.

[katushkin]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

You horribly sensible person.

I would buy lots of cars, a house and lots of cars.

[chuckdee]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

You horribly sensible person.

I would buy lots of cars, a house and lots of cars.

Are you trying to be Kim Dotcom?

[katushkin]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

You horribly sensible person.

I would buy lots of cars, a house and lots of cars.

Are you trying to be Kim Dotcom?

No. I would hire a personal trainer and try not to anger the US Judicial system and/or Hollywood.

[HoffmanMyster]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

You horribly sensible person.

I would buy lots of cars, a house and lots of cars.

Could you imagine defaulting on a million dollar personal loan though?    That's a terrifying thought.

[DAVYtm]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

You horribly sensible person.

I would buy lots of cars, a house and lots of cars.

Could you imagine defaulting on a million dollar personal loan though?    That's a terrifying thought.

I'm with ya, I'd repay it back immediately. Would need to think of an investment plan first, but if the APR is anything but 0% for the first year or two it's just not worth it to keep the money

[katushkin]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

You horribly sensible person.

I would buy lots of cars, a house and lots of cars.

Could you imagine defaulting on a million dollar personal loan though?    That's a terrifying thought.

Yeahhhh, I didn't think about it being a loan. I guess I would buy cars that won't drop in value. I'm talking classic Ferraris or some real old VWs.

But yeah, I would rather not default on a million dollars hah.

[Waateva]

Pay it back before any interest accrued. I do not currently have any investment strategies for a million dollars, so it seems unwise to accept such a loan.

You horribly sensible person.

I would buy lots of cars, a house and lots of cars.

Could you imagine defaulting on a million dollar personal loan though?    That's a terrifying thought.

I'm with ya, I'd repay it back immediately. Would need to think of an investment plan first, but if the APR is anything but 0% for the first year or two it's just not worth it to keep the money

Seriously.  I ran it through a mortgage calculator real quick and even at 3% interest paid back over 30 years, your payments are still $4200 a month with your total repayment sitting at $1.5 million.

[Dreamre]

Buy a house..!

[FrostyToast]

Buy a house..!

You don't need a house.
Not like you could afford kids with a million dollars anyway.

[elton5354]

Buy a gf

[appleonama]

Host a couple parties and on the last day OD on pills so I don't have to pay back the debt. 

[Blackehart]

Buy a gf

You mean rent
The type of GF you can buy will blow through that million so fast, your head will spin.

[chuckdee]

Buy a gf

You mean rent
The type of GF you can buy will blow through that million so fast, your head will spin.

Blow through?  The good ones will take it outright.  )

[FrostyToast]

Buy a gf

You mean rent
The type of GF you can buy will blow through that million so fast, your head will spin.

Blow through?  The good ones will take it outright.  )

If that's the case, they at least have to do a little blowing through....

[suicidal_orange]

I'd take out a life insurance policy which would cover the debt, then pay off my mum's mortgage and buy my sister a house.  That would leave me enough (maybe $300,000?) to do some crazy things which I'll never afford to do otherwise.  Just got to make sure it looks like an accident...

[demik]

I'd take out a life insurance policy which would cover the debt, then pay off my mum's mortgage and buy my sister a house.  That would leave me enough (maybe $300,000?) to do some crazy things which I'll never afford to do otherwise.  Just got to make sure it looks like an accident...

Most life insurance cover suicide after 1-2 years. Just don't sign it suicidal orange.. They might see it as a pre existing condition.

[suicidal_orange]

I'd take out a life insurance policy which would cover the debt, then pay off my mum's mortgage and buy my sister a house.  That would leave me enough (maybe $300,000?) to do some crazy things which I'll never afford to do otherwise.  Just got to make sure it looks like an accident...

Most life insurance cover suicide after 1-2 years. Just don't sign it suicidal orange.. They might see it as a pre existing condition.

Thanks for the tip )

[Waateva]

I'd take out a life insurance policy which would cover the debt, then pay off my mum's mortgage and buy my sister a house.  That would leave me enough (maybe $300,000?) to do some crazy things which I'll never afford to do otherwise.  Just got to make sure it looks like an accident...

Most life insurance cover suicide after 1-2 years. Just don't sign it suicidal orange.. They might see it as a pre existing condition.

A+ advice right there.

[xtrafrood]

1. Life sized replica of the Millennium Falcon

2. ?

3. Profit.

[dante]

I would probably use it to help attract talent for a kickstarter/reboot of Alien Vs. Predator strictly as a competitive arena FPS.

Rebellion/Sega screwed us over the last go around.

[Waateva]

I would probably use it to help attract talent for a kickstarter/reboot of Alien Vs. Predator strictly as a competitive arena FPS.

Rebellion/Sega screwed us over the last go around.

Yes plz

[waitinginexile]

I'd go to music school. Berkelee is expensive and honestly I'm not sure if they'll accept me haha

[SJHL]

Pay off my loans and open up a bakery!

Edit: Read the question wrong.

[noisyturtle]

Start a small game development studio with a business model built around giving jobs to promising new graduates and putting them in charge of a games development over the course of a year and a half. They have free roam to build and design anything they can create together with the resources I provide them. Then after a year and a half we would ship the title and I would bring in a new group of students to create another project, letting the previous team go to further their careers with the experience of having played a key role in the development of a shipped title.

This would actually cost a bit more than a cool million. Guess I'd pay off my crushing debt first 

[sek1ne]

I'd probably try to buy a kosmonavt and then see if I could buy a condo nearer to downtown. Strata fees and property tax seem better than renting.

[Venatorious]

Buy every artisan keycaps on GH and then blend them all on twitch

Sent from my ONE E1005 using Tapatalk

[Findecanor]

Start a small company that would sell great-looking well-designed hardware. Maybe in kit form catering only to enthusiasts in the beginning.

Start with a counterpart to the MS "Natural" keyboard but with Cherry MX switches -- which there appears to be great demand for but which no major manufacturer has come out with yet.
Next product being PC case for mITX with a smarter internal layout.

[NewbieOneKenobi]

I'd like to think that I would invest it wisely but truth be told I'd probably blow through most of it in a year and then be sad.

Edit: A loan from a close and trusted individual who is very, very lenient about the terms of the loan and how you can pay it back. But still a loan.

Knowing me, I would probably not take the loan anyway, or I would take it and simply accelarate some of the expenses I normally need to put money aside for, such as wrapping up my Ph.D., which costs a car's worth of money, or getting books etc. Not sure about investments, including business investments, because I lack the training to properly evaluate them, and I'd rather not be making gambits and risking homelessness due to seizures. One exception: I might be tempted to buy my way into a law firm as a partner and skip the usual path, then catch up quickly behind the scenes (I left the profession early after graduating, so there are gaps in my knowledge, and I don't have a ton of experience).

[Leslieann]

I'd build a CNC shop.

You'd be broke in no time, horrible industry.

Start a small company that would sell great-looking well-designed hardware. Maybe in kit form catering only to enthusiasts in the beginning.

Boutique manufacturers usually do it as a side business to something more mainstream because unless you charge a ton, small scale manufacturing is very difficult to make profitable.

[noisyturtle]

Nowadays I'd probably spend it on making a pilot or short for a series pitch to Netflix or the like.

[Leslieann]

$1 mil is not a lot of money, sure you can invest it, but will your investment outrun the payments? Are you sure?

I'd pay it right back.
That or move it around through various numbered bank accounts, while simultaneously changing my name and nationality..

[romevi]

I'd pay it right back.

Came to say this.

That or move it around through various numbered bank accounts, while simultaneously changing my name and nationality..

Not even sure it's worth the hassle. $1 million isn't what it used to be.

[tp4tissue]

AMD Stonks PRINNnnnnnnnnnTTTTTTTTT...

[noisyturtle]

Charter a private jet with an on-board chef and eat an incredible meal flying as high as a plane will go, then when I'm done and have had my drink and think leap out and kill myself.

[tp4tissue]

Charter a private jet with an on-board chef and eat an incredible meal flying as high as a plane will go, then when I'm done and have had my drink and think leap out and kill myself.

Maximum Dark Today.

[Darthbaggins]

Finally invest more into my small business to actually get it off the ground, invest in some property, pay off what debt I have left along with the wife's student debt/loans, and then stash away a chunk for my son's schooling and a trust fund.

[tp4tissue]

Finally invest more into my small business to actually get it off the ground, invest in some property, pay off what debt I have left along with the wife's student debt/loans, and then stash away a chunk for my son's schooling and a trust fund.

Lies, you'd buy a bunch of 3090s then spend the rest on Stonks.

[Darthbaggins]

well that would be part of getting said business off the ground lol, and I already have my Stonks in Duke Energy and Enbridge Energy (then my precious metals and fine art pieces). 

[tp4tissue]

well that would be part of getting said business off the ground lol, and I already have my Stonks in Duke Energy and Enbridge Energy (then my precious metals and fine art pieces). 

There is a glut in American energy right now, the mainstreet being down leds to no one buying power.

Recovery is typically slow, because these are not meme stonks,  and of course they're doing literally NOTHING about covid.   Questionable effectiveness of vaccine, already the prevailing conclusion that it will not be a binary event.

It's smart to go long though, and you can certainly do that with Energy.  <but Opportunity cost>

Tp4 is always fearful of 'Murican energy due to the liability of our n00qular fleet, which are all operating beyond or nearly at their designed lifespan.  The NRC is essentially the industry lapdog, not a regulatory agency whatsoever. For example, of recent, they've been handing out safety inspection wavers like candy, DURING a pandemic where there is fewer crew, engineers, more operational friction.

Each reactor site in terms of risk is the equivalent of a 700Billion to 2Trillion liability. Banks / Wallstreet /smart money won't touch n00qular.  So all of these sites are publicly under-written.   That isn't to say a disaster scenario couldn't instantly KO proximal valuations.

Then there's climate change, which greatly increases the likelihood of disaster, reactors have to shut down w/ warming oceans,  Jelly fish clogging the water pipes, wild fires, etc, etc.

[atarione]

I would decline a loan of 1,000,000   .... unless I thought of something 108% sure to make money..... and be able to pay off the loan very very quickly.. but honestly 2020 being what it is .. I'm well unable to think of what would be a sure enough bet...

[Sintpinty]

Mech keebs and buy a geniuine smash tv arcade cabinet, and then invest the rest into my education

[fanpeople]

Step 1: buy houses
Step 2: transfer title to other person
Step 3: declare bankruptcy
Step 4: ride out 7 years
Step 5: use rent money to buy cocaine, hookers and fund a really ****ty reality tv show that would kinda be like Jersey Shore but an Australian version so it would suck even harder.

[tp4tissue]

Step 1: buy houses
Step 2: transfer title to other person
Step 3: declare bankruptcy
Step 4: ride out 7 years
Step 5: use rent money to buy cocaine, hookers and fund a really ****ty reality tv show that would kinda be like Jersey Shore but an Australian version so it would suck even harder.

/Best answer

[fohat.digs]

Since it would be a loan and the future is so uncertain, I would feel compelled to invest it and only withdraw and spend the dividends.

I would use those proceeds to enhance the lives of myself, my family, and my friends. I would also consider donations to worthy non-profit organizations.

[Darthbaggins]

well that would be part of getting said business off the ground lol, and I already have my Stonks in Duke Energy and Enbridge Energy (then my precious metals and fine art pieces). 

There is a glut in American energy right now, the mainstreet being down leds to no one buying power.

Recovery is typically slow, because these are not meme stonks,  and of course they're doing literally NOTHING about covid.   Questionable effectiveness of vaccine, already the prevailing conclusion that it will not be a binary event.

It's smart to go long though, and you can certainly do that with Energy.  <but Opportunity cost>

Tp4 is always fearful of 'Murican energy due to the liability of our n00qular fleet, which are all operating beyond or nearly at their designed lifespan.  The NRC is essentially the industry lapdog, not a regulatory agency whatsoever. For example, of recent, they've been handing out safety inspection wavers like candy, DURING a pandemic where there is fewer crew, engineers, more operational friction.

Each reactor site in terms of risk is the equivalent of a 700Billion to 2Trillion liability. Banks / Wallstreet /smart money won't touch n00qular.  So all of these sites are publicly under-written.   That isn't to say a disaster scenario couldn't instantly KO proximal valuations.

Then there's climate change, which greatly increases the likelihood of disaster, reactors have to shut down w/ warming oceans,  Jelly fish clogging the water pipes, wild fires, etc, etc.

I've had the energy stocks since i was born (Grandma used to work w/ Duke Energy in their corporate offices), I had 2 shares and over the years it has grown to 100.  It is one that I plan on not messing with until absolutely necessary.  I am happy about the Enbridge as they are pushing more for renewable energy more so that Duke has. 

If I didn't have kids I would probably go the route of @fanpeople lol (minus the reality show).  But also fund some grow ops in legal states as well.

[tp4tissue]

I've had the energy stocks since i was born (Grandma used to work w/ Duke Energy in their corporate offices), I had 2 shares and over the years it has grown to 100.  It is one that I plan on not messing with until absolutely necessary.  I am happy about the Enbridge as they are pushing more for renewable energy more so that Duke has. 

If I didn't have kids I would probably go the route of @fanpeople lol (minus the reality show).  But also fund some grow ops in legal states as well.

Tp4 is sure DB's grandma is a good person.  At 100 shares, DB is not at risk of anything catastrophic.

Point was, if one had $1Mil in Duke,  that's worrying.

[Darthbaggins]

Yeah I'd be shifting w/ that much invested 

[Sintpinty]

Step 1: buy houses
Step 2: transfer title to other person
Step 3: declare bankruptcy
Step 4: ride out 7 years
Step 5: use rent money to buy cocaine, hookers and fund a really ****ty reality tv show that would kinda be like Jersey Shore but an Australian version so it would suck even harder.

Bobux comes first

[Yato]

make a small warehouse where i have people unlubing all the drop pandas.

[tp4tissue]

Probably buy a CA99 or CLP 785.

[tp4tissue]

I'd build a CNC shop.

You'd be broke in no time, horrible industry.

Not if you open one in China.

[Leslieann]

I'd build a CNC shop.

You'd be broke in no time, horrible industry.

Not if you open one in China.

More so in China.
You have to conquer a language before you start, then figure out how to navigate all the local and international laws and then you have to spin up a business attracting foreigners, which is more difficult that attracting local business. If you can't attract business to your machine shop here how can you expect to do it from overseas?

Your operating costs are lower to be sure, but you're handicapped everywhere else. You also will probably end up paying a lot more for some of your equipment due to import/export laws here and there. I can't imagine what it would cost to import a Haas or if you even could without breaking a few laws.

[tp4tissue]

Why would you need haas ?  China has machines as good as haas and cheaper.

Maybe not as stable.. buhhh, it's pretty ok.

I'm reasonable sure I saw alot of haas machines there, so.. i don't think import is an issue.

[jacobolus]

What are the terms of this loan?

Is it a house mortgage? If so I would pay it off per the schedule, like $5000/month for 30 years or whatever, while enjoying living in the house. If I came across some extra cash I would consider paying off some of the principal earlier to shorten the total span and save a lot of interest.

[iri]

1. kill the lender
2. dispose of the body
3. PROFIT!!11111

[fohat.digs]

2. dispose of the body

[iri]

Hey, now I want more gardening tips!

[noisyturtle]

Invest $500k
Spend $200k
Save   $300k

[al2882]

First thing I'd do is pay off my student loans so I can be 100% debt free.

Then I'd buy a house w/o no mortgage needed so everything else I make with job can sustain my living & w/e I save can go straight into investments or retirement accounts.

That's pretty much my long term goal...but a "small" loan of 1 million will really jumpstart that. lol

[YoungMichael88]

Put $500k all on black. The rest can go into crypto. If I hit red, I run away from my friend.


Sent from my iPhone using Tapatalk Pro

[Findecanor]

Nice trolling ... 

[CaesarAZealad]

Two words. Raccoon Sanctuary.

[Darthbaggins]

Put $500k all on black. The rest can go into crypto. If I hit red, I run away from my friend.


Sent from my iPhone using Tapatalk Pro

This didn't age well, don't trust Crypto . . .

[Leslieann]

This person is straight up gambling.

Crypto itself shouldn't be the issue, it's that crypto is highly volatile (also misleading).
You can do just as good or bad betting on AMC or Gamestop or any other "memestock".  If you want to make money fast these can work for you, but they can also work very much against you. You're not going to earn a 300% return in a month from Apple or Microsoft stock but you're also not going to lose 300% either. Putting half your money on any one thing is bad, putting it on something volatile is just straight up gambling.

As for crypto going bad, that depends on perspective,
Zoom out and it looks more like a market correction, a significant one, but still a market correction. A year and ago there was a spike in prices, in 4 months it went from $10k to $58k and it suck there. Had Bitcoin held relatively steady growth like it had for the decade prior it would closer to $16 or $18k. Regardless, if you bought before the spike you still more than doubled your money if you hung onto it through the spike.

Chart showing the explosive growth, as of this morning.


If you want stable investment, do your homework look for something stable.
If you want to gamble and make big money, do your homework and run the risk.


Edit: added chart.

[Darthbaggins]

Their post was from a year ago when Crypto was above $40k/BTC. . I knew this was going to happen as it happens in a cycle every few years (has done it since 2012/13).  If you want crypto it's move a small amount into the market now while it is in it's corrective state, I know I bought in when it dipped below $20k a while back when this started.  Anything in the markets is a gamble, since there are bigger players manipulating it constantly.  But $1mill really isn't as much thanks to the market/economy fluctuations that have happened over the past couple of years - sure I'd still love to have it since it would aid in many things for myself & family that would add a bit more cushion for "Rainy Day" or emergency funds.

[Leslieann]

Every time it's hit 60k or thereabout it's crashed.
Didn't expect the Chinese ban or the Iran ban, but meh. Even at 40 though, it was still good deal at the time to buy in so long as you sold before it dropped.

No different than people getting in on Gamestop at $80 or AMC at $30, I would have thought you were crazy but they still went higher before crashing back down some. FOMO* is a hell of a drug. Everyone thinks they missed out by buying or selling too soon or too late.


*Fear Of Missing Out.

[CaesarAZealad]

Damn sounds like crypto cope.

[Leslieann]

Damn sounds like crypto cope.

Yeah.

[Darthbaggins]

While me happy I set flags to purchase small amounts when it dipped below $20k the past few months - now to see where it drives to (partially hoping for a $15k dip).

[noisyturtle]

Honestly I have a pretty great business idea, and it would only cost about $20k to get it started from home. So that's all I need right now -_-

and knowing that is just a pie in the sky dream as well, makes me even more defeated. I was reading an article earlier about some 20 year old that just made 9 figures investing, meanwhile I am approaching 40 and still living paycheck to paycheck. I do hope death's sweet embrace delivers me from this absolute bottom barrel misery of a decade soon. It's like no matter how much effort I put in, or what I do, my life just continues it's decline. It's really insane to watch.