Slumdog Thousandaire

WHO WANTS TO BE A MILLIONAIRE?

So let's say you were lucky enough to actually win a million dollars a year ago.

After taxes you probably ended up with somewhere around 500,000 dollars.

If you invested in the stock market you probably have half of that left if you were lucky.

So now you have 250,000 dollars.

Not bad for a few evenings on a quiz show but far far away from being a millionaire.

If you thought you were going to retire though, you were mistaken. 250 grand can't generate enough income for you to do much of anything unless you relocate to the poorest of countries. 1% equals around $2,500 a year.

So what do you do?

Take you money and put it in some safe vehicle that is guaranteed by the government? Buy gold or silver? Leave it in cash for now.

Consider it found money, don't quit your day job and look for that next 250K. There is more than one way to skin a cat.

What will you do?

Buy that house you always wanted especially if you are not in the real estate market and don't own your own home (or condo). Buy a new car.

Now you are down to having a mortgage if you didn't buy a place outright, and if you didn't pay cash, probably having a car payment.

You own a few things you could not have owned a year ago but your freedom is crimped a bit. You are not free from any single job (remember 1 x and 10 x. This is a good time to go out, get married and have a few kids.

Welcome to the rat race, Slumdog Thousandaire.