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Forum
-> Household Management
-> Finances
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amother
Electricblue
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 Fri, Jul 08 2022, 11:04 am
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amother
Freesia
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Fri, Jul 08 2022, 11:09 am
After maaser and taxes...
Pay off my home and car, get DH a new car, do some major repair maintenance on my home, get more cleaning help, maybe buy a modest vacation home within a couple hours for long weekends, etc.
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amother
Periwinkle
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Fri, Jul 08 2022, 11:12 am
Maaser
Pay off mortgage
Set aside for simchas/seminary
Put some for a better emergency fund
Set aside for some braces
Rest in mutual funds
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amother
Apple
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Fri, Jul 08 2022, 11:16 am
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I BH have a house and no it's not financially smart to pay off the mortgage, so I'd use it to renovate/extend our house and the rest I'd invest in additional real estate, probably house for rental income.
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amother
Mintgreen
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Fri, Jul 08 2022, 11:19 am
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Have my cleaning lady more often, insulate my playroom, put central AC in, and invest the rest to expand my house when we need more space.
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amother
Daffodil
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Fri, Jul 08 2022, 11:20 am
Put away money per kid. Extend my house to what I want. (Dying for an extra room)
Maybe pay down mortgage a bit.
Invest it.
1 mil is not really so much money nowadays....
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amother
NeonPink
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Fri, Jul 08 2022, 11:20 am
| amother [ Cinnamon ] wrote: | $1M is not that much after taxes and maaser. We're comfortable at the moment so we would probably invest.
When I see megamillion jackpots for the lottery, that's when I dream of what I'd do. First would be huge gifts to our parents and siblings to share the wealth, so to speak. Then a foundation for tzedaka. Then I would tear down our house which is in need of repairs and start from scratch rather than patch it up. A second car would be convenient. DH could quit his aggravating job and learn full time. I could outsource the domestic chores that definitely do not bring me joy and spend more quality time with my kids and volunteering. Down the list would probably be more interesting travel involving airplane trips rather than road trips or maybe a vacation place or apartment in Israel. I can dream, can't I? |
Agree - mega million is the way to dream
1. Make a foundation that would deal with all types of tzedaka
2. Trust fund for all kids, grand kids, great grandkids
3. Buy big enough homes for all my kids.
4. I’m at a stage in life that I would not buy a home for DH and I. I would permanently move into the biggest and most luxurious suite Waldorf Hotel in Yerushalayim which includes daily maid service and food. This would be my home base
5. My husband would learn in Kolel when we are “home” and do any Kodesh endeavors he enjoys.
6. Travel ALL over
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amother
Razzmatazz
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Fri, Jul 08 2022, 11:24 am
| amother [ Lotus ] wrote: | | How is 1 mil getting anyone more than a house these days? 😀 |
I’m wondering the same. We’ve already put down 1 mil for a house in Brooklyn and not even up to the mortgage yet. People seem to think this is unlimited funds somehow?
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amother
Peony
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Fri, Jul 08 2022, 11:27 am
| amother [ White ] wrote: | How is 1 mil getting anyone a house these days? 😀
Fixed that for you  |
Easy! Live out of town. You could buy multiple houses.
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amother
DarkGray
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Fri, Jul 08 2022, 11:27 am
I remember years ago (at least 20)meeting someone that won $1 million dollars.
Even then she said it wasn’t worth much. She lost her Medicaid and food stamps in an instant. All schools and yeshivas wanted top tuition…
Tax and maser took off a nice percentage and then there wasn’t that much left anymore.
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amother
Peony
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Fri, Jul 08 2022, 11:30 am
| amother [ Razzmatazz ] wrote: | | I’m wondering the same. We’ve already put down 1 mil for a house in Brooklyn and not even up to the mortgage yet. People seem to think this is unlimited funds somehow? |
I don't know why this is such a foreign concept to so many posters, but not everyone lives near you, and housing costs vary greatly by location.
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shabbatiscoming
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Fri, Jul 08 2022, 11:32 am
| amother [ Quince ] wrote: | | Don't mean to be such a downer but a million dollars isn't that much money. I mean at least in Israel it's basically enough to buy one apartment and now I do not mean a house I mean in Beit Shemesh it would pay for an apartment. Since we have a home and we can afford the mortgage I would probably invest it so by the time I have more kids that are getting married I wouldn't have to worry as much. Or maybe the investment would do so well I would have a down payment to get my kids for an apartment. Now if it was 10 or 20 million then it could be fun. | I thankfully ownn a home, so my desired and dreams for 1m dollars are extremely realistic, thats over 3m shekels. A lot can be done with that amount of money if one oens a home already.
And......
I think this thread is meant to be fun.
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amother
Peony
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Fri, Jul 08 2022, 11:33 am
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Buy a new car, do renovations on my current home, buy a new sheitel. Save the rest.
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shabbatiscoming
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Fri, Jul 08 2022, 11:34 am
| amother [ Razzmatazz ] wrote: | | I’m wondering the same. We’ve already put down 1 mil for a house in Brooklyn and not even up to the mortgage yet. People seem to think this is unlimited funds somehow? | Eemember that not everyone in this forum lives in brooklyn or even ny or even america. Housing prices vary greatly around the world.
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amother
SandyBrown
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Fri, Jul 08 2022, 11:39 am
After taxes and maaser you have about 550k.
50k student loans
200k down payment
30k new car
Rest investments
Fun to dream!!
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amother
Hydrangea
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Fri, Jul 08 2022, 11:48 am
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Renovate my house- redo kitchen and bathrooms. Add bedrooms and bathrooms. Fix upper floor HVAC system. Go a little fancier than I would if I saved up as opposed to winning the $. Save the rest for the property tax hike.
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m-u-a-mama
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Fri, Jul 08 2022, 11:57 am
Pay off mortgage
Add 3 bathrooms, 3 bedrooms to my house
Finish my garage
Commission Sefer Torah (always been my dream!)
Savings
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amother
Ebony
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Fri, Jul 08 2022, 11:58 am
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Either buy a bigger house or expand mine. I'd love a master bath! Anything left would go to savings/retirement.
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amother
Tuberose
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Fri, Jul 08 2022, 12:09 pm
| amother [ Lotus ] wrote: | | How is 1 mil getting anyone more than a house these days? 😀 |
Yup its not that much. Its not even enough to buy a house outright where I live. Maybe a tiny 3 bedroom house. (we don't own a house)
But if I won a million we could possibly buy a house with what we already have.
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#BestBubby
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Fri, Jul 08 2022, 1:02 pm
| amother [ Peony ] wrote: | | Easy! Live out of town. You could buy multiple houses. |
In any major city, you could not buy more than 2 homes.
In the most expensive cities, only one home.
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