If you would win $1M

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Forum -> Household Management -> Finances

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banana123

Tue, Oct 25 2022, 1:11 am

Buy a house. Between US and Israeli taxes I'd end up with just half a million dollars, which is not quite enough to buy a house outright, but it's enough that the mortgage will be less than 20 years.

banana123

Tue, Oct 25 2022, 1:18 am

#BestBubby wrote:

Interesting that nobody said they would become a stay at home mother.

Maybe a million is not enough.

Or more urgent needs (house).

It's not enough.

If it were, then I'd go for it.

But to sustainably be a SAHM I'd need a lot more than a million, because it means you need to not be paying property taxes plus either rent or mortgage, and with that one salary you still need to have enough each month that surprises like a leak in the roof or a new fridge don't bring you down.

Let's see....I think if you gave me 5m USD that would be enough to make sure I could pull off being a SAHM for at least the next several years if not until they are all teens or in shidduchim (youngest is a toddler, for reference).

Machel

Tue, Oct 25 2022, 1:37 am

I think about this a lot, what I would do if I won 1, 5, 10 million.
Maaser
Pay off the mortgage of our home
Do all the big renovation projects
Invest/save the rest.

It's not that 1 mill is so much but if we could save what we currently pay for our mortgage, that would be huge.

amother

Phlox

Tue, Oct 25 2022, 2:54 am

Pay off credit cards! It would be nice not to have that monthly expense, and would save us so much in the interest rates alone.

Put aside some money for various things for the kids (future expenses, bit towards weddings, etc)

A newer used car (not sure I'd splurge on a new one - what's the point? Unless it was important to my husband)

Do a family trip - nowhere big or fancy, maybe just something a couple of hours drive away for a night or two

Catch up on all those "someday" expenses, like new shabbos clothes for some, new boots for others, ooh, and get someone in to fix a bunch of things around the apartment

Pay back relatives we've borrowed money from over the years

So, basically, no special huge goals, just lots of little things that would make a bit of difference in our day to day lives and household functioning - with a bit of fun tossed in

amother

Phlox

Tue, Oct 25 2022, 3:00 am

#BestBubby wrote:

Interesting that nobody said they would become a stay at home mother.

Maybe a million is not enough.

Or more urgent needs (house).

It may not be enough, especially if mom's job is the one that provides the health insurance for the family.

It could, however, probably be enough for a mom to cut her hours a bit so that she could get home before her kids get home from school. 3/4 work day instead of full time might still allow for benefits while allowing mom to be there for that after school/evening shift.

amother

DarkKhaki

Sun, Oct 30 2022, 11:46 pm

amother Peachpuff wrote:

I already told DH that if we ever win the lottery we will split it 50-50 and he can do whatever he wants with his half.

I always say the same to my DH too!

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