Why would you pay off the current house before selling it?
If they plan on staying healthy until they die, sure. Two million doesn't go as far as people seem to think it does.
I agree. I could easily spend 2 million pretty quickly.
Each kid gets $20,000. Pay off new truck and RV. Retire and travel.I'm just curious as to what different people would do if they received a windfall. In this case, I'm talking about ~$2 million or so--enough to be comfortable, but not enough for private jets and live-in servants. So, what would you do with the money? For starters, I would assume that everyone on this forum would pretty much either go to WDW more frequently and/or more lavishly, so I'm really looking for other thoughts than those. Not that there's anything wrong with either, just I assume it's a given.
So--fully fund college and retirement? Travel more? Upgrade your house? Buy a boat/RV/summer home? Become a beach bum?
I would start, but I honestly don't know what I'd do, once I was confident that retirement and my kids' college educations were assured. But, I'd love to hear what others would do!
I'd want to talk to a certified financial adviser for some advice, but mostly I'd want to tithe, pay off the mortgage, student loans, and car loan, buy a second car (we are a 1 car family), get some remodeling work done around the house and buy some new furniture, and invest whatever is left over.
Also, remember, a big chunk of that $2 mill will go to taxes.
Exactly the plan I would have lolWhat I'd do today in my 50s is different than what I might have done even 10 years ago.
I'd first pay off my mortgage. Then I'd dump quite a bit of it into some sort of retirement fund. Lastly, I would buy a house in a resort-ish area, but nothing expensive. Just a second home for vacation that I could ultimately retire to. It would probably be in Florida since much of those areas seem relatively affordable to me versus where I live now. Then I think the money would be spent!