If You Suddenly Gained 5 Million Dollars

If You Suddenly Gained 5 Million Dollars

I’m a very quiet person. Introverted and a loner, I always kept to myself and enveloped myself in my thoughts. So it’s no surprise that my thoughts sometimes wander into finances and I start to think of the what-ifs. My latest what-if thought was, what if I suddenly gained 5 million dollars?

On this post, Melanie from Mommy Finance commented “If I had the money I’m pretty sure my lifestyle wouldn’t change. I’m a simple person who doesn’t care about name brands and such. To me, it’s all about spending my money that makes it worthwhile….like going on a trip.” That gave me the idea for this post. I wanted to come up with a plan in case I win the lottery, or a Nigerian prince wires me all the money.

I Gained 5 Million Dollars

If you know me, you know I like having a nice house. I’m happy with my house now. There is definitely enough space, and the backyard has the space for a pool in case I wanted to do that later for the kids. But my current rental property was a new build when I first moved in it. I love new builds. They are modern and everything works as it should. I think my first purchase would be a new build home and lets price it at $500,000.

$4.5 Million Left

I want to secure my future. I have one investment property, and it has gone well, so with my money, I am withdrawing a million dollars to invest in real estate. In this market, that might get me about 6 properties that I can rent out. Combining it with the one I have, let’s say I’m profiting about 7,000 a month ($84,000 a year).

$3.5 Million Left With an $84,000 Income

One way to guarantee I can live the rest of the 50 years with this money, is to eliminate all the bills I can. There are a few ideas I have to be as bill-free as I can possibly be.

Tesla Solar Roof: Let’s say this cost me $80,000. It’ll knock out my electricity bill though.

Kid’s School Accounts: We add to this account monthly, but it would make more sense to put all the money we planned on depositing upfront, as the investment return would be higher. Let’s say we put $50,000 for 2 kids (which we want to have). $100,000 for this.

Daycare: We could also eliminate daycare since we are now retired! That’s currently sitting at an average of $615 a month.

Cars: If I’m getting the solar roof, did you not think I was getting the car?? Let’s spend $300,000 between my wife’s and my car. We can afford this semi-luxurious lifestyle now! I suddenly don’t have to worry about gas either!

After I cut all these bills, my bills should be about $1600 a month (accounting for still having to pay property taxes and insurance, as well as groceries and the utilities).

$3.3 Million Left, $84,000 Income, $19,200 Bills

Now lets put $3,000,000 in the stock market and let the market do what it does. I will withdraw from this account monthly, but less than the expected return.

Let’s say we project a 6% return which is very doable. I can withdraw $160,000 a year, and if I live until I’m 80 years old, I’ll actually finish with $5,000,000 in this account???

$3 Million Left, $244,000 Income, $19,200 Bills

So lets split up my yearly income.

  • Let’s say 20% for Taxes so that’s $49,000
  • I’d like to donate as well so another $49,000
  • We love to eat out, let’s be extravagant and spend $30,000 a year eating out.
  • Let’s spend another $40,000 traveling!
  • Let’s round up the bills to $20,000
  • Let’s say we still want to Renovate our house and spend $20,000
  • I still like my tech, let’s say another $10,000 there!
  • My wife is a shopper, let’s give her a yearly allowance of $10,000

We still have $16,000 a year!

Here’s The Problem

Realistically, the only spending there that would probably get close to the budget is the taxes and donations. We would have to eat out every day in order to spend $30,000 a year. We like to try new restaurants so I don’t see us fine dining every day of the week.

We currently spend $6,000 a year traveling. Can we spend $40,000? Maybe we’d go first class everywhere…Maybe only stay in the fanciest hotels we can find? Let’s give this one a maybe…

There’s only so much you can do to the house. Even if we spent $20,000 the first 5 years, we would probably finish everything we wanted to do and save these 20k a year.

As far as tech and shopping… I really can’t even picture what I want. My wife thinks its a waste of money to buy expensive shoes and purses.


When it’s our time to go, our kids have about $5,000,000 to split, and let’s say $2,000,000 in real estate to split. If they blow it on strippers and cocaine I will personally come back an haunt them forever!

Hopefully, they would have learned about good money management when they were kids and investing from us and leave triple the money for their kids.

A Lot Of Unnecessary Spending

So while writing this, I was looking for unnecessary things I could use in my life. It’s not easy. I was trying to really spend all the money that was coming in by exaggerating the budgets. Once you’re used to a certain way of living, it’s not easy to blow a ton of money.

I know a lot of people will read the headline and say “I’m investing all of it”…but for what? Do you wanna be the richest man in the graveyard? Do you want to leave $20,000,0000 for your kids with no idea of how they’ll spend it??

Life is about having balance, and I think that enjoying it on the things you like is part of that balance. I wrote about being able to afford anything, but if you were able to afford everything, would you make a change? As I wrote this, I realized that I already spend on the things I would spend money on. That’s how I know I’m doing something right.

What would you do if you gained 5 Million Dollars? How would you spend your new found wealth? Leave in the Comments!

Published by Gabe A

Gabe A. is the creator of The Shiny Dollar. Besides writing and helping others with their finances, he loves to travel and spend time with his family.

One Comment

lol thanks for quoting me!
Gosh. If I had 5 million, I would be set. My house would be paid off, we would rent it out and buy another house. I would put some through investments like a Roth IRA or HSA. I would keep some for cash savings and splurge on travel. Not only that, but I can also focus on blogging full-time. What a dream!
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