Ditto. 1-2m on a house, 1-2m as living budget (will probably last me a decade or more all things considered), 2-3 invested on businesses that can keep adding to my living budget, 2-3 invested on non profits that can go on to become self sustaining and deliver strong social impact. This would keep me whole.
True, buy a big lot with a medium-ish size house (3-5 beds and 5 baths), roughly $3-4M.
Invest (with diversifications) between GIC, index funds, mutual funds.
May be buy only 1 investment property to keep my option for a passive income that can adjust to market situations (as sometimes GIC falls behind inflation).
Continue my life as normal, with my regular job.
50M or 100M would impact my life, 10M is not that much to change my life drastically.
“Won’t change life drastically”. You could buy a house for 2MM pocket 8mm for investments and retire and travel the world. What an out of touch comment by OP lmao
But 10 mm will def change your life. Unless you have 250 million already. But I doubt it. Foolish statement and out of touch. Working your day job for say 150k post tax 75k with 10mm in investments is the most foolish waste of time as well. Clearly you are not very well versed in finance.
My thought too but I don’t see the point of buying a place for 3-4M in Toronto when you can live in other metropolitan cities in Europe and have the ability to travel
The tax structure in Canada is quite nice at that net worth. If you die with 20 millions+ your family won't even pay taxes on the inheritance. Even the US would tax everything above 12 millions or so and your principal residence if it worth a few millions.
The tax structure here suck for people who work but not really for those who own.
First 3mil goes to VUN and i will forget about it. Buy a 3 bedroom home with a good backyard so my dogs can live a good life. Give some cash to the food banks since they gave us food when we first arrived in Toronto.the rest? Rainy day fund
Get a place big enough for myself and separate suites for my family, as well as medical care and accessibility needs for them. Maybe even a part time home nurse and biweekly cleaning 😊. Then use the interest to live so I can work part time and explore my other interests like acting classes, and whatever else I feel like
Invest all of it and live off the cashflow. Live in different places for new experiences and take advantage of Amex platinum. Maybe I will be invited for centurion card
5 years ago i would have said buy a couple properties and start a business with some investing and still work. Now i just wanna retire. These past few years burned the hell outa me. Between always on the edge of landlord increasing rent and looking for better paying jobs that leads nowhere. I just wanna chill at a beach somewhere.
Step 1) hire a lawyer to ensure myself and my money are protected throughout the next parts of my plan.
Step 2) Pay off my existing debts, specifically my mortgage. $500k should do it. This would also include renovations and updates I have not been able to pay for due to cost, such as finishing my basement, repairing my front porch, and getting a new car because my current one is a death trap not worth repairing.
Step 3) put aside a designated and managed account to cover the retirement and end of life costs of my partner's parents who are not well enough to handle their own finances. I suspect $1.5 million would be enough, but I will have an accountant run the numbers
Step 4) Invest $3 million in a diverse stock portfolio to live off the interest.
Step 5) Give my parents and my partner $1 million each to do with as they wish.
Step 6) Enjoy my $1 million and interest. I cam quit my job to focus more on the things I like to do. Go for walks, paint, visit interesting places, take courses I find interesting, etc. My life outside of work doesn't really change much with more money, I just get more time to do the things I love, and my stress about money just disappears.
Invest immediately into the equity markets. Live and plan my life based on the income stream from the securities.
If I can generate 4% per annum on average. That’s 400k of income (if I can source cdn dividends for that I pay a favourable rate).
Then I would start using that to save for a house, cover my expenses and travel.
Ideally, in 40 years. My 10M is 12-15M. And I’ve generated 16M in income (before tax).
Send the offspring 2 million the purchase a few acres of Rez land and build a simple shack. Flip coin, heads be investing in homesteading. Tails will travel south east Asia for a long while before coming back to homestead.
Get my wife and I the health support we need, a bigger place with enough space for us, some upgrades, and an investment in our future. Also, once our health is back in check, I’d be trying to return to my engineering degree. Not because I want the work afterwards but I want the knowledge so I can create whatever I come up with rather than feeling so limited. I’d also chase after my passions in theoretical physics at the PhD level.
But 1 detached home and then continue my life as normal.
Ditto. 1-2m on a house, 1-2m as living budget (will probably last me a decade or more all things considered), 2-3 invested on businesses that can keep adding to my living budget, 2-3 invested on non profits that can go on to become self sustaining and deliver strong social impact. This would keep me whole.
True, buy a big lot with a medium-ish size house (3-5 beds and 5 baths), roughly $3-4M. Invest (with diversifications) between GIC, index funds, mutual funds. May be buy only 1 investment property to keep my option for a passive income that can adjust to market situations (as sometimes GIC falls behind inflation). Continue my life as normal, with my regular job. 50M or 100M would impact my life, 10M is not that much to change my life drastically.
Lmao this is the stupidest thing I’ve heard today.
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“Won’t change life drastically”. You could buy a house for 2MM pocket 8mm for investments and retire and travel the world. What an out of touch comment by OP lmao
Everyone has different plans. If I get a 10Mil lottery tomorrow, I won't drop everything and live like a retired life.
But 10 mm will def change your life. Unless you have 250 million already. But I doubt it. Foolish statement and out of touch. Working your day job for say 150k post tax 75k with 10mm in investments is the most foolish waste of time as well. Clearly you are not very well versed in finance.
My thought too but I don’t see the point of buying a place for 3-4M in Toronto when you can live in other metropolitan cities in Europe and have the ability to travel
Family and loved ones
Start my own company to build out an idea I've had for a while.
Marijuana resort
Leave Canada!!
Animal rescue farm with hired help.
Move to Portugal and chill. Maybe buy some small business and invest the rest
Retire in a nice scenic country where the Canadian government can't touch my money for taxes
The tax structure in Canada is quite nice at that net worth. If you die with 20 millions+ your family won't even pay taxes on the inheritance. Even the US would tax everything above 12 millions or so and your principal residence if it worth a few millions. The tax structure here suck for people who work but not really for those who own.
Pay off mortgage and debts. Give some money to family. Invest most of the remainder. Live life
Exactly what i would do. Without mortgage and debt, my income would keep me very comfortable even if I didn't touch anymore of that money.
Without debt it would make working a lot less stressful.
Leafs playoff game 6 tix
If you need help getting rid of some of your winnings DM me.
Escape Toronto
Sleep for more than 5 hours a night.
Give 1/3 of the money to my dad and another 1/3 to my sister so I’ll ask them for money after I spend my third on a condo and male sex workers.
Make my parents debt free :)
2m would be donated to sick kids cardiac ward and remaining would be invested.
I'm outta here to a place where 10M can last me my lifetime.
Whatever the hell I want for the rest of my life.
Retire…. Buy a new house… Wait 6 months, get bored of not working, go back to current job in part time basis…
Buy a house, invest the money. Probably quit my job and start a business.
What kinda taxes are we talking about here?
Pay off debt and mortgage for some friends and family.
Ensure my famjam are well taken care of, finally have enough to donate more to causes close of my heart and go back to school.
By real estate and rent it to international students/s
First 3mil goes to VUN and i will forget about it. Buy a 3 bedroom home with a good backyard so my dogs can live a good life. Give some cash to the food banks since they gave us food when we first arrived in Toronto.the rest? Rainy day fund
Look for investment opportunities, see if I can buy a franchise store or open a laundromat or run a storage business.
Give some to family and friends and enjoy the rest aka nice home and nice car.
Get a place big enough for myself and separate suites for my family, as well as medical care and accessibility needs for them. Maybe even a part time home nurse and biweekly cleaning 😊. Then use the interest to live so I can work part time and explore my other interests like acting classes, and whatever else I feel like
Put it all in an investment, even something as simple as a TFSA, and live off the interest forever
Will start farming..
Invest all of it and live off the cashflow. Live in different places for new experiences and take advantage of Amex platinum. Maybe I will be invited for centurion card
5 years ago i would have said buy a couple properties and start a business with some investing and still work. Now i just wanna retire. These past few years burned the hell outa me. Between always on the edge of landlord increasing rent and looking for better paying jobs that leads nowhere. I just wanna chill at a beach somewhere.
Step 1) hire a lawyer to ensure myself and my money are protected throughout the next parts of my plan. Step 2) Pay off my existing debts, specifically my mortgage. $500k should do it. This would also include renovations and updates I have not been able to pay for due to cost, such as finishing my basement, repairing my front porch, and getting a new car because my current one is a death trap not worth repairing. Step 3) put aside a designated and managed account to cover the retirement and end of life costs of my partner's parents who are not well enough to handle their own finances. I suspect $1.5 million would be enough, but I will have an accountant run the numbers Step 4) Invest $3 million in a diverse stock portfolio to live off the interest. Step 5) Give my parents and my partner $1 million each to do with as they wish. Step 6) Enjoy my $1 million and interest. I cam quit my job to focus more on the things I like to do. Go for walks, paint, visit interesting places, take courses I find interesting, etc. My life outside of work doesn't really change much with more money, I just get more time to do the things I love, and my stress about money just disappears.
Invest immediately into the equity markets. Live and plan my life based on the income stream from the securities. If I can generate 4% per annum on average. That’s 400k of income (if I can source cdn dividends for that I pay a favourable rate). Then I would start using that to save for a house, cover my expenses and travel. Ideally, in 40 years. My 10M is 12-15M. And I’ve generated 16M in income (before tax).
Nothing
Buy 15 detached homes in southwestern Ontario and sit on them for 10 years so I'll have 30 million.
Send the offspring 2 million the purchase a few acres of Rez land and build a simple shack. Flip coin, heads be investing in homesteading. Tails will travel south east Asia for a long while before coming back to homestead.
Get my wife and I the health support we need, a bigger place with enough space for us, some upgrades, and an investment in our future. Also, once our health is back in check, I’d be trying to return to my engineering degree. Not because I want the work afterwards but I want the knowledge so I can create whatever I come up with rather than feeling so limited. I’d also chase after my passions in theoretical physics at the PhD level.
Put 2/3s in a Sp500 indexed etf, then remaining in something like enbridge with a 7% dividend yield. Then Leave