I heard a couple guys on the radio today talking a little about Kobe Bryant's divorce and how much money his wife will be getting. It got me to thinking about what I would do if I suddenly came into a large amount of money. What would you do with it? Let's set an amount, say $100 million. Would you spend it or save it?
I'll go first. I would start by paying off my debts and that of my parents and in-laws, and possibly my siblings' homes. Then I would do some upgrades on my house, such as building a garage, but I don't think I would buy a new house or car, at least not right away. Then, I would invest the rest and use the interest in the following way. I'm a scientist doing research at a relatively small state university. There is some really good research going on here, but it's a small university so it's hard for a lot of the faculty to get funding. With the interest on the money I would offer grants to researchers here. I would fund my own research of course, and take applications from others here and decide on the most worthy projects to fund. A significant portion would also be used for charitable causes. Even conservatively invested I should have a few million dollars a year to hand out, so I could do a lot of good with it.
I'll go first. I would start by paying off my debts and that of my parents and in-laws, and possibly my siblings' homes. Then I would do some upgrades on my house, such as building a garage, but I don't think I would buy a new house or car, at least not right away. Then, I would invest the rest and use the interest in the following way. I'm a scientist doing research at a relatively small state university. There is some really good research going on here, but it's a small university so it's hard for a lot of the faculty to get funding. With the interest on the money I would offer grants to researchers here. I would fund my own research of course, and take applications from others here and decide on the most worthy projects to fund. A significant portion would also be used for charitable causes. Even conservatively invested I should have a few million dollars a year to hand out, so I could do a lot of good with it.