Welcome to the What If I had $1,000,000. Let’s make one thing clear, $1,000,000 is not really a lot of money. Many people could possibly have that or more in their retirement investment account. However, $1,000,000 will be the absolute minimum that I will need to not rely on the current subsidization, and money services I currently receive now. With that said, there will be a lot to consider, and because this is so minimal, I will not be able to give any loved ones an amount of money. If I am lucky, maybe one friend might be able to get a nice used automobile, but that would be the extent of my abilities. Keep in mind, even though I am technically a millionaire with this thought exercise – I will still be disabled, and I will still be unable to work. So how will I settle this money? Well, there are a few things I will address and they are as follows:
- $500,000: Investment account
- $250,000: My 2B House
- $250,000: Cash on Hand
The investment fund will be half of my money, and I will absolutely need this money to make somewhat of an income for myself. This money will be needed to acquire food, medicine, healthcare, transportation, entertainment, my bills, and everything one does without thinking about it. The saving grace is I will have no mortgage with my 2BR House. This will be why I will devote $250,000 to the house. Of course, I will renovate it to my standards and specifications. There will be some compromise in the apartment that I will offer to rent out, but that is another thing.
My house will be a currently abandoned house on E. Carson Street. It is walking distance to one of my doctors, and to the convenience store. There are 2 buses that would serve within walking distance of where I live. The house will be gutted to get rid of anything that is no good. This will included chewed wiring, and knob and tube wiring, copper pipes that can break and leak, the gas line which will not be installed, and so on. Any studs that have too many holes in them will be replaced with new studs. The floor will have underfloor radiant heating to make it more comfortable. I will be running ethernet everywhere, and it will be the communication line within the house, and to the outside world. All of this will be explained in the house site as noted above.
The cash on hand will be what I will use to get my significant purchases, and assure that I will have money while I am waiting the 4-6 weeks for the renovation to be finished. I will be inspecting the house and its construction very regularly to make sure everything is done properly. While I am not living there though, I will have to pay full rent on the apartment I ma living in now. While my cash on hand will be able to cover it for a little while, I will need to move out as soon as possible. Many of the items I will need to get will have to be acquired after I move in. Once the minimal investment fund starts coming in, it will slow the bleeding of my assets until I move from the apartment.