Sunday, November 18, 2007

If (when) I become a Millionaire

If i become a Millionaire I plan to do a few things with my money once obtaining it.

1) Take a 3rd ($333,334.00) of my net worth and use it to start a non-profit that focuses on teaching personal finance and job skills to inner city youth

2) Make sure at least another 3rd ($333,333.00) of the remaining wealth is invested in assets that create passive income - rental properties come to mind

3) The remaining 3rd ($333,333.00) would go to a primary residence, transportation and other expenses.

Of course this is a very rough draft but, the first option I plan on keeping.

2 comments:

Adeem Zafar said...

That's definitely a good plan. When I become a millionaire (positive thinking!), I intend to donate the first 10%, pay off my father's and my debts, buy a house, and invest the remainder into dividend-paying stocks.

Valley Girl said...

I am glad that your #1 will go to helping others. =) That speaks volumes about your character.