1. The most frequent comment was some version of, "I would donate 10% to my church or a worthy cause, such as cancer research or Haitian Relief." If you think 10% is a lot to donate, many people said they’d give 50% or more to their church or favorite cause. Americans truly are a generous people but I couldn’t help from being a little skeptical; would they really donate that much or were they just playing to the crowd?
2. As I perused the various sites and read the comments I was amazed at how many people claimed to already be millionaires and went to great lengths to describe their lifestyles, most of which I would describe as modest. The comments reinforced the research  in the book, The Millionaire Next Door, by Thomas J. Stanley and William, D. Danko. Again online claims are easy to make but these comments were so detailed and thoughtful that I believe most of them to be genuine. That tells me we are a country full of opportunity and we still value hard work, thrift and modesty.
3. The next group said they’d retire immediately. They were going to see the world, drive across the country, embrace their inner-muse (my term) and, in general, play until they died from old age on the porch of their big home in a warm weather state. These people have no idea how little $1.0 million actually buys. If they executed their plan (dream) as they described it they’d be broke in 6-7 years. To them $1.0 million represents an endless stream of cash. No wonder politicians find it so easy to divide us by economic status. A great many of us are, I'm sorry to say, financial illiterates.
4. The fourth thing I learned is there’s a large group of people who have some solid financial smarts but may lack life goals, they are just getting by, probably week-to-week. This group said they’d drive their expenses down to under $40K a year, or thereabouts, so the money would last a lifetime. They’ve got the right idea. Generating a 4% return on your million would generate an annual income of $40K per year so, if you think you can live on that forever then, yes, you’re good to go. These people did not address what they would do with their time, how they might enjoy their life, or help others. They left me believing that while they had some financial sophistication they may lack a measure of maturity. They wanted out of the rat-race, knew what that might take financially but hadn't thought beyond that goal.

The best answer, however, came from my friend, Chad Hartman, he said he’d buy a small fishing boat, which he confirmed would have enough room for two, and give the rest to South Carolina Schools because, “They’re getting killed.”

I guess I learned a fifth thing from my unscientific research: There are some truly wonderful people in this world and I am blessed to know a few of them.

So, have you thought about your future? Have you create financial and non-financial goals? Can you describe the lifestyle you desire? Are you surviving week-to-week or building your ideal future? In other words: What would you do with $1.0M?

Steve

800-707-9150

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