10 Great Things You Can Buy for a Million Dollars
It's the classic question: What would you do with a million dollars? After all, that is a lot of money. Though a million certainly doesn't go as far these days as it used to, there are still a number of things you can do with this amount of dough.
What Can You Do With a Million Dollars?
Whether you just cashed in your latest stock options, hit the big jackpot at Las Vegas, or are burning a hole in your pocket with your late uncle’s bequest, here are ten suggestions on where to spend your money.
1. Invest in a Swanky New York City Apartment ($1.1 million)
For a million buckaroos, you can buy a one bedroom/one bath apartment in Manhattan. The Hudson River, Times Square, Central Park, and views of Statue of Liberty will be right at your doorstep! Maintenance charges can run from $700 a month and up, however, so make sure you have an income to support this lifestyle.
2. Buy a Lush Private Island
If you're really looking to get off the grid, you can use your riches to buy yourself an island and get away from it all. From a move-in ready island on the coast of Nicaragua to undeveloped enclave in French Polynesia, there are plenty of places where you can some sea, sunshine, and silence. Just make sure you have enough money left over to get there—you'll need to charter a boat just to get groceries!
3. Drive a Fancy Sports Car
It's a classic luxury purchase and the dream of little boys and girls everywhere. With a million dollar, you can by a McLaren Senna, complete with transparent doors, 789 horsepower, and 590 torque. If you want a more environmentally friendly car, the Jaguar C-X75 Supercar sells for a cool $1.1 million. It has a carbon-fiber body with a boosted internal combustion engine that can do 0 to 100 mph in under 6 seconds. Plus, it’s a hybrid that can run up to 30 miles on electric power alone.
4. Buy a Painting by a Famous Artist
Jeune Femme a L’Ombrelle (Young Lady with the Umbrella) by Auguste Renoir is an impressionist painting from 1868 that was auctioned by Sotheby’s in 2009 for $1.1 million. The price included the buyer’s premium. Granted, this was an auction item, but it does show that artwork by a master is still within reach.
5. Wear a Gorgeous Piece of Jewelry
Got diamonds on your mind? You're in luck—for just under a million dollars, you can buy the Mikimoto Empress Necklace ($996,000). It's a pink conch pearl necklace with 36.5 carats of diamonds set in platinum. If necklaces is not your style, you can also buy a watch for a similar price: the Hublot Black Caviar Bang.
6. Get a Hold of Rare, Vintage Comics
If you're a superhero fan, the first Superman comic, Action Comics #1, was sold at Comic Connect in February 2010 for $1 million. Though it now sells for $3.2 million, this shows you that a rare, vintage comic is within your reach. As an added bonus, it can be resold in a few years for even more money!
7. Get the Latest Million-Dollar Tech
You could always buy a piece of tech that's worth a million dollars. For example, in 2010 the luxury accessory designer Gresso launched the Luxor Las Vegas Jackpot Cellphone, priced a cool $1 million. It had a pure gold case encrusted with black diamonds, and the back panel was made of 200-year old African Blackwood. Each key was manufactured from a single crystal sapphire. Though the technology of this phone is now out-of-date, you can buy something with more modern technology if you want—a personalized, diamond-encrusted iPhone also goes for one million.
8. Plan a Lavish Getaway
One million dollars can pay for a stay at some of the most luxurious hotels in the world. For example, one night in the Royal Penthouse Suite at the President Wilson Hotel in Geneva, Switzerland costs $80,000, meaning you could stay there for 12 days and get access to four bedrooms, six bathrooms, and a gorgeous lakeside view. There is also room service is available 24 hours a day!
9. Hire Domestic Staff
A million dollars is enough for two years of service for a domestic staff of five. You wouldn't be skimping on your employees, either: the highest annual salaries for employees with at least two years of on-the-job experience are: $180,000 for a supervisory butler, $70,000 for a valet, $80,000 for a private chef, $150,000 for a personal secretary, and $80,000 for a housekeeper. After getting all of your chores out of the way, you could spend your time doing what you like to do instead!
10. Revamp Your Look
If you have a million bucks, why not look it, too? From $10,000 suits to $50,000 dresses, you could easily blow through million dollars just revamping your wardrobe. If you prefer simple clothes and want just one extravagant statement piece, put your best foot forward and buy yourself a pair of $1 million dollar shoes, like these diamond-studded Stuart Weitzman stilettos.
Smart Ways to Invest a Million Dollars
Though cars, jewelry, and luxury vacations are attractive, it might not be the best ways to spend your money—after all, all that glitters is not gold. If you want to maximize your million bucks and put it to good use, here are the best ways to blow through your cash:
1. Pay Off Debts
The longer your debt stays unpaid in full, the more interest you're going to have to pay. Whether it's a student loan, a mortgage, or an old business expenditure, paying it off as quickly as possible will minimize the amount you'll have to pay over time.
2. Keep an Emergency Fund
Earthquakes, fires, a job lay-off—you never know what's going to happen in life. Don't quit your day job as soon as you get a million dollars—keep a portion aside for you to use in even of a rainy day. At least a year's worth of monthly expenses for you and your family is a worthwhile investment toward you and your family's well-being
3. Create More Steady Income and Start a Business
Have you ever dreamt of being your own boss? A million dollars could be the capital you need to jump start your very own business. Whether it's a brick-and-mortar store, the taco truck of your dreams, or an online import-export business, you might as well use your new-found money to build your career and follow your passion.
4. Save for Retirement
You don't want to work for the rest of your life, do you? Depending on your age, your family size, and where you live, one million dollars can be enough money to retire modestly.
5. Buy Real Estate
Real estate is a relatively secure investment that usually pays off in the long run—renting an apartment is basically throwing money down the drain. If you don't already own a home to live in, a million dollars is enough to buy you a modest home in most parts of the United States.
If you already own your house, then you can use the million dollars to buy houses, fix them up, and sell them at an even higher price. Or, you can buy a rental property and use it to generate a (mostly) passive monthly income while you rent it out. Sometimes you need to spend money to make money!
5. Invest in the Stock Market
It's a risky business, but you never know—you could either become the next Warren Buffet or lose it all. While it's unlikely that putting all your money in stocks will turn you from a millionaire into a billionaire, stocks can pay off in the long run, especially if you have more capital to start with.
6. Give it Away
What better way to spend your money than to give it to someone who needs it more than you? Whatever the cause—be cancer research, homelessness, or education—you can be assured that you will feel good about the donation you make. Giving away your riches is an investment worth making towards both the state of the world and your happiness. And, if you can't find a cause you care about enough, you can always just donate it to me!
What are you going to buy with your $1 million?
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
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© 2012 Aurelio Locsin