Written by Joseph Holevinski, Converge multimedia journalism intern and Senior at Gwinnett School of Math, Science & Technology (GSMST)
They say you can’t buy happiness, but if you handed someone on the street a million dollars then I’m sure they would definitely be happy for the time being. However, how long would that happiness last? And what would you do with that money once you have it? We all say we would love to have $1 million dollars, but what would we even use it for? There are plenty of things you could buy with a million dollars, but if you strategize you could turn that million into a lot more in the future.
When given a million dollars, most might jump to spend it on luxury goods they have always wanted like a car, a boat or even a really expensive pair of shoes. The problem with those things, however, is that they depreciate in value very quickly. Not all depreciate equally, but as most good businessmen know, as soon as you use an item once its value drops. And if you try to resell it at a time where the market is struggling, then you will lose money, even though you got it from receiving a million dollars.
What I would do with all that money may not sound like the most fun or exciting option, but it will allow me to get the most out of my $1 million dollars. The key to have your money multiply is investing. While investing can be risky, depending on the path you take with investment, the payout can be tremendous. One of the easiest and most reliable ways of investing is by opening a savings account in the bank. However, this kind of investment will take time before you see much gain because even some of the highest interest rates for savings accounts are around 1%. These will definitely add up overtime, but it will still be a while.
Another way that I would spend the money is by either starting a small business or buying a decent property to rent out. By spending the money to get resources for making more money, it is a self-perpetuating cycle that gets me more money in the future. This way I’m not just trying to get what I want now, but I’m instead getting a way to get me the things I want in the future. What good is buying the things I want now if I will go right back to where I started after a while. So, stop spending your money today, and start buying in the future.