Have you ever imagined what you would do if you suddenly had one million dollars in your bank account?
One of the first milestones in financial achievement is reaching one million dollars. Although inflation has diminished its value over time, it remains a significant sum. It’s not just about the money—it’s about the security, freedom, and opportunities it represents.
When I came to Canada as an immigrant (24 years ago) I had nothing, no money, no education, no connections, but I had a head full of dreams and ambitions and I was determined to achieve a life of economic and social success. I was then and I remain now a dreamer and an optimist.
I think that pessimists people always sound smart, they always find the shortcomings of any plan, but the world has been built by optimist, by people who did things that have never been done before.
One of my first goals was to become a millionaire but along the way I discovered that I didn’t have to be a millionaire to have a happy and fulfilling life and becoming a millionaire was no longer my main priority.
Recently, however, something changed in my life that made me refocus on my initial financial goal to become a millionaire.
The building where I have been living for the past 10 years was sold, and because I’m one of the tenants paying the lowest rent, the new landlord has asked me to move out.
So I started searching for new rental properties and I realized how fortunate I’ve been to pay such low rent. The apartments I’m seeing now they are crap, they are very expensive for what they offer. This experience has made it clear that I need to increase my income to maintain my current lifestyle.
So, I asked myself: Would my predicament go away if I had a million dollars? What would I do with one million dollars?
What Would I Do with $1,000,000?
I live in Le Plateau, a trendy neighborhood in Montreal, and I’d like to continue living here. With a million dollars, I would buy a one-bedroom condo, which in Montreal is called a 3½—one bedroom, a living room, a kitchen, and a bathroom. The condos I like cost around $400,000 CAD. I would invest the remaining $600,000 in the S&P 500 index. Assuming the market grows at 6% per year, that would generate around $36,000 annually, or $3,000 per month. Since the property would be paid off, that income would allow me to live comfortably for the rest of my life.
I am not looking for fancy-cars, brand-name clothing, or five-star restaurants. What I am looking for is freedom to stay in a neighborhood that I like, in a place that is not ugly, and just enough income to pay for my basic living expenses such as food, heat, and internet connection.
What would you do with $1,000,000
Achieve Financial Independence: One million dollars is enough to achieve financial independence. Following the 4% rule, you could withdraw about $40,000 per year indefinitely.
Real Estate Investing: With one million dollars, you could buy up to five million dollars in real estate by putting 20% down on each property. That could create a steady stream of rental income while giving you plenty of leisure time.
Start a Business: Some businesses require significant startup capital. Alternatively, you could buy into an expensive franchise and grow it from there.
Travel in Luxury: If your basic living expenses are covered by a pension or other income, why not enjoy life? Travel to your favorite destinations, fly first class, and stay in the finest hotels—until the money runs out.
Give Back to the Community: For some people, the greatest joy comes from giving. There are countless causes that need support, from education and healthcare to environmental conservation and social justice.
The community speaks
My friend Cheryl Williams, who is in a similar situation as me, said she would do something similar—buy a condo and invest the rest.
Rania told me she would buy three properties: one in Montreal, one for her parents in Morocco, and one in Spain.
Fernand said he would buy a house for his parents in Colombia and invest the rest of the money.
My friend, financial advisor Lin Sok shared her vision:
I’d use the least amount necessary to bootstrap my tech startup and aim for a $100 million valuation.
A dream of mine is to found a nonprofit that invests in affordable housing through socially responsible REITs. I would invest any remaining funds in index funds and let it grow
And You?
What would you do with one million dollars? Would you use it to secure your future, invest in your dreams, or give back to your community? The possibilities are endless.
Other Personal Development Posts
- The potential of others
- How To Show Up As A Woman In A Man’s World
- Career Opportunities and Challenges for Generation Z
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