£1m | One million pounds | £1,000,000.
No matter how you express it – it’s a lot of money.
What would I do if I won it tomorrow, and it was all mine to do with as I pleased?
The thought experiment
So, for today’s post I am linking up with other UK FI bloggers to play a thought game – what would I do if I won £1m tomorrow and it was all mine to keep.
The rules are as follows: a quick stream of consciousness post answering the question posed. If you want to join in please do and write a quick post of your own – then let us know and we’ll add you in.
So here is my post on what I would personally do if I won £1m tomorrow.
Firstly, I’m getting a little flashback to Brewsters Millions here – does anyone else remember that classic movie?
And the first thing? I think I would keep it a secret, at least initially. I don’t think I’d want people knowing I came into money. Since I already religiously practise stealth wealth, as some people treat you differently if they think you have money.
So you wouldn’t be seeing my pic online or in the papers, and everyday life would continue as normal. But I would be making plans to radically change my life with the money. And also turn to philanthropy.
First Chunk – £200k
I’d invest this amount right away according to my investor policy statement.
OK, I don’t really have a written investor policy statement as I like to fiddle with things. But I do have a section of my money spreadsheet with my asset allocation.
Anyway, I’d throw £200k into the markets right away, according to the asset allocation in my spreadsheet.
As I already max out my ISA and SIPP, this would have to be in my taxable account.
Then I am FI
So, after that first £200k is added to my assets, I am considering myself financially independent or FI. Hence I would no longer need to trade my time for money. I’d then make plans to quit work.
As I work freelance I have contracts of specific lengths to fulfil. Being an overly conscientious Type A person and keen to do the right thing I’d make sure I worked till the end of the contract and lined up a replacement before quitting – I don’t believe other people should have to suffer for my good fortune (my do no harm value).
But once all the work ducks are in a row, I’d quit working and trading my time for money. I’d move all my energy onto the next stage of life. And my energy and excitement would be rising.
Donating and Volunteering – second chunk – £600k
Moving on to the actual money itself. The bulk of the money I’d earmark for good causes. I have many, many charities that I’d like to support.
In addition, my time would then be free to volunteer full time and really make a difference to non-profit organisations.
I’d be spending my time and money helping projects in the following categories.
As a committed feminist, I am always keen to support women. I’m already on the board of a few charities, and I would ramp up my efforts here.
Financial Inclusion Projects
I believe financial education is lacking in the UK, and I already volunteer on the board of one project. It’s a no-brainer to also do more work here.
I have always aspired to be called a mad cat lady, here is my chance to live out my wildest dreams. Hell, I could even run my own cat shelter, that would be so much fun.
Women in STEM scholarships
I firmly believe we need to encourage more women into STEM Hence, I’d see what I could do to help fund scholarships for women and encourage them into a tech career. Moreover, tuition fees are rising at an alarming rate in the UK. And I don’t believe our scholarship offering have risen by anything like the same amount.
£200k – To be decided
I would keep some of the money in an to be decided fund.
Perhaps I’d want to spend some of this?
Or more likely I’d want to save this, or use it to support a good cause.
But I may also want to use it for a business idea, or funding my own startup.
Or I could just become an angel investor myself.
The possibilities are endless, so I would not commit myself to any course of action with the remaining funds. I’d play it by ear, and see where life takes me.
Why I love thought exercises like this
Let’s be truthful. I’ve very unlikely to come into £1m tomorrow. I don’t really gamble – well I play the penny slots for free drinks, but that doesn’t count does it? And my family is not wealthy – all my grandparents died penniless.
Nonetheless, despite the extreme unlikeliness of this happening, I love this sort of thought exercise. As someone who is more rational, scientifical and pragmatic, it’s good to work without boundaries sometimes. And see what would happen outside the box. One of the areas I’d love to develop once I no longer have to trade my time for money is my creativity. And to do that, I need to chill on the rationalising.
Have a read what others FI bloggers would do
As I mentioned, it’s not just me playing this game. Have a look at what some other UK financial independence bloggers would do with their £1m.
Thanks to SavingsNinja for organising this thought experiment – I’ve had great fun participating.
Over to you
- What are your thoughts?
- If you won the £1m, what would you do?
- Do you enjoy thought exercises like these?