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What would you do with a small loan of a million dollars?


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On 6/6/2020 at 8:54 PM, ShadowLucky said:

First thing I’d do is finish my truck! :ticking: Then I’ll give some of the money to a any close friends and family and then buy my dream chunk of land in a remote rural area and build a house on it and put the rest into savings. :ButtercupLaugh:

Ope well this is still true but I just realized....how the heck would I pay it all back? :sealed::ButtercupLaugh:

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2 minutes ago, ShadowLucky said:
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First thing I’d do is finish my truck! :ticking: Then I’ll give some of the money to a any close friends and family and then buy my dream chunk of land in a remote rural area and build a house on it and put the rest into savings. :ButtercupLaugh:

Ope well this is still true but I just realized....how the heck would I pay it all back? :sealed::ButtercupLaugh:

Well I mean you could probably buy an apartment in Orlando or something and rent it out as a holiday home, you'd make a million quite quick

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Probably buy a house in the highlands (of Scotland), like maybe in Skye or Mull (or both, cause houses are cheap in the highlands) and let them out as holiday house (occasionally staying there of course, but mostly letting it out) and whatever's left to try out investing in the stock market

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  • 4 weeks later...

A million dollars? That's about 9 million NOK. Not exactly that much but I'd invest most of it into stocks and the like, possibly Bitcoin to make a profit in the long run. 


“Discovery is dangerous . . . but so is life. A man unwilling to take risk is doomed never to learn, never to grow, never to live.” - House Harkonnen

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First off I would need to know the interest rate.:wau:

For EACH 1%, that loan is going to cost $10,000 in a year. So if the loan annual percentage rate is 3%, then having that money would cost $30,000 a year just to have.:blink:

So hopefully you already make good money, or plan on doing something that'll make money.

If the interest rate isn't bad, I would invest some of it, and I have some fun stuff I want to do that should make some money too.

 


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  • 4 months later...

It is difficult to imagine such an amount. There were times when I needed money but not in that amount. Once I found a payday loans in VA on the Internet and decided to study the terms of the loan. This is an important detail for me. After all, you need to be sure that you will not be charged with exorbitant interest, which you will need to pay all your life.

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$1M is waaaay more than I could ever use :blink: I guess I'd probably buy a decent house, a reliable motorcycle, and a whole bunch of tools and supplies for my fursuit making business (and immediately quit my day-job). That would probably be $100k or less. Then I'd set aside a chunk for savings and probably throw the rest into a certificate of deposit or a money market account or something. I could also do stocks, but I don't like the risk associated with that.


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What's the interest and terms of it? I'd either: A. Farm until it's gone :PB. Dump it in the stockmarket on tesla or something, C. Play around with grain futures, or D. The terms suck and I'd only use it in a last resort scenario. 

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On 2020-07-07 at 4:35 PM, HeavenSunset said:

I wouldn't be able to pay it back, so I would give it back immediately

This.


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small loan of 1 million? :blink:
 

Yeeeeeeah I could never afford to pay that back so I wouldn’t accept it in the first place.


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  • 9 months later...

A lot of investments, buy a summer house in Malta (what, cheap and freedom and a path to the EU), probably attempt to buy a very small flat in the Netherlands,
and then use the investments to be able to transition and not need to work again lol

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  • 1 month later...

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