If I Had A Million Dollars Essay
If I had a million dollars, I would first split it into three parts: 30% in savings, 50% in investing, and 20% in chequing. That means I would be putting $300,000 in savings, $500,000 in investing, and $200,000 in chequing. By saving, I mean actual savings, I will put my money in a secure bank and won’t ever touch it unless it is an emergency. With the 500,000 dollars I will invest it in just real estate. With 500,000 dollars you can buy a small, but convenient house in Burnaby. I will rent it out as passive income, for about 1000 dollars a month, and sell it after the price of land goes up. I know 1000 dollars a month is quite a lot of rent, but in British Colombia, I think it’s reasonable. At this rate, I will be …show more content…
Four years of owning a business and let’s just say it was very successful: It would double every year, meaning first year: a million dollars, second year: 2 million dollars, third year: four million, and the last year eight million dollars. That’s eight million dollars, plus the 350,000 dollars in savings. Now I’m asked the grand question again: What would I do with 8.3 million dollars. Well I would split it up into three parts again: 3 million in Savings, 5 million in investing and 350,000 in spending. With the 5 million, I would invest in real estate, buying 3 rather nice properties in the garden village area in Burnaby, renting it those all out to rich and old families. On top of that, I will sell my business to a larger company for 10 million dollars: chum change for many bid timers out there.
Let fast forward 10 years. Let say that one of the three properties were being rented out for $5000/ month, meaning 60,000 per year. Now multiply that by 3 and you get around 200,000 dollars per year. Now multiply that by the ten years that went buy and you get 2 million dollars. On top of that, you sell the three houses for 2,000,000 dollars each and you get 6 million in total!, add 6 million to the 2 million you got, and it comes in at 8 million dollars of passive income. On top of that, you still have your 10 million dollars that you got from when you sold your company,