You just inherited $1,000,000 from an aunt you didn’t even know existed. What’s the first thing you buy (or otherwise use the money for)?
Actually this one is quite easy. There’s really only one thing that I want that would cost me a lot of money. Actually I would even consider it a need.
I want to own a home. Stability is very important to the fragile minds of the mentally ill. However all my life I’ve moved constantly. Every couple of years (sometimes less) my parents would move from house to house. Never a care of how changing schools would affect us. It created an almost transient/gypsy like need in me. I couldn’t settle down once I was on my own either. I moved from apartment to apartment and city to city. I even changed countries!
Several years ago my husband and I bought a house, it never felt like a home though. So 3 years ago when my husband said his employers were interested in him working in California I of course jumped on it. The last 2.5 years all I’ve wanted was a home. I need a home. So much that we are moving back to Nebraska. If you have any idea how beautiful SoCal is pretty much all the time and you know what living in the Midwest is, you know I am damned serious about settling down and buying a house.
So the answer to this one is easy. Buy a home outright. No loans. It also gets us the added benefit for saving towards retirement without having to pay of the 30 year loan!