What I Would Do If I Had 1 Million Pesos

Have you ever asked yourself what would you do with a large sum of money, say Php1 Million?  Do you know how you would use or spend that big of an amount?  Would you indulge in all the pleasures of life, like shopping or traveling to places, or would you think carefully and use the money wisely?

Through our family business and my plans of learning about investing in the coming year, I am determined and committed to earn my first Php1Million before year end of 2012.  I've learned that in order for you to get what you want, like earning a huge amount of money, aside from being determined and committed to get it, is that you have to know exactly how you would use it, and to use it not just for selfish gain but for helping and sharing it with others, too.  So what are the exact things I would do should I earn my first million by next year?

Well, the very first thing I would do is to invest the money in our family business and on learning how to use it on various investments that generates passive income, such as real estate properties for rent/lease and mutual funds.  I'd like the money to grow first before I even think of spending it all at once.  That way, I'd be able to do more with it and use it for more worthwhile causes.

Second would be to use if for my children and for the family.  How?  Use the money to add to my children's savings account or invest it on a trust fund for my 3 kiddos, start a savings account for my husband and I, buy a few things that my children needs (like educational toys and gadgets), and use it for yearly health check-ups for the entire family.

Of course, you can't keep all this money to yourself so it's time to give back through donating to and helping charitable institutions, like the orphanage.  I've always wanted to organize a yearly visit to an orphanage which my family and I would do every Christmas.  It's a great and noble way of giving back to those who need most the most love and attention - and those are the orphans.  You can't give what you don't have, so if I would have the money and the resources to give help, then reaching out to the less fortunate would definitely be on my list.

After growing the money on investments and helping other people, it's now time to relax, so now comes the fun part with the family - TRAVEL! :)  I've always dreamed of traveling the world with my family and this is one of the things I would never miss out on my list, and that is to enjoy the beautiful places all over the world with my loved-ones.

Lastly, I would pay all of our family's debts.  This would usually be the first thing that people would do once they get a hold of money, but for me, this would be the last on my list.  I mean, we're tempted to get rid of debt immediately so that we won't have to worry about it anymore, but come to think of it, if you pay all your debts but have not used your money to strengthen your asset column (you'd have probably encountered this term through Robert Kiyosaki's book, Rich Dad Poor Dad), chances are you'll run into debt again.  So once I have earned from my investments, then it's time that I will settle all the debts.

So, have you already thought of what you would do if you had Php1 Million in your hands?

This post was inspired from the Imagination chapter of Napoleon Hill's book, Think and Grow Rich.