If you were given 100 million dollars tomorrow, what would you do with it? What would you buy? Where would you spend this money?
This is a question that Derek Sivers constantly asks himself and even answers it in his “Thoughts On” journal. This is something I constantly keep thinking as well.
If you know Derek’s story, he gave away all his proceeds from the Company he sold to charity. His only condition was that it pays for his annual expenses as long as he is alive. If you have followed him like me, you must know that he barely has any expenses. He lives a very simple life. He recently gave away all the money he made from the sale of his last published book. When he thinks about this question, he always comes to the same conclusion. I quote him below from one of his podcast appearances –
“I get so stumped because I think, “Wait a minute, I don’t want a big house. What would I do with five bedrooms? I’d have to clean them. I’d have to buy stupid furniture to put in them.” No matter what material object money can buy, I immediately think of the downside. Even when I think about hiring somebody, then I realize that I’d have another person’s expectations on me. I’d have somebody else that I’m responsible for. I always come back to the same conclusion to give it all away.”
What Would I Do?
It would be good to have a 100 million dollars. I am not denying that. I want it. However, what would I do if I had a 100 million in my Bank?
My life would not change for all practical purposes. I would either live in the same house or move to a more remote and cheaper location as I have always wanted to ( I can move today but I have some constraints unrelated to money that do not allow me to do so).
I would not give it away immediately. I would definitely keep the money but I wouldn’t spend it. I would however be more generous with my money.
Our current savings rate is between 30%-60% so spending 100 million is out of question.
I barely accumulate. I do have more things than I need today but I am reducing my clutter. So I would not accumulate more stuff with the newfound wealth.
I am sure that I would do something that I do not know about today.
What would you do?
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