Remember when $1 million seemed like a lot of money? How times have changed. Nowadays, experts don’t even think $1 million is enough to get you through retirement. Put to other uses, though, such a large sum of money can still accomplish amazing feats.
Which brings us to our topic: It’s a daydream you’ve probably had many times, but now we want you to share your thoughts.
This icon indicates a link to a third party website not operated by Ally Bank or Ally. We are not responsible for the products, services or information you may find or provide there. Also, you should read and understand how that site’s privacy policy, level of security and terms and conditions may impact you.
Options involve risk and are not suitable for all investors. Options investors may lose the entire amount of their investment in a relatively short period of time.
Prior to buying or selling options, investors must read the Characteristics and Risks of Standardized Options brochure (17.8 MB PDF), also known as the options disclosure document. It explains in more detail the characteristics and risks of exchange traded options.
November 2012 Supplement (PDF)
You can also request a printed version by calling us at 1-855-880-2559.
Comment on this article
Comments
Lilli on July 12, 2013 at 1:23pm
I'd pay off my mortgage and then invest the rest!
Seth S. on July 12, 2013 at 1:41pm
If I won a million dollar. I would do first thing to start with Invest and income. Maybe likewise "Income Investment". Into money to help my family members and donate to deaf community orgazantion. That is my passionate dream happen come true. Wise choice to use money respectfully.
Jack on July 12, 2013 at 2:06pm
I would us it for a down payment on a multi family property.
Matthew on July 12, 2013 at 2:09pm
Looks like half the people who answered this question all have debt. Boo! Hopefully we all get out of it soon =)
doug on July 12, 2013 at 2:10pm
i would pay off bills and debt and proceed to live on my income and invest for my future. that way i can still work and stay motivated
Paul S. on July 12, 2013 at 2:23pm
I am not interested in receiving investment information.
Paul S. on July 12, 2013 at 2:25pm
Thank you for being there when i need you.
Alex on July 12, 2013 at 2:33pm
I would first and foremost, eliminate all of my student loan debt and my auto loan. While this would be my first priority, there would still be quite a lot left of the original million dollars, so the rest would go into investment after that. (Though maybe a nice vacation would be in order as well!)
Kyle on July 12, 2013 at 2:34pm
I would like to pay off any remaining debts I have established, then pay my rent and utilities for a year in advance, then make sure my vehicle is in prime condition (no I won't buy a new car = debt) and then see what else I can do to make the money work for me. I would still work, but I wouldn't take as much nonsense as I do now.
Martin on July 12, 2013 at 3:17pm
Well would be reasonable to invest it in something worth to do all the other choices on the list, if there is a soon ROI of whatever business is in mind, but a lot of consideration, thought and passion is needed to do the right investment, and not loose the money, if not would be called wasting! :) Thanks Martin
Jason M. on July 12, 2013 at 4:07pm
I enjoy banking with Ally they really do make a difference.
tsm.tmiller1 on July 12, 2013 at 4:57pm
I would pay off my home which is actually an investment. The rest I would invest.
Susie on July 12, 2013 at 9:00pm
I would help with college for my nieces and nephews. I would also donate to Wounded Warriors and a local charity called Gompers that assists all people with disabilities. However, I would also invest as much as possible for retirement...and now at age 49, not feel like I will be working until age 75! What a nice moment of day dreaming!!
marcelus b. on July 12, 2013 at 9:34pm
I would definitely invest in my future and my kids future.
Mike E. on July 13, 2013 at 11:29am
The best investment is yourself - without you there is no life for you. One must look IN first to find the path to desire and creation of ones life. No plan or path=NO Success(period) humans must have the thought to eat BEFORE we can make ourselves eat , and every other event is the same !
Mary on July 13, 2013 at 1:25pm
I would put money away for retirement. No since paying off the house yet as that is still a good tax deduction. I would work part-time and become involved in charities close to my heart. I also have family members that need help.
Dan on July 13, 2013 at 1:45pm
If I won $1 million dollars I would pay off my student loan debt and my mother's debt and sister's debt. Then I would start a online toy store business. Then I would invest the money into stocks. I would like to secure my retirement, and my family's retirement.
charlie on July 13, 2013 at 3:48pm
invest in CD' s In ALLY BANK and live on the interest
Shirley on July 13, 2013 at 5:17pm
I have sooooo much student debt.
Frank A. on July 13, 2013 at 7:32pm
I would invest half and with the other half buy a home and start a small business.
Vanessa on July 13, 2013 at 8:04pm
I would invest the money.
Larry S. on July 13, 2013 at 10:19pm
I would first pay off my house which is not much but I just would like to say good bye to Chase. As for the rest of the money, I would give it to my 3 kids. My 2 older sons can pay off their student loans and my younger son can put it towards his college. This way they all start with a clean slate.
paula on July 14, 2013 at 12:42pm
pay off mortgage and invest
Laurie on July 14, 2013 at 4:31pm
I would pay off the little bit of debt I have and then pay off the school loans of my three children. After that some would go to charity, a vacation to Hawaii for my entire family then the rest would be saved as extra income for retirement.
mich on July 14, 2013 at 6:58pm
PARTY and BUY THINGS...reasonably, for about 2 years until it gets old...then start investing properly.
Mike on July 15, 2013 at 10:37am
I would definitely invest. With the constant rising cost of living planing for retirement has become top priority in my book.
Ally on July 15, 2013 at 5:56pm
Sounds like a plan, Lilli!
Ally on July 15, 2013 at 5:56pm
Thanks for sharing your response with us, Seth!
Ally on July 15, 2013 at 5:57pm
Interesting strategy, Jack.
Ally on July 15, 2013 at 5:57pm
It’s always a great idea to invest in your future, Doug.
Ally on July 15, 2013 at 5:58pm
We like seeing a nice solid plan, Alex – one that also lets you treat yourself!
Ally on July 15, 2013 at 5:58pm
Thanks for sharing your strategy, Kyle!
Ally on July 15, 2013 at 5:58pm
Great thoughts on smart investment, Martin!
Ally on July 15, 2013 at 5:59pm
Thanks for the kudos, Jason!
Ally on July 15, 2013 at 5:59pm
Thanks for participating!
Ally on July 15, 2013 at 5:59pm
We’re rooting for you, Susie!
Ally on July 15, 2013 at 6:00pm
Investing in the future is always smart, Marcelus.
marcia on July 16, 2013 at 12:43pm
first I would pay off my debt and any debt my mom have,donate some to the ms.society ,take my kids on a well deserved vacation.
Jessie on July 16, 2013 at 2:30pm
DEFINITELY pay off student debt loan for myself and everyone I know. Even though it wouldn't be enough, it would still help!
JACK &. on July 17, 2013 at 5:17pm
We are a retired couple & still owe on our home. Our health insurance is eating us up. It raises every year with no raise in pension or S.S. for 3 years. My wife's raise in S.S. this year amounted to $1 after the raise in health insurance. She has a pre-existing condition so cannot change insurance companies. It would sure be nice to be able to do the things we had planned after retirement. I guess we would pay off our mortgage & buy an RV to travel & invest the rest so we could leave something to our children. Our daughter has MS so would like to donate to it & keep praying they find a cure. Just dreaming.
Karen on July 22, 2013 at 8:32pm
Because my home is paid off this past year (yeah) and little is owed on my vehicle, I would invest the money and use the interest to pay for other items that are wanted.
PJ on July 23, 2013 at 4:00pm
I definitely would fund the publication of my two books right now and pay off all debt and give the tithe to my church for the Gospel and give a gift to my adult children who have been so generous to me and last but not least invest the rest.
LJ on August 31, 2013 at 11:22am
I would pay off School Loans and Credit Card Debt first. I would Deposit A Lot into my Retirement Fund (Roth IRA, 401K, and Mutual Funds). I would Invest A Lot in the Top 10 Stocks including Apple, Facebook, and Google. The rest I would Donate to my Top 5 Favorite Charitable Organizations including Red Cross and a Local Food Bank and/or Homeless Shelter in my city.
Ally on September 3, 2013 at 5:45pm
It’s great to see such a well thought-out plan, LJ!
K-Rae on October 26, 2013 at 4:53pm
I would donate money to Denise Faustman @ MGH, Boston to help find a cure for Type 1 diabetes so my youngest son and many others will be cured. Maybe with the rest I would use it to put a down payment for a new home after losing my home to a foreclosure 4 years ago. :)
Ally on October 28, 2013 at 2:29pm
Those sound like very worthy causes, K-Rae. Thanks for commenting.
Bee on November 7, 2014 at 7:26am
I would Invest in multiple CD's short and long term so that I can live off the interest. I would look into starting a couple businesses. Probably buy property and build homes so that I could also rent them out. I dont live extravagent by any means so I wouldnt need much money to live off of.. With these investments I would have money for my future family to live off of and continue to make money.