If I had a million dollars, I would be ecstatic. After some calculations with my class, though, $1,000,000 did not seem like a lot of money. Hence, after some careful consideration, I decided that I would spend my hypothetical $1,000,000 in this way: bestow some on my parents, invest some, and start a business with the rest of it.
I would first give my parents some of the money, maybe about $100,000. They have been taking care of me since I was born, and all my education, food and various needs and wants were paid for by them. Hence, it is only right and proper that I show my gratitude by bestowing a large sum of money on them.
Secondly, I would invest or save about $800,000. After doing some research on the Internet and talking to a friend who works in United Overseas Bank, I have decided on investing via buying the shares of certain companies. Even though shares are the most risky, they promise the highest returns too - 10.7%, according to the Investment Management Association of Singapore*. That would mean I get $85600 more without doing anything at all!!
Thirdly, I would use $100,000 to start a bookshop which houses a small cafe. Books are my passion. I love reading and want to create a place where people can go to read and enjoy themselves. With this business, I will not be working, but doing what I really love to do.
This plan has made me very excited about using my money wisely. Now that I have thought carefully about what I want to do with my money, I believe that, even without a financial windfall like winning one million dollars in a competition, I can also take care of my parents as well as fulfil my dream of opening a bookshop.
* http://www.moneysense.gov.sg/resource/publications/guides_publications/IMAS%20Personal%20Investing.pdf
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