A Money Coach in Canada

Follow & Subscribe

April’s here! And I hear Yellowknife’s not the only place experiencing a snowy spring (oxymoron, much?)

Never fear, climate change hasn’t permanently eradicated Spring yet. It shall come. It shall come.

That in mind, I thought April would be a lovely month to blog on the theme of money and our hopes and dreams.

Watch for the first “serious” post on the topic on Wednesday. But for now, I think a lot of us (in Canada, anyway) could do with a bit of escapism so my we-can-all-dream-can’t-we Question, should you choose to answer it, is WHAT WOULD YOU DO IF YOU WON $1,000,000?

This money coach is not advocating gambling, and in fact is utterly perplexed by the Vegas phenomenon, but when my co-worker invited me to pitch in $25 in exchange for an entire year of lottery tickets with my colleagues I *ahem* did not turn it down.

I know exactly what I would do if I won $1,000,000.00

I would …

1. Quit my day job, with reasonable notice.

2. Do something extravagant as a one-off, like two months in Argentina, and likely include one or two super-close friends/family.

3. Donate an equal amount to #2 above to a not-for-profit.

3. Freeze the remaining (less living expenses) funds in some kind of secure investment for a full three months while I carefully reflected on how to proceed.

4. Purchase a simple home outright that cost $100K or less, perhaps in Detroit where lots of super-interesting stuff is going on and houses are still dirt cheap.

5. Divide the balance (about $900,000.00) evenly between investments and investing in my own business.

OK Readers, over to you. You win $1M. What do you do?

Photo Credit: Buzz Bishop (Hi Buzz!)

About the Author


Imagine if Canadians were known for being all over their money. Engaged. Proactive. Getting out of debt. Savvy. Saving. Generous. Nancy wants to help. Nancy started her own journey with money over 15 years ago, and formed her company “Your Money by Design” in 2004 to help others along the same path. It’s not the usual financial advising/investment stuff. It’s about taking control of day-to-day finances –managing monthly cashflow effectively, spending appropriately, getting out of debt, saving. If you're ready to take control over your finances, pop by her business site, YourMoneybyDesign.com

11 Comments

  1. J9

    Well I live in Vancouver BC so $1 000 000.00 would pay off my mortgage and leave me a little bit left over to maybe purchase an investment property.
    It’s not really enough to quit a job, however a little vacation with the family would be nice! 🙂 Now if we were talking the $50 Million Lottomax…

    [Reply]

    Nancy (aka Moneycoach) Reply:

    heh. You’ll notice I didn’t mention “pay off my Vancouver condo” either! sheesh. What’s the world coming to when winning the lotto doesn’t mean we can pay off our homes, eh?

    [Reply]

    Apr 02, 2011
  2. Briana

    I think I would pay off our mortgage, my student loans, and then invest the rest/finish paying for the rest of my degree. Whatever was left after that I think I would keep investing and work on building my business when I’m done school

    [Reply]

    Briana Reply:

    also buy a car thats not about to die any second now lol

    [Reply]

    Nancy (aka Moneycoach) Reply:

    Briana I so remember that car-about-to-die-any-second experience! I got so annoyed one time that in a fit of pique I GAVE it away to Spaniards studying English in Vancouver! However I bought my condo downtown shortly after that so didn’t really need a car anyway.

    [Reply]

    Apr 02, 2011
  3. Ravel Bailie

    You forgot to factor in taxes, which would take a good chunk of your cash. Other than that, like your plan.

    [Reply]

    Apr 02, 2011
  4. brad

    I live in Québec, so 48.2% of it would go to taxes. 😉

    That would leave me with about $510,000; not enough to quit my job, so I think I’d pay off what’s remaining on my mortgage (about $190K), invest $100,000, and give the rest to a charity.

    [Reply]

    Apr 03, 2011
  5. @Brad @Ravel I thought Lottery winnings were not taxed? Which just goes to show how much I don’t know about these kinds of things!

    [Reply]

    Apr 03, 2011
  6. I’ve had this down pat for decades: quit my job, $$$ to family & friends (somewhat equally), spend a year in Finland (where I was born), come back to North America, go on retreat for a year @ Karme Choling, go to art college in Dawson City, move to downtown T.O. & paint, write, make films, quilt, weave, continue to be creative in all ways in an artists’ collective. Money left over will be growing; every year after that – some art/Buddhist retreat, holiday in Finland, visit friends around the world, etc.
    arcticdreamer´s last [type] ..walkers on the lake

    [Reply]

    Apr 03, 2011
  7. brad

    Nancy — looks like you’re right! I didn’t know that lottery winnings weren’t subject to tax…this almost makes me want to play the lottery now 😉

    [Reply]

    Apr 03, 2011
  8. et

    Here’s someone who is living on a lot less than $1M (http://earlyretirementextreme.com/) – see section How little do you need to retire?. It’s really not about income but expenses.

    [Reply]

    Apr 03, 2011

Leave a Reply




CommentLuv badge