What Would You Do with CA$1 Million Jackpot?
It’s one thing to win a big prize at a casino and another to spend all that money, which begs the question of what you would do if you won a CA$1 million jackpot.
Winning a million dollars at a casino is a cliché that all gamblers aspire to. But what happens if you do end up winning such a considerable sum of money?
While a million dollars is not what it used to be a few decades back, it is still a desirable sum that would allow you to purchase an array of things you could only dream about. Some of these purchases are safe and fun, while others might be regarded as stupid.
Here are some exciting things you could do with a million dollars in your pocket:
Splurge or Invest?
The main question you should ask yourself if you suddenly become a millionaire is whether you should invest your windfall or splurge. While investing might enhance your fortune, investments can be imprecise, uncertain, and erratic over time. On the other hand, you could decide to party like a rap icon, get some bling and add a sports car to your stable.
It’s hard to know exactly what you’d spend your new wealth on until you get it. It’s easy to judge others who bought ridiculous things with their newfound wealth, but there is an unquestionable change in human psychology linked to big wins. Whatever you decide to do if you hit the jackpot, the decision is exclusively yours. Ultimately, there’s a broad spectrum of exotic, crazy, and point-blank laughable things you could blow a million dollars on if you wish to. And some of these could even be suitable investments.
Buy a Private Island
Private islands are usually the domain of billionaires. But there are still some uninhabited islets worldwide that can be snatched for CA$1 million or less. With apartments in New York, Vancouver, or London costing more than CA$3 million these days, it might be worth just getting off the grid. Of course, buying your own private island doesn’t mean it would come with a mansion on it.
You won’t be getting an island in the Caribbean for CA$1 million, but Canada, Ireland, and Scotland offer bargain-basement island prices if you don’t mind the cold Atlantic chill. For CA$200,000 and up, you might be able to get a remote island with a log cabin and maybe a few sheep roaming around. Then you’ll need additional cash to build a proper house and infrastructure, as well as a boat to get you to and from the mainland.
Sail Away Your Fortune
You won’t be able to buy a cruise ship for CA$1 million, but you can wave bon voyage to your winnings by hiring a superyacht. Suppose you have a million bucks, can’t stand the crowds, and want to sail away on a luxury adventure. To your relief, superyachts are just bobbing in harbours waiting to get chartered. And they don’t come cheap – superyachts like the GraceE charter for a cool million bucks per week. Loads of other superyachts charge weekend or weekly rates, and spending time aboard one of these floating hotels is the closest we would ever get to the high life.
But if the need for speed floats your boat, you can always purchase a go-fast boat for CA$1 million or less. These sleek speedboats also go by the name of “rum runners” or “cigarette boats” and come equipped with luxury cabins for two or more people, so you can cool the engine and retire below the deck to chill. And the best part of owning a vessel is that you get to choose an absurd name for it, like The Codfather, Bullship, or Stugots.
Ultimately, there is an endless list of things that you can spend a million dollars on, with the sky being the limit. Literally. Virgin Galactic sells space flights for US$250,000 a pop. These flights are supposed to leave the stratosphere for a short period of time and then return to Earth. But who knows? Maybe you can slip the pilot an extra US$750,000 and get a trip all the way to the moon.