It would take the average American seven years to spend $10 million, according to new research.
A new survey of 2,000 Americans sought to answer the age-old question: What would you do with $10 million?
Turns out, Americans would take their time spending it. Thirty-eight percent of respondents would take more than 10 years to spend the money – and just 11 percent would splurge and spend it all in under three years.
How would they spend it? Results found the top answer was investing, with 53 percent of those surveyed reporting some of their windfall would be used to make more money.
But results also revealed that Americans are thinking about way more than just themselves, as 37 percent would donate to charity and 36 percent would set up a fund for their children.
And with big money, comes big responsibilities, as three in five people think that those with wealth should be giving to those in need.
Other altruistic pursuits respondents said they’d like to follow with their $10 million included giving back to the community (29 percent) and starting their own charity organization (15 percent).
Results found that people also want to give back to those closest to them with 52 percent about to give a portion of their $10 million to family. Other top responses were putting some into savings (47 percent), while buying property (44 percent) or paying off debt (43 percent).
Conducted by OnePoll on behalf of SignatureFD, the survey examined not only what Americans would spend $10 million on, but also their priorities when it comes to money.
When asked what they would splurge on, respondents said they would like to use the money to buy their dream house (50 percent), travel (43 percent) and buy a vacation home (29 percent).
That’s in addition to the 27 percent who would take a luxury vacation or buy the latest technology.
Still, impulse purchases weren’t the focus for the majority of Americans. Only 9 percent said they would dedicate most of the money toward splurges, while 60 percent would save or invest.
And the survey found that a quarter would put the majority toward practical purchases.
In terms of priorities for their money, respondents said the top of the list was making a better life for themselves (74 percent).
That was followed by helping those they love (67 percent) and giving back to their community (43 percent).
“It’s important to design goals that truly align with what you find most worthwhile to your life,” said Jeff Peller, Co-Founder and CEO of SignatureFD. “Whether it’s buying a vacation home or investing, or helping those your love, or building your community there’s no arbitrary amount of money that you need to hit before doing what you care about.”
Among those surveyed, three in 10 (28 percent) consider themselves “very” financially savvy, but 51 percent do admit they can learn more about making smart financial decisions.
Heather Fortner, Partner, COO and Chief Compliance Officer with SignatureFD, added, “It can be beneficial to work with a wealth manager to ensure you’re developing financial goals that are aligned with the type of life you want to lead.”
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WHAT WOULD YOU DO WITH $10 MILLION?
1. Invest 53 percent
2. Give money to family 52 percent
3. Put it into savings 47 percent
4. Buy property 44 percent
5. Pay off debt 43 percent
6. Donate to charity 37 percent
7. Set up a fund for my children 36 percent
8. Purchase and/or pay off a car 35 percent
9. Travel 35 percent
10. Start a business 34 percent
WHAT WOULD YOU SPLURGE ON WITH $10 MILLION?
1. Dream home 50 percent
2. Travel 43 percent
3. Vacation home 29 percent
4. Luxury vacation 27 percent
5. The latest technology 27 percent
6. Sports car 24 percent
7. New wardrobe with designer pieces 18 percent
8. Private island 15 percent
9. Diamond jewelry 14 percent
10. Eat at a Michelin star restaurant 13 percent