Who hasn't spent at least a few moments fantasizing about spending money -- huge, irresponsible sums of money -- on completely unnecessa...
Who hasn't spent at least a few moments fantasizing about spending money -- huge, irresponsible sums of money -- on completely unnecessary luxury items? Most of us probably have. But, sadly, reality tends to intervene. Just as we're settling into a meditation on flying off to Aruba in a chartered jet, the memory of that unpaid and overdue $250 phone bill intrudes.
Many people simply don't know how far $1 million can go, or appreciate the time and effort that it would take to spend it. For all the grousing over the rent, doctor's bills and car payments, it would be hard to blow through $1 million.
College tuition or handbags
According to the Harvard College Handbook for Students, the cost of undergraduate tuition for the 2011-2012 academic year is $54,561, including room and board. It would cost $218,244 for a student to graduate in four years. The parents of five brilliant, enterprising children could send their charges to an esteemed institution of higher learning for just over $1 million.
College not in the cards? How about accessorizing? Consider Chanel's Diamond Forever handbag. At $261,000 a pop, one will set you back more than an entire undergraduate education at Harvard, and you'd need all of your $1 million, and then some, to bag four.
Apartment rental or iPad cases
Rental apartments in New York City are among the priciest in the country. The average rent in the city is $3,472 a month, meaning you'd burn through $1 million in 22 years and still have no equity to show for it.
Anyone wishing to spend the sum more quickly could give 50 of his or her closest friends Mervis Diamond iPad cases, which sell for $20,000 apiece, or about 40 times more than the basic version of the tablet they’re designed to adorn.
A home or beds
Buying a home in New York City could be a $1 million option if you're looking for, say, 1,000 square feet of living space, with two bedrooms and two baths. Meanwhile, in Phoenix, the same money is good for a home with five times as much space, with five bedrooms and four or more baths.
No matter where you live, you need a bed to sleep in. For $1 million, you can get 16 Hästens Vividus beds, which cost $64,950 each. The beds take 160 hours to make by hand by Sweden's oldest bed manufacturer.
Charitable donations or razors
Charitable organizations estimate that the average American donates between 3% and 5% of annual income to charity. With the Census Bureau reporting a real median household income of $49,777, it's reasonable to estimate an average yearly donation of $2,489. At that rate, it would take more than 400 years for the average household to donate $1 million to charitable causes.
With a blade of pure sapphire and a handle of unalloyed iridium, the Zafirro Iridium razor might produce the best shave a man can get. It's certainly the most expensive. At $100,000 apiece, $1 million dollars will get you 10 of these razors.
Weddings or ice cream sundaes
Anybody who's sprung for a wedding knows the costs can quickly spiral out of control. According to The Knot, beaming dads should expect to pay an average of $27,800 for the event. For $1 million, Dad can experience the joy 36 times.
A visit with 40 friends to New York dessert emporium Serendipity 3 can also cost $1 million, if the restaurant's Frrrozen Haute Chocolate sundae is everyone's choice. The $25,000 concoction is a joint invention of Serendipity 3 and jeweler Euphoria New York. It's made from a blend of 28 cocoas and is infused with five grams of edible 23-karat gold, served in a goblet lined with edible gold.
A retirement nest egg or sheep
The Employee Benefit Research Institute reported in 2009 that Americans between the ages of 65 and 75 had an average of $56,212 saved for retirement. Eighteen individuals pooling their assets would have a $1 million nest egg.
If the group decided to invest the proceeds, it could purchase a trio of Deveronvale Perfection sheep, the world's most expensive. A ram of this breed was auctioned in Scotland for $378,000 a few years ago, purchased by a breeder who figured to make a small fortune selling the ram's semen around the world.
Health care or jeans
The average American spends $7,681 a year on health care, according to the federal Bureau of Labor Statistics. At this rate, it would take 33 years for a family of four to collectively rack up $1 million in medical bills.
Or, instead, each member of a family could buy a pair of Dussault Apparel's Trashed Denim jeans. The pants are adorned with rubies, diamonds and gold, and sell for $250,000 each. Performance artist Criss Angel has at least one pair.
Cars or a supercar
On average, a new vehicle sold for $28,400 last year, the National Automobile Dealers Association says. Three dozen cars, purchased at that average price, would generate $1 million in sales.
Even with $1 million, you couldn't get your hands on the keys to the Jaguar Hybrid Supercar. The vehicle, which can top 200 miles per hour, is priced at $1.1 million.
Commuting or motorcycles
One year's worth of commuting to and from work five days a week costs an average of $7,658, according to the Bureau of Labor Statistics, which calculates that 25% of the total goes to gasoline and motor oil. A company with 131 employees, each of whom spent the average on his or her commute commutes, would account for $1 million in annual transportation costs.
Rather than endure bumper-to-bumper traffic, a commuter with $1 million to spend could buy one Dodge Tomahawk V10 Superbike for himself and another for a colleague, assuming the colleague is willing to kick in a little. The four-wheel vehicle has a price tag of $550,000 and up.
A closet full of clothes or designer neckties
The typical American spends a $1,725 a year on clothes. At that rate, a $1 million clothing budget would last for 579 years.
Five neckties from the Satya Paul Design Studio can cost $1.1 million. The company manufactures a silk tie adorned with a pattern that incorporates 150 grams of gold. The line is popular with some of India's movie and TV personalities.
Many people simply don't know how far $1 million can go, or appreciate the time and effort that it would take to spend it. For all the grousing over the rent, doctor's bills and car payments, it would be hard to blow through $1 million.
College tuition or handbags
According to the Harvard College Handbook for Students, the cost of undergraduate tuition for the 2011-2012 academic year is $54,561, including room and board. It would cost $218,244 for a student to graduate in four years. The parents of five brilliant, enterprising children could send their charges to an esteemed institution of higher learning for just over $1 million.
College not in the cards? How about accessorizing? Consider Chanel's Diamond Forever handbag. At $261,000 a pop, one will set you back more than an entire undergraduate education at Harvard, and you'd need all of your $1 million, and then some, to bag four.
Apartment rental or iPad cases
Rental apartments in New York City are among the priciest in the country. The average rent in the city is $3,472 a month, meaning you'd burn through $1 million in 22 years and still have no equity to show for it.
Anyone wishing to spend the sum more quickly could give 50 of his or her closest friends Mervis Diamond iPad cases, which sell for $20,000 apiece, or about 40 times more than the basic version of the tablet they’re designed to adorn.
A home or beds
Buying a home in New York City could be a $1 million option if you're looking for, say, 1,000 square feet of living space, with two bedrooms and two baths. Meanwhile, in Phoenix, the same money is good for a home with five times as much space, with five bedrooms and four or more baths.
No matter where you live, you need a bed to sleep in. For $1 million, you can get 16 Hästens Vividus beds, which cost $64,950 each. The beds take 160 hours to make by hand by Sweden's oldest bed manufacturer.
Charitable donations or razors
Charitable organizations estimate that the average American donates between 3% and 5% of annual income to charity. With the Census Bureau reporting a real median household income of $49,777, it's reasonable to estimate an average yearly donation of $2,489. At that rate, it would take more than 400 years for the average household to donate $1 million to charitable causes.
With a blade of pure sapphire and a handle of unalloyed iridium, the Zafirro Iridium razor might produce the best shave a man can get. It's certainly the most expensive. At $100,000 apiece, $1 million dollars will get you 10 of these razors.
Weddings or ice cream sundaes
Anybody who's sprung for a wedding knows the costs can quickly spiral out of control. According to The Knot, beaming dads should expect to pay an average of $27,800 for the event. For $1 million, Dad can experience the joy 36 times.
A visit with 40 friends to New York dessert emporium Serendipity 3 can also cost $1 million, if the restaurant's Frrrozen Haute Chocolate sundae is everyone's choice. The $25,000 concoction is a joint invention of Serendipity 3 and jeweler Euphoria New York. It's made from a blend of 28 cocoas and is infused with five grams of edible 23-karat gold, served in a goblet lined with edible gold.
A retirement nest egg or sheep
The Employee Benefit Research Institute reported in 2009 that Americans between the ages of 65 and 75 had an average of $56,212 saved for retirement. Eighteen individuals pooling their assets would have a $1 million nest egg.
If the group decided to invest the proceeds, it could purchase a trio of Deveronvale Perfection sheep, the world's most expensive. A ram of this breed was auctioned in Scotland for $378,000 a few years ago, purchased by a breeder who figured to make a small fortune selling the ram's semen around the world.
Health care or jeans
The average American spends $7,681 a year on health care, according to the federal Bureau of Labor Statistics. At this rate, it would take 33 years for a family of four to collectively rack up $1 million in medical bills.
Or, instead, each member of a family could buy a pair of Dussault Apparel's Trashed Denim jeans. The pants are adorned with rubies, diamonds and gold, and sell for $250,000 each. Performance artist Criss Angel has at least one pair.
Cars or a supercar
On average, a new vehicle sold for $28,400 last year, the National Automobile Dealers Association says. Three dozen cars, purchased at that average price, would generate $1 million in sales.
Even with $1 million, you couldn't get your hands on the keys to the Jaguar Hybrid Supercar. The vehicle, which can top 200 miles per hour, is priced at $1.1 million.
Commuting or motorcycles
One year's worth of commuting to and from work five days a week costs an average of $7,658, according to the Bureau of Labor Statistics, which calculates that 25% of the total goes to gasoline and motor oil. A company with 131 employees, each of whom spent the average on his or her commute commutes, would account for $1 million in annual transportation costs.
Rather than endure bumper-to-bumper traffic, a commuter with $1 million to spend could buy one Dodge Tomahawk V10 Superbike for himself and another for a colleague, assuming the colleague is willing to kick in a little. The four-wheel vehicle has a price tag of $550,000 and up.
A closet full of clothes or designer neckties
The typical American spends a $1,725 a year on clothes. At that rate, a $1 million clothing budget would last for 579 years.
Five neckties from the Satya Paul Design Studio can cost $1.1 million. The company manufactures a silk tie adorned with a pattern that incorporates 150 grams of gold. The line is popular with some of India's movie and TV personalities.
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