What Would You Do With $10M? Here’s What Most Americans Say

Lauren sat down with Gabrielle Olya at Go Banking Rates to talk about the best ways to approach a cash windfall - both financially and emotionally. Read the full article here.

“Ten million dollars is not just a meaningful amount of money to most Americans — it would be life-changing,” said Lauren Anastasio, director of financial advice at Stash. “There are endless possibilities as to what a person could do with that kind of windfall — some smart decisions and some frivolous ones — and chances are the best way to use that money would be a combination of responsible money moves and expenses that bring joy.”

On the responsible side, Anastasio recommends making the following moves: “Pay off your debt, buy insurance where you may be insufficiently covered and invest some funds for your future goals, like a child’s future educational expenses or retirement.”

However, she said that it is totally OK to have some fun with this money.

“A big part of having financial freedom is the ability to enjoy your life and create experiences that you’ll fondly remember for your remaining years,” Anastasio said. “Some money should be allocated to adventure and travel, spoiling your loved ones or pampering yourself.”

Ideally, you would use the money in both practical and fun ways.

“The absolute best thing you could do with $10 million is to find a balance between strengthening your financial position for the future and enjoying your wealth,” Anastasio said. “The worst decisions would be any that were too extreme in either direction — either allocating all the money toward responsible or boring financial needs or spending it all frivolously without capitalizing on the opportunity to put yourself in a better position long term.”