Some people may view a $1 million windfall as a ticket to adventure, philanthropy, or future financial security. But Investor Uprising readers are apparently a more practical bunch. More than half the participants in our recent poll indicated they would pay down debt with such a windfall.
More than 100 people took the poll, which asked respondents to name the first thing they would do with lottery winnings or an inheritance of $1 million. That pesky debt evidently weighs heavily on the minds of many, because 51% named paying it down as their priority.
The second largest group of respondents (28%) said the first thing they would do is make an investment.
Donating to charity and sharing with family and friends lagged far behind. In fact, none of the first 50 respondents selected those options. And it was only after editor in chief Scott Raynovich acknowledged that he would make a charitable donation before doing anything else with the money that a few others joined in. Whether out of shame or altruism, 11% eventually selected "donate a portion to charity."
Far fewer were interested in helping family and friends. Only 2% were willing to share the love with those closest in their lives, and one respondent even suggested that any money parents give to their children should count as charity.
About 8% didn't like any of the poll options and chose "other." Most of them remained vague about what they would do, but one poll taker was crystal clear -- as in the "large panoramic sapphire crystal" of an Urwerk timepiece.
This isn't your father's Timex...
"Prior to paying off my student loans, before considering a new house or even throwing everything into an investment, I would track down a gorgeous Urwerk-110 timepiece. Of course, limiting myself to just one piece would be a difficult decision," our respondent said.
The Urwerk U-110 Torpedo Watch uses a revolving satellite complication featuring three parallel markers that rotate to display the time while aiming at a metered scale on the right. Those "torpedo" time hands rotate throughout the day, while the hour and minute markers revolve in concert to display the current time.
Urwerk makes various versions of the U-110, but it limits worldwide production to 55 of each model. Prices start at $120,000, and several U-110 models are already sold out.
Perhaps the thought of spending six figures on a watch will make you feel less depressed about the price of gasoline. Take our new quick poll, and let us know how you plan to cope with gas costing more than $4 a gallon.