With $50,000,000 – you would figure I would be able to live wealthy for the remaining 50 years of my life. It might be a little hard to spend $1,000,000 per year every year. However, I will like to make a positive contribution to society. With that said, I will create a businesse – both of which will use in a manner to support low income households. This will assure that there will be something positive to come out of my wealth. It is not completely altruistic. I will be earning a good income from these businesses. However, again – I will still try to provide a positive impact on society in general.
The first will be a realty company. I will focus on providing housing for Section-8, and HUD subsidization tenants which there are simply not enough quality homes for most Section-8 tenants. Yes, there is a minimum standard, but in most cases, the landlord doesn’t do anything beyond that. I will buy a building, gut it down to the skeleton, and renovate with all quality features, and resources. While I will have SRO?s, they aren’t supported by HUD. I will imagine that most of the people going for the SROs will be someone that needs a place to sleep and might be working a minimum wage job. The SROs will get a reduction in rent if the tenant qualifies. Rather than paying $750/month, they will pay 35% of their income. This means they must be low income ($1,950 for a single person), and applied for the appropriate programs.
And while not a business, I will have a $5,000,000 investment fund. Assuming 9% ROI, and after taxes, I will expect to have about $28,000 per month. This will be more than enough to support myself even if the businesses goes bankrupt. I will not take out loans unless there is no other choice. Where possible, everything will be paid for out of cash, and that would be the standing philosophy with my businesses to not go into debt. This investment fund will give me a source of income even if the business has yet to generate any income.