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What If Wednesday

What Would You Do With a Million Dollars a Year?

It's a question that sparks endless daydreams. But let's get practical. We asked a financial planner to break down what a life funded by a million-dollar annual income could actually look like...

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"The biggest adventure you can take is to live the life of your dreams."
— Oprah Winfrey

What Would You Do With a Million Dollars a Year?

It's a question that sparks endless daydreams. But let's get practical. We asked a financial planner, Jane Doe, to break down what a life funded by a million-dollar annual income could actually look like, from investments to indulgences. The answer is both more exciting and more complex than you might think.

The Initial Reality Check

First things first: taxes. A million-dollar income doesn't mean a million dollars in your pocket. In Australia, the top marginal tax rate would apply, leaving you with roughly $550,000 to $600,000 after tax. Still a staggering amount, but an important distinction. "The first mistake new high-earners make is spending based on the gross number," says Jane. "The smart move is to plan with the net."

Building a Foundation: The 50/30/20 Rule on Steroids

Jane suggests a modified version of the classic budgeting rule:

50% to Investments & Future-Proofing: That's around $300,000. This isn't just stocks. It's a diversified portfolio: property, blue-chip shares, venture capital, and even passion investments like art or classic cars. "This is the money that makes more money," Jane explains. "It ensures your lifestyle isn't just for a year, but for a lifetime."

30% to Lifestyle & Experiences: About $180,000. This is the 'fun' money. It covers high-end travel, fine dining, hobbies, and luxury goods. Think business-class flights to Europe, a new luxury car (leased, not bought, says Jane), and courtside seats at the tennis.

20% to Essential Living: Roughly $120,000. This covers your primary residence costs (mortgage or high-end rent), utilities, groceries, and insurance. It might seem high, but it accounts for a premium lifestyle, including things like a personal trainer or a weekly organic food delivery service.

A Year in the Life

Imagine a year with this budget. You could spend a month exploring the ancient castles of Scotland, another two weeks diving in the Maldives. You'd return home to a beautiful apartment with a city view, never worrying about the cost of a night out. You could become a patron of a local artist or fund a small community project. The freedom isn't just in buying things; it's in the ability to pursue passions and support causes without financial constraint.

1. The Kimberley, Western Australia

This is raw, untamed Australia. Forget a simple road trip; the ultimate way to see the Kimberley is via a luxury expedition cruise. Explore ancient rock art, witness the Horizontal Falls, and watch crocodiles sunbathe on riverbanks from the safety of your vessel. It's an adventure that costs a premium but delivers unforgettable memories.

4. Tasmania's Overland Track

For the active dreamer, a privately guided walk on the Overland Track is a must. Over six days, you'll traverse the stunning Cradle Mountain-Lake St Clair National Park, staying in comfortable private huts each night with hot showers and chef-prepared meals. It's a rugged adventure with a soft landing.

5. Margaret River, Western Australia

Rent a stunning architectural villa nestled among the vineyards. Spend your days sampling world-class Cabernet Sauvignon and Chardonnay, indulge in degustation menus at acclaimed restaurants like Vasse Felix, and watch surfers tackle the waves at Surfers Point. It's a perfect blend of indulgence and natural beauty.

The Dreamer Hub

What Would You Do With a Million Dollars a Year?

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Financial Feng Shui: 5 Simple Habits for a Richer Life

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