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Who wants to be a millionaire?
 If the right choices are made, putting together a collection of items such as watches and clocks can be profitable as well as interesting. YOUR E-MAIL ALERTSHow would you handle a million dollars if you suddenly had such a windfall? Would you save it, spend it, invest it, give it away or do a little bit of everything? When it comes to money, everyone is different. Factors such as age, family makeup, job prospects, place of abode and life goals will determine how a person handles this amount of money. Whatever you decide to do, it will help if you set it out as a plan, with clear objectives. Here's the approach of one person who is nearing retirement.What would you do? The age 50-plus approach: Vacation property: I would buy a 2 or 3-bedroom apartment or share of a lodge in a tourist place such as Queenstown, New Zealand, or Big White in the Canadian Rockies for about $300,000. I would rent it out for some of the year, and use it myself for one or two months. I might try to find some like-minded friends to share it with. CollectibIes: I would buy a good collectible car such as 1950s Jaguar XK150 or 1965 Mustang, for up to $100,000. That means the first $400,000 is tied up in things that take a little time to resell. Disposable collection: I would invest another $100,000 on a professionally prepared stamp, coin or wine collection. That's because I'm interested in those things. It could just as easily be works of art, antique clocks and watches, or rare books. The point is it should be something that is catalogued, reputable and therefore fairly easy to resell on the international market. And to make it fun, it should be something you're keen to be involved in. There's no point collecting something that doesn't really interest you. Balanced fund: I would invest $300,000 in a balanced fund that is a mix of international and local equities, some commercial property, fixed interest and cash. Remainder: The remaining $200,000 is held in a cash deposit (for instant access) and is available for a little personal spending (that longed-for trip around the world, perhaps); a donation to charity; maybe a speculative investment such as a startup that takes your fancy; ethical investing (micro-finance, renewable energy, healthcare); setting up an education fund or another form of program with community benefits. Or you can just leave it there to accrue until a worthwhile use presents itself. 
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