You aren't much of a gambler but you decide to buy one lotto ticket. You check up on the numbers a few days later, well after the lotto has taken place, and what do you know? You won!!! You are the newest lotto winner!! To keep things very simple lets say, after taxes, you come out with $1 million. What would you do with that money? Would you buy a Lamborghini? Maybe a huge half a million dollar house?
Or would you invest it all and live off a low yield of 5% interest? Keep your same standard of living and make $50,000 each year in interest.
What would you do with your million dollar lotto winnings?
1. I would share $100,000 among my three adult children.
2. I would buy a new house and sell my current house. The net cost would be about $300,000.
3. I would invest the rest, $600,000, conservatively - half in GICs and the other half in solid companies which pay dividends.
I could do a lot with a million pounds but a million dollars? I don't know, maybe a trip to belgium?
I would get a new butt because the one i currently have has a crack in it.
Personally, I'd deposit it into my savings account, and simply live off the interest. 50 Grand per year is more than enough to take care of my bills and my needs each year.
I'd probably tithe, pay off all my debts, buy a house, and invest the rest. But I think 5% interest is almost unheard of in today's market.
Oh no it's very possible Eric. I make roughly 10% annually on the stock market. Of course that changes from year to year, but it happens most years for me. This year has been a very bad year for example, but last year was great!!!
I would buy property out in themiddle of the desert and live as far away from other people as possible, where i can read my books and be left alone
Buy a better house 300k, buy an investment property 400k-ish, invest some into a business 100k, and into a charity 100k, 100k savings...Uhh yeah, I don't work in the GSA.
1. buy a house
2. share with my children (university or post-secondary education)
3. invest in a software company (have one in mind already)
4. invest the remainder; live off the savings
5. when I die, split the principle that remains amongst my children
6. maybe, just maybe, a world trip for the family
I would give a generous amount of money to family.
I would also buy a house, but, nothing too expensive.
I would also buy a newer car. But, not brand new.
I would also treat myself to a few trips. Maybe an anual cruise.
Take advantage of amusement park season passes!! Maybe get a used RV.
But, I would still try to keep my spending down to $20,000 or 30,000 a year. I certainly would not spend it all at once.
I might even buy investment property, that makes money. I know of a couple guys who owned a farm, and they used to throw summer weekend parties where 2,000 people would show up at $20.00 a head. And they would make $60,000.00 in a weekend. I would probably do something like that.
If you are wondering, they stopped doing the parties, and sold the farm to developers for a couple million. And, never have to work again.
Unfortunately, as the question states, in the US, the first thing you would do would be to pay taxes. You would now be part of the 1%. Say good-bye to half of your winnings before you spend even a dime on yourself. You would have to win $2 million (or more) just to end up with $1 million.
Yes, $1 million is still a lot of money, but the government didn't buy a ticket, you did. The government didn't take a risk, you did.
I guess you could start a business, work hard, make it profitable and have the government use workers paid for from the taxes on your winnings to tax your business and write regulations affecting your business.
You won or did you?
You are definitely right in this. It's crazy how much you get taxed on something like this. It's funny how much they tax us and how they do it. Ever noticed how, if you owe the government money they hound you for their money, sending people to knock on your door and charging you interest if you don't pay quickly; but if they owe you money they will take their time getting you your money back and they won't pay you a penny in interest?
What's even worse, is they give billions to corporations in tax breaks and bailouts, and let them take their time paying it back, if they pay anything at all.
They would never do that for the average Joe.
No they wouldn't. Their rationalization for that of course is that pumping money into a corporation is better than putting it towards a single person. A corporation will logically use the money better to get the economy rolling (in their opinion, not mine), than a person. So they view it as a better investment. Sad to say.
I have been dreaming about getting a million dollars by writing hubs in Hubpages. Once I get it iwll use that money to hire gghost writers to do all my hubs and multiply that million by ten. I would be fun.
1. The first thing I will do is to sit down before I will collapse.
2. Call a spa and be pampered for a day.
3.Wait for the money to come. I might just be dreaming.
4.Put the money in the bank until I know what to do.
5. Then buy a house with a painting gallery for my hubby and with a private beach where I can stroll around and read my books.
6. Then having a life the way I have now but no more financial worries.
7. Giving money for my son to spend what he likes.
8.Saving the rest of the money and living with the interest.
9. Lastly, sending poor children in the Philippines to schools without knowing who is the spender.
I hope I will be happy with my winnings.
Tithe and give thanks. Pay off my house (or a different one), invest wisely (har!) and travel. Lots of travel
A million dollars is not as much money as you might think and probably just enough to cover the basics like paying off your home, sharing some with your family, investing, travelling, but if you do ALL those things you'll be broke in no time. But you never really know what you'll do with it till you've actually got it. What you think or say you will do, isn't always the way it goes.
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