What would you do if you won $1 million?

SelfBaisResistor

Diabloii.Net Member
What would you do if you won $1 million?

Like the title says, but we're going to assume that it is a low jackpot, say $1-2 million. Asume that prize money is still untaxed.

This is what I'd do. Buy a house worth about $300,000 and furnish it with about $50,000 worth of stuff. Then I would pay off my current student loans ($30,000) and buy a new car ($25,000). I would quit my job for the next 2 years and get a master's degree ($30,000) in math education and teach happily at a local community college.

That adds up to $435,000, so even after taxes I should still have at least $100,000-$150,000 to last me those coulpe of years in grad school.
 

Beowulf

Diabloii.Net Member
SelfBaisResistor said:
Like the title says, but we're going to assume that it is a low jackpot, say $1-2 million. Asume that prize money is still untaxed.

This is what I'd do. Buy a house worth about $300,000 and furnish it with about $50,000 worth of stuff. Then I would pay off my current student loans ($30,000) and buy a new car ($25,000). I would quit my job for the next 2 years and get a master's degree ($30,000) in math education and teach happily at a local community college.

That adds up to $435,000, so even after taxes I should still have at least $100,000-$150,000 to last me those coulpe of years in grad school.
Well here in Canada what would not be a dream, lottery winnings are not taxes so even if you win a 50,000,000$ jackpot you get is all and you get it all right away also no 20 years or whatever.

If I won $1M I would buy a house and start a business (or even better buy into my uncles with the goal of taking over when he retires).
 

Isolde212

Banned
Pay for a lifetime supply of university. Buy a nice house. Learn to figureskate. Have a lavish wedding instead of my low budget one. Get my cats fixed so they stop humping my leg. Hire a personal trainer to motivate me. Hire a maid to pick up after Anakha. Travel for a bit. Swim with dolphins. I think that about covers it. And then invest whatever is left if there's any.
 

TurbulentTurtle

Diabloii.Net Member
Isolde212 said:
Pay for a lifetime supply of university. Buy a nice house. Learn to figureskate. Have a lavish wedding instead of my low budget one. Get my cats fixed so they stop humping my leg. Hire a personal trainer to motivate me. Hire a maid to pick up after Anakha. Travel for a bit. Swim with dolphins. I think that about covers it. And then invest whatever is left if there's any.
Maybe you should pay Anakha to pick up after himself... ;)

With a million dollars I'd totally buy a new drumset and trick it out until it's massive. Buy some other stuff, and then some other stuff. I really don't have much to buy after the drumset...
Save the rest and pay for whatever I need when I need it.
 

bigD72

Diabloii.Net Member
Undergraduate College: $120,000 (roughly)
Graduate College: $120,000 (no freaking clue)
House: $300,000
Furnishing of said House: $150,000 (I think you're lowballing for what you'd want SBR.)
Really Nice Car: $60,000
Leave: $100,000 for general savings account
Invest: $150,000 for the longterm (40 years until retiring maybe I could get a 12% return, that comes out to be $930,510 roughly depending on formula used.)
 

dantose

Diabloii.Net Member
I would probably just invest about 900,000 of it and blow the rest on what ever struck my fancy.
 

jimmyboy

Diabloii.Net Member
bigD72 said:
Undergraduate College: $120,000 (roughly)
Graduate College: $120,000 (no freaking clue)
House: $300,000
Furnishing of said House: $150,000 (I think you're lowballing for what you'd want SBR.)
Really Nice Car: $60,000
Leave: $100,000 for general savings account
Invest: $150,000 for the longterm (40 years until retiring maybe I could get a 12% return, that comes out to be $930,510 roughly depending on formula used.)
After paying up $400,000 in federal income taxes, that kind of spending you're doing is going to put you in the red.

Good lord, doesn't anyone here in this thread pay their income tax?
 

dantose

Diabloii.Net Member
jimmyboy said:
After paying up $400,000 in federal income taxes, that kind of spending you're doing is going to put you in the red.

Good lord, doesn't anyone here in this thread pay their income tax?
*cough* read the assumptions *cough* *cough*
 

bigD72

Diabloii.Net Member
jimmyboy said:
After paying up $400,000 in federal income taxes, that kind of spending you're doing is going to put you in the red.

Good lord, doesn't anyone here in this thread pay their income tax?
$1-2 million sucka.
 

AeroJonesy

Diabloii.Net Member
$150k at a 12% return for 40 years gives you a lot more than $950k, more like $14M.

I'd put it into stocks and bonds until I needed it.
 

Freemason

Banned
I would invest several thousand of it in an expidition that would result in no less than several millions of dollars in recovered material.

From that I would fund the R&D on the first of my two inventions. I'd sell the rights to market it and take the residuals.

From that I would buy 160 acres of farmland. 160 homes on 1/2 acre each would be built. The rest of the land would be turned into a horse ranch for disadvantaged children. Teach them horsemanship, farming, etc.

From that I would fund the R&D of my second invention. That one I'd market myself.

From that I would build several 80 to 120 room assisted living facilities in retirement communities.

From that I'd retire with a net worth of no less than 100 million dollars.
 

bigD72

Diabloii.Net Member
AeroJonesy said:
$150k at a 12% return for 40 years gives you a lot more than $950k, more like $14M.

I'd put it into stocks and bonds until I needed it.
You're right. I typed it in very wrong into le calculator. It'd be $13,957,646. Awesome.
 

plasmo

Diabloii.Net Member
Put it in the bank, live off the interest, and never work again unless I got bored. Yeah, it's not $100,000 a year, but if I didn't have to work, I could manage.
 
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