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If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Live?

CoTtOnMoUf

CoTtOnMoUf

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I have heard so many people say that if they had a million dollars, they would quit their job and buy a big house and go on vacations and on and on and on.

I remember a bunch of my co-workers pooled together and they won 5 numbers on a super lotto and not all 6. If they would have gotten all 6 numbers, they would have each walked with like 450 thousand a piece. A couple of them said they would have quit their jobs and "lived it up" with 450 thousand. Uhh, 450 K ain't gonna solve all of your financial problems enough for you to quit your job AND live like a king. :smh:

But forget them. Let's step it up and say, you won the lotto, and after taxes, you were handed One Million in cool cash! What would you do? Would you quit your job? Buy a Hummer? Relocate? Travel the world?

Me myself, I would probably pay off my rental property (about 60K left) first. Take a well needed vacation for a couple of weeks somewhere. I would probably keep working for a while so I could figure out a good plan as far as what and how to invest it in.

So, what EXACTLY would you do if you hit for a Mil?





one-million-dollars-thumb2756059.jpg
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

I would take 50.000 to spend on myself/girlfriend or family. The rest would be invested.
The interest would be reinvested and a small part of that interest money would be spend on myself/girlfriend or family.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

Pay off all the bills, schools loans....

Buy a new acura tl

50% of what's left is in savings, 50% is being invested.

I keep on working, my bills should be so low I can go back to school and just work a little 9 to 5.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

investments
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

1 million after taxes....

MAKES One Day interest in the bank – $109.59

Smartly can generate somewhere between 4% to 12% interest annually if
you don't touch it just let it bear interest.

Leaving you with somewhere between 40K and 120K paid out quarterly or
annually for the rest of your natural life.

You are taxed on the interest so be sure to pay uncle SAM on time every time.

40-100k+ per year with a million dollar back up in case the sky starts
falling should be enuf for anyone to live well off of or do bigger and
better things with.:cool:


http://www.accumulatingmoney.com/how-much-interest-do-you-earn-on-one-million-dollars/

http://money.cnn.com/magazines/fortune/price_rent_ratios/
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

How much it cost to buy a McDonalds?
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

Even though my mom has not been the greatest, I would set her up with a home and a fund for some type of nanny to care for her.
200k should take care of that. I would find a location for 2 businesses. A beauty supply store and a 24 hour 7-11 type store.
i ain't quitting work unless I can do something that pays good, aside from my two stores. I will take a vacation for about a week.Once I'm settled, take care of a few people that helped me out in bad times.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

dasmybikepunk said:
1 million after taxes....

MAKES One Day interest in the bank – $109.59

Smartly can generate somewhere between 4% to 12% interest annually if
you don't touch it just let it bear interest.

Leaving you with somewhere between 40K and 120K paid out quarterly or
annually for the rest of your natural life.

You are taxed on the interest so be sure to pay uncle SAM on time every time.

40-100k+ per year with a million dollar back up in case the sky starts
falling should be enuf for anyone to live well off of or do bigger and
better things with.:cool:


http://www.accumulatingmoney.com/how-much-interest-do-you-earn-on-one-million-dollars/

http://money.cnn.com/magazines/fortune/price_rent_ratios/
Click to expand...










<marquee behavior="scroll" direction="LEFT">D A M N !!!!!!!!!!!!!!!! :yes: :yes: :yes: :yes: :yes: :yes: :yes: :yes:</marquee>
 
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Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

dasmybikepunk said:
1 million after taxes....

MAKES One Day interest in the bank – $109.59

Smartly can generate somewhere between 4% to 12% interest annually if
you don't touch it just let it bear interest.

Leaving you with somewhere between 40K and 120K paid out quarterly or
annually for the rest of your natural life.

You are taxed on the interest so be sure to pay uncle SAM on time every time.

40-100k+ per year with a million dollar back up in case the sky starts
falling should be enuf for anyone to live well off of or do bigger and
better things with.:cool:


http://www.accumulatingmoney.com/how-much-interest-do-you-earn-on-one-million-dollars/

http://money.cnn.com/magazines/fortune/price_rent_ratios/
Click to expand...

this sounds about like what I would need to do

Im not a flashy dude at all and would be cool living here off the interest earned each year as long as I never have to work a 9 to 5 again
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

This is real easy.

I would keep my same house and working the same job.

I would take $250K and pay off:
  1. House $130K
  2. Student loans $70K
  3. Car $9K left on the note
  4. Credit cards $5K

That leaves me $36K to:
  1. Pimp out the interior of my house
  2. Get a new motorcycle
  3. Take some international trips

The other $750K goes into a SAFE financial instrument that can yield me about 4% interest a year. That equates to about $20K/Year after taxes
EXTRA in my life!!!
:dance:
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

Depends on how much I have left after ballin' Big Meech-style in the strip club.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

I would build me 4 room/3 bath 100 unit apt complex.Charge $1,200 a month for each.


100 x $1,200 = 120,000 a month

tax

workers

etc

left over
$50,000-$80,000

I would pay myself $5,000 a month
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

Pay off my dept - $25,000
Buy a Decent car - $40,000
Buy a middle class home - $350,000 (Cost of living is expensive in Toronto).
Buy things for the new house, eg. furniture, TV, minor upgrades - $25,000.
Vacations once in a while - $5000 a year.

All of this would leave me with $500,000+ left which ain't shit. Most of the remaining money will be sitting in the bank collecting interest. i'll still be working for myself or a decent low stress job till i'm in my 50's when I will retire.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

SHARE WITH THE NEEDY & count my blessings.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

buy me an aston martin then give the rest to less fortunate children.


"when i die remember me for what i did not for who i was"
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

NOT GOING TO GIVE THE TYPICAL BGOL ANSWER TO THIS QUESTION AND SAY INVEST IT AND ALL THAT SHIT




I honestly dont know i mean it will be a few things i will get that i always wanted but my main goal will be to stretch that money ass far as i can. A house is a must! I have no DEBT or student loans so ill cop a reasonable house then once i get to where i wanna be at in my career and life ill trick it off. But until then that shit would be like a big ass safety net.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

-Buy relatives a car each not totaling no more than $20-25k

- Moms a crib( doubt she would want one) or refurb/add-on to the one she's currently in

- Buy myself a home 300-350k here in ATL, a home 180k in florida rent it out for about 1,400 month to military

- The rest invest/live off interest, put some away for sons education.

- Low stress job at WAL MART as a greeter.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

1.Move back to North Carolina & Buy a House & things for house
2.New Car or Cars
3.Buy gun
4.Rest stays in bank
5.Get stress-free job
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

RUDY RAYYY MO said:
-Buy relatives a car each not totaling no more than $20-25k

- Moms a crib( doubt she would want one) or refurb/add-on to the one she's currently in

- Buy myself a home 300-350k here in ATL, a home 180k in florida rent it out for about 1,400 month to military

- The rest invest/live off interest, put some away for sons education.

- Low stress job at WAL MART as a greeter.
Click to expand...

You would be broke in 8 months.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

RUDY RAYYY MO said:
-Buy relatives a car each not totaling no more than $20-25k

- Moms a crib( doubt she would want one) or refurb/add-on to the one she's currently in

- Buy myself a home 300-350k here in ATL, a home 180k in florida rent it out for about 1,400 month to military

- The rest invest/live off interest, put some away for sons education.

- Low stress job at WAL MART as a greeter.
Click to expand...

after the first three things on your list you won't have much left to invest if i am figuring the tax part correctly :dunno:

ain't nothing low stress about a walmart greeter job either. when i worked there saw an old lady chase a dude out the store for trying to steal something :lol::lol::lol:
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

dasmybikepunk said:
1 million after taxes....

MAKES One Day interest in the bank – $109.59

Smartly can generate somewhere between 4% to 12% interest annually if
you don't touch it just let it bear interest.

Leaving you with somewhere between 40K and 120K paid out quarterly or
annually for the rest of your natural life.

You are taxed on the interest so be sure to pay uncle SAM on time every time.

40-100k+ per year with a million dollar back up in case the sky starts
falling should be enuf for anyone to live well off of or do bigger and
better things with.:cool:


http://www.accumulatingmoney.com/how-much-interest-do-you-earn-on-one-million-dollars/

http://money.cnn.com/magazines/fortune/price_rent_ratios/
Click to expand...
Knowledge:yes::cool:​
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

go to the strip club...............make it rainnnnnn!!!


sorry.....just finished watchin Lottery Ticket.

keep my job......keep grindin. invest. still live in the same house and same subdivision. break my mama off.......fuck everybody else.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv



New crib
New car

Invest / Get Stock in Apple

​
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

I'd buy lots and lots of kilos.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

RUDY RAYYY MO said:
-Buy relatives a car each not totaling no more than $20-25k

- Moms a crib( doubt she would want one) or refurb/add-on to the one she's currently in

- Buy myself a home 300-350k here in ATL, a home 180k in florida rent it out for about 1,400 month to military

- The rest invest/live off interest, put some away for sons education.

- Low stress job at WAL MART as a greeter.
Click to expand...

Esther said:
You would be broke in 8 months.
Click to expand...


He is right.

Unfortunately for me my wife is the oldest of 10 and I swear she would want to share until it either broke us or broke us up. I am stingy, and she is sharing, so I thought we would even each other out, but now I am not sure.

Left to my own devices this is how I'd do it.

Pay the 170K to pay my house completely off. ($830,000 left)
Trade in my wife's Hyundai Elantra for a $20-25K car ($796,000 left)
Trade in my Sportage for a $20-25 SUV ($762,000 left)

Instead of getting the tricked out model of the car/SUV, I would drop about $4-7K per car and give it to an auto detailing shop adding all the bells and whistles I want for much less than an equal car at the dealership would cost

15-20 family and friends combined between my wife and I would get up to $5,000 to do whatever they want with. ($5,000 * 20 friends and family = $100,000 = $662,000 left)

$100,000 a piece for a condo for both my mother and her grandmother ($462,000 left, at most, $400,000 even at the least would be left)

Of the $400,000 left, set aside $50,000 each to take care of my mother and her grandmother. If we are able to get deals on their condos then there would be more left over to take care of them (no less than $300,000 left)

Set aside $50,000 for the wife and I to relax and have fun with. ($250,000 left)

Live off of whatever interest $250K can bring me, and/or invest in safe shit with some to grow the pie more.

I may take a non-pay vacation from my government job for the first 6 months to a year while this is going down. After that, enjoy a stress-free life. House paid for; cars paid for; family and close friends get $5,000 - they would get more but my wife has so much GD family; mom and grandma would be taken care of-the rest would have to work. Mom and grandma given a stipend to live on and any debt they incur would be their responsibility (they had better not be that old and still irresponsible with their money, but if they are that isn't my fault);

This is as accurate as I could be without details, but this is about it.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

500k in a trust for the kids
100k to pay off bills and 2 vehicles.
400k in a good interest account

Keep my job
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

Since I have already calculated that I would need on average about 7 million in savings to live comfortably w/o working and just living of the interest, 1 million will not effect the current plan much, would still need to keep working until at least 55. Now that DoD is looking to fuck with the current retirement plan for Active Duty, I will have to take another look....bastards:angry: Would pay off the notes on my houses and the ride. The rest gets dropped into ROTH IRA, Mutual funds and TSP.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

First I would setup a trust , then I would start a non profit organization, then I would loan my new NGO $250k in start up funds and start fund raising immediately... By the time I finish I should still have atleast $500k of the original million, and drawing a paycheck as CEO and another check as a board member and the organization will be paying me back $250k plus 22% interest over 5 - 15 years, then I'll really start growing from there...
 
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Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

No change as to how I'm living.
I would pay off my mortgage and start a business while banking and investing the rest. I'd still drive my same car for a few more years as to not give people the impression I have money. Behind the scenes just creating something beneficial or that provides a service to my community.
 
Re: If U Were Given 1 MILLION DOLLARS, After Taxes, What Would U Do? How Would U Liv

I live the same way I am now but first thing I would do is take me a nice long relaxing vacation, take care of my mother and invest in a bit more property . I like my day job so I would more than likely keep it. As far as vehicles -- I'll keep my babies '70 Fastback Mustang, & '74 Datsun 240Z and sell my F150 to upgrade to a Raptor F150 :cool:
 
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