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What would you do if say you won the lotto. What if you won the lotto but after taxes and all the cash payout was say just 1 million or maybe 2 million.
That sounds like a lot of money but it's not really, It's not go crazy money as you often hear of lotto winners going broke after just a few years. They really didn't understand money or let others sorta finagle them into blowing it, whatever the case is.
I ask because If I won 1M I probably wouldn't give that much away to family or friends, not being cheap but you have to be pragmatic to a certain degree. I can easily see how one could go blow through a million bucks. Mrs. Chow's mom and my Dad are getting pretty old and up there. I'd give them enough money to make sure that they were ok. Probably 50k or so, IDK, have to sit down and do some math, but with their own retirement savings that they have 50k would be just nice fun money to tidy up the loose ends, if you know what I mean.
In terms of the rest of the family I'd probably wouldn't give them much matter of fact I probably wouldn't even let people know that I won the lotto. I really don't mean this to be cheap. It's just that we have a lot of family members and where do you draw the line??? Do you give her brothers a chunk? What about their kids? I'd like to give a chunk to some charities, but what I'd like to do is be able to retire early and say you're left with 850k after throwing a little bit around to a few family members that really isn't completely retire money, although it would be enough to get up to a point where you could start to draw on SS and your 401k money.
My dad won a lottery one time but it was only for 100k and after taxes he was left with 60k but he was out of work at the time and that pretty much paid for the debt he was in. LOL. So it wasn't like he got to have fun, but man, it sure came at the best of time for him.
Unfortunately, you are right about 1 m. We would pay off our debts (student loans), buy new cars, purchase a house, set up college funds for our kids, and put the rest into savings and retirement. I would also like to take one big trip overseas somewhere.
Unfortunately, you are right about 1 m. We would pay off our debts (student loans), buy new cars, purchase a house, set up college funds for our kids, and put the rest into savings and retirement. I would also like to take one big trip overseas somewhere.
And just like that, I spent a million.
Yep.
Two million might be the ticket, you can get a bit more generous with that, but again, not go nutso, but definitely be more generous to family.
I don't really have any desire to go nuts with money, I really have everything I need. I don't really want much. I'd pay off the mortgage to the house, buy a new car. We don't have kids so that's not a too much of a worry, and yeah, dump the rest into some kind of investment vehicle that was fairly conservative.
Unfortunately, you are right about 1 m. We would pay off our debts (student loans), buy new cars, purchase a house, set up college funds for our kids, and put the rest into savings and retirement. I would also like to take one big trip overseas somewhere.
And just like that, I spent a million.
But you improved your standard of living more than most would by spending a million. Eliminating debt, getting major purchases out of the way for quite a few years, giving your children a chance at a great education, planning for your future, and taking a trip that you would remember the rest of your life. All fine decisions.
Well......I just had a tooth pulled in preparation for a dental implant, and have about 6 or eight others which need crowns, so that would be top of my list. I'd also love to visit France and Germany.....definitely would set some aside for savings/retirement.
Well......I just had a tooth pulled in preparation for a dental implant, and have about 6 or eight others which need crowns, so that would be top of my list. I'd also love to visit France and Germany.....definitely would set some aside for savings/retirement.
What would you do in terms of family and friends, that's really the thrust of this thread???
Maybe a nice celebratory dinner but no more than that.
Is your retirement funded? 2M will maybe get you $1.2M after taxes. That's not much money.
Pay off your debt and leave the majority in savings and do not get sucked into the idea that your good fortunate entitles anyone else to anything of yours.
* pay off my school loans & house
* pay off my parent's home loan
* buy a house for my brother
whatever was left would be mine to keep
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