Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Non-Romantic Relationships
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-13-2016, 04:59 PM
 
Location: So Cal
51,844 posts, read 52,235,316 times
Reputation: 52304

Advertisements

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.

What do ya think???
Reply With Quote Quick reply to this message

 
Old 08-13-2016, 05:04 PM
 
Location: So Cal
51,844 posts, read 52,235,316 times
Reputation: 52304
Mod cut: Orphaned (quoted post has been deleted).

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.

Last edited by PJSaturn; 08-13-2016 at 08:55 PM..
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 05:40 PM
 
2,542 posts, read 6,887,186 times
Reputation: 2635
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.
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 05:44 PM
 
Location: So Cal
51,844 posts, read 52,235,316 times
Reputation: 52304
Quote:
Originally Posted by crazyme4878 View Post
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.

Take a nice vacation once a year sounds nice too.
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 06:14 PM
 
Location: Arizona
8,213 posts, read 8,530,088 times
Reputation: 27463
Quote:
Originally Posted by crazyme4878 View Post
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.
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 06:31 PM
 
924 posts, read 744,626 times
Reputation: 871
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.
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 06:39 PM
 
Location: So Cal
51,844 posts, read 52,235,316 times
Reputation: 52304
Quote:
Originally Posted by Diane de Poitiers View Post
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???
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 06:51 PM
 
3,808 posts, read 8,692,630 times
Reputation: 5536
You don't give them any.

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.
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 06:54 PM
 
13,640 posts, read 24,411,941 times
Reputation: 18580
[mod]clarification]/mod] The op has been edited to add the question Chowhound asks in the quote below.

This is the question the OP wants to hear responses about..

Quote:
Originally Posted by Chowhound View Post
What would you do in terms of family and friends, that's really the thrust of this thread???
Reply With Quote Quick reply to this message
 
Old 08-13-2016, 06:55 PM
 
Location: Pahrump, NV
2,821 posts, read 4,455,873 times
Reputation: 2735
i would:

* 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
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Non-Romantic Relationships

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top