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Originally Posted by Bakeneko Same here - expensive jewerly, fur coats, etc...
I recently saw an episode of some show about winnng the lottery .... couple won like , well - after taxes their take was like 2.3 million. They bought a 900,000 house, a hummer (40k?), a motorcycle (another 20k?), and a 18K ring for the wife. Then talked about how they were going to live off the rest?
I think most of us will buy a 1 million dollar house if we have 2.3 million dollars after taxes. Well, at at least i would, especially 1 million is not much of a mansion in Northern NJ.
I will continue working though.
I can't see how spending that much on a house is wise though.... IIRC, these seemed to be people of modest means before their win. Just the property taxes might be more than their total houseing budget prior to the win...
I've also read that several people who "won" remodels on the Exterme Makeovers shows ended up losing their homes because they couldn't afford the new taxes on the improved home...
jewelry has a what 300% mark-up so whatever she paid for the ring , she couldnt' resell it for.. and the other two big ticket items lose value over time...
The luxury car. I get why people like them, I'm glad if I want one they exist -- but a car is meant to get me from point A to point B. My Toyota Matrix does that, and I can buy a 7 foot Christmas tree and haul it home. It's practical and comfortable. I might upgrade to a Camry (especially if there was still a wagon) but I like my car.
The thing's going to promptly depreciate in value and run into the inevitable maintenance issues. And the legal speed limit where I do most of my driving is somewhere around 45; having a car that can do 200 in 10 seconds is completely worthless. And as soon as I park it anywhere in public, people will ram their car doors into it, etc... There is no point.
Depends on how much money we're talking about. If I won 2.5 million (after taxes) I wouldn't buy anything immediately. I'd invest it and start to do some traveling in a few years using the earnings only. If it was more, say 5 million, I'd still invest most of it, quit my job and spend some of it immediately on travel.
I don't really care about cars or big houses or jewelry, so I wouldn't spend any money on those things.
I would never buy a huge house, a non practical for me vehicle, jewelry, furs, lots of clothing (expensive or otherwise) or real estate to rent out. There are many other things but those are the top ones I guess. I would buy some land and build the modest home I do want that is easy maintenance, a practical for me vehicle that is used but newer and if I need new clothing I would purchase that. Otherwise I have what I need and don't need more than what I use in a reasonable amount of time.
I wouldn't buy a mansion.
Wouldn't buy antiques
Wouldn't buy Knicks knacks
I would buy a more practical house depending on how much money I won. If I took home 25-30 million I can see spending 1 million on a nice house with some a acreage In a place like Arizona or California. Taking home 25-30 million, the max I would spend on cars would be 100k a piece and I would have 4 cars. An SUV, BMW M3 convertible, large sedan (Audi, Infiniti, etc) and corvette. I would want to live comfortably for the rest of my life. The people who spend almost a million dollars on a house after taking home 2.3 million are foolish. They will surely run out of money sooner than you'd think.
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