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Wouldn’t really make a difference in my life to be honest, but it would allow me to buy our next house without a mortgage versus a small one (percentage wise, small). It would be nice and helpful in that respect but it wouldn’t raise the type of house I’d be buying and wouldn’t otherwise be used for anything. Whatever wasn’t spent on the house would just be added to investments and forgotten about gradually.
NOW!! Don't get jealous.. BUT in Canada.. such things ( Lottery) are NOT taxable income.. so at my age would no doubt pay off a rather low amount of my mortgage.. then SHARE some of it with those who could appreciate it!
Next would be invest it to something that would compound so that it grows..
I may do some things I had always wanted to do with my house..and be able to afford to get away to avoid the mess!!
But in the end.... I cannot take the $$$ with me when my time comes>> But would make sure my beneficiaries assigned in my ESTATE benefit! Pay it forward! Donate to causes I care about .. But mostly, Make sure my lifetime hardwork plus blessings get paid forward to those who could USE IT!!
BTW~~Just like the US.. We (Canadians) have to pay taxes on "Capital Gains" on Investments too.. So it's not like the windfall will remain untaxed!! Course, If I kept the total in my checking account.. Zip taxes would be payable!!
If it is like the advertised state lottery winnings (annuitized versus the actual lump sum value paying out the annuitized face value over 30 years), this would mean the lottery was about $2.5 million so that after all the first year taxes are taken out I literally had one million dollars.
What would I do.... likely put it in one of those guaranteed 7% real estate funds so I get an extra $70,000 a year for rest of life, which in my locale is plenty to live comfortably.
There is a local tavern in our area that has a weekly Queen of Hearts drawing which garnered national attention after no winners for 48 weeks last year and it had gotten up to $5.3 million. Probably best odds ever to win a lottery. I did buy tickets the last three weeks once it got to the $2.5 million level.
Odds were about 1 in 1.7 million the last drawing (it is based on the tickets bought each week).
It was interesting because there is no 'official clause' on not making the winners identity public, but the establishment honored it.
I'm the type that usually only buys lottery tickets occasionally for the 'dream' when they are up over $100 million to insure I clear $40 million.
Now finding two million and having to escape a 'collector' like Javier Bardem in No Country For Old Men would be a nightmare.
Assuming a million tax free in a lump sum, I would pay off my mortgage debt, and invest the rest of it in a mixture of stocks and bonds. Every year I would take my gains, less a bit to hedge against inflation, and add it to my annual income.
Boring, but safe. It would add another $50 k or more to my annual income, which would allow me to travel more.
If the amount in question was $5 million, that is another story entirely.
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