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Old 07-06-2022, 07:54 AM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,227 posts, read 80,425,063 times
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I had to chuckle when I saw a show advertised on Bravo TV called "Million Dollar Listing Los Angeles" until I saw that it was repeats from about 2007. One million is now the median home price there. After taxes on a million you are lucky to have $700,000 left.
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Old 07-06-2022, 08:19 AM
 
15,736 posts, read 20,276,473 times
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If i won a Million bucks

I assume i get roughly $600K after taxes.

Pay off the current home. (purchased well before the latest run up in home prices)
Buy a new (modest) car.
Spread the remainder into the kids 529 accounts.


Gone...just like that.
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Old 07-06-2022, 08:39 AM
 
26,172 posts, read 21,428,069 times
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Quote:
Originally Posted by BostonMike7 View Post
If i won a Million bucks

I assume i get roughly $600K after taxes.

Pay off the current home. (purchased well before the latest run up in home prices)
Buy a new (modest) car.
Spread the remainder into the kids 529 accounts.


Gone...just like that.
Gone just like? Gone as in a paid off house, a paid off new car and funding 529s? Is it gone?
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Old 07-06-2022, 08:45 AM
 
18,755 posts, read 8,373,925 times
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Those old enough might remember this TV show:

https://en.wikipedia.org/wiki/The_Mi...ire_(TV_series)

In that era a million was truly life changing. Now a million is potentially life improving.
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Old 07-06-2022, 08:46 AM
 
5,902 posts, read 4,397,197 times
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Fund your housing for the next few decades, your Children’s future, and buy one of the biggest ticket item’s people buy and it really just adds up on you!

“Gone” like the wind!
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Old 07-06-2022, 08:47 AM
 
5,902 posts, read 4,397,197 times
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Quote:
Originally Posted by Hemlock140 View Post
I had to chuckle when I saw a show advertised on Bravo TV called "Million Dollar Listing Los Angeles" until I saw that it was repeats from about 2007. One million is now the median home price there. After taxes on a million you are lucky to have $700,000 left.
Wait until they start talking about grading a $15 million dollar house to the dirt because they bought it just for the land value~
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Old 07-06-2022, 08:50 AM
 
26,172 posts, read 21,428,069 times
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Quote:
Originally Posted by Hoonose View Post
Those old enough might remember this TV show:

https://en.wikipedia.org/wiki/The_Mi...ire_(TV_series)

In that era a million was truly life changing. Now a million is potentially life improving.
For most people getting a million bucks would be life changing not simply “potential improvement” Jesus the disconnect from reality here is astounding
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Old 07-06-2022, 09:02 AM
 
18,755 posts, read 8,373,925 times
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Quote:
Originally Posted by Lowexpectations View Post
For most people getting a million bucks would be life changing not simply “potential improvement” Jesus the disconnect from reality here is astounding
For the broad middle class, life improving. For most of those poorer, a million would be life changing for some time, but not their whole life.
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Old 07-06-2022, 09:05 AM
 
26,172 posts, read 21,428,069 times
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Quote:
Originally Posted by Hoonose View Post
For the broad middle class, life improving. For most of those poorer, a million would be life changing for some time, but not their whole life.
Middle class? Like where the median HHLD income is or around there? 60-70k and getting 1mm is only life improving not changing? Even in the 100k or higher range, life changing still applies and to think otherwise is complete nonsense. Paying off one’s house and having funds left over for other things like new cars and retirement/college savings is life changing not some simple “improvement” of a better car or better food options.
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Old 07-06-2022, 09:06 AM
 
15,774 posts, read 7,755,843 times
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A million dollars (even 600k after taxes) would be helpful to most people. I mean are you saying some would turn it down? Like no point in taking it?

My DH will be getting about 60k soon from a family home that was passed on to him and about 15 other people. It's a bummer that so many others are involved because it could have been so much more if it was just us...but is anyone going to say, oh forget it, 60k will do nothing for me? I wish they would but it's not going to happen.

People really need to be more grateful these days. Won money or money sent to you that you had to do nothing for is pretty nice.
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