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.
I like where I am, but a $5 million dollar win is enough to bring out the beggars and the scammers, and the lawsuits. It is probably enough to attract the attention of the kidnappers.
You might have to move purely in self defense, to an area where no one knows you just came into $5 million that many people are hoping to help you spend.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,471 posts, read 6,644,823 times
Reputation: 6773
Probably not move but likely take more and longer vacations (maybe Europe and Brazil for 2 months at a time instead of 2-3 weeks) and stay at even nicer properties than I do now.
I live exactly where I want and would not move but would make additions/improvements to my home. I would hire folks to do stuff I don't want to do. I don't want the hassle of owning property in favorite places around the world but would do long term rental at a different place or several places each year (beach, mountains, Italy, etc.). I might buy a smaller property on a trout stream somewhere not far from home.
1. Not for the low taxes, but a town with lower taxes. They vary greatly. But the land is cheaper down the Shore over Mass/RI/NY
2. I would maybe splurge up to 700k, but I would save/invest the money for an additional property down the road.
3. Bring em!!! Meet them at Seaside
My mill rate in a Massachusetts coastal village is $9.40 per thousand. I’m assessed at around 60% of market rate so the effective tax rate is more like $6.00 per thousand. With Proposition 2 1/2, if they re-appraise the town to 100%, my tax bill doesn’t go up. The increase on the town’s tax base is limited to 2.5% per year. There aren’t many towns Down Da Shore lower than that. Cape May is lower but that’s pretty far from things.
My mill rate in a Massachusetts coastal village is $9.40 per thousand. I’m assessed at around 60% of market rate so the effective tax rate is more like $6.00 per thousand. With Proposition 2 1/2, if they re-appraise the town to 100%, my tax bill doesn’t go up. The increase on the town’s tax base is limited to 2.5% per year. There aren’t many towns Down Da Shore lower than that. Cape May is lower but that’s pretty far from things.
Yeah but theres more to do down the Shore. Also, you can take the train.
I live in Somerset County and its only 2 hours flat to Cape May County.
If I won $5 million, I'd basically live a financially improved version of my current life. I'd stay in Raleigh, but I would buy a nice house in a walkable neighborhood inside the beltline, maybe in Boylan Heights or Oakwood. My spouse and I would keep our jobs.
We would likely buy a small but well maintained investment property/vacation home. Maybe in New Orleans or Charleston. I prefer Nola, but Charleston is drivable from Raleigh, so that might make more sense.
The rest we would invest, fund retirement and put in college funds. We would take nicer trips and increase charitable giving.
I’d stick with what I have now but the house on the coast would get upgraded to 2x the size and 4x the land, the boat would get upgraded, and the ski condo in the Vail valley would get upgraded.
I'd probably buy a nice loft for myself in the central Atlanta or DC areas with those beautiful big industrial windows and brick walls (you know what I'm talking about). Lots of properties like that in these two cities at least on Zillow, I don't even need a luxury version of one. Then I'd invest the rest so I could live off the interest. If I could make close to or above six figures from the interest I'd be pretty happy. Quit my job and go back to school to get a graduate degree then get a job that better aligns with what I'd rather spend my time doing (which I am not doing because inflation is ridiculous and wages do not keep up). Job would still provide me with some security especially regarding health benefits and retirement since I am younger but still have pre-existing chronic diseases.
Then I'd probably get a small mountain cabin out here in the Eastern US maybe in North Carolina or West Virginia hopefully with a nice view and quiet forest land but not too far from a small town and decent internet/phone service, if the cards were done right. Job + interest from winnings should, ideally, afford me this option.
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.
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.
