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Discussion in 'Off Topic' started by Jim, Mar 20, 2011.
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Throw it all in the bank for retirement.
what is the question? That is not such a large amount any more.
I know, that is why I would just sit on it and use it for a toy fund.
I would also save it for a rainy day, how boring is that?
I remember when a million bucks was a big lottery prize. Now I don't fantasize until it's at least $30 million. (tax free in Canada of course LOL). I won't turn it down of course, but it wouldn't be life altering that's for sure. I'd probably take several cruises a year, flying first class of course, gamble, party with my friends. The rest I would waste LOL
I would set up a revenue generating fund and live off the income.
I would invest it all in milepoint and name Jim as my beneficiary.
I was about to say... in the US the taxes kill you. The Powerball today is $100 million, but that's for the annuity. If you want a lump sum it's $51 million, and that's cut in half pretty much after you pay taxes. So you go from $100 million to about $25-30... I can spend that in a week and a half if left to my own devices.
A million dollars is nothing nowadays...
To everyone saying a million is nothing nowadays, I'd love for you to share . You don't even have to give me more than "nothing" and I'd be thrilled!
I'd probably pay off debts, switch jobs.
Proceeds from lotteries in Canada are tax free.
..finally get that ipad.
for the majority of folks in the U.S., let alone the world, $1,000,000 is a LOT of money and thus would be life changing.
I think that the avg earnings/savings/assets of MP'ers is a bit skewed, just a guess.
....keep quiet about it! (and buy an iPAD! )
Not tell anyone and move to Central America and live for cheap and spend all my time collecting miles and traveling.
Many financial advisors say that you can safely take about 4% per year our of your savings and they will last your entire lifetime. So, with a million in savings your annual income would be $40,000.
Exactly what I would do. I had leftover cash from my college fund, so now I take a small amount each year and invest the rest. Besides general thriftiness and not blowing my stipend at the bar every week, that's how I pay for a good chunk of my travel on a grad student salary.
The trick is to avoid changing your lifestyle. Assuming you were doing fine before, pretend the million doesn't exist. Hide it away somewhere stable and have dividend checks sent to your regular checking account. Then it's like getting paid for a second job you never actually work.
This is what I do. In fact, I'm so good at it that it doesn't exist. I should dial it back a bit.
Put most of it in the bank to gather interest, but probably book myself a longhaul flight in F to the UK for the experience.
I'd agree most of the crowd here has probably at least 1 standard deviation away from the mean's worth of income more than the average. 1mm is still a lot of money for anyone -- I don't care if you're Donald Trump or a poor street kid -- 1mm is still serious money.
The Bare Naked Ladies have a great song with the same title as this thread.
"haven't you always wanted a monkey?" LOL
You know what I would do if I had a million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities.....
Well I think the problem is that most people here already know that it's a lot, but not "a whole lot"
People that don't know say "I'd buy a house and not have a mortgage" -- but all of us homeowners know that you have to pay property taxes, plus maintenance, to the tune of tens of thousands a year.
Most of the crowd here look at a million dollars and knows that they could spend that in a couple of hours if not sooner, so they just figure they'll try to make it last.
I would trade it all for a little more.