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Posted: 2/5/2006 6:59:46 PM EDT
If you got a check for $1,000,000.00 right now, what would you do


1) tomorrow


2) for the rest of your life (whether you're 20, 30, or 60) so that you don't have to work ever again
Link Posted: 2/5/2006 7:00:24 PM EDT
Gross or Net, will I be taxed first?
Link Posted: 2/5/2006 7:00:49 PM EDT

Originally Posted By USMC88-93:
Gross or Net, will I be taxed first?



Net. You get the whole million.
Link Posted: 2/5/2006 7:00:57 PM EDT
Easily
Link Posted: 2/5/2006 7:01:16 PM EDT
Easily.
Link Posted: 2/5/2006 7:01:23 PM EDT
Yup.

Continue working. I enjoy what I do.

Invest most of it. Have a little fun with a little of it.
Link Posted: 2/5/2006 7:01:58 PM EDT
[Last Edit: 2/5/2006 7:03:25 PM EDT by Ardenner]
Tomorrow, I would invest most of it in a Vanguard mutual fund. I'd spend the rest on a few new toys: a shrike, a couple RRs, a few MRPs, an FN SPR or two, some really nice glass.

It would be impossible for me to live on that much for the rest of my life. I might be able to live off that for a decade, but I wouldn't wan to try it.
Link Posted: 2/5/2006 7:02:04 PM EDT
[Last Edit: 2/5/2006 7:05:31 PM EDT by bigdb1]
Edit due to "net" clarification.

A million bucks after taxes isn't a lot of money to last a lifetime.

A million bucks isn't a lot of money to last a lifetime.

I'd go to work tomorrow, and my life wouldn't change much at all but my tolerance for bullshit would be much reduced.
Link Posted: 2/5/2006 7:02:07 PM EDT
Negative. The average high school grad makes 1.1 Mil over the course of their life. The average college grad makes twice that.
Link Posted: 2/5/2006 7:02:34 PM EDT
nope.

it'd be gone by next weekend.
Link Posted: 2/5/2006 7:03:06 PM EDT
Invest half, start small business with the other half keeping $10,000 out for an M16.

Yup, plan is flawless.
Link Posted: 2/5/2006 7:03:30 PM EDT
No
Link Posted: 2/5/2006 7:03:50 PM EDT
Yup... Without a doubt.
Link Posted: 2/5/2006 7:04:08 PM EDT
No, I'd go to work the next day.

But i would have a new pair of underwear every day.
Link Posted: 2/5/2006 7:04:09 PM EDT
Chris Farley made $1,000,000 last a lifetime

I could easily do the same
Link Posted: 2/5/2006 7:04:26 PM EDT
That's about 2 months of hookers and blow me for.
Link Posted: 2/5/2006 7:04:54 PM EDT
I'm 23 and could easily do it.
Link Posted: 2/5/2006 7:05:25 PM EDT
I'd pay off my house, my wife's car, and give some to my family and to the church. I would keep working and without a house payment and a car note, I would live richly with a new gun every week for the rest of my life.
Link Posted: 2/5/2006 7:05:42 PM EDT
No problem.
Link Posted: 2/5/2006 7:05:56 PM EDT
yeah,
after I bought a M16 and new truck
Link Posted: 2/5/2006 7:06:11 PM EDT

Originally Posted By WMW: Net. You get the whole million.
Yes.

It's going to be a lot more difficult with taxes. Taxes are like driving your car with the parking brake on.
Link Posted: 2/5/2006 7:06:19 PM EDT
[Last Edit: 2/5/2006 7:08:46 PM EDT by captainpooby]
...as pie.

I could spend it and not make a cent investing it and still last till my dying breath. It wouldnt be hard to invest it in absolute blue chip financials and live like a king.
Link Posted: 2/5/2006 7:06:24 PM EDT
Gross....yes

Net...probably

HH
Link Posted: 2/5/2006 7:06:25 PM EDT

Originally Posted By Justa_TXguy:
That's about 2 months of hookers and blow me for.



You, me, and Farley, eh???

Surely there are other board members who could be as successful in their wealth management!
Link Posted: 2/5/2006 7:06:26 PM EDT
I'd just put it in the brokerage account with the other millions.
Link Posted: 2/5/2006 7:06:28 PM EDT
[Last Edit: 2/5/2006 7:08:20 PM EDT by MagKnightX]

Originally Posted By WMW:
If you got a check for $1,000,000.00 right now, what would you do


1) tomorrow


2) for the rest of your life (whether you're 20, 30, or 60) so that you don't have to work ever again



$1million is not a hell of a lot of money. Somebody who works for $25k a year (after tax) makes that in 40 years; people like my father who earn $100k a year (which isn't that much in this area; we're comfortable but often near broke) make that in 10 years.

I plan to make that much in 1 year later in life.

As to your question, I would put $250,000 in a high-interest savings account, $250,000 invested initially in mutual funds from which, every year, I'd sell all but the initial $250,000 and invest the profits with a competent stockbroker, $250,000 in a seperate high-interest savings account from which I'd leech for my college education (and, if after my doctoral graduation, there was money left, the remainder would be invested), $50,000 with a competent stockbroker, $50,000 in a seperate high-interest savings account for post-educational housing funds, and the rest would go to living the high life in the here-and-now: clothes, a car, guns, computer stuff, better furniture, etc.
Link Posted: 2/5/2006 7:07:00 PM EDT
Yup, probably even stay in the same house I live in now. Wouldn't change much, don't know if I would continue to work, probably; I like what I do. I think the interest would be more than I make now.
Link Posted: 2/5/2006 7:07:58 PM EDT

Originally Posted By ASU1911:
Negative. The average high school grad makes 1.1 Mil over the course of their life. The average college grad makes twice that.



Thats over the course of there life, not all at once. All at once, you can invest, savings, whatever and make do......
Link Posted: 2/5/2006 7:08:52 PM EDT
Certainly. That is more than enough to hire some group of thugs to to steal 10 million.
Link Posted: 2/5/2006 7:10:29 PM EDT
[Last Edit: 2/5/2006 7:13:30 PM EDT by WildBoar]
1 Tomorrow? Call my lawyer

2 rest of my life? Hard to say. Possible but not likely.
Link Posted: 2/5/2006 7:11:14 PM EDT
Not a chance.
The best CD rates I see today, as an example of a safe investment,
are 4.25%. That is $42,500 per year, and taxes need paid on that
gain.
Young, single, kidless - I'd give it a go.
But I am none of those things.
$4M or $5M - I could do it.

DanM
Link Posted: 2/5/2006 7:11:34 PM EDT
Without investing and working... no. It would be gone in about 10 years.

I could however retire about 15 years sooner if I invested and kept working.
Link Posted: 2/5/2006 7:11:56 PM EDT
most likely yes. i could put myself thru college and wind up with a fine paying job and not really need to dip into the millions.


send me a million bucks and I'll let you know.
Link Posted: 2/5/2006 7:13:24 PM EDT
I can tell you this, I would be a hell of alot more comfortable. The yearly interest would be a nice addition to my income.
Link Posted: 2/5/2006 7:14:08 PM EDT

Originally Posted By 22bad:
Easily

Yep
Link Posted: 2/5/2006 7:15:11 PM EDT
I could do it with $100,000. went a long ways with just $10,000.....turned it into $30,000 in a year, going to hopefully turn that into $100,000 in a couple years.

Not bad for starting with nothing.
Link Posted: 2/5/2006 7:17:26 PM EDT
As a couple have pointed out, you can get interest on the $$.

Use DanM's figures (call it $40k a year in interest income--it has the potential to be higher, but to be safe, call it 4% interest).

With a $40k income...
And, NO need to commute to work.
No need to live in a specific area to get work.
No need to buy work clothes.
etc. etc.

I think most people could do well on 40k a year. 40k a year x 25 years is another $1mill.

That is fairly conservative.

Couldn't you buy a nice, small place somewhere, and live on $25k? Reinvest the remaining $$ after taxes.

Might be more complicated if you want to continue an extravagant lifestyle...however, even in that case, the $40k income from the interest would make a nice boost to your other wages.

AFARR
Link Posted: 2/5/2006 7:17:29 PM EDT
I'd invest in house and lots,


whore houses and lot of them! LOL
Link Posted: 2/5/2006 7:19:18 PM EDT
I'd invest it, at my usual 10% that woudl give me 100,00 a year.. roll say 40% of that back in, and I woudl actually be building my amount of money,a nd I coudl live on $60,000 reasonably nice, especially if I kept working in th eoilfield, in a few years it woudl ahve built up enough I woudl never have to worry about money
Link Posted: 2/5/2006 7:19:38 PM EDT
If I continued working - sure. Going to make that anyway.

I might start my own business or try my hand at day trading.
Link Posted: 2/5/2006 7:19:59 PM EDT
A million in cash? Hell yeah I could live off of that. I'd give my 2 weeks notice at work, find a nice conservative place to put it at about 6% and live off the 60,000 a year without ever touching the principle.

Dave
Link Posted: 2/5/2006 7:21:21 PM EDT
[Last Edit: 2/5/2006 7:22:42 PM EDT by WMW]
I suppose it would also depend on what part of the country you were living in.

A mil won't go far in San Jose, San Diego, or Boston, but if you were living in some podunk town somewhere, you could live like a king for a long long time.



I'm surprised no one mentioned moving to another country like Mexico. A mil could make you a king down there. Of course, you would need a few mini-guns to protect yourself.
Link Posted: 2/5/2006 7:23:55 PM EDT
Oh hell yeah, and I would still have a good time doing it.
Link Posted: 2/5/2006 7:25:39 PM EDT
[Last Edit: 2/5/2006 7:27:52 PM EDT by Ardenner]

Originally Posted By MagKnightX:

Originally Posted By WMW:
If you got a check for $1,000,000.00 right now, what would you do


1) tomorrow


2) for the rest of your life (whether you're 20, 30, or 60) so that you don't have to work ever again



$1million is not a hell of a lot of money. Somebody who works for $25k a year (after tax) makes that in 40 years; people like my father who earn $100k a year (which isn't that much in this area; we're comfortable but often near broke) make that in 10 years.

I plan to make that much in 1 year later in life.

As to your question, I would put $250,000 in a high-interest savings account, $250,000 invested initially in mutual funds from which, every year, I'd sell all but the initial $250,000 and invest the profits with a competent stockbroker, $250,000 in a seperate high-interest savings account from which I'd leech for my college education (and, if after my doctoral graduation, there was money left, the remainder would be invested), $50,000 with a competent stockbroker, $50,000 in a seperate high-interest savings account for post-educational housing funds, and the rest would go to living the high life in the here-and-now: clothes, a car, guns, computer stuff, better furniture, etc.



There aren't too many that do better than the market average from year to year. By competent, do you mean one that won’t lose all the money? People like Warren Buffet are very much the exception, and he says that except for 6 of his investments everything else has earned and average return.

ETA- BBB/Baa corp bonds will do a lot better than a savings account and are very safe.
Link Posted: 2/5/2006 7:25:45 PM EDT
Move to a free state

Get a Colt M-16 full auto

Get a FN FNC
Get a glock

Get a 1911
buy a huge house and a pool and some hookers and blow.
Link Posted: 2/5/2006 7:25:54 PM EDT
In Nebraska and single ,
no problem even at 3-4% intrest
getting better than that has not been a problem with my little paltry investments
Link Posted: 2/5/2006 7:26:46 PM EDT

Originally Posted By DanM:
Not a chance.
The best CD rates I see today, as an example of a safe investment,
are 4.25%. That is $42,500 per year, and taxes need paid on that
gain.
Young, single, kidless - I'd give it a go.
But I am none of those things.
$4M or $5M - I could do it.

DanM



I could do it easily, I only will make about 36k this year after a LARGE pay raise.

And thats paying 400 dollars a month to the feds for student loan repay.
Link Posted: 2/5/2006 7:26:52 PM EDT
I just ran it through an annuity calculation and it showed starting with a $1,000,000 invested in 4.5% munis the money would last 40 years at $52,000 per year...tax free.
Link Posted: 2/5/2006 7:27:28 PM EDT
Nope, i would spend it on hookers and blow!
Link Posted: 2/5/2006 7:30:06 PM EDT
Definately. I'd die of some horrid rotting disease or overdose.

What can i say, 1 mil buys alot of hookers and blow. Enough to most assuredly do a guy in......
Link Posted: 2/5/2006 7:31:00 PM EDT
Anybody build and stockpile a bunker for that?
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