If You Won A Million $$$ How Would You Spend It? (page 4)

Priest73

That's how kids are made.

I hope your keyboard has plastic on it.

John Doe

No, but it's got enough food to last for 3 or 4 days.

It's remarkable how little most people know about money, judging from the responses here. You win $1 million, the government takes 30% for taxes, you've got $700,000. You put that in the bank and earn, these days, 3% interest if you can find a bank that pays that much (and is not about to go out of business). That generates $21,000 a year, or $1,750 a month. The government also taxes the interest, leaving you with about $1,500 a month. How long could you live on that?

Someone said they'd spend "a quarter of it" on a big house. A quarter is either $250,000 or $175,000, depending on whether it's a fourth of the gross or net. I'm not sure where in the United States that would buy a big house, but I guess it depends on what your definition of "big" is. I think most of us believe a lottery win would entitle us to "a dream house," which is way more than 'a big house" and probably would eat up your entire $700,00 check in many states, leaving you with a hefty mortage and a property tax bill your present salary couldn't cover.

A while back I read an article entitled something like: "How much money does it take to be a millionaire these days?" The author said most people think of a millionaire in terms of those 1930's movies: big car, driver, mansion, yacht, black tie and tails, endless social life, cocktails, dinner parties, travel to Europe. To live like a "millionaire," he calculated, would require a bank account of $11 million in current dollars. And the article was written at least 10 years ago, so the figure has inflated to around $15 million.

To net $15 million you'd have to win a lottery of around $45 million (assuming you take the cash, which discounts the prize substantially; taxes take a bunch more).

This knowledge, I believe, is the reason many people only buy lottery tickets when the prize gets to that level.

Ahhhh it does my heart good to see Priest and Doe fight with each other.

likelyhood of us mud wrasslin' ? NIL

If You Won A Million $$$ How Would You Spend It?

John Doe

Priest73

John Doe

snowbird

John Doe

willyloman

beksbks

beksbks

shamus100

Priest73

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