I'd like to say hookers and blow! At my age now though that'd be over with in less than 5 min with 999,999 left over. To give my planner guy.
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$1,000,000
- Thread starter Gonna Smoke
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luvcatchingbass
Smoking Fanatic
$1,000,000 won't get very much anymore. But some is still better than zero
luvcatchingbass
Smoking Fanatic
Like said above these days it isn't much especially after taxes. invest as much as possible and let it earn for me, I'm 41 now so by 60-65 on top of what I have going for retirement I could sit pretty comfortably. Some would be set aside for the 2 daughter's (14 & 11) college. Probably figure out a bucket list hunting trip like a sheep or Mt goat while I'm still physically able.
HI EVERYONE!
For whats its worth?
I inherited almost 200 K from My great Aunt and final estate from my parents. last few years.
Spent money on stuff , needed to be done around the house repairs.
But went a bit crazy on a Pool, deck,ECT>
Yeah? its nice!? Would I do it again? Probably not?
ADVICE: what ever yur nest egg is? : Take 30 to 40 % out to spend?
60% left ? : Invest it !
If properly done, it will recover the 40% or close to it?
I have a 401K, invested it.
6 yrs later? Been living off of it on a small withdrawal from it .
Its down 10% from what I had 6 yrs ago !
Unfortunately there are scammers out there?
ALERT: Get Multi plans on yur $ if you don't like what you see?
It should be free to consult a Money plan !?
If not ?
LEAVE ASAP!
again I can not stress how happy I am with what I have!?
GOOD LUCK!
Yup. Doing that now. Shifted 90% of my 401K over. 401K is not very stable, again.
Between shifting funds. And the funds Ann inherited. We bought the fifth wheel outright. Home and the Bronco will be paid off by the end of the year. We've got money rolling over in short term 5% CDs. And I'm entertaining a buyout offer on my pension from old job. We'll be pretty much solvent in two years. Which happens to the amount of time I plan to work.
Buy a house that has a kitchen bigger than my 8'x8'!!!
I recall that question being asked in the movie Office Space.
And I loved his answer...probably would not be appreciated by the mods if I posted the clip though?
When they offered me a buyout of my pension it was $145,000. The pension is $54,000 a year. Needless to say I declined.
I'm waiting to see. I just got a letter stating buyouts plans were being prepared and sent by the end of the month. Either way. I'll wait until I'm 65 to see how things go.
My buyout offer was less than a years worth of payments. I declined too. I only worked there about 7 years about 25 years ago, but $300 a month can pay a bill or two. I still have a few years til retirement.
Lol, I had to look that one up. Good answer; not to brag, but been there, done that.
I would pay off my condo, invest the rest and retire this minute. Kids can have what's left after I'm gone.
Unfortunately, you may have seen on the national news that WA state just passed a blatantly unconstitutional "Millionaire's Tax". Anything you make over $1 Mil is taxed at 9.9%. Income tax is strictly prohibited in our state constitution, and has been voted down by the populus 10 times. So our representatives made sure we couldn't vote on this one. Hopefully, it will be shot down in the courts. But with our ultra-left state supreme court, nothing is sure.
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Parshooter
Meat Mopper
I'd take about 50k for some household improvements and invest the rest. Plan on retiring within 10 years so put the rest away.
To the original question, I prefer an inheritance as it is usually tax free.
Lottery or hitting it "big" at Vegas or the race track puts you under the Infernal Review Scrutiny microscope.
Invest is my option. My wife has her eyes on some Florida property.
Reminds of the referendum to fund the new baseball field that the voters tuned down 30 years ago. You still got Safeco Field (or whatever it is called these days). They side stepped that one too and got away with it.
It was a no brainer to take the buy out. That was over 10 years ago and he has done much better on future returns.
I need to rollover my pension from a previous employer.
Lottery or hitting it "big" at Vegas or the race track puts you under the Infernal Review Scrutiny microscope.
Invest is my option. My wife has her eyes on some Florida property.
A million was worth more 27 years ago, too.
The "emergency" clause is really shaky, too.
Reminds of the referendum to fund the new baseball field that the voters tuned down 30 years ago. You still got Safeco Field (or whatever it is called these days). They side stepped that one too and got away with it.
We used a financial advisor to advise on my wife's buyout of her retirement from an old job.
It was a no brainer to take the buy out. That was over 10 years ago and he has done much better on future returns.
I need to rollover my pension from a previous employer.
I LIKE YOUR STYLE JIM, WE'D HAVE DONE FINE SITTING AROUND A GLASS COFFEE TABLE FORTY YEARS BACK! I WOULDN'T LAST SIXTY SECONDS NOW. I'D GO PLAY SOME TABLE GAMES, USE BLACK CHIPS IN PLACE OF RED ONES.
chef k-dude
Master of the Pit
If lottery, considering the federal tax rate is 37%, in rough numbers (not considering current other income or adjusted gross), start by lopping off about $370,000 to the fed. We'd have about $630,000 left. Virginia would get a cut of about $57,500, leaving about $572,500 left.
I have always said I would immediately donate 10% to charity, just to get any bad karma off of it (ever seen a "lottery ruined my life" program?). That would be another $57,250, leaving about $515,250.
Definitely pay off the mortgage. I think we owe something like $104,000, leaving around $411,250.
Need a new deck, probably $35,000 for its size and what we would want to do. Kitchen remodel (over 30 years old) would probably be at least $25,000 (not a huge kitchen)...leaves around $351,250. Probably toss at least $10,000 to each of four kids and a grandson, leaving around $301,250 if thats all we gave them. If the grandson wanted to go to college, we'd help. If we paid full ride that could easily be $120,000 for an in state college four years, leaving around $181,250.
It would be a good time to buy a new-used Toyota Sienna (Wife still loves her 2004 believe it or not. We dont have car payments)...probably around $30,000 these days...leaving around $151,250.
Then the wife and I would debate whether to blow money on a vacation. We dont need to escape anything, we're on 10 acres of mixed wood forest and can hardly see a neighbor's house in summer, except my dads log cabin I had my parents build on my property. Which I would have to pay utilities and upkeep on if/when he dies. Rather keep it than have who knows what neighbors buy it and move in.
We would likely just hold the rest for emergencies and unexpected repairs. I'm starting to have health issues and my insurance premiums and max out of pocket this year is $10,400. I'm paying thousands a year for health care outside of premiums. Not yet old enough for Medicare.
So, win a million dollars, and still not a chance to retire!
I have always said I would immediately donate 10% to charity, just to get any bad karma off of it (ever seen a "lottery ruined my life" program?). That would be another $57,250, leaving about $515,250.
Definitely pay off the mortgage. I think we owe something like $104,000, leaving around $411,250.
Need a new deck, probably $35,000 for its size and what we would want to do. Kitchen remodel (over 30 years old) would probably be at least $25,000 (not a huge kitchen)...leaves around $351,250. Probably toss at least $10,000 to each of four kids and a grandson, leaving around $301,250 if thats all we gave them. If the grandson wanted to go to college, we'd help. If we paid full ride that could easily be $120,000 for an in state college four years, leaving around $181,250.
It would be a good time to buy a new-used Toyota Sienna (Wife still loves her 2004 believe it or not. We dont have car payments)...probably around $30,000 these days...leaving around $151,250.
Then the wife and I would debate whether to blow money on a vacation. We dont need to escape anything, we're on 10 acres of mixed wood forest and can hardly see a neighbor's house in summer, except my dads log cabin I had my parents build on my property. Which I would have to pay utilities and upkeep on if/when he dies. Rather keep it than have who knows what neighbors buy it and move in.
We would likely just hold the rest for emergencies and unexpected repairs. I'm starting to have health issues and my insurance premiums and max out of pocket this year is $10,400. I'm paying thousands a year for health care outside of premiums. Not yet old enough for Medicare.
So, win a million dollars, and still not a chance to retire!
Forty years back a glass coffee table wouldn't have lasted a weekend with me. LoL
Needed something someone could dance on!
Now? We made our first tripp to a casino and went during the week. (Wife birthday)
Think I seen my future! A old fat guy with a red white & blue weber kettle on a t-shirt. Using a walker with th tennis balls. Moving from machine to machine having a drink at each brought to him.
Me neither...
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