You just won $1mil (tax free). What's your plan?

justincredible

Honorable Admin

Wed, Mar 11, 2020 9:51 AM

Let's say you stumble into a large sum of cash, totaling $1 million. Taxes don't need to be paid, so you get the full amount. 

What's your plan?

kizer permanente

Senior Member

Wed, Mar 11, 2020 9:59 AM

I would give $370,000 of it to the federal government b/c it's the right thing to do. 



*checking to see if Justin banned me*

justincredible

Honorable Admin

Wed, Mar 11, 2020 10:01 AM
posted by kizer permanente

I would give $370,000 of it to the federal government b/c it's the right thing to do. 



*checking to see if Justin banned me*


kizer permanente

Senior Member

Wed, Mar 11, 2020 10:07 AM

In real life,  I hate working so i'd put it towards early retirement vehicles. But I'd be lying if I said I wouldn't spend some if it frivolously. But yeah.. mostly safe investments that can get more closer to retiring earlier.  

iclfan2

Reppin' the 330/216/843

Wed, Mar 11, 2020 10:25 AM

Give it to my financial adviser and change my risk level to less risky. Like Kizer, I am not a fan of working and would like to retire as soon as possible. The only thing I would want to spend money on, that I can't or don't want to currently, is to move closer to work. 

justincredible

Honorable Admin

Wed, Mar 11, 2020 10:26 AM

I'm putting $80k into bitcoin immediately (at ~$8k per BTC, giving me 10 total) and sitting on it for 10+ years.
I'd also find the best 10+ acre property with a decent house in the hills of Kentucky and buy it outright. Let's call it $350k.
I'd search out a few investment properties in the area and put 20% down on each. I'd put $250k into this venture. That should give me 5-10 decent income generating properties.
I'd spend $50k frivolously.

That leaves me with a decent chunk left ($270k) to seek out other investments.

 

O-Trap

Chief Shenanigans Officer

Wed, Mar 11, 2020 3:43 PM

Pay off debt, invest most of it into product launches (either my own or as a sort of angel investor), and have fun with maybe $50K of it.  I live really cheaply, so after debt, it REALLY wouldn't take much to live.  Our family of three could probably live on less than $1,000 a month after outstanding debts are paid, so it'd be pretty easy to do.

queencitybuckeye

Senior Member

Wed, Mar 11, 2020 3:53 PM

Two chicks at the same time.

gut

Senior Member

Wed, Mar 11, 2020 3:57 PM

20% into $1M land & house.  Invest the remaining $800k which investment gains hopefully cover the payments, including interest and taxes.

That seems like the most practical way to use the money.  Just leveraging a real estate investment with the security of having the money in more risky investments to pay it off.

It's probably something less than $1M so that you have money left over for things in and around the house.

justincredible

Honorable Admin

Wed, Mar 11, 2020 3:58 PM
posted by queencitybuckeye

Two chicks at the same time.


Laley23

GOAT

Wed, Mar 11, 2020 7:15 PM

$1M doesnt go too far, unfortunately. Probably buy a bigger house outright. Which, in Chicago suburbs with a family of (currently 3, but going to be 4-5) is around $750k. Then invest $200k. Then head to Vegas with $50k. If I did very well with that $50k, invest half of the winnings.

Spock

Senior Member

Wed, Mar 11, 2020 9:01 PM
posted by queencitybuckeye

Two chicks at the same time.

Bingo.

Ironman92

Administrator

Wed, Mar 11, 2020 9:01 PM

Owe $60,000 on our house...so pay that off.

My 15 year old Accord has 260,000 miles....so $30,000 on a new car. My son’s truck is pretty old, would upgrade his.....so $50,000 in vehicles.

Redo kitchen $15,000

Buy 4 Reds season tickets and rent a house across the river in Kentucky

 

Thst would leave me around $850,000

Daughter has racked up a nice number on loans for her pharmacy school....pay that off after she’s done next year

 

Would add a vacation or two every year forever.

 

Invest $300,000-$400,000

Spock

Senior Member

Wed, Mar 11, 2020 9:03 PM

Invest a little for each of my kids, invest at least $600,000 for my early retirement, blow about $25,000 on toys, pay off all debt with the rest.  

Work for 9 more years not giving any fucks because I could just walk out.

Belly35

Elderly Intellectual

Thu, Mar 12, 2020 12:06 PM

No mortgage, 1 car payment, retired SS both me and the wife, still working because I want to upper 5 figure , military DAV 90% could be 100% in the next few weeks, nice saving, 401, 1 mill just more frosting   

ptown_trojans_1

Moderator

Thu, Mar 12, 2020 1:02 PM

Pretty boring actually for me. 

Pay off student loan debt, not much left just a few K. 

Buy a middle sized house with some of it. 

Make a few donations here and there to charities I have donated to over the years. 

Invest the rest.