QOTD: What would you do if you had a million dollars?
Comments
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I work for the TAX man....this is from our website
so can an american citizen buy a lottery ticket in canada and win and not pay taxes on it seeing it was done in Canada??? I don't even know if its legal for us to buy lottery tickets there, but just curious. I forgot how that worked.
And in regards to the OP.
I would probably just buy the house in full that I'm looking at and be total debt free with the purchase. The rest I would invest like I normally do in my stocks, bonds, ect, and work until I'm a bit older as well as put it in some types of secured form of investment such as just I bonds, and CD's (even though they pay crap now for investing I would just put a little in there for a security sake). Then when I hit 40-55 retire if I could and live off the money in the accounts and interest income. By that time I could just set up some accounts and live off the interest off the amount of Million+ interest (hopefully if I didn't lose any of my intial investment). ahhh wish I could find me some million. or 100. haha -
so can an american citizen buy a lottery ticket in canada and win and not pay taxes on it seeing it was done in Canada??? I don't even know if its legal for us to buy lottery tickets there, but just curious. I forgot how that worked.
We (the canadian lotto) would pay out the full winnings but it would be up to you to declare it when you get home. As far as how that works, you'd have to speak to your tax man. -
Simple question. If you had a cool million bucks, what would you do with it?
Me?
I walk by these homeless people every day on my way home from work. They just showed up in the past 6 months. They don't look like the typical homeless person you see in Philly with some kind of drug/alcohol problem or mental illness. They look like "a regular joe down on his luck".
Well yesterday there was an old couple out there. Well, not really old, probably in their mid to late 50's. There were two women and a man talking to them and giving them food. I overheard them say they lost their house because he lost his job and they aren't old enough for social security benefits yet or something.
It made me think. If I had a million bucks, I'd buy a chunk of land, maybe 10-15 acres. Then I'd buy trailers and park them on that land and set them up with sewer, water and power. Then I would start rounding up some of these folks who got the short end of the stick and put them up in my trailers until they could get back out on their own again. Or, once they got back on their feet, charge them rent to stay. I mean, it's not much but I could stretch a million bucks a long way doing something like that. Once it was established and people were getting helped out, additional funding through grants and charitable contributions would be fairly easy to come by.
Maybe that's me "looking for attention" again, :rolleyes: I dunno. But if I had a million bucks, I'd probably do that. I have all the stuff I need so I wouldn't really need the money. I mean a Ferrari would be spectacular but I think helpin' some of those people out would be better.
I'm with you there Brother helping people is awesome but first I'd have to make sure that my family and I are secure. Pay off the mortgage, outstanding CCs, and put enough money away to pay utilities for some years. -
1.) Go ahead and pay the obscene tax.
2.) Pay off all my bills.
3.) Pay off all my parent's bills.
4.) Pay off all my sister's bills.
5.) Put enough in a 529 for my niece and nephew to both go to college.
6.) Take the leftovers and either buy a house or put a downpayment on one.
My family would be bill free, my niece and nephew would be guaranteed college, and I'd have enough left over to put a nice downpayment on a house (or buy a small house) and not have any other bills.2007 Club Polk Football Pool Champ
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A million bucks? I'd sell two houses, build one....buy a pair of Quad 2905's and a VPI TNT turntable, Manley Steelhead....then give the rest to TLW.
Oh, I'd say we'd take an around the world vacation...basically spend 200K on trips/toys/house....put the rest up.
BDT
Why not an HRX? -
OK, y'all talkin' about taxes are over-analyzing the question. I didn't say you were GIVEN a million bucks. I said you HAD a million bucks. That would imply that you had managed to gather a million bucks in some way as net income. That would be income after taxes.
Geez.
And I'm still waiting to hear more about this monkey jousting tournament.Expert Moron Extraordinaire
You're just jealous 'cause the voices don't talk to you! -
OK, y'all talkin' about taxes are over-analyzing the question. I didn't say you were GIVEN a million bucks. I said you HAD a million bucks. That would imply that you had managed to gather a million bucks in some way as net income. That would be income after taxes.
Geez.
And I'm still waiting to hear more about this monkey jousting tournament.
Then scratch #1 off my list and put "Buy Audi R8" at the bottom....
I'd love to run over jousting monkeys in my new R8. I could even afford the repair bill
2007 Club Polk Football Pool Champ
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"It's like a koala bear crapped a rainbow in my brain!" -
I would put it in a retirement account and continue to live spend as I would now. An average person shouldn't try to drastically change their life style for $1million unless they are near retirement.
Going out to buy a mcmansion or exotic car is foolish.Main Gear
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I'm thinking $998,500 to build my Thunderdome. And another $1,500 to pay off the local authorities. As for procuring the monkeys and labrador retrievers they will ride to ultimate glory, let's just say I know people.
Two chimps enter. One chimp leaves.I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore -
i'd pay off my current mortgage, sell that house.. buy a bigger one. buy a sensible SUV and bank the rest. i don't need a lot to be comfortable. oh yeah.. family would get some too.
PolkFest 2012, who's going>?
Vancouver, Canada Sept 30th, 2012 - Madonna concert :cheesygrin: -
Canada sucks or should I say Canadians suck.
Bad attitudes in general. Kind of like Napoleon but worse. -
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after a few tubes and a gift to the Githens.
The rest I would give to Patrick
in exchange for CP ban button access.
RT1 -
Let myself sleep in every day until I felt like going back to work (slacking gets real boring real fast).
Pay off bills and buy decent house. Save rest for 'fun'Main Surround -
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We (the canadian lotto) would pay out the full winnings but it would be up to you to declare it when you get home. As far as how that works, you'd have to speak to your tax man.
hmmm interesting. might have to start investing in some candian lotteries haha. I forgot how it worked here in the US. I could ask my one prof that taught my tax classes but would rather not as he's a bitter old man that likes to yell at students..... -
Canada sucks or should I say Canadians suck.
Bad attitudes in general. Kind of like Napoleon but worse.Like that.
I don't see any smily faces so I must say . . . WTF? We have a lot of fellow Polkies who live in Canada. -
First off great question. It is interesting to watch human behavior at work with the varied replys. I am not 100% certain what I would do with the money, I would have to devise a plan to make it work best for me in whatever way I chose to get rid of it to achieve the most bang for the buck.
A million dollars is enough to change your life or others around you if spent wisely. I would probally put most if not all into a secure interest bearing account for at least a year until I throughly examined my options.
There is no doubt in my mind that I would eventually give most of it away to others in some fashion but it would be nice to set it up so that it would be a self perpetuating type of giving. For example lets say I give someone who is unable to put themselves through college the money to do so, well when that peson finishes school he/she pays back the money over a period of time and signs a contract to donate 1% of future earnings back to this fund which will continue to fund others educations. Or some similar type of thing.
The way I look at it I only need so much money to continue living the lifestyle I do now and I am relatively speaking happy with the way things are now, so why not give to others so more people can enjoy a better quality of life.
REGARDS SNOWWell, I just pulled off the impossible by doing a double-blind comparison all by myself, purely by virtue of the fact that I completely and stupidly forgot what I did last. I guess that getting old does have its advantages after all -
hearingimpared wrote: »I don't see any smily faces so I must say . . . WTF? We have a lot of fellow Polkies who live in Canada.
I was going to say something ...thought they might care to expand
But yeah! WTF????? -
I could answer this in so many different ways. And would probably do it different if I had the cash in hand. But here are just some of the things I would do.
Pay off debt
Buy a set of ML speakers
Put most of the money into a high interest savings account and get a good amount of interest.
Tell a friend that I have known for literally my entire life how I felt about her and propose to her.
Buy every cd that I have wanted to buy.
Give some money toward breast cancer research and a few other places.HT setup
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I was going to say something ...thought they might care to expand
But yeah! WTF?????
WTF is right. Hey, hows the economy and housing market down there?:cool:Two Channel-SDA SRS 1.2tl's,modded, Cambridge Audio 851w amps(2),Cambridge 851e pre, VPI Scout 1.1 tt, Moon audio phono pre,oppo bd105.
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Simple question. If you had a cool million bucks, what would you do?
Wonder WTF happened to the rest of my money. -
Shoot someone random in the leg and post my own bail.CTC BBQ Amplifier, Sonic Frontiers Line3 Pre-Amplifier and Wadia 581 SACD player. Speakers? Always changing but for now, Mission Argonauts I picked up for $50 bucks, mint.
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Shoot someone random in the leg and post my own bail.
Great idea, but maybe not somebody so random. First I would shoot them. Second, not call anybody to help them. Third, bail if necessary. -
a million bucks aint what it used to be. I'd keep working, maybe hire another climber to keep my **** on the ground. maybe take a well deserved vacationpanasonic th-50pz85u
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Invest.
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quit my job and paint full time
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George Grand wrote: »Wonder WTF happened to the rest of my money.Shoot someone random in the leg and post my own bail.George Grand wrote: »Great idea, but maybe not somebody so random. First I would shoot them. Second, not call anybody to help them. Third, bail if necessary.
I got a good chuckle from these. -
On a more serious note; I think, currently I'd have to donate all of it to humanitarian causes in Haiti!
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[sig. changed on a monthly basis as I rotate in and out of my stash] -
A coworker of mine won a million dollars playing a scratch off lottery game.
He gave it to his wife. She bought a house, a mini van and paid some bills.
The guy is still working doing alot of overtime to make ends meet.
You cant do much with a million dollars in New York.SRT For Life; SDA Forever!
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I'd buy my way into high society!
