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| If you hit it big.... | ||
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| Madvillain |
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Registered Member #445
Joined: Sun Oct 01 2006, 11:42PMPosts: 2233 |
1 - id make an international road trip, i've heard eastern European hookers are unbeatable 4 - My boy Smiff N Wessun for anyone trying to get to close |
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| nostie |
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Registered Member #185
Joined: Thu Mar 30 2006, 10:42PMPosts: 3167 |
Rusty wrote ... nostie wrote ... Rusty wrote ... If you win the lotto, or any significant amount of money, you don't just get it on the spot. It takes a while to get it all to you. If I won, I'd choose lump sum of the money. I'd get a 250-500k loan and pay off all my debt and make my life a little easier. Then once the money comes, pay off that loan, and start investing/saving. It could take months to get the cash you won. You really have to look at it differently. It's not always best to take the lump sum... You get more money over a longer period of time, but if you take the lump sum, you can invest it... You have to figure out what % interest you could get with that amount of money (lump sum) compared with how much you could earn if you got a larger amount and invested a small amount each year. Interest rates are shitty right now so it might be a good idea to take the yearly payout (depending how many years it lasts for and how much more money it is)... I'd take the lumpsum 100% of the time. It's free money. Also, if it's over $4million, where interest is now, you can live well off on the interest collected alone. Right now if you got a low 1% (doubtful if you won the lotto) you'd make a return on 40k ontop of the job you are working. Put that in perspective, that's almost what I make a year, and is what I make a year after taxes. Now you'd probably be able to land a 2% interest rate or up (depending on the investment, these are just simple savings account interest, which you'd never put $4mill in) is $80K. That's a lot more than I make in a year, and most people these days... I'd also put some money away and have the interest off that for a college fund for my future children. Also probably put some away and let the interest go to my parents. And I'd probably make an account with interest run off for family members if they ever needed a loan to start their own business/adopt etc. But If they weren't my mom dad or sister, they wouldn't see shit if they asked. What I'm saying to you is that some lotteries involve giving you a choice -- Imagine $5million over 10 years or $4million lump sum. The amount of years that you'd get the money over and the interest rate would have an effect on which you should take. (longer time period leans you towards lump sum, as does a higher interest rate). You'd have to math it out. What do you mean it's "free money"? (I assume you mean if it's a choice of either $4mill now or $4mill over 10 years. In that case... obviously take the $4mill now). If you don't believe me, say so and I'll prove it. I just assume you're thinking of it the way I described above. P.S. You'd still work if you made $80k a year sitting on your ass? I don't think I would. |
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| Rusty |
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FTS Server Op
Registered Member #159
Joined: Wed Mar 01 2006, 06:33PMPosts: 2682 |
nostie wrote ... Rusty wrote ... nostie wrote ... Rusty wrote ... If you win the lotto, or any significant amount of money, you don't just get it on the spot. It takes a while to get it all to you. If I won, I'd choose lump sum of the money. I'd get a 250-500k loan and pay off all my debt and make my life a little easier. Then once the money comes, pay off that loan, and start investing/saving. It could take months to get the cash you won. You really have to look at it differently. It's not always best to take the lump sum... You get more money over a longer period of time, but if you take the lump sum, you can invest it... You have to figure out what % interest you could get with that amount of money (lump sum) compared with how much you could earn if you got a larger amount and invested a small amount each year. Interest rates are shitty right now so it might be a good idea to take the yearly payout (depending how many years it lasts for and how much more money it is)... I'd take the lumpsum 100% of the time. It's free money. Also, if it's over $4million, where interest is now, you can live well off on the interest collected alone. Right now if you got a low 1% (doubtful if you won the lotto) you'd make a return on 40k ontop of the job you are working. Put that in perspective, that's almost what I make a year, and is what I make a year after taxes. Now you'd probably be able to land a 2% interest rate or up (depending on the investment, these are just simple savings account interest, which you'd never put $4mill in) is $80K. That's a lot more than I make in a year, and most people these days... I'd also put some money away and have the interest off that for a college fund for my future children. Also probably put some away and let the interest go to my parents. And I'd probably make an account with interest run off for family members if they ever needed a loan to start their own business/adopt etc. But If they weren't my mom dad or sister, they wouldn't see shit if they asked. What I'm saying to you is that some lotteries involve giving you a choice -- Imagine $5million over 10 years or $4million lump sum. The amount of years that you'd get the money over and the interest rate would have an effect on which you should take. (longer time period leans you towards lump sum, as does a higher interest rate). You'd have to math it out. What do you mean it's "free money"? (I assume you mean if it's a choice of either $4mill now or $4mill over 10 years. In that case... obviously take the $4mill now). If you don't believe me, say so and I'll prove it. I just assume you're thinking of it the way I described above. P.S. You'd still work if you made $80k a year sitting on your ass? I don't think I would. Ok, first of all, no major lottery ticket that you'd win over 2 million on would spread it under 10+ years. From what I've heard, it's roughly 20+ years (The lottery changed my life) And by free money, I mean, I spent $5, probably 100 times total to win the money. I'll make my $500 back, then make money for nothing at that point. Also, with the amount of debt I've massed through 5 years of college, a used truck and misc borrowed money, it'd take a long while to clear my debt, when I could make my life a lot easier on the spot. the little extra I'd make over a longer period probably wouldn't amount to much compared to the exponential increase of my interest. Not to mention the luxury tax you'd have to pay every year on the payout compared to the one time luxury tax on the lump. Also, I was unemployed for 6 months. I can't not work, it's the worst. I might take a job with an easier schedule, but really I'd start my own parkour gym and run it as a business and what not, so that'd be my work, and hopefully it'd have a pay out or break even. But I do agree you'd get more money from the lottery winnings with the payout over the lumps sum. |
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| Maddogme |
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Registered Member #964
Joined: Sat Jan 12 2008, 07:23PMPosts: 1776 |
Nostie and Rusty had to take this into rl :l You just have a large sum of money, you didn't get it in the lottery, you just got it. Tax free, fucking anything free. |
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| nostie |
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Registered Member #185
Joined: Thu Mar 30 2006, 10:42PM Posts: 3167 |
Maddogme wrote ... Nostie and Rusty had to take this into rl :l You just have a large sum of money, you didn't get it in the lottery, you just got it. Tax free, fucking anything free. For the most part I just thought the question was boring. I think it's much more interesting to think about how you'd invest it and/or spend it in any way you'd like. If you don't "take it into rl" it's mind numbingly boring... You're just pulling some random shit out of you ass instead of actually thinking about what you'd do. Edited Thu Mar 03 2011, 03:22AM |
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| Glas4d |
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Registered Member #756
Joined: Sat Jun 23 2007, 10:49PMPosts: 1717 |
Unfortunately you yankees lose half of your winnings to taxes. Here in Canada all your winnings are tax free, I believe. | ||
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| b4ndito |
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b4ndito
Registered Member #958
Joined: Fri Jan 04 2008, 06:59AMPosts: 3385 |
I'd get season tickets to the Reds and I'd probably buy a winter house somewhere warm where I could watch a good football team. Oh and courtside tickets to watch my Bearcats. I'd go to culinary school, have a badass home kitchen, toy with brewing beer and possibly open my own restaurant. Then I'd consider getting married and have two sons... then make them a baseball field in the backyard and Shoeless Joe Jackson's ghost would come out of no where and James Earl Jones would hang out all the time. |
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| V3cT0rMan |
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v3ct0rman
Registered Member #1160
Joined: Tue Jun 30 2009, 09:42PMPosts: 608 |
b4ndito wrote ... I'd get season tickets to the Reds and I'd probably buy a winter house somewhere warm where I could watch a good football team. Oh and courtside tickets to watch my Bearcats. I'd go to culinary school, have a badass home kitchen, toy with brewing beer and possibly open my own restaurant. Then I'd consider getting married and have two sons... then make them a baseball field in the backyard and Shoeless Joe Jackson's ghost would come out of no where and James Earl Jones would hang out all the time. now thats what i call easy livin'. oh and lawl at bearcats |
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| Glas4d |
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Registered Member #756
Joined: Sat Jun 23 2007, 10:49PM Posts: 1717 |
This thread is overrated. | ||
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| Maddogme |
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Registered Member #964
Joined: Sat Jan 12 2008, 07:23PM Posts: 1776 |
You're fat glas. | ||
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