Say you won $2,000,000

[AVG-JOE]

Say you won $2,000,000

Would you keep working, or quit?

I'd quit, and go to school.

However, my first reaction was "I'd invest, and keep working."

$2,000,000 just isn't that much money.

$1,000,000 would be more than enough to secure shelter and transportation for the rest of my life.

The other $1,000,000 invested at just 5% would yield a yearly income of $50,000. Anyone who is too greedy to live on $50,000 per year in a paid-for $750,000 house with $250,000 in vehicles is a dick.

Even in this economy, a million bucks is still worth something.

 

[AVG-JOE]

Would you keep working, or quit?

I'd quit, and go to school.

However, my first reaction was "I'd invest, and keep working."

$2,000,000 just isn't that much money.

I would keep working and buy a red fire truck and a few AK-47's and eight cases of slim jims and 12 cases of beer and several hundred rounds of ammunition. I would sit on the fire truck, get shit faced and shoot at my mail box and drink beer until I passed out.

You might be a red-neck if.....

 

[AVG-JOE]

Quit current work, start new work as a small business owner.

Any idea what business?

Bar. Stick with what you know.


I have a specific idea for what I'd want it to look like and sell but that would take a whole bunch of research to figure out. If the dream bar is not feasible I'd settle for a run of the mill, middle class sports bar.

"The Garden of Eden"

Complete with a plexi-glass bar full of tropical fish and a tank behind the bar big enough for topless mermaids to swim through at unscheduled intervals.

 

[WorldWatcher]

>


If I won $2,000,000 the first thing I'd do is...

...........................................................not tell the kids.








Seriously, our kids are a Senior and Junior in college respectively. I want them to learn to stand on their own and make their own way in the world. I want them to work, pay bills, to enjoy the value of things that you've earned and not go through life with an attitude that they are owed anything. Oh, they'd get the money someday and I don't mind making things easier later on - like financing college for the grand kids (when we have some).



>>>>

 

[AVG-JOE]

Would you keep working, or quit?

I'd quit, and go to school.

However, my first reaction was "I'd invest, and keep working."

$2,000,000 just isn't that much money.

If it was a lottery and you decided to take it in annual annuities for 29 years it would come to $34,500K per million, per year pre-tax and you'd collect the entire amount over the next 29 years. That means 2 million would give you $69K per year pre-tax. If you took it in one lump sum you would probably only get 1/3 at most, not 1/2 as most people think.

I was working on the assumption that the $2 M was the winning check after the taxes were paid.

Let's keep it simple, eh?

 

[Divine Wind]

Would you keep working, or quit?

I'd quit, and go to school.

However, my first reaction was "I'd invest, and keep working."

$2,000,000 just isn't that much money.

I'd invest too. Taxes would reduce it to about $1,000,000, but if put into an annuity/mutual fund, would double in 14-15 yearsat 5% interest. Rule of 72 - Wikipedia, the free encyclopedia

FWIW: The Seven Immutable Laws of Investing | The Big Picture

Once I retired, I'd probably spread about half that money around relatives to help them with mortgages/college and spend the rest checking things off my bucket list.

 

[Sarah G]

Say you won $2,000,000

Would you keep working, or quit?

I'd quit, and go to school.

However, my first reaction was "I'd invest, and keep working."

$2,000,000 just isn't that much money.

$1,000,000 would be more than enough to secure shelter and transportation for the rest of my life.

The other $1,000,000 invested at just 5% would yield a yearly income of $50,000. Anyone who is too greedy to live on $50,000 per year in a paid-for $750,000 house with $250,000 in vehicles is a dick.

Even in this economy, a million bucks is still worth something.

I must agree. I have friends who live extremely well, they have lavish homes and the best of everything. They are no different than you and me, we're all really searching for the joy.

 

[chikenwing]

I might send a post card from one of the many great places this earth has,but then might not.

 

[editec]

Yeah good luck finding a 5% annual return that you can depend on, folks.

 

[Sarah G]

>


If I won $2,000,000 the first thing I'd do is...

...........................................................not tell the kids.








Seriously, our kids are a Senior and Junior in college respectively. I want them to learn to stand on their own and make their own way in the world. I want them to work, pay bills, to enjoy the value of things that you've earned and not go through life with an attitude that they are owed anything. Oh, they'd get the money someday and I don't mind making things easier later on - like financing college for the grand kids (when we have some).



>>>>

What if they end up starving? I have a nephew in college, first time away from home. He is trying to find a job but not very successful at this point. We send him gas cards, grocery cards and he has a meal card at school. We don't send him cash because he will end up partying on it.

His roommate has parents that are telling their kid to sink or swim. He can't find a job so he is eating what our kid can afford to help him with. It isn't much.

They are both looking for work and I hope they get something soon so they can be self sufficient and proud of themselves but sometimes they do need help.

No reason to tell them they will be taken care of but I'm kind of mad at the roommate's parents right now.

 

[Mr Natural]

It would depend upon how old you were when you won it.

I'd say if you were over 50, retire.

Under 50, keep working (but with a whole new attitude).

 

[Ringel05]

Would you keep working, or quit?

I'd quit, and go to school.

However, my first reaction was "I'd invest, and keep working."

$2,000,000 just isn't that much money.

If it was a lottery and you decided to take it in annual annuities for 29 years it would come to $34,500K per million, per year pre-tax and you'd collect the entire amount over the next 29 years. That means 2 million would give you $69K per year pre-tax. If you took it in one lump sum you would probably only get 1/3 at most, not 1/2 as most people think.

I was working on the assumption that the $2 M was the winning check after the taxes were paid.

Let's keep it simple, eh?

Nope, sorry. If you take the lump sum the first half comes off the top before you receive it is for federal taxes then you add local and state. If you take the annuity payout you (or your heirs) get the entire 2 mil payed out over 29 years and you only pay taxes on what you collect each year and don't "protect" via tax shelters which means the tax burden will only be about 35% overall.
The biggest problem people run into is they think 2 mil is a lot of money and go crazy with it, before they know it they're broke and looking for work again plus selling off whatever they can to make ends meet.

 

[BDBoop]

After so long on the unemployment line, I would keep working. After that time, I don't think I will ever retire.

However, I would put a large portion of it away until I only wanted to work when I wanted to work and play with the rest.

Immie

I sort of feel the same, but I wouldn't keep answering phones for $11/hour. I'd take my writing/english courses, and do what I need to do.

 

[BDBoop]

HEY NOW!!

$2,000,000 lump sum, free and clear after taxes.

Now.

Pop quiz, hotshot; what WILL you do??

 

[BDBoop]

Quit current work, start new work as a small business owner.

Any idea what business?

Bar. Stick with what you know.


I have a specific idea for what I'd want it to look like and sell but that would take a whole bunch of research to figure out. If the dream bar is not feasible I'd settle for a run of the mill, middle class sports bar.

Remember: Location, location, location.

I'd want one on the waterfront.

But I can't picture ye olde corner bar on a lake or ocean.

 

[BDBoop]

I would quit my job and spend time looking for one that I would love.

I'm all about quality of life at this point.

Oh yes. I forgot.

First, I divorce. Then, I wish you all the best in your search.

 

[BDBoop]

Of course, this song is playing in my mind (with a special guest appearance by Del).

[ame=http://www.youtube.com/watch?v=nCImrmR63JE]Barenaked Ladies: If I Had a Million Dollars - YouTube[/ame]

 

[BDBoop]

I'd give it to charity and carry on with my life just as it is.

On that note? I'd buy my daughter and her family a house big enough for them and the three kidlets, with a mother-in-law apt over the detached garage on the far side of the property.

We love each other madly, but familiarity breeds contempt and all that.

And then I could babysit!!

 

[Liability]

Let's say I win a scratch-off card lottery game here in the Empire State. A lump sum 2 million dollar winner doesn't get 2 million. But let's put that aside and say that he does.

So, I dutifully collect my check for $2,000,000.00 .

And. being very aware of the powers and duties of the IRS and State Tax collectors, and local governments' claim to their shares, let's just say I put a full million aside to cover taxes.

I'm down to one million.

Now, I pay off mortgage and other debts and establish funds to pay for the kids' college(s) etc.

Now, I'm down to say MAYBE 500 thousand.

I invest half to generate some income for a little sumpin on a yearly basis. 250 grand is unlikely to yield me 25K a year, but maybe I invest very well and succeed that far.

So, cool. I'm now down to 250K of the original 2 million. Charitable contribution time. Maybe I "invest" it in something like a trust to give to the group or groups of my choice.

Figure 125K gone, but earning enough to fund those charitable organizations 10 to 12 k per year. Cool.

Of course, now I'm down to my own last 125k. I figure a trip or two. Maybe some redecorating (no maybe about it. I'm married.)

Maybe a solar powered car?

nah.

 

[WorldWatcher]

>


If I won $2,000,000 the first thing I'd do is...

...........................................................not tell the kids.


Seriously, our kids are a Senior and Junior in college respectively. I want them to learn to stand on their own and make their own way in the world. I want them to work, pay bills, to enjoy the value of things that you've earned and not go through life with an attitude that they are owed anything. Oh, they'd get the money someday and I don't mind making things easier later on - like financing college for the grand kids (when we have some).



>>>>

What if they end up starving? I have a nephew in college, first time away from home. He is trying to find a job but not very successful at this point. We send him gas cards, grocery cards and he has a meal card at school. We don't send him cash because he will end up partying on it.

His roommate has parents that are telling their kid to sink or swim. He can't find a job so he is eating what our kid can afford to help him with. It isn't much.

They are both looking for work and I hope they get something soon so they can be self sufficient and proud of themselves but sometimes they do need help.

No reason to tell them they will be taken care of but I'm kind of mad at the roommate's parents right now.

I have no fear of my children starving, they both know that if push comes to shove they will always find a place of refuge with Mom & I. They have taken different paths but both are well on their way to full independence and standing on their own feet. Our son lives at home, goes to school full time and works part time. He started with volunteer internships in high school, which led to a paid internship in Community College, and now works an independent part-time position that will continue on after graduation with a good shot at it going full time after graduation as an IT Support and Network Specialist. He will graduate debt free with about $20K. Our daughter took a different path. She worked in high school and saved her money. She worked butt off academically in high school for admission to good school. She volunteered (no-scholarship) with ROTC her freshman year and by being at the top of her class academically and ranked top of her class for ROTC earned a full tuition scholarship with the Air Force. She also works part time to pay for her living expenses. She will have about $7K in cash loans and will owe the Air Force 4-years of service.

Because of their hard-work they will not be awarded Bachelor's degrees, they will have earned them.

That kind of commitment is what Mom & I cultivated and is what I would not have destroyed by handing them a free ride.


>>>>