BDBoop
Platinum Member
- Thread starter
- Banned
- #41
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.
My (added later) was post eff-all taxes, $2,000,000, free and clear.