Monday, November 20, 2006

What Would YOU Do with a $1,000,000?

Okay, let's say you hit it big....and I mean REALLY big - at least a million dollars after taxes. What would you do with the proceeds?

3 comments:

NumbersNerd said...

As you might well imagine, as the pool manager here and someone who loves juggling numbers, I've given that possibility lots of thought.

If you've been blessed? I believe in giving back - although I must confess here I don't know exactly at this point how to do that. But $100,000 would go back to God for blessing our family in this way.

Lot's of folks talk about paying off their house or car(s). I don't think we'd do either! Why? Your home is your biggest tax break - even after you win big. Better to invest the money.

While I'm sure Anna and I would be tempted to take some of the cash and go on a trip, buy goodies, etc. The prudent thing would be to invest the entire amount then take the interest to splurge on stuff - if in fact, that's what we decided to do with that interest.

My mother and grandmother taught me something very early. If you can "beat" the tax man, your savings will build rapidly. Can you say triple exempt tax free municipal bonds? "Triple" means they are exempt from local, state, and federal income taxes. Because of that I sincerely believe that's where 100% of the remaining $900,000 would go for Anna and I - and it would earn us about $4000 a month! That's $48,000 a year! Re-investing some or part of that back into bonds makes that even grow quicker. You get the picture.

Anonymous said...

Tithe, Invest and Quit my job! Volunteer for some public school :)
YaLonda

Anonymous said...

Uhhh, that lpan sounds good pool manager. Yea..ermmm, I can say "twiple tax fwee mwuemisiple song." Can you really do that? House...tax break...rrrrrright.

I'd buy stuff dude...mucho stuff. I bet I could make that money last several years! And I may not have to sell all the stuff off either!

G-Dawg

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