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Y&R Discussion Group
NO, I did not win the lottery, and never will since I don't play it - I am wise enough not to put my resources in dead soil.
However, today is fantastic. I went to school, exam period is over, the stress of a lifetime has finally lifted, and now here I am able to do whatever I like for the time being. The libraries are quiet, no more annoying "students", and I can devote time to reading and learning things in depth that I want to, as opposed to a course. Not that my courses were bad, but grading and schedules put a damper on the whole thing.
So right now I sashayed into the section of the library I like with my ice water and cream cheese brownie (yum!) and can plop down and visit you people, and catch up on topics over here, then surf the net to read about things like volcanoes, the Chinese Cultural Revolution, and see the latest scoop on Kimberlin Brown's possible return to network soaps.
If I won a million dollars this is what all my days would be like right now - I'd re-enroll into the University of Toronto, set myself up with the best pad downtown so that everything was in order so I could devote all my energy into school, without worrying about excess commute times, food, money or anything else. I'd get all 'A's, and really immerse myself in the whole experience even more than I usually do. I'd even hire a personal assistant to do all the tedious things that rob you of time, such as paying bills and cleaning up litter on the street. Most people would retire - I would continue my education, along with the smug assurance that I would never have to work again ;) Anyhow, just saying hello!
I thought more about this prospect last night but since hubby and I play so infrequently, it probably would never happen. However:
I think I'd have to cut my share to 1/4 if the million was after taxes. (see my below post) At my age, $250,000 would provide us with all that hubby and I need until the grim reaper shows up. We have no kids so charities would be the final destination for our 'fortune' anyway. Both hubby and I are low maintance and don't care to live 'high on the hog'. I find wealthy people who don't use their resourses to help society disgusting. That being said, in addition to the 3 local charities I listed below, I have to add a few others.
I'd also LOVE to give a nice chunk of change to our local PBS and NPR. Also, endow a scholarship or two or three at my alma mater and give a chunk to my alma mater's athletic department...specifically the football, hockey and women's volleyball and basketball. O.K., I think I need to win more then a million with all these wishes. LOL
I'd keep and invest 1/2 for hubby and me. The rest would be donated to my 3 favorite local charities. 1. Room at the Inn which provides a bed and meal at various churches for homeless people during the cold months. 2. Bay Cliff health camp which provides camping and therapy for children with disabilites. 3. our local humane society. Donating to these causes would make me happier then the $ for myself. I pretty much have all that I need at my age.
First of all, I'm assuming taxes will be taken out. Let's assume 28% for federal and 5% for state. (I really have no idea; that's a guess).
That leaves roughly $650,000 after taxes.
Over the course of the next two years, so I didn't hit the market at a peak, I'd invest it in stable, conservative stocks that have a record of consistently increasing dividends -- think Johnson & Johnson, McDonald's, P&G, Clorox and utility companies.
Let's say you get a combined rate of 4.5% on your money after you finish your two-year investment scheme ... that's $28,250 a year in dividends.
Of course, you must still pay a 15% tax on the dividends. That will leave you with about $24,860 a year in extra income if you resolve not to touch the principal. If you selected your stocks wisely, that amount should grow a bit each year as the companies increase their dividends. If you reinvest some portion of it, it should leave you with a nice retirement, but it's not anything most people would want to quit on.
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I would hire some vets and offer free spaying and neutering for a couple months on a first come basis. (Some people actually round up feral cats spay & neuter then release them to the only life they know)
Help out a couple friends whose Exs arent paying the child support they should. A--holes!
My most valuable possesion are my photos and family movies, so things or clothing doesnt interest me at my age nor do I want a bigger house.( Remember I'm a lot older than many of you)
I would start my own thrift shop but then I wouldnt have time to treasure hunt, so no.
Funny you should ask. My best friend and I were talking about this very thing a few weeks ago with the big lottery. We decided that $1 million was the perfect amount to win. You'd have to work, because with taxes, it wouldn't be enough to last you the rest of your life. It's still a lot of money, but not so much that you afford to pay for some stranger's kidney transplant or send all your cousins' kids to college.
If I won a million bucks, or the $650K the governement would let me keep, I'd pay off all my bills, my house, then fix every inch of it and sell it. I'd buy a new house and a new car. I'd invest the rest in a fairly safe place and go to work everyday knowing I'll be able to afford all the clothes I want, a nice vacation every year and that I would be able to retire early and in comfort.
I don't think a million dollars goes as far as you think. Depending on a person's age, retiring right away and paying a staff would deplete the principle fairly quickly.
At my age, I'd use the money to make more money. So if I won a million dollars, I'd invest it as part of my retirement savings and live more comfortably in years to come.
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