Lottery win?

Mike, Lord of the Spammers! · **on:** May 23, 2012, 01:20:46 PM

Wendsdays are typically a slowish day here, so let's spice it up a bit

What would you spend your money on if you won, say the equivalent of a million pounds?

Neil · **Reply #1 on:** May 23, 2012, 01:27:02 PM

Pay off the bloody mortgage! Buying a house feels very much like this

I know how to party

Mike, Lord of the Spammers! · **Reply #2 on:** May 23, 2012, 01:31:50 PM

Don't say that me

Mel and I are seeing a morgage advisor Friday to see about buying a house

Neil · **Reply #3 on:** May 23, 2012, 01:42:49 PM

Everyone says its a good idea long term but I still wish I hadn't $:-\$

I get itchy feet and its not too hard to move every couple of years when you rent, pain in the arse when you buy. Then there's the maintenance costs that you never properly factor in until after you buy

There is probably a time and place when its right to buy rather than rent but I don't think I picked those too well

...

Oh, I'd buy a new car as well

And an orbital spinner and other fun but too expensive tools.

Mike, Lord of the Spammers! · **Reply #4 on:** May 23, 2012, 01:45:39 PM

I don't mind renting as it's what I've always done, but it is £250 more than a morgage down this way

Neil · **Reply #5 on:** May 23, 2012, 01:56:47 PM

That's a jump. Last time I checked round here (about seven years ago) There was very little difference between mortgage and rental prices, it swung both ways depending on property. £250 a month covers a lot of running repairs. Think I'd buy.... maybe

borgwarrior · **Reply #6 on:** May 23, 2012, 01:59:08 PM

I would tidy up my vacation house, buy a new car, and put the rest in the bank for a hefty interest, so I wouldn't have to worry about $ for the rest of my life.

dks · **Reply #7 on:** May 23, 2012, 02:25:09 PM

I would donate all the money to Multitool.org.

(I hope this statement is not legally binding.. $:-\$ )

Or buy some Facebook shares..

Probably buy some land or gold. They are the only thing guaranteed to go up these days

derekmac · **Reply #8 on:** May 23, 2012, 03:14:10 PM

Hmm, that's 1.6 million Canadian

I would pay off all bills, buy a BMW M3, a big truck and fifth wheel, the craziest Jeep money can build (and I'd try and do the build myself), and do a ton of traveling!

I'd also buy every MT and SAK know to man, just so I can compete with some here

borgwarrior · **Reply #9 on:** May 23, 2012, 03:26:43 PM

Quote from: derekmac on May 23, 2012, 03:14:10 PM

I'd also buy every MT and SAK know to man, just so I can compete with some here

That ain't a bad idea, I haven't thought into that yet!

edcgear · **Reply #10 on:** May 23, 2012, 03:45:34 PM

I'd buy a huge piece of land...

I'd buy a nice excavator and dig a hole...

I'd buy a long fuse and trigger... Followed by serious amount of TNT... Put'em all in hole...

Then I'd buy every single piece of ABBA record (CD, Vinyl, tape.... EVERYTHING), every TV show taped about them, every single article written, tapes of radio shows... Everything.... And blow them from face of the earth....

Sorry ABBA lovers, I just CAN imagine my life without them....

Now serious.... I'd buy a piece of exotic parodise, build a beach bar/pub and live from that....

magentus · **Reply #11 on:** May 23, 2012, 03:52:11 PM

I'd buy a couple of acres of land with a small wood and a water source on the edge of a town, and build a little self sufficient house and use the rest to never ever have to work for someone else ever again.
Oh, and I'd get one of those dustbin incinerators. I love them.

Having said all that I don't actually do the lottery so I'll have to rely on someone else winning and bunging some my way.

nuphoria · **Reply #12 on:** May 23, 2012, 04:15:40 PM

A home. Without a doubt.

Somewhere quiet with enough land for a small holding (and MTO meetups), and a big garage space full of machines and toys for me to make/break things with

My dream would be as much self sufficiency as possible for food and power, and being far away enough from the neighbours to not have to put up with their noise, smells and cr@p all the time. A million might just make that doable with some planning.

Zed · **Reply #13 on:** May 23, 2012, 04:19:39 PM

Buy a house so not wasteing £825 a month $:-\$ oh and a aston martin dbs

and a few MT's

oh and a few bikes

not sure million is enough

magentus · **Reply #14 on:** May 23, 2012, 04:22:26 PM

being far away enough from the neighbours to not have to put up with their noise, smells and cr@p all the time.

+1 to that - I'm quite glad we rent at the moment because our nice neighbours sold up and 3 noisy boys have moved in - their daddy bought them the house, they work but are so so noisy and come in drunk at all hours at the weekend. We've got the council and the police involved and it's working at last, but if it doesn't we can just leave within a month which I'm so pleased about. I resent all the money we'd have to pay though...............

Threeme2189 · **Reply #15 on:** May 23, 2012, 04:25:26 PM

I'd offer my parents a chunk of it and throw the rest in the bank for a looooooooong time.
And I would keep quiet about the whole thing.

edcgear · **Reply #16 on:** May 23, 2012, 04:48:49 PM

An old joke that last long here in Serbia...

An old lady on her knees addressing to God before sleep...

"Dear God, please make me win the lottery...."

Next evening same pic... Old lady on knees addressing to God before sleep....

"Dear God, show your kindness and help me win lottery...."

Next eve, the same... And so it goes for over a week....

At last one evening, sky opens... A divine light fall on old lady, and deep soft voice said...

God: "Dear lady, you're the one praying for lottery win??"

"Yes, that's me!", Said old lady joyful...

God (a bit upset): "Well, when will you buy that ticket?!?"

magentus · **Reply #17 on:** May 23, 2012, 04:55:42 PM

Quote from: edcgear on May 23, 2012, 04:48:49 PM

An old joke that last long here in Serbia...

An old lady on her knees addressing to God before sleep...

"Dear God, please make me win the lottery...."

Next evening same pic... Old lady on knees addressing to God before sleep....

"Dear God, show your kindness and help me win lottery...."

Next eve, the same... And so it goes for over a week....

At last one evening, sky opens... A divine light fall on old lady, and deep soft voice said...

God: "Dear lady, you're the one praying for lottery win??"

"Yes, that's me!", Said old lady joyful...

God (a bit upset): "Well, when will you buy that ticket?!?"

borgwarrior · **Reply #18 on:** May 23, 2012, 05:38:50 PM

Quote from: edcgear on May 23, 2012, 04:48:49 PM

An old joke that last long here in Serbia...

An old lady on her knees addressing to God before sleep...

"Dear God, please make me win the lottery...."

Next evening same pic... Old lady on knees addressing to God before sleep....

"Dear God, show your kindness and help me win lottery...."

Next eve, the same... And so it goes for over a week....

At last one evening, sky opens... A divine light fall on old lady, and deep soft voice said...

God: "Dear lady, you're the one praying for lottery win??"

"Yes, that's me!", Said old lady joyful...

God (a bit upset): "Well, when will you buy that ticket?!?"

My girlfriend started playing lottery after I told her the exact same joke.

Lynn LeFey · **Reply #19 on:** May 23, 2012, 05:46:30 PM

We buy a lottery ticket when the jackpots get insanely high, like 150 million and over.

With $1.25 million U.S. ...

Sell our current house at a loss. It's a little house, someone in real need could use it, and even if we gave it away, it wouldn't hurt too bad after a lottery win.

Get a nice house on a nice chunk of land. That's only going to run in the quarter million range around here. Alot some to 'fun money', to buy some neat toys. Sock the rest away.

Not very interesting, but there you have it.

Gryffin · **Reply #20 on:** May 23, 2012, 06:01:31 PM

Let's see, at current exchange rates, that's $1,570,354 in American Pesos. I'm assuming that's a cash payout, rather than an annuity.

First off, the Fedrul Gummint will lop 35% off the top; my state, another 10% (ugh). That leaves me with $863,695.

The usual rule of thumb for retirement is that you can spend ~5% of your nestegg each year without reducing the principal, so that means a fixed income of $43,000/year, or $3,600/month.

So much for retiring to Monaco and dating supermodels...

Syph007 · **Reply #21 on:** May 23, 2012, 06:44:48 PM

Oh Id want to buy as much land as i could get. Build a nice house on it, grow some food in a big garden, raise some animals, build a big workshop... oh boy...

nuphoria · **Reply #22 on:** May 23, 2012, 06:47:46 PM

You are no fun Gryffin!

Although I suffer from the same sense of realism

Gryffin · **Reply #23 on:** May 23, 2012, 07:55:14 PM

Quote from: nuphoria on May 23, 2012, 06:47:46 PM

Although I suffer from the same sense of realism

Reality is highly overrated. $:-\$

Mercury · **Reply #24 on:** May 23, 2012, 07:56:43 PM

I'm kinda with Gryffin here. I would take the lump sum and put about 80% in a high yeild CD or some other interest bearing account, the 20% I kept out would go towards paying off all my debt, and I would just happily go to work the next day. With a few new shiny MT's of course!

Lynn LeFey · **Reply #25 on:** May 23, 2012, 08:12:24 PM

Quote from: Gryffin on May 23, 2012, 06:01:31 PM

First off, the Fedrul Gummint will lop 35% off the top; my state, another 10% (ugh).

Federal Government takes 25%, not 35%. Whatever figure you found might have added your state and federal together for the 35% you quoted.

Here's the Mega Millions payout information, as an example:
http://www.usamega.com/mega-millions-jackpot.asp

In Illinois, we'd get another 5% taken in state tax, for a total of 30%.

Syph007 · **Reply #26 on:** May 23, 2012, 08:14:53 PM

in Canada lotto winnings arent taxed, so in my dream fantasy I get it all.. mwhahahaha

enki_ck · **Reply #27 on:** May 23, 2012, 08:18:06 PM

Quote from: edcgear on May 23, 2012, 03:45:34 PM

Now serious.... I'd buy a piece of exotic parodise, build a beach bar/pub and live from that....

Every guy here dreams of owning a bar. Must be a cultural thing.

I'd travel, go to a few UK meets, buy a vacation home on the coast... and put the rest in the bank.

Gryffin · **Reply #28 on:** May 23, 2012, 08:47:49 PM

Quote from: Lynn LeFey on May 23, 2012, 08:12:24 PM

Federal Government takes 25%, not 35%. Whatever figure you found might have added your state and federal together for the 35% you quoted.

Let me clarify...

The IRS will withhold 25%, but the top tax bracket is 35%, so come April 15th, unless your accountant can somehow make it look like you gave it all to charity, you're gunna owe the full 35%. So that's the rate I used.

(If I really wanted to be pedantic, the top marginal rate on income above $388,350 is 35%, the portion below $388,350 would be tax incrementally at different rates, to the effective overall rate would be slightly lower than 35%. If I did the math right, it would be 33.54%, to be precise.)

captain spaulding · **Reply #29 on:** May 23, 2012, 08:50:43 PM

I would cover every wall in one room with different alox scales.

Hello Lurker! Remove this ad and much more by logging in.

Lottery win?

Donations

Community Links