If You Won The Lottery, What Would You Buy?
- Thread starter probyn
- Start date
Same with me. Most important thing is keeping the finances stable. I'm not going to mess that up.
It really depends how much money it is... in canada the jackpots don't seem to be as large as american jackpots can be... but still I wouldn't mind. The most common large jackpot to get is going to be in the one million dollar range.
I think the fantasy of winning the lottery, or some other large windfall, is something that almost everyone has indulged in at one time or another. Some of us do it more then others
For me the idea of winning the lottery doesn't represent nice trips and fancy cars, big houses, beautiful women etc... etc... OK maby it does but not right away.
The smart thing to do with the winnings is to not spend it. Invest it and live off the income, OR another smart thing to do is to start a business. Its a big risk to start a business, but its one of the only ways you can become rich without winning the lottery, and if you could start that business with your own money rather then having to borrow it like alot of new companies do(for a chunk of the company) and the business is successful, you are sitting in a very good position. Of course this is only worth trying if you feel like you having a good chance at success.
The chance of winning the lottery is so unlikely that its almost a pipe-dream really, so if you did win it... you would need to treat it with the utmost respect and caution not to blow it. It is a huge step-up in life that if used wisely will provide you with wealth for the rest of your life... we live in a capitalistic society meaning making money work for you.
If you won a million and invested it and got 10-15% rate of return, thats 100-150,000$ a year... winning 4-5 million and you could be making 400-500k minimum, maby 750+ before tax. You could easily live well and keep investing whats left over and continue to grow your wealth... all those things I mentioned before that people want to buy right away, cars... houses.. expensive vacations... are much better being bought with income from interest then from the original amount. Its all about financial security... freedom.
Now back to the real world, where we haven't won millions and we're living our regular lives looking at those with money with envy.... we can still get there. You have to come up with a good idea, do alot of research, save up some money or get a partner, whatever you have to do.. and start a business... its risky, but besides spending 4-8 years of your life in university for a crazy hard proffession that will likely take along time to get you rich... its the best and most likely way to build wealth and get wealthy.
Sorry for long post, this is something I have put alot of thought into... and I'm actually in the position of receiving a windfall so I have some experience.
Good luck to everyone and keep your heads up, life is as good as you make it, its not about what falls in your lap. Unless its a sexy girl giving you a lapdance, in which case its all about that! hehe
I think the fantasy of winning the lottery, or some other large windfall, is something that almost everyone has indulged in at one time or another. Some of us do it more then others
For me the idea of winning the lottery doesn't represent nice trips and fancy cars, big houses, beautiful women etc... etc... OK maby it does but not right away.
The smart thing to do with the winnings is to not spend it. Invest it and live off the income, OR another smart thing to do is to start a business. Its a big risk to start a business, but its one of the only ways you can become rich without winning the lottery, and if you could start that business with your own money rather then having to borrow it like alot of new companies do(for a chunk of the company) and the business is successful, you are sitting in a very good position. Of course this is only worth trying if you feel like you having a good chance at success.
The chance of winning the lottery is so unlikely that its almost a pipe-dream really, so if you did win it... you would need to treat it with the utmost respect and caution not to blow it. It is a huge step-up in life that if used wisely will provide you with wealth for the rest of your life... we live in a capitalistic society meaning making money work for you.
If you won a million and invested it and got 10-15% rate of return, thats 100-150,000$ a year... winning 4-5 million and you could be making 400-500k minimum, maby 750+ before tax. You could easily live well and keep investing whats left over and continue to grow your wealth... all those things I mentioned before that people want to buy right away, cars... houses.. expensive vacations... are much better being bought with income from interest then from the original amount. Its all about financial security... freedom.
Now back to the real world, where we haven't won millions and we're living our regular lives looking at those with money with envy.... we can still get there. You have to come up with a good idea, do alot of research, save up some money or get a partner, whatever you have to do.. and start a business... its risky, but besides spending 4-8 years of your life in university for a crazy hard proffession that will likely take along time to get you rich... its the best and most likely way to build wealth and get wealthy.
Sorry for long post, this is something I have put alot of thought into... and I'm actually in the position of receiving a windfall so I have some experience.
Good luck to everyone and keep your heads up, life is as good as you make it, its not about what falls in your lap. Unless its a sexy girl giving you a lapdance, in which case its all about that! hehe
How many of you are actually seeing a 10-15% return on your personal investments? I'm closer to 4-6%
First things first. Canadian jackpots are tax free and paid up front. US jackpots might be higher in total, but they are annuities in a lot of cases and you have to pay a shit ton of taxes. The guy who won 350 million ended up with a check for 67 or something as I recall.
So, with a decent sized win, I would lump sum off the ex wife, to keep her mitts off the vast majority of the money and ensure I never give her another cent as long as she lives. We've been divorced long enough that she couldn't try to claim anything resembling half, it would be more like all of the child support added up to 18 or 20, times 2 to get the deal done, but no more than 10% of the overall win. I speculated once with my old divorce lawyer about how much it would take, and it wasn't much more than a million in the worst case. Next, I'd set up trusts for the kids, that she couldn't touch. They'd have school and necessities covered and couldn't touch the principal until they hit 30 or 35 when they have a family of their own. Set up the parents and my brother, with homes and/or annuities so they are comfortable.
The rest is mine. Depending on the amount, it would be set up so I get 25K a month on the low end, 50K on the higher end, for the 40 years or so I got left reasonably until I croak. The only taxes I'd pay are on investment income. Working would be over, maybe I'd volunteer or teach. A home on a golf course, a sexy and slutty personal trainer/masseuse and a sexy/slutty housekeeper would ensure I don't get lonely. Once the kids are done school, maybe a winter home someplace warm with decent medical care close by and another golf course or casino with a poker room. A man of leisure, retired in his early 40s, seeing how much fun and relaxation can be had before death.
So, with a decent sized win, I would lump sum off the ex wife, to keep her mitts off the vast majority of the money and ensure I never give her another cent as long as she lives. We've been divorced long enough that she couldn't try to claim anything resembling half, it would be more like all of the child support added up to 18 or 20, times 2 to get the deal done, but no more than 10% of the overall win. I speculated once with my old divorce lawyer about how much it would take, and it wasn't much more than a million in the worst case. Next, I'd set up trusts for the kids, that she couldn't touch. They'd have school and necessities covered and couldn't touch the principal until they hit 30 or 35 when they have a family of their own. Set up the parents and my brother, with homes and/or annuities so they are comfortable.
The rest is mine. Depending on the amount, it would be set up so I get 25K a month on the low end, 50K on the higher end, for the 40 years or so I got left reasonably until I croak. The only taxes I'd pay are on investment income. Working would be over, maybe I'd volunteer or teach. A home on a golf course, a sexy and slutty personal trainer/masseuse and a sexy/slutty housekeeper would ensure I don't get lonely. Once the kids are done school, maybe a winter home someplace warm with decent medical care close by and another golf course or casino with a poker room. A man of leisure, retired in his early 40s, seeing how much fun and relaxation can be had before death.
And in the process you'd screw your family with CRA by giving them all that money. It's tax free for you not everyone else. You can't just buy someone a house and give it to them. Well, you can but the CRA needs a piece of the action.
I'd buy a jet ski. The nicest one ever! Then after that I'd hire someone to trailer it to the sea of Cortez for me so I could just hop on a plane and it would be waiting for me
That's a misconception... since WestCoaster would have won the money... he could "gift" the money to his family and friends. Gifts of money are tax free. Then they would buy whatever they want with the money and if it's their primary home or they buy a new home and sell the old one their is no capital gains at all, unless one own's more than one property.
If I won the lotto and a significant amount... I would buy a Tesla and help my family with their debts. I would also start my own Solar Company and energy efficient housing Company and the profits from their I would invest in low income housing for people across Canada.
Let's go with a whopping 64 million dollar jackpot...
> Huge custom modern-design mansion with three elevators on a huge lot (like Michael Jordan's place outside Chicago) - with a custom full gym, full-sized pool with 8 lanes, tennis courts, 400m track, golf course 18 holes, a runway and heliport
> Winter car - Land Rover Range Rover
> Two summer cars - Bugatti Veyron and McLaren P1
> Honda lear jet
> Graduate classes at Harvard
> Condo in Boston
> Vacation house in Arizona
> Condo in UAE
> Two motorcycles - Honda Gold Wing, Harley-Davidson
> Huge custom modern-design mansion with three elevators on a huge lot (like Michael Jordan's place outside Chicago) - with a custom full gym, full-sized pool with 8 lanes, tennis courts, 400m track, golf course 18 holes, a runway and heliport
> Winter car - Land Rover Range Rover
> Two summer cars - Bugatti Veyron and McLaren P1
> Honda lear jet
> Graduate classes at Harvard
> Condo in Boston
> Vacation house in Arizona
> Condo in UAE
> Two motorcycles - Honda Gold Wing, Harley-Davidson
Propose to a MPA that I have fallen in love with, and also get her to sign a contract to live together for 1 year at a cost of $ 1 million.
