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Your Site Wins $1 Million in a Contest - What Do You Buy?

Ernest L. Defoe

Well-known member
#8
Nothing. You'd soon mind out a $million isn't as much as it seems.
I agree with prices the way they are today $1,000,000 isn't that much. Yeah if spent wisely you could live pretty comfortably for the rest of your life. As long as you didn't go over the top. I would buy a nice $200,000-300,00 house a nice truck. (Really love the F-150 Raptor but I would get the Roush Raptor just to have a little extra get up and go). Then I would put the rest in the bank and live off the interest. So at the end of the day I would still have $600,000+ in the bank. While I could get by with less house and less truck I could still live the rest of my life and pay all my bills with what I would get from the interest alone.
 

Slavik

XenForo moderator
Staff member
#9
Id go buy 4x 4 bedroomed houses for ~230k each, fit each room with en-suite and a mini kitchen and then rent the rooms out for 500 a month. 4x4x500 = £8k a month.

Take away your tax and your sat on 73k a year and a million quids worth of property you can sell.
 

Brogan

XenForo moderator
Staff member
#10
So at the end of the day I would still have $600,000+ in the bank. While I could get by with less house and less truck I could still live the rest of my life and pay all my bills with what I would get from the interest alone.
Not on current interest rates you couldn't.
I don't know what it's like in the US currently but the BoE base rate has been 0.5% for years, and even £500,000 in the bank generates nowhere near enough to live on, via safe investments.
It requires a bit of risk taking or long term investment to get any sort of decent return.
 

craigiri

Well-known member
#11
Not a single thing......differently....

Cars? The problem is speed limits, roads and physics.
Boats? I have one. Smaller ones are less hassle.

There is not a single thing which I want that I don't have...in fact, I'm at the point where I am happier when I get rid of stuff than when I obtain it...

Unfortunately, as many have proven (Steve, Jobs, etc.), even a billion can't buy health or time.

So for those who don't have everything, my suggestion would be to buy some time (somewhat like Slavik have mapped out).
 

DRE

Well-known member
#12
Not a single thing......differently....

Cars? The problem is speed limits, roads and physics.
Boats? I have one. Smaller ones are less hassle.

There is not a single thing which I want that I don't have...in fact, I'm at the point where I am happier when I get rid of stuff than when I obtain it...

Unfortunately, as many have proven (Steve, Jobs, etc.), even a billion can't buy health or time.

So for those who don't have everything, my suggestion would be to buy some time (somewhat like Slavik have mapped out).
Move to Europe, get your autobahn on.
 

craigiri

Well-known member
#14
You not spending it wisely if 1 milion isn't enough.
In the USA, a couple (man/wife man/man, etc.) would not be able to comfortably retire with a million bucks. To make things worse, it would be taxable if you won it!

Let's pretend, instead, you got it from a life insurance policy on your 98 year old dear mom.......(not taxable here).....

So, with no kids and if you lived in an area where housing and taxes were mid-level, you could make it given a reasonable lifestyle. This would be something like this:
1. Buy house and car for 200K total
2. Invest 800K and realize 6 to 7% return (possible with relatively low risk over time) for $55K or so per year. You'd have to pay taxes on that, leaving you with maybe 40K.
3. Health care in the USA is 8K per person per year - averaged out. But figure about 15K total for insurance, out of pocket, dental, etc.

That leaves you with $500 a week for everything. You need car insurance, house insurance, property taxes, utilities and much more.

Not a bad life if you live in the right place and have no medical or other emergencies. But it's sad to say that if you get that million, you ain't gonna have much bling....
 

Ernest L. Defoe

Well-known member
#15
Not on current interest rates you couldn't.
I don't know what it's like in the US currently but the BoE base rate has been 0.5% for years, and even £500,000 in the bank generates nowhere near enough to live on, via safe investments.
It requires a bit of risk taking or long term investment to get any sort of decent return.
Either way I'd still be pretty well set and wouldn't have to work that much if everything I owned was paid off.
 

DRE

Well-known member
#16
In the USA, a couple (man/wife man/man, etc.) would not be able to comfortably retire with a million bucks. To make things worse, it would be taxable if you won it!

Let's pretend, instead, you got it from a life insurance policy on your 98 year old dear mom.......(not taxable here).....

So, with no kids and if you lived in an area where housing and taxes were mid-level, you could make it given a reasonable lifestyle. This would be something like this:
1. Buy house and car for 200K total
2. Invest 800K and realize 6 to 7% return (possible with relatively low risk over time) for $55K or so per year. You'd have to pay taxes on that, leaving you with maybe 40K.
3. Health care in the USA is 8K per person per year - averaged out. But figure about 15K total for insurance, out of pocket, dental, etc.

That leaves you with $500 a week for everything. You need car insurance, house insurance, property taxes, utilities and much more.

Not a bad life if you live in the right place and have no medical or other emergencies. But it's sad to say that if you get that million, you ain't gonna have much bling....
If I had a Ford GT, I would not care about a house because my insurance would sky rocket. I'll wife up some rich chick and live in her mansion.
 

Flexin

Active member
#17
In the USA, a couple (man/wife man/man, etc.) would not be able to comfortably retire with a million bucks. To make things worse, it would be taxable if you won it!

Let's pretend, instead, you got it from a life insurance policy on your 98 year old dear mom.......(not taxable here).....

So, with no kids and if you lived in an area where housing and taxes were mid-level, you could make it given a reasonable lifestyle. This would be something like this:
1. Buy house and car for 200K total
2. Invest 800K and realize 6 to 7% return (possible with relatively low risk over time) for $55K or so per year. You'd have to pay taxes on that, leaving you with maybe 40K.
3. Health care in the USA is 8K per person per year - averaged out. But figure about 15K total for insurance, out of pocket, dental, etc.

That leaves you with $500 a week for everything. You need car insurance, house insurance, property taxes, utilities and much more.

Not a bad life if you live in the right place and have no medical or other emergencies. But it's sad to say that if you get that million, you ain't gonna have much bling....
Depends on how you want to live. Buy a house with a legal apartment in it. You could have a mortgage of a few hundred a month. Get two like that and you have money in the bank each month. With three you might be able to live in that $200000 home that is paid for by your rental units. Then you also have your rental units that are worth something down the road.

One million isn't what it use to be but it opens up doors and opportunity that were not open the day before you received the money.

James
 

Shelley

Well-known member
#18
Your legs ain't long enough.
How do you know how long my legs are? :D I'm 5ft 10 I'm sure i would manage and heck if I can't reach I'd have them extended somehow.
Id go buy 4x 4 bedroomed houses for ~230k each, fit each room with en-suite and a mini kitchen and then rent the rooms out for 500 a month. 4x4x500 = £8k a month.

Take away your tax and your sat on 73k a year and a million quids worth of property you can sell.
Killing to be made purchasing property and doing the building requirements if you know the people to get it all up to shape and renting out.
 

DRE

Well-known member
#20
How do you know how long my legs are? :D I'm 5ft 10 I'm sure i would manage and heck if I can't reach I'd have them extended somehow.


Killing to be made purchasing property and doing the building requirements if you know the people to get it all up to shape and renting out.
The way you argue sometimes reminds me of a short woman.