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   What would you do with a million dollars?

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Topic: What would you do with a million dollars? (Read 557 times)

shamon
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What would you do with a million dollars?
« on: May 11^th, 2004, 9:33am »

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After the Survivor reunion show, the players (minus Jerri) each made a plea for the second million dollars. Many made claims about what they would do with it....

What would you do with a million dollars?

"people say that I'm a dreamer, but I'm not the only one"
-John Lennon, Imagine

« Last Edit: May 11^th, 2004, 10:12am by shamon »

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Rupey
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Re: What would you do with a million dollars?
« Reply #1 on: May 11^th, 2004, 10:08am »

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1. Make a hefty donation to my church.
2. Pay off all of my debts.
3. Help my parents.
4. Set up a fund for my children.
5. Put away a large sum in a retirement account.
6. Travel.
7. CHANGE MY PHONE NUMBER!

I would not necessarily go out and shop or buy a bunch of new stuff. If I needed a new vehicle at the time, I'd probably buy that or buy a slightly larger home but I wouldn't go haywire. I'd really like to think that a million bucks wouldn't change the person that I am right now...it would just enable me to take care of a few things in my life (debts, etc.) that I struggle with right now.

« Last Edit: May 11^th, 2004, 10:22am by Rupey »

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chickmama
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Re: What would you do with a million dollars?
« Reply #2 on: May 11^th, 2004, 11:21am »

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I would pay off the farm. Take some great vacations, build my dream house, and then I'd be out of money. I guess I probably wouldn't be voted on to recieve the million. Grin

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Rupey
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Re: What would you do with a million dollars?
« Reply #3 on: May 11^th, 2004, 11:36am »

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I was watching "The Fabulous Life of Simon Cowell" on VH-1 the other night and it is just absurd how a rich person spends his money. He pays $500 for a haircut that any $25 salon could replicate. You know, if I were rich, I'd hope that I'd still go out and try to find bargins and try to watch my money carefully. I wouldn't need a Ferrari--just a new car that was dependable, comfortable, and fuel efficient would be fine for me. If I did anything extravagant for myself, it would probably be hiring my own personal trainer and chef so I could get myself back into shape.

I'd still be a normal person, putting my pants on one leg at a time just like everyone else. And Chickmama, I'd come visit you on your farm! Grin

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Rhune
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Re: What would you do with a million dollars?
« Reply #4 on: May 11^th, 2004, 11:42am »

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Let's see, after taxes that's about $600,000. I would invest some of it with the help of my father, to make sure there was some money for the future. Then I would purchase a house in a nice neighborhood (not a rich neighborhood, but a nice neighborhood), I would travel and see family some more that year and get a second car and yes, I would donate some money to charities, but not the bulk of it. I would secure my family's future more first.

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shamon
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Re: What would you do with a million dollars?
« Reply #5 on: May 11^th, 2004, 12:27pm »

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oh I have no doubt that Uncle Sam would get his cut....

I would buy a house and land, pay off college loans, and pay off my folks debt.... I would still work and let that be pure income. After that travel some. I would want to live a debt free above all else...

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Rupey
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Re: What would you do with a million dollars?
« Reply #6 on: May 11^th, 2004, 12:29pm »

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Ah...yes! Debt free! Cool

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kelby
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Re: What would you do with a million dollars?
« Reply #7 on: May 11^th, 2004, 12:37pm »

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well in Canada we dont pay taxes on lottery winnings till we spend it....so I would stick the million in the bank and just spend the intrest...donate to Childrens Hospital,enviromental charities, help out my brothers,buy lots of very sexy shoes,beautiful orchids, a hefty life insurance policy (again no taxes on life insurance) for my nephews to cash in when i kick the bucket.Live the simple life..preferrably as a beach bum.

« Last Edit: May 11^th, 2004, 12:38pm by kelby »

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Pau
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Re: What would you do with a million dollars?
« Reply #8 on: May 11^th, 2004, 8:27pm »

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well.... 1 Million US Dollars... welll how much would it be in Philippine Peso... hmmmm.... its 55.6 Million Pesos... big sum ehh.... Grin

well...
50% to put into stocks, bonds, and investment for a business (a good one)
20% of it I will give to charities, churches, institutions
25% of it I will use to buy things that I want.. a good house, a good car, and maybe to go on tour in Asia, Europe, and the US...
1% of it I will share to my friends, blow-out (a custom here when somebody wins something)
4% of it... hmm.... where can I use it... hmmm.... well... I'll just reinvest it.... Grin

rupert... yeah I agree with you... there was a saying that the more you earn, the more you spend.... that's why we see a lot of one day millionaires.... Grin

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Rupey
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Re: What would you do with a million dollars?
« Reply #9 on: May 11^th, 2004, 8:30pm »

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I was reading an interview with Rupert that said his takings would only be $550,000 after taxes, should he be chosen to receive the million.

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Pau
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Re: What would you do with a million dollars?
« Reply #10 on: May 11^th, 2004, 8:34pm »

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oww... that was a big tax taken away!.... well here in the Philippines, most contests and raffles are already net of tax... Grin

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luci
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Re: What would you do with a million dollars?
« Reply #11 on: May 11^th, 2004, 8:47pm »

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You can figure the IRS will take a third. After their "fair share", I would give a very substantial amount money to our church. Make sure my Mom is well taken care of for the remainder of her life.
We would probably travel until we are sick of it to every place we've ever thought
we want to see Roll Eyes

Come home, settle down and
grow "older" together Grin

« Last Edit: May 11^th, 2004, 8:48pm by luci »

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Rhune
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Re: What would you do with a million dollars?
« Reply #12 on: May 12^th, 2004, 10:02am »

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It's a little more than 500,000. I seem to recall an article with Brian Heidik that won Thailand and he talked about how after taxes it was around $625,000. Let me see what I can find online.

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Rhune
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Re: What would you do with a million dollars?
« Reply #13 on: May 12^th, 2004, 10:05am »

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I guess it depends on the state, here's what I found:

How lottery winnings are taxed
First, you should be aware that your lottery winnings are taxable. This is the case for cash winnings and for the fair market value of any noncash prizes you might win (e.g., a car, vacation, etc.). Depending on your other income and the amount of your winnings, your federal tax bracket can go as high as 39.6%.

Your lottery winnings might also be subject to state income tax. Thus, depending on where you live, your total tax bill could exceed 50%. You don't get any capital gains rate break for lottery winnings, nor is there any income averaging to help lower your tax bill.

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Rhune
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Re: What would you do with a million dollars?
« Reply #14 on: May 12^th, 2004, 10:16am »

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That falls in line with that I've always heard, which was "about 40%".

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