Winning the lottery, how much?

[SeaCat]

Okay this is inspired by a conversation I overheard in work not long ago. One of the people talking said that he couldn't live on the winnings of anything less than $30 Mill.

I started thinking about that and then shook my head.

A Jackpot of 4 million works out to something $11,111.00 a month for 30 years. (As opposed to a jackpot of 30 million which works out to something like $83,333.00 a month for 30 years.)

I don't know but I'm actually doing pretty good on $3680.00 a month before taxes. (That's the pay my wife and I get together.) $11.111.00 a month before taxes would be great riches for us.

So how much would it take for you to be happy?

Cat

 

[Selena_Kitt]

Okay this is inspired by a conversation I overheard in work not long ago. One of the people talking said that he couldn't live on the winnings of anything less than $30 Mill.

I started thinking about that and then shook my head.

A Jackpot of 4 million works out to something $11,111.00 a month for 30 years. (As opposed to a jackpot of 30 million which works out to something like $83,333.00 a month for 30 years.)

I don't know but I'm actually doing pretty good on $3680.00 a month before taxes. (That's the pay my wife and I get together.) $11.111.00 a month before taxes would be great riches for us.

So how much would it take for you to be happy?

Cat

Yeah, we could live on 11K a month. Sure, it would be difficult, but we'd manage...

What is your friend, a Republican?!?

 

[Guest]

Yeah, we could live on 11K a month. Sure, it would be difficult, but we'd manage...

What is your friend, a Republican?!?

*snerk*

 

[sutherngent985]

I could suffer along on 11K a month. It would be difficult, but I would be willing to make the sacrifice.

 

[rgraham666]

I could live comfortably on $11K a month.

 

[Liar]

So how much would it take for you to be happy?

Ten bux and a hug.

Is the question actually what it would take for me to quit my job and still live comfortably? $2k per month (after taxes) would be enough. $11k and I wouldn't know what to do with all the money.

But my job makes me happy, so I don't need free monies to be happy anyway.

 

[voluptuary_manque]

I'd have a hard time finding things to spend 11K a month on. Probably have to take up art collecting or something. Of course, if I was single . . .

 

[sutherngent985]

But my job makes me happy, so I don't need free monies to be happy anyway.

I would like a job like that once in my life before I die. I would say before I retire but I think I will die first.

 

[Xelebes]

Apparently, a 30 Million lottery winning in Canada would be un-taxed. Just thought I would let you know.

 

[BOSTONFICTIONWRITER]

Well...I won the lottery in 1990. I have two more checks to collect.

I gave away a chunk of dough, invested a chunk of dough, and spent a chunk of dough. I still have more than enough money to last the rest of my life.

I already bought everything that I could possibly want, big house, cars, season tickets to the Red Soxs, Celtics, and Patriots.

Money doesn't make you happy, but I can't imagine living without it.

The biggest thing that it bought me was my freedom. I no longer had to work.

I even returned to school and earned my second bachelor's degree, this time in English instead of Accounting.

I've learned that the best friends are those who don't ask you for money.

I set my kids up and that's all that I care about. Winning the lottery has broken the cycle. My Dad was a working stiff, a blue collar worker. Maybe, now, money will allow my kids to do something that they really want instead of doing something that they hate doing just to make a buck.

My biggest thrill was to help people who never expected it. People who had their backs up against the wall, I surprised them anonymously.

I don't give to charities. Too much go to administrative expenses. I give to the shelter where I pass out food every Sunday. I can see where my money goes and I can see who it helps.

I used to go to the Children's Hospital. I don't go there anymore. It's too sad to watch a kid you've become attached to die. I don't know how a mom or dad can go through the loss of a child. Now, I just donate money in their name.

Oh, and I give money to the animal shelter. Everyone forgets about them.

I'm a big softy.

I'm proud to have lived around the same time as Paul Newman and Bill Gates. Those guys are real heros. Oprah, too. They give more money to causes than people realize. There are others, too. Bill Cosby and Myra Carey give millions. Like me, they pick and chose. Bill gives millions to colleges.

Anyway, I went crazy the first couple of years that I won. I lost all my friends and most of my relatives due to jealousy and human nature. Winning the lottery is a curse if you allow it.

I turned it into a blessing.

 

[Zeb_Carter]

Hell, $4k a month after-tax would suit me just fine. It would allow me to retain the lifestyle I had become accustom too and still have a little left over to splurge on my grandchildren.

$11k a month would be too much, although I could give half of it to my kids to split between them. Or contribute it to a deserving charity or two.

I really don't have extravagant tastes. $4k a month was what I was used to. Oh that's in today's dollars what with the inflation of gasoline and such.

 

[_Lynn_]

I could make it on 11k a month the way I'd like to. I think.

 

[TE999]

5k a month would do me fine...some to play with...some to invest...some for traveling...some for a second home...some to share.

$30+ mill...even in increments spread over a number of years would be a PITA. Between the taxes, the family members, the beggars and the grifters, the thieves and the lawyers (but I repeat myself)...you would wish you had never seen that money.

 

[starrkers]

$5K a month would be enough for me to live a comfortable existence, and put money away for the occasional holiday and pay the kids' way through uni.

$11K a month would be probably more than I could justify.

 

[jomar]

Yeah, a million just doesn't go that far anymore.

Ideally, I'd want to win enough to take the lump sum option and live comfortably off of some of the principle interest so my heirs would inherit wealth. Even more ideally, what I already said plus a boatload more so I could give that portion away to relatives and friends and such.

Having said that, $11,000 a month, pretax even, should cover 15 year mortgage, cars, kid's college and the rest with some left over most months.

 

[jomar]

Well...I won the lottery in 1990. I have two more checks to collect.

Dude! You gonna leave us hanging, or what!

 

[R. Richard]

In order to answer the question, it would be necessary to consider location. In New York City you could easily spend $4,000 per month for a not too fancy two bedroom apartment in Battery Park. That's 36.4% of your $11K per month. Assuming a 40% tax rate (NYC residents pay federal tax, state tax and city tax), you would have, after taxes some $6,600 per month. Just your apartment rent would consume 60.6% of your monthly after tax income. (A 40% tax rate in NYC would probably require a bit of fibbing on your tax returns.)

Of course, you could rent an apartment in the Brownsville area for maybe $1,000 per month, assuming you're white. You would then have to negotiate a payment plan with a community youth organization called Dominicans Don't Play. However, working with DDP would give you a chance to see if the rather harsh NYC gun control laws are working. (Hint: They don't.)

 

[Salvor-Hardon]

I'm crossing my fingers and rubbing a rabbit's foot for the 32 mill jackpot tonight.

Cash Option it would be 20 mill...taxes take it down to 10. I can make do with 10 mill.

 

[Zeb_Carter]

In order to answer the question, it would be necessary to consider location. In New York City you could easily spend $4,000 per month for a not too fancy two bedroom apartment in Battery Park. That's 36.4% of your $11K per month. Assuming a 40% tax rate (NYC residents pay federal tax, state tax and city tax), you would have, after taxes some $6,600 per month. Just your apartment rent would consume 60.6% of your monthly after tax income. (A 40% tax rate in NYC would probably require a bit of fibbing on your tax returns.)

Of course, you could rent an apartment in the Brownsville area for maybe $1,000 per month, assuming you're white. You would then have to negotiate a payment plan with a community youth organization called Dominicans Don't Play. However, working with DDP would give you a chance to see if the rather harsh NYC gun control laws are working. (Hint: They don't.)

Who wants to live in New York?!?! Even if I was born and raised there I would be looking to get the hell out of Dodge, so to speak. The country life with amenities are good enough for me. Say somewhere in Tenn., no state tax. Even with only $4k a month after FED it would be quite a comfortable life. Maybe some horses, some chickens maybe even some pigs(not the kind in uniform).

 

[emap]

No kidding, why anyone would want to live in a city where you pay more for a teeny tiny roach infested apartment than you would for a car lease with big time insurance is way beyond me. I mean heck, Scottsdale confuses me, milk there was $3-4 a gallon when everywhere else in Arizona it was $2 a gallon. Gas prices tend to be 30 cents a gallon higher and a two bedroom apartment with no space was $1200 a month ten years ago.

Never lived there, visited a couple that were once. Their apartment was at least half the size and twice as much as the one I was in at the time. I mean yes follow the job but dang, if your paying that much for an apartment with no actual space because your job is nearby, move farther away pay half the price and drive for the extra ten minutes or so.

It's pathetic here, there are a string of grocery stores just outside Scottsdale, anyone within 40 miles of the border to Phoenix and those stores, shop at those stores because they still save money after the extra gas.

Anyway ya'll are greedy. I can stay happy with an income under 1000 a month, I've done it, nobody ever said being a waitress payed well. I suppose I'm just weird, but if I can afford rent food and games/computer upgrades I don't need anything else, well besides the sex but I can get that free anyway.

 

[DeeZire]

So how much would it take for you to be happy

I'd want a couple hundred more a month than I was getting, no matter what the base amount would be.

This question is similar to the sleep question.
What is the ideal amount of sleep?
Answer: Five more minutes.

 

[oggbashan]

Last Friday the Euromillions lottery jackpot was £100 million. That's pounds, not dollars. No one won it outright so it was divided between those with the next highest match of numbers. Each of the winners received £7 million pounds. One of the UK winners is an 18-year-old law student. She can afford to buy her own legal practice when she qualifies.

Why did she have to be a LAWYER!!!

Og

 

[neonlyte]

Last Friday the Euromillions lottery jackpot was £100 million. That's pounds, not dollars. No one won it outright so it was divided between those with the next highest match of numbers. Each of the winners received £7 million pounds. One of the UK winners is an 18-year-old law student. She can afford to buy her own legal practice when she qualifies.

Why did she have to be a LAWYER!!!

Og

Actually, she is a very pretty lass. She got so excited jumping up and down after she realised she'd won that her dog panicked and bit her bum

ETA: money doesn't matter, love matters - and you can buy a lot of love when you win the lottery

 

[DeeZire]

Actually, she is a very pretty lass. She got so excited jumping up and down after she realised she'd won that her dog panicked and bit her bum

I was hoping she got so exciting jumping up and down, her puppies escaped.

 

[JAMESBJOHNSON]

I've known a few people who acquired fortunes via lottery and lawsuit, and every one of them couldnt hold on to the money. The money was gone within 5 years. The problem is you have to run with a different breed of people, people with expensive lifestyles. You cant have a million or 30 million and hang with friends who make 30K.