$1 million lottery winner won't quit waitress job

[waggy]

hell yeah keep the job. a million ain't enough to retire on. but it can make life much much better.

 

[qliveur]

OK, this thread is the end of the world, because, not only do I agree with TridenT, but Dominion Seraph as well.

Now, if only SandEagle would say something I agree with this thread would become some sort of apocalyptic trifecta.

 

[Bignate603]

clearly 2012 is going to be the end of the world. i mean, how can anyone agree with Trident? i thought it was a great story. a paragraph is like a novel to many of you.

and those complaining that $1mil aint what it used to be... lol.

i could retire on $1million. how hard is it to buy a $200,000 home straight cash, a few cars, etc etc and sock away the rest or invest? armchair financial advisors lol

With the posts you put up on ATOT about your finances I think you'd find it very hard.

 

[shortylickens]

Smart gal. After taxes its only about a third of a million. These days that will get you a house anywhere from acceptable to nice, depending on where you live. Then you gotta pay taxes on the house.


FUCK UNCLE SAM!

 

[Bignate603]

Smart gal. After taxes its only about a third of a million. These days that will get you a house anywhere from acceptable to nice, depending on where you live. Then you gotta pay taxes on the house.


FUCK UNCLE SAM!

1. Federal income tax maxes out at 35% and is a progressive tax so your effective tax rate is actually lower than that. Since she took the lump sum she'll get $700,000 pre-tax. Let's say she earns $25,000 from her waitress job. With that income and using the 2011 tax rates and brackets (I don't think they changed much for 2012) she'll come out with about $494k in her pocket.
2. Florida has no income tax so it won't take anything from her winnings.
3. Property taxes have nothing to do with "Uncle Sam", those are based on your local taxes. If you don't like the taxes you can move. Florida has some areas with low property tax.

 

[0roo0roo]

yea she should use it to pay her college expenses and quit.

its the thing to say but then your coworkers slaving over min wage will then wonder wtf are u doing here...rubbing it in and it will get weird.

 

[shortylickens]

yea she should use it to pay her college expenses and quit.

its the thing to say but then your coworkers slaving over min wage will then wonder wtf are u doing here...rubbing it in and it will get weird.

Oh I would definitely go full time to a nice college and maybe even get myself a tiny apartment near the campus. And not worry about failing classes and losing my fucking scholarship. Just try your best cuz thats the smart thing to do, not because you HAVE to freakin pass.

 

[Jadow]

She should quit and put all her effort into college.

why? shes getting straight A's

 

[WaTaGuMp]

I want to be a waitress

Then bring me a Mt Dew, bitch. :biggrin:

 

[JSt0rm]

hell yeah keep the job. a million ain't enough to retire on. but it can make life much much better.

This. op is crazy to quiet his job over a million. This isnt 1929.

 

[lxskllr]

The nice thing about winning that kind of money, and keeping your job is you don't /have/ to stay there. It's very liberating knowing you don't have to take shit from anyone, and your ability to eat isn't dependent on taking shit from anyone. That would raise my job satisfaction a few notches by itself.

 

[3chordcharlie]

I love that the lottery can put $1,000,000 on the cheque, then give themselves a 30% discount. Assume this is on the 50k for 20 years plan?

I remember one a decade or so ago that was advertised as $1million and was actually 20k for 50 years! PV of the annuity was less than $400k at 5-6% (about $500k at 3%).

 

[HardcoreRobot]

can 700k even pay for college these days?

 

[alkemyst]

smart girl.

 

[mrrman]

$1M isnt enough to live on nowadays unless you make your home in a dumpster

 

[IceBergSLiM]

$1M isnt enough to live on nowadays unless you make your home in a dumpster

depends where you live. I could retire in central/south America quite nicely with that. It wouldn't be lavish but I wouldn't want either.

 

[CPA]

She eff'nd Tebowed. That is awesome!

 

[Red Storm]

$700,000 is damn nice to have, but at 21 that is not enough money to just stop working, so she's doing the sensible thing.

 

[SaDiZTiKStyLeZ]

She's kinda cute. I wonder if she'll be the sugar-momma I been looking for.

Honestly. Stay working. That shit's humble.

I wish I could have found & kept a steady job when I had that $100K. I wouldn't have pissed it all away so fast if I could have held down a steady job to maintain some income. So keeping income in addition to that is good thing. Should have had it dispersed in multiple payments though. Wouldn't that have netted her more $$?

 

[mnewsham]

She's kinda cute. I wonder if she'll be the sugar-momma I been looking for.

Honestly. Stay working. That shit's humble.

I wish I could have found & kept a steady job when I had that $100K. I wouldn't have pissed it all away so fast if I could have held down a steady job to maintain some income. So keeping income in addition to that is good thing. Should have had it dispersed in multiple payments though. Wouldn't that have netted her more $$?

Over 20 years it would be unlikely to have netted her more in that amount of time, as inflation rises your payments wont. If a million dollars don't buy what it used to now, think about in 20 years. I would rather have a lump sum i can dick around with and invest with. getting 10-15% off that would be a nice thing.

 

[Pardus]

 

[Fritzo]

$1M isnt enough to live on nowadays unless you make your home in a dumpster

Yep. I read somewhere you need at least $6 million properly invested to live a middle class life without working today.

 

[alkemyst]

rates are low...when they were around 5%, one million free and clear was enough for $50k a year.

Thing is winning a million isn't putting a million in your account.

For me I'd need at least $150k a year in interest to consider quitting my job and even then I like my job so why not save and continue to work, turning that $150k a year into $300k or more.

Plus one of my goals is to fund a cat sanctuary which is not cheap. I am spending $3000 per year just feeding the few score ferals on my own property.

 

[PingSpike]

One million isn't enough to retire on these days that's for damn sure. Maybe if she were 55 and already had other savings. Especially since she'll lose at least a third of it on various bullshit right from the start. Are people forgetting about health insurance for the next 40 years? I think its a safe bet that by the end of the 40 years health insurance might cost a little more than right now. Its enough money to give her a huge leg up on some pretty important things in life but I think at most it means she can live a comfortable life while working as a waitress.

And why would she quit her job to focus on school? She's already getting straight As and she'll probably need that waitress job when she gets done with how things are going these days.

 

[Wyndru]

She took home 700k, buy a house, buy a car, pay off existing credit and pay for school.

It's like a starter kit to a happy life...not as cushy as the larger jackpots but it will at least get her going without any debt.