How would various amounts of money affect your life?

[Gunslinger08]

All of the big lottery jackpots lately have made me think about this. How would these amounts affect your life? What would you buy, who would you give money to, how would you invest, etc.? I'll assume a 40% tax rate.

$250,000 : ~$150,000 after taxes - I would pay off all non-mortgage debt, do some home improvements (deck, fence, kitchen upgrades, maybe hardwood flooring), and save the rest.

$1,000,000 : ~$600,000 after taxes - See previous, as well as pay off mortgage. I would take a nice vacation this year and invest all but $50k or so, which I'd keep in liquid savings. I would offer to pay for portions of our immediate families' college tuition.

$10,000,000 : ~$6,000,000 after taxes - I would pay off all non-mortgage debt and buy a few acres of land. I'd build a moderately sized house and sell my current house when construction finished. I would pay for our immediate families' college tuition. I would invest $4-5 million to live off of.

$100,000,000 : ~$60,000,000 after taxes - See previous. I would consider hiring a personal jet for vacations at this level (owning a jet is still too expensive). I would figure out the best way (tax wise) to give our families enough money to not have to work. I don't think I would have a problem saving, but I would keep $4-5 million in an account that is difficult to access, just in case.

What would you do?

 

[nickbits]

if the amount was large enough to live off the income it generates, quit my job and live off the income
otherwise, business as usual

 

[Oil]

$250,000 : ~$150,000 after taxes - Put all of the money down for a house.

$1,000,000 : ~$600,000 after taxes - Buy a house, take a nice vacation and save the rest.

$10,000,000 : ~$6,000,000 after taxes - Buy a house, take a nice vacation, buy a fun weekend driver, get some toys, and save the rest.

$100,000,000 : ~$60,000,000 after taxes - Same as above except more of each.

 

[Pardus]

$10 million would suffice, quit my job and travel around the world with some hotties.

 

[SlitheryDee]

I could pay off all my debt, mortgage included, with the 150k. Anything beyond that I would invest.

All the levels above that one I would just put the remainder in a safe interest earning account. I could probably live off the interest in options 3 and easily in option 4.

 

[SillyOReilly]

2 chicks at the same time man

 

[crownjules]

$250,000 : ~$150,000 after taxes - Pay off debts, save the rest for a healthy down payment on a house.

$1,000,000 : ~$600,000 after taxes - Same as previous plus take a nice vacation somewhere. Put the rest into investments.

$10,000,000 : ~$6,000,000 after taxes - Same as previous. Probably buy a new luxury car as well.

$100,000,000 : ~$60,000,000 after taxes - Same as previous. Maybe throw a lavish party for friends. Give some money to family. Try to retire and live off the rest via investment income.

 

[rcpratt]

$250,000 : ~$150,000 after taxes

I'd buy a house (maybe $250kish) and put $100k down.

$1,000,000 : ~$600,000 after taxes

I'd buy a $500k house with cash, take a few vacations, invest the rest.

$10,000,000 : ~$6,000,000 after taxes

Buy a house with cash for <$1M. Buy a house on a lake up north, a boat, and two jet skis (~$500k?). Invest $1M for retirement. Invest $2M to live off of. Go on some vacations. Pay for the rest of my siblings' college tuition. Keep my job, for now, but plan to retire very early.

$100,000,000 : ~$60,000,000 after taxes

Same as above, but quit job now. Give my parents a few million to retire on, although they probably don't need much more. Do some charity work. Go on some crazy vacations. See the world.

 

[kranky]

$150K - finish some home improvements, save the rest.
$600K - do the home improvements, retire
$6M - move to new home, retire, gifts to family/charity/friends, some memorable vacation trips. Maybe start a business, hire the guy who told me years ago I would never amount to anything, and also enjoyed humiliating and abusing his entire staff. Pay him triple what he's making now. Then fire him once he's ramped up his lifestyle to consume the extra money. Good thing is he's single and there's no family to suffer collateral damage. Not that I'm bitter or anything.
$60M - cannot comprehend.

I don't imagine that I would radically change my lifestyle no matter how much money I had.

 

[rcpratt]

$6M - move to new home, retire, gifts to family/charity/friends, some memorable vacation trips. Maybe start a business, hire the guy who told me years ago I would never amount to anything, and also enjoyed humiliating and abusing his entire staff. Pay him triple what he's making now. Then fire him once he's ramped up his lifestyle to consume the extra money. Good thing is he's single and there's no family to suffer collateral damage. Not that I'm bitter or anything.

Bwahaha. :sneaky:

 

[nageov3t]

~$1,000,000 -- buy myself something nice (new car, maybe take a nice vacation to Europe or Asia), setup college funds for my nieces, invest the rest for retirement, and continue living as usual.

~$10,000,000 -- same as above, but throw in a new house/condo, go back to school, and maybe change careers into something less stressful (but presumably also lower-paying)

~$100,000,000 -- same as above, but instead of changing careers, become a professional full-time student, just racking up degrees in whatever subjects I find interesting... maybe start a small business with the luxury of not caring if it doesn't turn a profit.

 

[ichy]

$250,000 : ~$150,000 after taxes - Pay off most of my mortgage, but about $25k into a really big emergency fund.

$1,000,000 : ~$600,000 after taxes - Same as above, and put the rest of the money into investments.

$10,000,000 : ~$6,000,000 after taxes - Quit my job, live a life of leisure.

$100,000,000 : ~$60,000,000 after taxes - Live a significantly more expensive life of leisure.

 

[GotIssues]

$250,000 : ~$150,000 after taxes - All non-mortgage debt, nice vacation, rest into savings and retirement.

$1,000,000 : ~$600,000 after taxes - All debt, money aside for nice vacation every year, something nice for my parents, rest into retirement
$10,000,000 : ~$6,000,000 after taxes - All above, plus some to immediate family members (working the tax system as much as possible), parents get whatever they want, spend about $500k on whatever we want, fund a family reunion of some sort (large extended family, probably the only way to give to them without offending anyone), probably about $4.5M left over for stock market/capital preservation investments to provide a secure future.
$100,000,000 : ~$60,000,000 after taxes - All above, but funding a family reunion every year or two and doing some planning so that any future children can be well taken care of. Certainly not worried about money for our lifetime. I'd fly first class to my vacations, but I certainly wouldn't be renting any jets.

 

[ussfletcher]

Based off of Oil's

$250,000 : ~$150,000 after taxes - Put all of the money down for a house.

$1,000,000 : ~$600,000 after taxes - Buy a house, take a nice vacation and save the rest.

$10,000,000 : ~$6,000,000 after taxes - Buy a house, take a nice vacation, buy a fun weekend driver, get some toys, and save the rest.

$100,000,000 : ~$60,000,000 after taxes -Spend half a year traveling the world and partying. Never work again.

In any case I'd finish my last 6 weeks of classes and get my degree.

 

[Murloc]

Not that I'm bitter or anything.

pffffff.

Since I study in a good university already, in any case I would keep on studying.
I'd rent a nice apartment with terrace and A/C at the top of some building near the university, buy a decent car even though I'd not use it a lot (nothing fancy, an average hatchback but with some power), rent a reserved parking space, and ramp up my lifestyle a bit (basically not being afraid of wasting money when buying a drink or eating out or shopping (even basic shit is pricey here compared to the US)).

The initial cost of this is just the car, so I'd basically invest all the money and change my lifestyle depending on how much money per year I get.

If it's just 150k$, I'd keep it all for the future.

 

[ponyo]

whatever the amount, I would set aside 10% as fun money and add it to my fun money/vacation account. 10% of $60 mil? I could have lot of fun with $6 million dollars. 10% of $150k? I could have lot of fun with $15k too.

90% is irrelevant and would go into my savings/investments.

 

[DaWhim]

no matter how much amount of money I have, paying off debt is the last thing I want to do. why everyone thinks it is a burden that need to be pay off at the first opportunity you get? If i have a mortgage at 4%, i will set aside an amount on a separate account and buy bonds that yield more than 4% on it.

~150k - nothing change, just invest it. it is really not much.

~600k - same as above.

~6MM - now this is some money. make more i can live off passing income.

~60MM - now this is a lot of money, I can do whatever that please me. probably will start a private foundation and go to the 3rd country to make some changes.

 

[purbeast0]

i'd continue my current life and job but would take many many more vacations.

 

[Dedpuhl]

I'd pay off my bills and find the best doctor in the world that can cure my chronic daily headaches...

 

[MichaelD]

With just $30K I could pay off everything I owe and live very well on what I currently make. For $30K I would run naked wearing bullseye stickers all over my body, at Pampolona.

 

[HardcoreRobot]

$250,000 : ~$150,000 after taxes - Downpayment for house

$1,000,000 : ~$600,000 after taxes - Larger down payment on house, probably splurge on a vacation or other toy (car?) but save/invest the majority. Should be good for earlier retirement.

$10,000,000 : ~$6,000,000 after taxes - Buy house/pay off mortgage. Buy a vacation property or two and some toys. Invest the majority. Wife stop working, maybe me too.

$100,000,000 : ~$60,000,000 after taxes - Multiple properties, no work. Funnel money to family. Long luxurious vacations.

 

[foghorn67]

$250,000 : ~$150,000 after taxes -Pay off all debt. Which is mostly the car. Invest in my side business, and throw more money towards my hobbies. Put the rest into savings. Keep working.

$1,000,000 : ~$600,000 after taxes - I would buy a house. Pay off debt. Keep working.

$10,000,000 : ~$6,000,000 after taxes - The same as above, but with an addition of buying my parents a condo so they can visit out here when they want. Invest. Hopefully dividends pay enough to live off of. Get one of those, "that looks like fun, but doesn't pay much jobs."

$100,000,000 : ~$60,000,000 after taxes - Same as above, but stopping all work. Travel, travel, travel. I would mostly travel the country learning from the best leather crafters. I would go to New England pick up awesome hand built furniture. I would hire Morgan Freeman, Bill Murray, Michael Caine and Robert Duvall to tuck me in at night and read me stories.

 

[SaDiZTiKStyLeZ]

Pay off debt.

Throw down on a place to live.

Invest into my YouTube thing.

Go back to school.

Seek steady employment in a company for a position I wouldn't suck at.

 

[Apple Of Sodom]

Not sure why everyone is saying "pay off house" with the $150K. Most mortgages are below 4% interest. It would be much better to invest that money. You can definitely do better than 4%..most people can do 8% without even trying.

$250,000 : ~$150,000 after taxes - Not life changing. Invest money.

$1,000,000 : ~$600,000 after taxes - Not life changing. Invest money in a new business (possibly a franchise.)

$10,000,000 : ~$6,000,000 after taxes - Invest money in business, buy a small catamaran (55' yacht) and sail. Give my parents a few hundred thousand.

$100,000,000 : ~$60,000,000 after taxes - Live off of investments. Share the wealth with close friends and family. Larger yacht.

 

[Blieb]

$250,000 : ~$150,000 after taxes - Few projects we have put off because they aren't necessities (15-25k). Invest the rest. Would consider paying off mortgage but maybe not worth the opportunity cost at this level.

$1,000,000 : ~$600,000 after taxes - Few projects - pay off mortgage. Invest and/or buy a few more rentals. Maybe consider a larger home for the family ...

$10,000,000 : ~$6,000,000 after taxes - This is where things change - larger home, help family, a few friends, etc etc. Work ceases. Spend the first 6mo-1yr just doing whatever- travel, bike ride, time with family. Then after getting that out of my system, I would hope that I could donate time and some $ to charity. Without the stress of $, it would probably feel pretty good to spend a few hours or days helping every week.

$100,000,000 : ~$60,000,000 after taxes - I'd probably stroke out.