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If you had $1000 to spend

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Kaervak

Kaervak

Diamond Member
Jul 18, 2001
8,460
2
81
I'd use it to pay for my EMT-Basic certification and with what's left I'd hunt down a used iBook.
 
anxi80

anxi80

Lifer
Jul 7, 2002
12,294
2
0
id order 2000 tacos from jack in the box. or mix it up and get 1000 tacos, 250 chicken sandwiches and 250 breakfast jacks.
 
skyking

skyking

Lifer
Nov 21, 2001
22,777
5,939
146
spend? I will go with the spend option, since that is how it started.
Trip to Mexico:)
 
H

Howard

Lifer
Oct 14, 1999
47,982
11
81
Pick up a few things. New mouse pad, Sonicare toothbrush, cast iron skillet(s)... I'd save the rest.

EDIT: Get an Antec SLK3000B or something. My current case is horrid.
 
R

remagavon

Platinum Member
Jun 16, 2003
2,516
0
0
Originally posted by: EyeMWing
(This post entitled "Turning $1000 into being set for life")

1000 tickets on a high-double-digit powerball drawing (the high player-rate in the REALLY BIG ones makes it completely not worth it). Seriously. $1000 isn't going to make a dent in my financial issues right now, and putting it all into the stupid tax is the only efficient way of converting it to an amount that WILL make a difference.

Just 1M in the bank equates to something like $1875 a month in interest at my CU's 2.25% rate.

A 12mo CD at the same credit union would result in a $51k of income PER MILLION invested.

So lets take a reasonable powerball drawing - how about tonight's $73M ($32.6M cash) drawing.

First thing you're going to have to do is set aside the tax on the winnings. Lets say you end up with about $16M after taxes. That's cool, you just won a $73M lottery and ended up with $16M.

Then, you're going to want some cash to kill your preexisting debts and to live off of immediately while your other investments mature. Take a million. Pay it all off.

So lets say you live in the real world (not New York, Florida or California) - this means that you can live comfortably, if GODLIKE on $200k/yr. Take 6M and stick it in a CD. End result, $306k of interest income. Reinvest the initial principals, of course. Now it's time to pay taxes again. Lets say that, for you, they're going to want 25% of your interest income. That leaves you with $229,500/yr. And you've still got $9M to play with.

So, lets invest that. You're going to need some liquid cash to handle unexpected things. So take $2M or so, and place it in various savings/checking accounts (it's important to make sure you stay under the FDIC insurance protection limits. This can't be stressed enough. The chance of a bank failure is virtually null, but worse things have happened). You'll end up with somewhere south of $45,000 in interest income. $33750 after taxes.

What do you do with the other 7M? Buy yourself a house. A car. A killer PC. I don't really care. I'd set aside an additional $3M in accounts labeled "DON'T TOUCH ME EVAR", just in case you somehow mismanage the main accounts... But beyond that, you have $263250 after taxes to play with.

Oh, and do go get a job. The health insurance and your continued social existance will be worth it. The money may not be.
Click to expand...

Even with 1000 tickets, your chances are still pretty low... lol.
 
Fritzo

Fritzo

Lifer
Jan 3, 2001
41,920
2,161
126
Originally posted by: Howard
Pick up a few things. New mouse pad, Sonicare toothbrush, cast iron skillet(s)... I'd save the rest.

EDIT: Get an Antec SLK3000B or something. My current case is horrid.
Click to expand...

Hey- set of 3 cast iron skillets at JCPenney this weekend for $10 :)

( I love cast iron heheh)
 
jlee

jlee

Lifer
Sep 12, 2001
48,518
223
106
Finish paying for my tires and pay insurance for the next six months.
 
E

Extelleron

Diamond Member
Dec 26, 2005
3,127
0
71
Sell my current processor and mobo (Opt 144+Ultra-D)

Buy X2 3800/Opt170 + Cross-fire mobo + X1900 Crossfire Ed + ViewSonic VX2025
(might turn out to be a little more than $1000)

Enjoy.
 
D

desiplaya4life

Golden Member
Jan 25, 2004
1,449
2
81
Originally posted by: EyeMWing
(This post entitled "Turning $1000 into being set for life")

1000 tickets on a high-double-digit powerball drawing (the high player-rate in the REALLY BIG ones makes it completely not worth it). Seriously. $1000 isn't going to make a dent in my financial issues right now, and putting it all into the stupid tax is the only efficient way of converting it to an amount that WILL make a difference.

Just 1M in the bank equates to something like $1875 a month in interest at my CU's 2.25% rate.

A 12mo CD at the same credit union would result in a $51k of income PER MILLION invested.

So lets take a reasonable powerball drawing - how about tonight's $73M ($32.6M cash) drawing.

First thing you're going to have to do is set aside the tax on the winnings. Lets say you end up with about $16M after taxes. That's cool, you just won a $73M lottery and ended up with $16M.

Then, you're going to want some cash to kill your preexisting debts and to live off of immediately while your other investments mature. Take a million. Pay it all off.

So lets say you live in the real world (not New York, Florida or California) - this means that you can live comfortably, if GODLIKE on $200k/yr. Take 6M and stick it in a CD. End result, $306k of interest income. Reinvest the initial principals, of course. Now it's time to pay taxes again. Lets say that, for you, they're going to want 25% of your interest income. That leaves you with $229,500/yr. And you've still got $9M to play with.

So, lets invest that. You're going to need some liquid cash to handle unexpected things. So take $2M or so, and place it in various savings/checking accounts (it's important to make sure you stay under the FDIC insurance protection limits. This can't be stressed enough. The chance of a bank failure is virtually null, but worse things have happened). You'll end up with somewhere south of $45,000 in interest income. $33750 after taxes.

What do you do with the other 7M? Buy yourself a house. A car. A killer PC. I don't really care. I'd set aside an additional $3M in accounts labeled "DON'T TOUCH ME EVAR", just in case you somehow mismanage the main accounts... But beyond that, you have $263250 after taxes to play with.

Oh, and do go get a job. The health insurance and your continued social existance will be worth it. The money may not be.
Click to expand...


thanks for sharing=)
 
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