You know you are lame when the first thing you think about winning a million dollars is that it would kill your effective tax rate.
Winning a million dollars would leave you 600K after tax, assuming an effective 40% tax rate. Here's how I would spend my million:
- Pay off the condo
- Pay off the RAV4
- Buy a Prius
- Do all the home improvements we want to do: New carpet, kitchen, bathrooms, painting, new appliances, etc.
- Put the rest in the bank
Just call me a CPA but this list is hella lame. What would you do with a million dollars? And please let is be a less lame list than mine is!!
6 comments:
I would pay off your condo
Pay off the RAV4
Buy you a prius
Pay off Katie's house
Pay off her car and hopefully have enough to help Jay get a house.
(Through the Deacon's fund at church. That would be really low effective tax rate) They would get the balance.
That would be way fun!!!
The Big Gorilla (Apes Dad)
pretty sure my list is pretty lame, too.....
buy house
pay off student loans
put money away for the kids' college
boring boring boring
:)
To be safe, I say take out 50 percent for taxes. Which just SUCKS.
All good plans. With $500k, I would buy a condo, get a car, pay off my student loans, take my parents out for a very nice dinner and put the rest in the bank. done.
Ok now that I am done laughing at the "Big Gorilla"
I'd Buy a new place
buy a new vehicle for self and hubby
take the kids somewhere really kool
and put the rest away for a rainy day month or year. :-)
pretty lame but thats my story and Im stickin to it!
In my boring life I would:
1. Go on a super sweet vacation
2. Pay off condo
3. Stash some in the mattress for baby's college fund
4. Stash more for something down the line
In my cooler life I would:
1. Open a candy store
Sadly your list is very accurate. I woul seriously think about taking a year off of work for this super sweet vacation my wife is talking about.
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