If you won $1 million in the lottery.

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Current Events » If you won $1 million in the lottery.
If so how much would you spend on it?
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I'd pay off my mortgage and continue to live in the house I already own.
No but Id immediately rellace the AC in my current house.
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Yes. I am not satisfied with my current house.
It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha."
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Im in the process of buying one for cash anyway. That million dollars would just go in the retirement pot.
Yeah, probably.
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eh... i'd probably just give it to my parents and live in their carriage home
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No, but I might buy some acreage out in the boonies.
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Nah, just invest and have an even easier retirement a bit earlier.

I already own my own home and like it. It is already completely paid off as well and has been for a little while.
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id move to a modest apt in a low CoL area and finally be able to relax a little

i would cry tears of happiness at less than 1/10 of that

money is literally the only thing preventing me from being able to enjoy life. cuz all it would take for me to enjoy life is to be able to take a breather finally
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Sonixs posted...
I'd pay off my mortgage and continue to live in the house I already own.
This.

I'd basically just invest the money and live off the dividends/interest rates. 1m a few months ago would get you like 50k a year in just interest. Unsure if they lowered interest rates or not since then.
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As opposed to a house that had previous owners already?
her/she
Easily an average 3 bedroom house in Houston goes for 250k now I'd get that with 3 new cars and save the other 500k
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Aztex posted...
Easily an average 3 bedroom house in Houston goes for 250k now I'd get that with 3 new cars and save the other 500k
Why not just buy 4 houses and rent them out.
lolAmerica
Probably though only as a result of moving. My current house is great just not much around within a 30 mile radius.
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I'd restart my business but go bigger. Might buy my late friends property.
Understand I can not take care of my self currently and really pretty much all my connections are gone. I'll be fine for awhile but it's something I want to get to before the end of the year.
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I'd buy thr half of the duplex I m living in now, rent it out and then either buy a condo or a townhouse. Then save the rest.
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Nope. I would pay off my bills and mortgage and take a break from work for a little bit due to me being sore now a days. I want to actually relax for once and stop stressing.
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I haven't decided hpw much I'd spend. I'd need to shop around.
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I'm buying a RV home and hitting the road and enjoying life.... after putting half in too savings or whatever I can gain interest on and survive on that
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Probably l80~100k. I'd probably end up spending more on the location I'd want it built.
I don't need a mcmansion, but I would like to live in the woods with enough space between me and my neighbors that I can reasonably ignore their existence.
Yes, I'd buy a modest place.

But I rent right now, so it's kind of a no-brainer.
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Yes.

Probably not a super expensive one or anything but I need something better than the one I'm living in now.
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I'd consider putting it towards that

We live in an ideal area for us right now though, and the only houses that would be a notable upgrade without leaving the neighborhood would be on one of the nearby lakes, and those are in the $1.5-2 million range. those houses are also very limited and don't go on sale very often so it would be tough
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i'd pay off my mortgage and toss the rest in index funds or a hysa or something
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Nah. Id just move my buddy back to town and get us an apartment.
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No. I love my house
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Nah, I own my house outright and I'm happy here.

Would probably just spend it on redecoration/furnishings.
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I would buy a fourplex and rent the units out.

It's not a war crime the first time.
There's a decent chance that I would. I currently rent a basement, and while it's a fine place to live, I wouldn't mind owning my own place if I could just straight up buy a place without having to take out a mortgage. Plus I like collecting stuff, and while I currently have room for all of my stuff, I'm eventually going to run into space issues.

As for how much I'd spend, that's hard to say. Looking at house prices in my area right now, I'd probably try to stay under $400,000 as that already gives me plenty of decent options. That's Canadian dollars though, so assuming the $1 million refers to USD, that's less than a third of it that I'd be spending on a house. But even if the $1 million is CAD, it's at least still less than half.
$1,000,000 lump sum is about $300,000 after taxes, that would be a nice down payment on a house in my state. I'd probably be better off taking the annuity and using the proceeds to gradually fix up my house
Probably not, tbh. A house would cost more than $500k after everything was said and done. Repairs are unbelievably expensive now. Like things that used to cost thousands cost tens of thousands.

From what I can gather, even if you won a free house, you would still need a very comfortable salary to actually keep the house properly kept up.
steve_madsci posted...
$1,000,000 lump sum is about $300,000 after taxes, that would be a nice down payment on a house in my state. I'd probably be better off taking the annuity and using the proceeds to gradually fix up my house

Oof, that's rough. Up here in Canada you don't have to pay taxes on lottery winnings.
Probably not. I'd pay of mortgage and then probably buy land with the rest.
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I built my house 3 years ago, so I'd pay it off.
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rick_alverado posted...
Oof, that's rough. Up here in Canada you don't have to pay taxes on lottery winnings.
It also doesn't help that you only get like half if you take the lump sum in most state lotteries. If you want your full winnings you have to take the payments. Also the payment plans on most lotteries are borked as well. Say a 30 year installment would work out to $30,000 per year; you'll actually only get $15,000 in the first year, gradually working up to $60,000 by the end.

The fine print'll get ya every time
Kai_Laguna posted...
Probably l80~100k. I'd probably end up spending more on the location I'd want it built.
I don't need a mcmansion, but I would like to live in the woods with enough space between me and my neighbors that I can reasonably ignore their existence.

Trust me, you can always ignore your neighbours existence, even in apartments.
Can't get a house for less than a million where I live in Australia.
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I'd likely just pay off my mortgage and invest the rest
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Maybe a nice little apartment, but theres no way in hell Im getting a brand new house in town for just $1 million :<
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Not with just 1 mil.
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I'd probably just invest it and pay off my mortgage with the passive income. I'm not planning to move again any time soon.
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That 1 mil after taxes and whatnot leaves you with maybe 250k, so options are limited for home buying.
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No. Id pay off the mortgage thats left (about $108k) then use another $70k or so to do some cosmetic repairs and get my floors done/replaced.

The balance would get invested
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Resident_Hill posted...
That 1 mil after taxes and whatnot leaves you with maybe 250k, so options are limited for home buying.
I know a guy who won $2 million and after taxes he ended up having to pay fifty bucks and call it even.
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I'd buy a double wide trailer and have it and everything hooked up on my land.
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RetuenOfDevsman posted...
I know a guy who won $2 million and after taxes he ended up having to pay fifty bucks and call it even.

Did he owe a lot in back taxes or something?
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Current Events » If you won $1 million in the lottery.
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