Mega Millions

wbjones wrote: just how much would it take for you to be able to retire (live off the interest ?)

How much do you need to live on? Figure at a relatively safe 6% return:

1000000 gets you 60000 a year in interest
900000 gets you 54000 a year in interest
800000 gets you 48000 a year in interest
700000 gets you 42000 a year in interest
600000 gets you 36000 a year in interest
500000 gets you 30000 a year in interest
400000 gets you 24000 a year in interest
300000 gets you 18000 a year in interest
200000 gets you 12000 a year in interest
100000 gets you 6000 a year in interest

Giant Purple Snorklewacker wrote:

poopshovel wrote:

mndsm wrote: Step 1- buy island. Step 2- move to island. Step 3- post sign that says "berkeley off or get shot". Step 4- wait.

Once again. Separated at birth. I already have my island picked out!

It's going to get pretty berkeleying crowded out in the south pacific. My island will have a marina, dancin' girls and a berkeleying awesome tequila bar. Possibly a reproduction of Sears Point and 20 identical 1970 IROC Porsche 3.0L 911s so you island-havin' corksuckers come on over when you get bored, jes?

berkeley the South Pacific. Otherwise, yes. Rallycross at my place, followed by crucification and subsequent smoking and eating of various delicious critters. Maybe a couple hours in the old air-conditioned indoor gun range.

mtn wrote:

wbjones wrote: just how much would it take for you to be able to retire (live off the interest ?)

How much do you need to live on? Figure at a relatively safe 6% return: 1000000 gets you 60000 a year in interest 900000 gets you 54000 a year in interest 800000 gets you 48000 a year in interest 700000 gets you 42000 a year in interest 600000 gets you 36000 a year in interest 500000 gets you 30000 a year in interest 400000 gets you 24000 a year in interest 300000 gets you 18000 a year in interest 200000 gets you 12000 a year in interest 100000 gets you 6000 a year in interest

But interest is capitol gains so taxed lower than earned income. So you need a lower annual income for the same standard of living than your 9-5 job.

Adrian_Thompson wrote:

mtn wrote:

wbjones wrote: just how much would it take for you to be able to retire (live off the interest ?)

How much do you need to live on? Figure at a relatively safe 6% return: 1000000 gets you 60000 a year in interest 900000 gets you 54000 a year in interest 800000 gets you 48000 a year in interest 700000 gets you 42000 a year in interest 600000 gets you 36000 a year in interest 500000 gets you 30000 a year in interest 400000 gets you 24000 a year in interest 300000 gets you 18000 a year in interest 200000 gets you 12000 a year in interest 100000 gets you 6000 a year in interest

But interest is capitol gains so taxed lower than earned income. So you need a lower annual income for the same standard of living than your 9-5 job.

Details, details... I do agree, but this is just the simple internet forum answer.

Also guys didn't I say something like $178M take home after taxes (In Michigan at least). HEck you could probably run the Marussia F1 team for 5 years and still come away with a 'small' fortune after that

So if 1,000,000 gets you 60k a year in interest, and take home pay is 178m, wouldn't yearly interest be 10,680,000? Holy crap. I doubt I could spend a fraction of that much a year unless I really tried to waste as much as possible.

Rufledt wrote: So if 1,000,000 gets you 60k a year in interest, and take home pay is 178m, wouldn't yearly interest be 10,680,000? Holy crap. I doubt I could spend a fraction of that much a year unless I really tried to waste as much as possible.

If you have 1/10 of a brain, this really is "cannot blow through it in one lifetime" money. If you have 1/2 of a brain, this is is "my great-great-great-great-great-grandkids will have their college paid for" money.

But at the ripe old age of 23, I'd be happy with just a million

In reply to mtn:

To hell with those little bastards that don't exist yet, the last thing I want to do is set up an entitlement family.

Back just before the Great Recession, our company's financial adviser and I talked about lotto winnings. His policy was that if you won the lottery and wanted him to manage your money, you had to bring him the entire lump you won. You didn't get to spend one dime. He had actually turned away someone who had won a few million and wouldn't do it that way.

At the time he was guaranteeing a 12% yearly return on XL investments, so you'd be talking 120k per year per million before taxes (so 60k after sounds about right.) He would then work out with you the best ways to do what you wanted to do without blowing the fortune. I figure that % return is lower now, but if he had a couple hundred million to work with I'm sure he could set me up to do everything I'd ever dreamed while never ever having to work or worry again.

And I got no kids, but there are some institutions that would benefit from my passing.

ultraclyde wrote: I figure that % return is lower now, but if he had a couple hundred million to work with I'm sure he could set me up to do everything I'd ever dreamed while never ever having to work or worry again.

Agreed, even if the return is only 3% that's like over 5 million a year. What's the capital gains tax rate?

poopshovel wrote:

Giant Purple Snorklewacker wrote:

poopshovel wrote:

mndsm wrote: Step 1- buy island. Step 2- move to island. Step 3- post sign that says "berkeley off or get shot". Step 4- wait.

Once again. Separated at birth. I already have my island picked out!

It's going to get pretty berkeleying crowded out in the south pacific. My island will have a marina, dancin' girls and a berkeleying awesome tequila bar. Possibly a reproduction of Sears Point and 20 identical 1970 IROC Porsche 3.0L 911s so you island-havin' corksuckers come on over when you get bored, jes?

berkeley the South Pacific. Otherwise, yes. Rallycross at my place, followed by crucification and subsequent smoking and eating of various delicious critters. Maybe a couple hours in the old air-conditioned indoor gun range.

Ok, so we have IROC 911's and Rallycross.... Dammit, what am I gonna bring? I'll grab chips or something.

Just bought $10 worth. I figure it is worth a solid $3 in entertainment, so it is only $7 wasted.

and just think, if the new longer odds make it even more impossible to win, we could watch the prize pool climb and climb! If nobody wins, we could all end up having pretty much no chance of winning a billion dollars, instead of just having pretty much no chance of 'only' 5-600 million!

Currently $636M

fasted58 wrote: Currently $636M

Yesplz?

Somebody gonna have a good Christmas/ New Year/ rest of their life.

Grtechguy wrote: Sadly, I wouldn't want to win that much. Michigan requires your name and picture to be publicly available. No thanks.

Can't you set up a shell company to hide your name?

In reply to 93EXCivic:

Here you can, but I think that varies state to state....they're all a bit different.

yamaha wrote: In reply to 93EXCivic: Here you can, but I think that varies state to state....they're all a bit different.

They're all a bit different, but there are always ways around it. Change your name before you cash it. Move to another state. Grow a beard/hire a really good makeup artist,. Etc.

could you potentially change your name, accept the money, and change your name back later?

Rufledt wrote: could you potentially change your name, accept the money, and change your name back later?

Yep. Although I believe that name changes are public record, so anybody paying way too close attention to you could potentially figure it out.

Rufledt wrote: could you potentially change your name, accept the money, and change your name back later?

Why bother? I have dual Nationality so I can leave the country until the heat is off. My new corporations based in Nevada or some other state that doesn’t give out information will buy my houses. My charter plane will fly me in and out of the state where and when I wish so the press will soon get board of looking for someone not doing a Kardashian / Spears / Hilton with my money, so they'll go on to someone else who will happily self-destruct in the public eye for them to report on. The groups I want to give money too will already be aware of the fact before I claim the money and my name is known and others can be told by my attorneys to go pound sand. Finally I will stop posting on forums under my real name, but the more astute of you will spot a newcomer around here talking about some real fun cars, tracks, places etc. My close friends will all get my new encrypted e-mail and sat phone #'s

yamaha wrote: In reply to mtn: To hell with those little bastards that don't exist yet, the last thing I want to do is set up an entitlement family.

affluenza

Rufledt wrote:

ultraclyde wrote: I figure that % return is lower now, but if he had a couple hundred million to work with I'm sure he could set me up to do everything I'd ever dreamed while never ever having to work or worry again.

Agreed, even if the return is only 3% that's like over 5 million a year. What's the capital gains tax rate?

don't know about now … but a few yrs ago when I was first dreaming about wining a lottery .. you could get 3% tax free muni bonds all day long … at that level of income 3% tax free would be about the same as 6% (or higher) taxed … or so it seems

• 1,000 - 1,500 acres.
• 10 houses for friends and family.
• 1 "Bunkhouse" for racers/visitors.
• 10,000 sq ft paddock, at least.
• Private road course certified by every sanctioning body.
• GRM Invitational events, LeMons, and 20$$ Challenges will be held there.
• Outdoor shooting range and indoor tactical range.
• Solar and wind powered everything because F the electric company. LOL
• Have in my employ a chassis builder/fabricator and composite expert. I have ideas man...