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| | |-+  If you'd win 1 Mio. (1.3 Mio. $) or more in the lottery ...
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Question: would you continue to work in your current job ?
Yes   -8 (42.1%)
No, because I'd start my own company   -4 (21.1%)
No, I would "retire" and enjoy life   -7 (36.8%)
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Total Voters: 19

Author Topic: If you'd win 1 Mio. (1.3 Mio. $) or more in the lottery ...  (Read 353 times)
Tender Branson
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« on: October 08, 2012, 10:10:43 am »
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Probably a mix of 2 and 3 for me.

I like my job, but would not work there anymore I guess.

Probably chill out and travel a lot, focus on photography and the family and maybe set up my own company later because of the saved capital.

Voted option 3.

What about you ?
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tweed
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« Reply #1 on: October 08, 2012, 10:18:57 am »
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I don't have a job, but I'd slack off until fired if I had one.
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Franzl
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« Reply #2 on: October 08, 2012, 10:21:20 am »
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1 million is a lot of money, but it's not enough for a lifetime to relax on.... Even if you put it in the bank, you're only looking at an interest payoff of like 20,000 a year. Add inflation over the next several decades of life....

You can survive on it, but you won't be living an upper class life with lots of traveling and all...
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Torie
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« Reply #3 on: October 08, 2012, 10:25:04 am »
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It would have no impact whatsoever.
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President John Hay
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« Reply #4 on: October 08, 2012, 10:33:26 am »
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1 million is a lot of money, but it's not enough for a lifetime to relax on.... Even if you put it in the bank, you're only looking at an interest payoff of like 20,000 a year. Add inflation over the next several decades of life....

You can survive on it, but you won't be living an upper class life with lots of traveling and all...
I second this
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Tender Branson
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« Reply #5 on: October 08, 2012, 10:35:52 am »
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1 million is a lot of money, but it's not enough for a lifetime to relax on.... Even if you put it in the bank, you're only looking at an interest payoff of like 20,000 a year. Add inflation over the next several decades of life....

You can survive on it, but you won't be living an upper class life with lots of traveling and all...

20.000 to 50.000 in interest/yield from investments a year would be totally enough for me. I only need about 900 right now for monthly payments, so I could spend the rest on travel from the interest alone - without even tapping the 1 million of capital still in the bank.
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Franzl
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« Reply #6 on: October 08, 2012, 10:39:02 am »
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1 million is a lot of money, but it's not enough for a lifetime to relax on.... Even if you put it in the bank, you're only looking at an interest payoff of like 20,000 a year. Add inflation over the next several decades of life....

You can survive on it, but you won't be living an upper class life with lots of traveling and all...

20.000 to 50.000 in interest/yield from investments a year would be totally enough for me. I only need about 900 right now for monthly payments, so I could spend the rest on travel from the interest alone - without even tapping the 1 million of capital still in the bank.

Consider, though, what the 20.000 will be worth 10-20 years from now.
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Tender Branson
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« Reply #7 on: October 08, 2012, 10:42:49 am »
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1 million is a lot of money, but it's not enough for a lifetime to relax on.... Even if you put it in the bank, you're only looking at an interest payoff of like 20,000 a year. Add inflation over the next several decades of life....

You can survive on it, but you won't be living an upper class life with lots of traveling and all...

20.000 to 50.000 in interest/yield from investments a year would be totally enough for me. I only need about 900 right now for monthly payments, so I could spend the rest on travel from the interest alone - without even tapping the 1 million of capital still in the bank.

Consider, though, what the 20.000 will be worth 10-20 years from now.

I would still have enough money for my standards for the next 100 or so years ... Tongue
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tweed
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« Reply #8 on: October 08, 2012, 10:47:32 am »
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that's $1.3M USD.  assuming that is after tax I could (with my likely to come inherited wealth) live in leisure for the rest of my life.  I could lock literally $1.2M+ in a trust or mutual fund of sorts and get 4% interest in the lowest risk investments.  that's $48k/yr.

of course less after inflation.
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Grumps
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« Reply #9 on: October 08, 2012, 10:51:19 am »
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It would have no impact whatsoever.

Roll Eyes
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Torie
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« Reply #10 on: October 08, 2012, 11:05:26 am »
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It would have no impact whatsoever.

Roll Eyes

Well it wouldn't. 
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opebo
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« Reply #11 on: October 08, 2012, 11:55:58 am »
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Braggart.

As for myself, obviously I have a fine talent for enjoying life that is almost entirely (and oh so tragically) thwarted by the continual humiliation of paid employment. 
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« Reply #12 on: October 08, 2012, 12:16:15 pm »
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Option 2 for me. I'd start a bar & grille, and do that for a living.
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My parents are pretty good about smelling a rat. 
Let me put this as clear as I can (saying this to myself, as well, so I can see it): I WILL get a job with CADD and I WILL keep the job.
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« Reply #13 on: October 08, 2012, 01:40:24 pm »
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Option 2 for me. I'd start a bar & grille, and do that for a living.

And you'd be your best customer? Smiley
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« Reply #14 on: October 08, 2012, 02:51:07 pm »
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Option 2 for me. I'd start a bar & grille, and do that for a living.

And you'd be your best customer? Smiley

I think owning the shop would really spoil the enjoyment of the product/service.  I for example would never open a brothel.
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The Mikado
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« Reply #15 on: October 08, 2012, 03:03:59 pm »
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that's $1.3M USD.  assuming that is after tax I could (with my likely to come inherited wealth) live in leisure for the rest of my life.  I could lock literally $1.2M+ in a trust or mutual fund of sorts and get 4% interest in the lowest risk investments.  that's $48k/yr.

of course less after inflation.

Where are you getting 4% a year returns on low risk investments? 
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Einzige is a poltroon who cowardly turns down duel challenges he should be honor-bound to accept. The Code Duello authorizes you to mock and belittle such a pathetic honorless scoundrel.
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« Reply #16 on: October 08, 2012, 03:12:58 pm »
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No. It's not enough for retirement at my age. Even at a good level of interest it's not at that level to do any more than supplement my income. Without any kind of serious investment at all it would only last me 20 years to support my current lifestyle, give or take a few depending on various factors. Less if I married and had kids.

I think I could do it at $3 million though. If I take half and have someone really good managing investing it to get a high rate of interest on it I could live off of that, and keep the other $1.5 million in savings for backup.
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#Ready4Nixon
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« Reply #17 on: October 08, 2012, 03:28:54 pm »
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Either save it like the miser I am, or try to make that money productive.
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opebo
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« Reply #18 on: October 08, 2012, 03:32:56 pm »
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that's $1.3M USD.  assuming that is after tax I could (with my likely to come inherited wealth) live in leisure for the rest of my life.  I could lock literally $1.2M+ in a trust or mutual fund of sorts and get 4% interest in the lowest risk investments.  that's $48k/yr.

of course less after inflation.

Where are you getting 4% a year returns on low risk investments? 

Yeah that sounds a bit high.. in the US I guess you'd just get about 1.5-2% or so?  I think here you might be able to get 4% for a big amount like that, but then you'd be in baht.  Just checked, looks like more around 3.5%.
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« Reply #19 on: October 08, 2012, 04:56:15 pm »
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I'd disperse it among my investments and continue to live life the exact same way I already am. While a extra million dollars would be very nice indeed, it wouldn't be a serious game-changer to my finances.
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opebo
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« Reply #20 on: October 08, 2012, 05:02:43 pm »
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I'd disperse it among my investments and continue to live life the exact same way I already am. While a extra million dollars would be very nice indeed, it wouldn't be a serious game-changer to my finances.

Do you have real estate in Hong Kong or something?

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R2D2
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« Reply #21 on: October 08, 2012, 05:03:49 pm »
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If I won that amount of money 10 years from now, I'd keep working because nowadays, the market is very uncertain. Besides, who doesn't like money? Wink
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Also, it's so R-Money to unabashedly ruin a thousand dollar suit with ice water and laugh about it.
opebo
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« Reply #22 on: October 08, 2012, 05:07:08 pm »
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If I won that amount of money 10 years from now, I'd keep working because nowadays, the market is very uncertain. Besides, who doesn't like money? Wink

But good lord man, have you ever worked?  It is horrible.  At least you could spend the 1.3 million and have like a 10 year holiday, and then just work when you're old.

To be fair, when I was young I always imagined I would 'do the necessary' rather than give in to the humiliation of paid employment, but, to my never ending shame I didn't have the guts.  So I can't totally recommend the spend-it-all-and-then-away-in-a-blaze-of-glory strategy.
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Torie
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« Reply #23 on: October 09, 2012, 12:25:54 pm »
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that's $1.3M USD.  assuming that is after tax I could (with my likely to come inherited wealth) live in leisure for the rest of my life.  I could lock literally $1.2M+ in a trust or mutual fund of sorts and get 4% interest in the lowest risk investments.  that's $48k/yr.

of course less after inflation.

Where are you getting 4% a year returns on low risk investments? 

Time to buy real estate (an NOI of 4% for something in a solid neighborhood is now quite doable). Heck I am getting very close to 3% on my quite expensive house in Silverlake that I plan to retire to (expensive houses don't make very good rentals). The real return on low risk investment like short bonds is negative at the moment actually.  A good rule of thumb to project the expected real rate of return outside the real estate game, where the numbers bounce around, is to look at the dividend yield on stocks, currently at about 2%, and of course TIPS, which have a negative inflation adjusted yield.
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« Reply #24 on: October 10, 2012, 12:43:41 pm »
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I'd be able to take a lower paying job that I actually want to do, like coach debate.
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Obama High's debate team:

"Now let me be clear...I...I...um...uh...now let me be clear.  I strongly condemn the affirmative in the strongest possible terms, and I am closely monitoring their arguments.  Let me be clear on this."
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