What if you get 1M dollars

[pane]

It's a shame that no one has made a Barenaked Ladies comment...

It may be that more than few of the members aren't familiar with them. They were something of a one-hit wonder back in the 90s. And I hate that I'm old enough to remember that.

 

[hazzi]

I would move away from the shithole area I live in and wave goodbye to the riffraff, need to be nearer to my kind of people.

Haha I’m questing the shithole is London

 

[Ozzyzig]

It may be that more than few of the members aren't familiar with them. They were something of a one-hit wonder back in the 90s. And I hate that I'm old enough to remember that.

It makes me feel pretty old as well that I can remember them. They had quite a few hits including this belter

 

[pane]

It makes me feel pretty old as well that I can remember them. They had quite a few hits including this belter

Yes, that's the song they're best known for and everyone associates them with. Hence my "one-hit wonder" comment.

 

[Ozzyzig]

Yes, that's the song they're best known for and everyone associates them with. Hence my "one-hit wonder" comment.

That and 'If I had a million dollars'

 

[Wilson Grant Fisk]

Do a George Best

 

[pane]

That and 'If I had a million dollars'

I wasn't aware of that song I have to admit..or maybe I heard it back in the day and forgot about it.

 

[Bread]

Invest in stock, enjoy a passive 40k+ a year. Tax efficient and passive

 

[sxds]

i would invest it all

 

[pane]

Invest in stock, enjoy a passive 40k+ a year. Tax efficient and passive

Although you can pay the bills on 40k/year again it unfortunately shows that one million today doesn't buy that much. It would be better to have at least 2-3 million. I sometimes think society is deteriorating to the point where eventually you'll need to be a millionaire just to be middle-class.

 

[Bread]

Although you can pay the bills on 40k/year again it unfortunately shows that one million today doesn't buy that much. It would be better to have at least 2-3 million. I sometimes think society is deteriorating to the point where eventually you'll need to be a millionaire just to be middle-class.

It's called inflation, remember that wages (in theory) rise as well. Look at the historical prices of the properties in your local area, they weren't up for sale for 100k when people were earning 30k a year.

40k is more than most people will earn, remember that a job that pays 50k a year still has expenses (Tax, running a car, lunch, uniforms...etc).

In the UK captial gains tax is 10% over 11.7k I believe, so on that 40k I will pay 2830 in tax. Income is taxed at 20% above 11,850 so on 40k you would pay 5630 in tax.

Bearing in mind I would still need to pay National Insurance (another tax) as well. So earning 40k a year via Captial Gains is a good deal - I'd take it over a job that pays 60k.

This isn't even factoring in time spent working a normal job.


Inflation is at an all time low for a number of decades - remember over time that 1M will grow faster than inflation meaning you will be getting richer faster than everyone else. If you can live within your means it isn't too bad - too many people in this generation are consumers and will never escape the trap

 

[Deleted member 923340]

botting 2 million ig accounts

please tell me you are kidding.

1) I'll move to US on E2 Business Visa starting a software business (Investing around $200k)
2) Buy a second passport from SAINT LUCIAN donating $100k so I can travel to these countries visa-free
3) Give some money to my buddies so they can get their shit together
4) I'll deposit the rest to my bank account and look for some nice vacation

A man can have dreams

 

[pane]

It's called inflation, remember that wages (in theory) rise as well. Look at the historical prices of the properties in your local area, they weren't up for sale for 100k when people were earning 30k a year.

40k is more than most people will earn, remember that a job that pays 50k a year still has expenses (Tax, running a car, lunch, uniforms...etc).

In the UK captial gains tax is 10% over 11.7k I believe, so on that 40k I will pay 2830 in tax. Income is taxed at 20% above 11,850 so on 40k you would pay 5630 in tax.

Bearing in mind I would still need to pay National Insurance (another tax) as well. So earning 40k a year via Captial Gains is a good deal - I'd take it over a job that pays 60k.

This isn't even factoring in time spent working a normal job.


Inflation is at an all time low for a number of decades - remember over time that 1M will grow faster than inflation meaning you will be getting richer faster than everyone else. If you can live within your means it isn't too bad - too many people in this generation are consumers and will never escape the trap

I agree with the gist of what you're saying although I'm not familiar with UK taxation practices and how that affects investing decisions (I'm a Yank from across the pond).

However I'm not sure it's wise to assume that one million dollars will always grow faster than inflation or that inflation will always remain at a low level over time.

 

[Loxo]

I would spend 500k in buying a Lamborghini Gallardo (300k) and and a luxury house (190k) and a luxury Rolex (10k).

Gallardo is no more than 100k, even less.

I would start few different businesses with 500k, buy apartment with 200k and car for around 150k (probably GLE 63 AMG). Rest of it I would spend on family and friends.

 

[Bread]

I agree with the gist of what you're saying although I'm not familiar with UK taxation practices and how that affects investing decisions (I'm a Yank from across the pond).

However I'm not sure it's wise to assume that one million dollars will always grow faster than inflation or that inflation will always remain at a low level over time.

It won't grow year on year, investing is a long term game like owning property. If your money is sat in your bank account, it's losing buying power due to inflation increasing. I'd rather roll the dice in a diversified portfolio than a guaranteed loss year on year in my bank.

Inflation won't remain low forever, but it's not bad if it increases. It depends on the state of the economy and the governments have ways to manipulate public spending among other factors to influence it's increase/decrease.

 

[Amamul Hasan]

New car
New house
world tour

 

[biffer123]

10% to my mother
50% in some sort of investment / saving account with a 5%+ return per year
buy a house
buy a new car

1 million not enough to give up everything these days unfortunately

 

[IamNRE]

LOL like a million bucks is a lot.

Honestly, you'll have to pay 50% of that in taxes .... then you're left with $500k.

You might be able to buy 1 or 2 decent houses (or flats) depending on your location for that and that will be it.

I'd probably invest it all into some IM project that could make me $1 mil+ per month with a great brand, great funnel, great customer service & UX.

Only once that's cashflowing for me properly would I even consider to treat myself to silly little toys, trips and trinkets.

 

[mickyfu]

need to be nearer to my kind of people.

So you moving to Soho?

 

[BrandingCat]

So you moving to Soho?

All Japanese rich people are there lol.