I dont think i'd quit my job winning a million dollars. Would I buy a house and a couple vehicles? Yes, I would.
I think consumer math or financial literacy should be a mandatory class in all schools.
$1M really isn't a lot of money to begin with...
If I won a million dollars I would spend $950k on Booze, women and gambling. The rest I would just piss away.
If you won a million, or if you received a million after the taxes?
If you win a million, you'll only get a tiny fraction of that. If you take the lump sum, you'd likely only receive half (if things are good at the time), then pay gift tax on that. Most likely you'd have about $250,000 after all done. +/- depending on current economic conditions.
..... and not tell anyone.
There is the problem for a lot of folks.
Yep. And if you want to handle it right, you'd pay off any debts you have, invest the rest in good mutual funds, and not tell anyone.
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