Without giving out numbers in my personal finances, it would leave me more than half.
But I do understand what you mean. Households with 1 income, multiple kids, new SUV for mom every 3 years, and a huge house.
Without giving out numbers in my personal finances, it would leave me more than half.
But I do understand what you mean. Households with 1 income, multiple kids, new SUV for mom every 3 years, and a huge house.
In teaching a "zero level" math class at WOSC (no-credit remedial arithmetic), I decided to make it a "math for daily life" to be perhaps more interesting.
A few people took the information on things like % interest on loans and math of budgeting to improve their lives, but a ghastly majority made it clear that they weren't interested and intended to go through life spending 2 dollars for every one they made if someone one would make them a loan, any loan. For them, winning the lottery would be like throwing gasoline on a house fire. If they won five million, they would use it as down payment on $10 million in debt. According to the IL State lottery, most big winners don't just go broke, they go bankrupt owing a pile of money!
I'm a huge advocate of practical education, but changing attitudes is tougher than teaching someone how to calculate interest, and I just can't cure determined stupid.
A few people took the information on things like % interest on loans and math of budgeting to improve their lives, but a ghastly majority made it clear that they weren't interested and intended to go through life spending 2 dollars for every one they made if someone one would make them a loan, any loan. For them, winning the lottery would be like throwing gasoline on a house fire. If they won five million, they would use it as down payment on $10 million in debt. According to the IL State lottery, most big winners don't just go broke, they go bankrupt owing a pile of money!
I'm a huge advocate of practical education, but changing attitudes is tougher than teaching someone how to calculate interest, and I just can't cure determined stupid.
If you won a million you would end up with 500k-600k.
I'd buy 100-200 acres off grid, have a small log cabin built, get a some livestock, and disappear for at least a few years(self sustained property).
Maybe, before tax.
Perhaps even less. Lump sums tend to be significantly less than the annuity option.
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A woman in Idabel won a bit on the TX lottery. She was getting around $300,000/year. The third year she was borrowing against the next year's payment. I've never had to get by on $300000/year, but I think I could manage it somehow.
Man ... that's amazing! But, I guess people's money habits don't change just because they all of a sudden have more than enough to get by on.
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