What if you won a lottery?

[Dogone]

No tax on lottery wins in Canada. You keep it all. I am acquainted with a few people who won a million. None of them did anything very wild with the money. It just gave them a pleasant and secure life.
I would do a few hunts and buy a new truck. The rest invested to secure my families future.

 

[ActionBob]

Off topic but I have to share an experience from yesterday... to me it helps to comprehend the mentality of buying lottery tickets as a financial plan

@Just Gina and I had lunch at a typical family restaurant yesterday. Chatting with the cashier about us having just moved from the The Communist Dictatorship of Minnesota to heart of the Texas Hill Country... A real mixing pot within Texas.

I commented that a big reason to move to Texas was zero income tax. She said that is not necessary a good thing.... I said well yea the sales tax is a bit higher. She pressed on saying that was not what she meant, she actually liked having state income tax withheld when she was in Indiana so that she got that larger amount of money once a year. Confused I said, you mean your tax refund? Yes, living in Texas she is upset about NOT getting a refund on State Income tax.Of course i asked why she doesn't simply put some money into savings from each paycheck. She looked at me like I just didn't get it and said because that she would have to pay that herself. Her employer would not pay that for her like they do with withheld taxes! At that point Gina had me by the arm telling me to let her add up our bill... Which was $41.51. The cashier asked if I'd like to have her add on a tip.... I immediately responded by saying yes, $8.49 please. That confused her again! She looked back and forth at her display and our ticket a couple times then in a confused voice said $50 please??? I paid and Gina was tugging to leave as the cashier fired out, "you will figure it out, not everything is good about the way they do things here with taxes".. I replied yea I'm going to have to write a book about this very stuff we discussed.....

 

[Ridge Runner]

Off topic but I have to share an experience from yesterday... to me it helps to comprehend the mentality of buying lottery tickets as a financial plan

@Just Gina and I had lunch at a typical family restaurant yesterday. Chatting with the cashier about us having just moved from the The Communist Dictatorship of Minnesota to heart of the Texas Hill Country... A real mixing pot within Texas.

I commented that a big reason to move to Texas was zero income tax. She said that is not necessary a good thing.... I said well yea the sales tax is a bit higher. She pressed on saying that was not what she meant, she actually liked having state income tax withheld when she was in Indiana so that she got that larger amount of money once a year. Confused I said, you mean your tax refund? Yes, living in Texas she is upset about NOT getting a refund on State Income tax.Of course i asked why she doesn't simply put some money into savings from each paycheck. She looked at me like I just didn't get it and said because that she would have to pay that herself. Her employer would not pay that for her like they do with withheld taxes! At that point Gina had me by the arm telling me to let her add up our bill... Which was $41.51. The cashier asked if I'd like to have her add on a tip.... I immediately responded by saying yes, $8.49 please. That confused her again! She looked back and forth at her display and our ticket a couple times then in a confused voice said $50 please??? I paid and Gina was tugging to leave as the cashier fired out, "you will figure it out, not everything is good about the way they do things here with taxes".. I replied yea I'm going to have to write a book about this very stuff we discussed.....

Had to Google it. Wow..Texas's sales tax is cheaper than Tennessee's @ 9.75%. Tennessee also doesn't have a state income tax.

 

[Inline6]

Had to Google it. Wow..Texas's sales tax is cheaper than Tennessee's @ 9.75%. Tennessee also doesn't have a state income tax.

Texas property taxes are pretty sporty.

 

[Ridge Runner]

Texas property taxes are pretty sporty.

With Tennessee land and home prices soaring, our property taxes should be close to, or near the same as Texas.

 

[Elkeater]

My daughter asked me this whole lottery question today actually. First of all I don’t play so I can’t win. But if I did I’d pay off the house and my brothers house, get the kids set up with full college accounts to make sure they didn’t need student loans and then figure out a good investment strategy with most of the rest. Probably get our church set up with a decent amount too. Maybe blow $1m on guns, ammo, and hunts to Africa, Mongolia, Texas, and Alaska and maybe Europe. And buy my hunting buddy the dream axis hunt in Hawaii he wants to do. The investment strategy may involve land in Texas.

 

[steve white]

I would hit the shopping rounds in Ferlach, Austria.

 

[Mtn_Infantry]

Off topic but I have to share an experience from yesterday... to me it helps to comprehend the mentality of buying lottery tickets as a financial plan

@Just Gina and I had lunch at a typical family restaurant yesterday. Chatting with the cashier about us having just moved from the The Communist Dictatorship of Minnesota to heart of the Texas Hill Country... A real mixing pot within Texas.

I commented that a big reason to move to Texas was zero income tax. She said that is not necessary a good thing.... I said well yea the sales tax is a bit higher. She pressed on saying that was not what she meant, she actually liked having state income tax withheld when she was in Indiana so that she got that larger amount of money once a year. Confused I said, you mean your tax refund? Yes, living in Texas she is upset about NOT getting a refund on State Income tax.Of course i asked why she doesn't simply put some money into savings from each paycheck. She looked at me like I just didn't get it and said because that she would have to pay that herself. Her employer would not pay that for her like they do with withheld taxes! At that point Gina had me by the arm telling me to let her add up our bill... Which was $41.51. The cashier asked if I'd like to have her add on a tip.... I immediately responded by saying yes, $8.49 please. That confused her again! She looked back and forth at her display and our ticket a couple times then in a confused voice said $50 please??? I paid and Gina was tugging to leave as the cashier fired out, "you will figure it out, not everything is good about the way they do things here with taxes".. I replied yea I'm going to have to write a book about this very stuff we discussed.....

Please tell me this was somewhere around Austin at least.

Also, glad to see I’m not the only one who rounds their tip to the nearest whole dollar and confuse the crap out of people by doing it in my head and not using a calculator.

 

[Mtn_Infantry]

I’d pay the house off, and buy some land.

 

[geoff rath]

Please tell me this was somewhere around Austin at least.

Also, glad to see I’m not the only one who rounds their tip to the nearest whole dollar and confuse the crap out of people by doing it in my head and not using a calculator.

Similarly, I gave the young Lady @ my pharmacy the exact amount (in change) for my meds; poor girl had to lay the coins out on the bench top to count them; fun watching her lips moving ...

 

[ramagarret]

Off topic but I have to share an experience from yesterday... to me it helps to comprehend the mentality of buying lottery tickets as a financial plan

@Just Gina and I had lunch at a typical family restaurant yesterday. Chatting with the cashier about us having just moved from the The Communist Dictatorship of Minnesota to heart of the Texas Hill Country... A real mixing pot within Texas.

I commented that a big reason to move to Texas was zero income tax. She said that is not necessary a good thing.... I said well yea the sales tax is a bit higher. She pressed on saying that was not what she meant, she actually liked having state income tax withheld when she was in Indiana so that she got that larger amount of money once a year. Confused I said, you mean your tax refund? Yes, living in Texas she is upset about NOT getting a refund on State Income tax.Of course i asked why she doesn't simply put some money into savings from each paycheck. She looked at me like I just didn't get it and said because that she would have to pay that herself. Her employer would not pay that for her like they do with withheld taxes! At that point Gina had me by the arm telling me to let her add up our bill... Which was $41.51. The cashier asked if I'd like to have her add on a tip.... https://casinosanalyzer.com/bonuses-by-countries/latvia-lva helps me get reviews on the best Latvia online casino no deposit bonus code options and what gambling site should I trust. I immediately responded by saying yes, $8.49 please. That confused her again! She looked back and forth at her display and our ticket a couple times then in a confused voice said $50 please??? I paid and Gina was tugging to leave as the cashier fired out, "you will figure it out, not everything is good about the way they do things here with taxes".. I replied yea I'm going to have to write a book about this very stuff we discussed.....

Uhmm, not getting a tax refund is a good thing. As I know, it means you're keeping more of your own money and you're in control of your own financial future.

Based on my experience, I am always setting up a direct deposit from my paycheck into a savings account. And, of course, I start small - for example, if you can't save $100 per month, start by saving $25 or $50.

My last discovery is to automate my savings by setting up a recurring transfer from my checking account to my savings account each month.

 

[Inline6]

With Tennessee land and home prices soaring, our property taxes should be close to, or near the same as Texas.

Your tax rate is 1.71(TN) vs 3.97 (TX). Property taxes are my only complaint with Texas.

 

[Daniel Cary]

Sit on the Couch, do nothing.

 

[Inline6]

Sit on the Couch, do nothing.

That's how retired people passaway...

 

[Daniel Cary]

Early-mid 2000's .. A standard savings, money market: I believe the annual Interest on $1 Million = apx. $90K a year?

 

[Inline6]

Early-mid 2000's .. A standard savings, money market: I believe the annual Interest on $1 Million = apx. $90K a year?

That would be 9% intrest not sure you will see that. Regardless you still have to account for inflation. So half of the 90k should be reinvested. So I have read... 1MM today does not go far.

If I were to have 1MM dropped in my lap. I would hand it over to my financial advisor and do my best to forget I had it.

 

[Daniel Cary]

That would be 9% intrest not sure you will see that. Regardless you still have to account for inflation. So half of the 90k should be reinvested. So I have read... 1MM today does not go far.

If I were to have 1MM dropped in my lap. I would hand it over to my financial advisor and do my best to forget I had it.

Indeed .. still have to work, Health Care, ie. etc .. I'm unfamiliar with Prime rates, how Banks dictates Interest, etc. In 2000, the standard savings/money market was great. Now, it's a tenth of a fraction?

Maybe it's the Bank, idk. just thinking out loud ..

 

[ActionBob]

Please tell me this was somewhere around Austin at least.

Unfortunately it was in Bandera, the self proclaimed Cowboy Capitol of the World. However she was a transplant from Indiana

 

[CBH Australia]

Some people have no idea. I feel for them. I'm lucky I can do simple addition in my head but I'm not good with complicated equations.

I'm not familiar with the US system. I guess the average Blue Collar worker here in Australia will get a tax return. But the person who can save a bit and invest will eventually pay tax. But the upside is you are making money and living within your means.

Things the world over seem to be the same. Just Gina seems to be able to reel you in and move along when required.

 

[John the Electrician]

Uhmm, not getting a tax refund is a good thing. As I know, it means you're keeping more of your own money and you're in control of your own financial future.

Based on my experience, I am always setting up a direct deposit from my paycheck into a savings account. And, of course, I start small - for example, if you can't save $100 per month, start by saving $25 or $50.

My last discovery is to automate my savings by setting up a recurring transfer from my checking account to my savings account each month.

I had a roommate who was about 7 years older than me when I was in college.

I’m not saying he wasn’t a smart man, I am saying he saw things from a different perspective.

He waited tables at an upscale restaurant in our town and he would claim more in tips than he actually received. His philosophy was that he would get a bigger tax return if he claimed more tips (cash tips).!

He took 6 years to get a two year associate degree. Nice guy, maybe not real good at accounting. Taxes can be tricky to figure out sometimes.