Welcome Guest
Log In | Register )
You last visited December 5, 2016, 1:37 pm
All times shown are
Eastern Time (GMT-5:00)

Living off of winnings VS living off of interest.

Topic closed. 53 replies. Last post 6 years ago by rdgrnr.

Page 3 of 4
PrintE-mailLink

How much money would you need to live off of without investing?

$500,000 [ 10 ]  [12.05%]
$1,000,000 [ 3 ]  [3.61%]
$5,000,000 [ 12 ]  [14.46%]
$10,000,000 [ 7 ]  [8.43%]
$20,000,000 [ 13 ]  [15.66%]
$50,000,000 [ 17 ]  [20.48%]
$100,000,000 [ 6 ]  [7.23%]
$1,000,000,000 [ 15 ]  [18.07%]
Total Valid Votes [ 83 ]  
Discarded Votes [ 7 ]  
OwlCreekBridge's avatar - Lottery-031.jpg
lottoville
United States
Member #95474
August 11, 2010
132 Posts
Offline
Posted: October 3, 2010, 1:39 pm - IP Logged

We are in a strange point in the history of this country where  many are concerned if the country of the dollar can survive.  I don't want to start controversy on the wisdom of it but we put in huge debt to stop the collapse of this country. I don't think that we can survive another 2008.

So they are talking some real hard assets for security. Many say gold.  I would look at some great Iowa farmland if things got crazy again. I definately would get hunkerd down somewhat. I would build somewhere and in a house where I could be 100% off the grid. Only reason to be on the grid would be to get rid of extra electricity  Even be able to grow much of my own food.

Once that I'm set up that way I can go out and live comfortably and enjoy life. But in the future you can never leave your guard down.

You do have to be active daily in your finances. No matter how much you have. And no matter who you have managing your finances.

Fortunately, now days, you can do that from almost everywhere.

This is a very good idea. I would try to implement something like this if I won. I've already looked online a few times at Iowa farmland. Looks like I could get a farm on 150 acres for around 600 grand. Do you know how someone would generate electricity?

I was thinking maybe wind turbines or solar panels. I wonder if anyone here knows how easy or hard it would be to put a few of those up. Would I have to apply for any sort of permit from the government?

Another question I have is; how a person would get internet service in a rural area? I don't mean to put you on the spot or anything. I just thought this was a good idea and I was  curious if you worked out the details.

    Avatar
    Monkey Butt, USA
    United States
    Member #54569
    August 23, 2007
    1124 Posts
    Offline
    Posted: October 3, 2010, 5:42 pm - IP Logged

    So I made an Interest Analysis in Excel showing how much interest I will earn at different APRs and different initial deposits. Then I thought about how much money I would need to live off of without ever having to work or earn interest from investing.

    Think of the tax benefits of not investing. You would only have to pay income tax for the initial winnings for the year you win in and nothing else after that because you won't be working or have any kind of earnings.

    It would need to be a large amount to do it but how much would YOU need?

    If it is a one time thing then 1 Billion should get the job done. I figure as long as I make no drastic changes to my lifestyle, I should be able to live off the winnings and not have to work or earn interest from investing.

      Avatar
      Milwaukee, WI
      United States
      Member #3131
      December 27, 2003
      665 Posts
      Offline
      Posted: October 3, 2010, 11:01 pm - IP Logged

      This is a very good idea. I would try to implement something like this if I won. I've already looked online a few times at Iowa farmland. Looks like I could get a farm on 150 acres for around 600 grand. Do you know how someone would generate electricity?

      I was thinking maybe wind turbines or solar panels. I wonder if anyone here knows how easy or hard it would be to put a few of those up. Would I have to apply for any sort of permit from the government?

      Another question I have is; how a person would get internet service in a rural area? I don't mean to put you on the spot or anything. I just thought this was a good idea and I was  curious if you worked out the details.

      Details that I worked out. I found a nice piece of property for residental in Wyoming, 75 acres 2 miles out of Sundance WY.  Would offer convenience yet enough remoteness to make me happy. If I had millions I figure that I could afford to get 2 miles of cable layed. Otherwise, a bit slower, many areas that have telephone, also have DSL. Sattelite Internet, just plain sucks. High speed is only one way, and after you use too much bandwith they slow you down.

      For power, I would probably start with 50 KW of solar, and would get some big battery system for at night. Any wind power would be a kicker. Also there are solar thermal panels for hat water. To reduce need for power, I would look into energy efficient appliances and lighting.  But I would also have some extra demand things like an indoor pool, a couple of plug in hybrid cars, I really love the new Tesla S all electric car coming out. And the Polaris all electric ATV,  Ranger EV. And add super insulation for reduced heating/cooling, passive heating/light, and geothermal for additional heating/cooling.  If I need more heat beyond that a nice wood burner would heat the house. Add to that rain water collection, greywater collection, and a huge cistern. Hmmm, what else, Stranded Bamboo where I would use hardwood for floors, and recycled glass where I would use granite or marble. Vast pavers for my driveway.

      For Iowa farmland you want GOOD farmland. Avoid farmland that will get flooded and get good quality soil, which goes over $8,000 an acre. Iowa farmland went up in value even while the markets were crashing. For a farm, it probably be better to be on the grids. BUT one one of the newest ways to create power is by burning methane off manure from cows. Check the Crave Brothers farm in Wisconsin. Usually some sort of power generating requires expert help in putting it up. Affordable Solar has a nice web site with example systems. My dream Solar setup would be a 250 KW setup, which would power a bunch of the world. 

      I would NOT want to live in Iowa, the land would be rented out for investment. Iowa has taxes, and boring! I want mountains!

      MarkP

        OwlCreekBridge's avatar - Lottery-031.jpg
        lottoville
        United States
        Member #95474
        August 11, 2010
        132 Posts
        Offline
        Posted: October 4, 2010, 12:35 am - IP Logged

        Details that I worked out. I found a nice piece of property for residental in Wyoming, 75 acres 2 miles out of Sundance WY.  Would offer convenience yet enough remoteness to make me happy. If I had millions I figure that I could afford to get 2 miles of cable layed. Otherwise, a bit slower, many areas that have telephone, also have DSL. Sattelite Internet, just plain sucks. High speed is only one way, and after you use too much bandwith they slow you down.

        For power, I would probably start with 50 KW of solar, and would get some big battery system for at night. Any wind power would be a kicker. Also there are solar thermal panels for hat water. To reduce need for power, I would look into energy efficient appliances and lighting.  But I would also have some extra demand things like an indoor pool, a couple of plug in hybrid cars, I really love the new Tesla S all electric car coming out. And the Polaris all electric ATV,  Ranger EV. And add super insulation for reduced heating/cooling, passive heating/light, and geothermal for additional heating/cooling.  If I need more heat beyond that a nice wood burner would heat the house. Add to that rain water collection, greywater collection, and a huge cistern. Hmmm, what else, Stranded Bamboo where I would use hardwood for floors, and recycled glass where I would use granite or marble. Vast pavers for my driveway.

        For Iowa farmland you want GOOD farmland. Avoid farmland that will get flooded and get good quality soil, which goes over $8,000 an acre. Iowa farmland went up in value even while the markets were crashing. For a farm, it probably be better to be on the grids. BUT one one of the newest ways to create power is by burning methane off manure from cows. Check the Crave Brothers farm in Wisconsin. Usually some sort of power generating requires expert help in putting it up. Affordable Solar has a nice web site with example systems. My dream Solar setup would be a 250 KW setup, which would power a bunch of the world. 

        I would NOT want to live in Iowa, the land would be rented out for investment. Iowa has taxes, and boring! I want mountains!

        MarkP

        that's pretty well thought out. I was looking at Wyoming too. No income tax and sales tax is 4%

          Avatar
          Milwaukee, WI
          United States
          Member #3131
          December 27, 2003
          665 Posts
          Offline
          Posted: October 4, 2010, 11:59 pm - IP Logged

          that's pretty well thought out. I was looking at Wyoming too. No income tax and sales tax is 4%

          Only detail is to win that money. THAT is the hard part!

          MarkP

            Avatar
            Milwaukee, WI
            United States
            Member #3131
            December 27, 2003
            665 Posts
            Offline
            Posted: October 5, 2010, 12:02 am - IP Logged

            A nice listing of places.......

            http://www.eranches.com/ranchesprice.htm

            MarkP

              hearsetrax's avatar - 0118

              United States
              Member #52345
              May 21, 2007
              2657 Posts
              Offline
              Posted: October 5, 2010, 7:30 am - IP Logged

              few  interesting links I've found depending on how much ya had to spend and or tastes

              http://farmettesforsale.net

              http://unitedcountry.com

              http://farmandranch.com

              http://www.prairieroserealty.com/properti.htm

                time*treat's avatar - radar

                United States
                Member #13130
                March 30, 2005
                2171 Posts
                Offline
                Posted: October 6, 2010, 12:12 pm - IP Logged

                few  interesting links I've found depending on how much ya had to spend and or tastes

                http://farmettesforsale.net

                http://unitedcountry.com

                http://farmandranch.com

                http://www.prairieroserealty.com/properti.htm

                Some nice selections there. Smile

                My concern would be future HUGE land tax increases on parcels above a certain size, because it was decided "at some point, you have enough (house)". Roll Eyes

                In neo-conned Amerika, bank robs you.
                Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

                  hearsetrax's avatar - 0118

                  United States
                  Member #52345
                  May 21, 2007
                  2657 Posts
                  Offline
                  Posted: October 6, 2010, 12:57 pm - IP Logged

                  well personally I don't need nore want all that much land would be perfectly happy with ethier a decent percentage of an in town lot ....

                  preferably @ least a  3-4 acre  plot of land on the skirts of town

                    Avatar
                    Milwaukee, WI
                    United States
                    Member #3131
                    December 27, 2003
                    665 Posts
                    Offline
                    Posted: October 6, 2010, 4:44 pm - IP Logged

                    Some nice selections there. Smile

                    My concern would be future HUGE land tax increases on parcels above a certain size, because it was decided "at some point, you have enough (house)". Roll Eyes

                    Apparently you haven't seen Wyoming property taxes....

                    $500,000 house $2,640

                    $1,150,000 house $5,940....

                    YOUR energy bill pays THEIR taxes....

                    MarkP

                      time*treat's avatar - radar

                      United States
                      Member #13130
                      March 30, 2005
                      2171 Posts
                      Offline
                      Posted: October 6, 2010, 5:01 pm - IP Logged

                      Apparently you haven't seen Wyoming property taxes....

                      $500,000 house $2,640

                      $1,150,000 house $5,940....

                      YOUR energy bill pays THEIR taxes....

                      MarkP

                      Oh, I meant nationwide -- not limited to Wyoming.

                      As part of "austerity measures", some other nations are adding annual luxury taxes to real estate above a certain size or valuation.

                      In neo-conned Amerika, bank robs you.
                      Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

                        mjwinsmith's avatar - moon

                        United States
                        Member #391
                        June 8, 2002
                        16063 Posts
                        Online
                        Posted: October 7, 2010, 12:55 am - IP Logged

                        So I made an Interest Analysis in Excel showing how much interest I will earn at different APRs and different initial deposits. Then I thought about how much money I would need to live off of without ever having to work or earn interest from investing.

                        Think of the tax benefits of not investing. You would only have to pay income tax for the initial winnings for the year you win in and nothing else after that because you won't be working or have any kind of earnings.

                        It would need to be a large amount to do it but how much would YOU need?

                        Interest Income is TAXABLE (1099-INT) so they still gotcha!

                          Avatar
                          Milwaukee, WI
                          United States
                          Member #3131
                          December 27, 2003
                          665 Posts
                          Offline
                          Posted: October 7, 2010, 8:13 am - IP Logged

                          How much would I NEED?

                          As little as possible. Sheet, I can get a trailer for $20K, pay monthly for $200. A little bit of heat.  

                          I've really learned how to live on a little and be happy.

                          All kinds of plans from winning $200K to 200 Million.

                          BUT first, I have to WIN. THAT is the problem!

                          But no matter how much I win, I won't live like a pig.

                          MarkP

                            Avatar
                            Milwaukee, WI
                            United States
                            Member #3131
                            December 27, 2003
                            665 Posts
                            Offline
                            Posted: October 7, 2010, 9:20 am - IP Logged

                            Here is your big chance to buy a part of Wyoming.......

                            Part of Butch Cassidy's hangouts.....

                            92,312 acres being auctioned off in 14 tracts...... Wow!

                            http://www.westchester-auctions.com/2010BigWestRanch.htm

                              Colt45ML's avatar - 4eyes
                              Jawja
                              United States
                              Member #87469
                              February 25, 2010
                              109 Posts
                              Offline
                              Posted: October 10, 2010, 1:56 am - IP Logged

                              As things stand now, there is no way I'd buy any real estate of any sort here in the US.  The future's too uncertain, and our government is too powerful and dangerous.  I am looking at farmland in several Latin American countries, like Panama, Chile, and Uruguay.  But the best of the lot would be Mendoza province in Argentina if they shake the Juan and Evita commie wannabe couple that run the place in their elections in November; looks like they will decisively.  10 hectare tracts for between 10K and 15K, and more often than not include a small house.  Even better deals for larger tracts.  Very fertile soil, and though it doesn't rain much, plenty of water coming down out of the Andes which overlook it all.

                              Be sassy and be happy.