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What can I do with $9,000,000 after tax?

Topic closed. 19 replies. Last post 5 years ago by Coin Toss.

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Inland Empire
United States
Member #118116
October 22, 2011
317 Posts
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Posted: November 3, 2011, 1:26 am - IP Logged

 So someone in Cali won a Megamillions jackpot. :( Now, I have my hope for this Saturday. The jackpot for SLP is $17,000,000 and the actual amount after tax will be sweet $9,000,000.

 What can I do with that amount of money?

 First, I will have to hire some reliable financial advisors. I guess that's tough. Fortunately my sister's hubby's brother is a CPA. Maybe I can ask him for a solid advice. And my cousin's husband is a hedgefund manager. Maybe I can hire him for managing some of my money. Of course, I will help my parents and sisters to pay off their mortgages and other debts.

 I want to invest my winning to income-generating investments, and buying houses for rent would be nice. But I don't want to buy a house for myself. Not for now. I will just get an apartment near LA and change my career. Being a stagehand pays well, but I don't want to work for 12 hours everyday.I am tired.

 Maybe I can buy a new iMac and other things. I can buy a network attached storage and other gadgets to set up a home network. I want to use my iMac for creating some neat stuff. I doodle for a hobby and LA is a good place to draw for a living. I did some storyboarding for a few TV shows and commercials, but I failed to secure an agent so I kinda gave that up. Of course, I HATE those so-called fine art. One of my friend who worked for several Disney movies as a concept illustrator told me that THERE'S NOTHING FINE ABOUT FINE ART. I agree with him, actually.

    Jack-C's avatar - us
    San Diego, CA
    United States
    Member #61467
    May 24, 2008
    28146 Posts
    Offline
    Posted: November 3, 2011, 2:11 am - IP Logged

     So someone in Cali won a Megamillions jackpot. :( Now, I have my hope for this Saturday. The jackpot for SLP is $17,000,000 and the actual amount after tax will be sweet $9,000,000.

     What can I do with that amount of money?

     First, I will have to hire some reliable financial advisors. I guess that's tough. Fortunately my sister's hubby's brother is a CPA. Maybe I can ask him for a solid advice. And my cousin's husband is a hedgefund manager. Maybe I can hire him for managing some of my money. Of course, I will help my parents and sisters to pay off their mortgages and other debts.

     I want to invest my winning to income-generating investments, and buying houses for rent would be nice. But I don't want to buy a house for myself. Not for now. I will just get an apartment near LA and change my career. Being a stagehand pays well, but I don't want to work for 12 hours everyday.I am tired.

     Maybe I can buy a new iMac and other things. I can buy a network attached storage and other gadgets to set up a home network. I want to use my iMac for creating some neat stuff. I doodle for a hobby and LA is a good place to draw for a living. I did some storyboarding for a few TV shows and commercials, but I failed to secure an agent so I kinda gave that up. Of course, I HATE those so-called fine art. One of my friend who worked for several Disney movies as a concept illustrator told me that THERE'S NOTHING FINE ABOUT FINE ART. I agree with him, actually.

    Take the $9M and put it all in Muni Bonds.  The money you receive from interest on the bonds is tax free.  At 4% per year that is $360,000 a year income tax free.  If you can't live on that, then you really do need a financial advisor.  You can go to a brokerage firm and have them do it all for you. 

      HiFi's avatar - police

      United States
      Member #3792
      February 21, 2004
      198 Posts
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      Posted: November 3, 2011, 3:34 am - IP Logged

      or you can give it all to me, i will happily take it Big Grin

        psykomo's avatar - animal shark.jpg

        United States
        Member #4877
        May 30, 2004
        5121 Posts
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        Posted: November 3, 2011, 4:17 am - IP Logged

         So someone in Cali won a Megamillions jackpot. :( Now, I have my hope for this Saturday. The jackpot for SLP is $17,000,000 and the actual amount after tax will be sweet $9,000,000.

         What can I do with that amount of money?

         First, I will have to hire some reliable financial advisors. I guess that's tough. Fortunately my sister's hubby's brother is a CPA. Maybe I can ask him for a solid advice. And my cousin's husband is a hedgefund manager. Maybe I can hire him for managing some of my money. Of course, I will help my parents and sisters to pay off their mortgages and other debts.

         I want to invest my winning to income-generating investments, and buying houses for rent would be nice. But I don't want to buy a house for myself. Not for now. I will just get an apartment near LA and change my career. Being a stagehand pays well, but I don't want to work for 12 hours everyday.I am tired.

         Maybe I can buy a new iMac and other things. I can buy a network attached storage and other gadgets to set up a home network. I want to use my iMac for creating some neat stuff. I doodle for a hobby and LA is a good place to draw for a living. I did some storyboarding for a few TV shows and commercials, but I failed to secure an agent so I kinda gave that up. Of course, I HATE those so-called fine art. One of my friend who worked for several Disney movies as a concept illustrator told me that THERE'S NOTHING FINE ABOUT FINE ART. I agree with him, actually.

        Thank's 4 this "GREAT POST QUESTION" ????????????????????????????????????????

        (1)  GET UR HOT fingers on this $9,000,000 (after taxes)>>>>>>>>>>>>>>>>>>>>FIRST of ALL!!!!!!!!

        (2)   LET UR sister's brother a CPA have a crack @ the $9,000,000>>don't FORGET UR cousins hubby>>

                he's big in HEDGEFUND's "right on" get him involved >>>>>>>>>>>>>>>>>>>SECOND of ALL!!!!

        (3)  LAST but not LEAST<<<<<<<<<<<<<<<<ASK 4 G@@D investment advice on D Lottery Post!!!!

        LOL>>>>>>>>>>"keep u$ posted"

        Jack-in-the-Box

          sully16's avatar - sharan
          Ringleader
          Michigan
          United States
          Member #81740
          October 28, 2009
          40483 Posts
          Online
          Posted: November 3, 2011, 12:42 pm - IP Logged

          Spend it.

          Did you exchange a walk on part in the war ?

          For a lead role in a cage?

           

                                                      From Pink Floyd's " Wish you were here"

            rdgrnr's avatar - walt
            Way back up in them dadgum hills, son!
            United States
            Member #73904
            April 28, 2009
            14903 Posts
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            Posted: November 3, 2011, 2:31 pm - IP Logged

            Spend it.

            I Agree! Party with a bunch of good ol' boys in the backwoods of Tennessee.


                                                         
                                 
                                                     

             

             

             

             

                                                                                                               

            "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                        --Edmund Burke

             

             

              s5thomps's avatar - Lottery-033.jpg
              Hard Luck, Ak
              United States
              Member #23472
              October 13, 2005
              275 Posts
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              Posted: November 3, 2011, 4:48 pm - IP Logged

               So someone in Cali won a Megamillions jackpot. :( Now, I have my hope for this Saturday. The jackpot for SLP is $17,000,000 and the actual amount after tax will be sweet $9,000,000.

               What can I do with that amount of money?

               First, I will have to hire some reliable financial advisors. I guess that's tough. Fortunately my sister's hubby's brother is a CPA. Maybe I can ask him for a solid advice. And my cousin's husband is a hedgefund manager. Maybe I can hire him for managing some of my money. Of course, I will help my parents and sisters to pay off their mortgages and other debts.

               I want to invest my winning to income-generating investments, and buying houses for rent would be nice. But I don't want to buy a house for myself. Not for now. I will just get an apartment near LA and change my career. Being a stagehand pays well, but I don't want to work for 12 hours everyday.I am tired.

               Maybe I can buy a new iMac and other things. I can buy a network attached storage and other gadgets to set up a home network. I want to use my iMac for creating some neat stuff. I doodle for a hobby and LA is a good place to draw for a living. I did some storyboarding for a few TV shows and commercials, but I failed to secure an agent so I kinda gave that up. Of course, I HATE those so-called fine art. One of my friend who worked for several Disney movies as a concept illustrator told me that THERE'S NOTHING FINE ABOUT FINE ART. I agree with him, actually.

              I will let you know when I win. As far as the hedgefund as long as MADOFF is not involved you should be fine!Wink

              "We make a living by what you get, You make a LIFE by what you give!"

                                                                             Sir Winston ChurchillSun Smiley

                Epistrophy's avatar - Lottery-042.jpg
                San Diego, CA
                United States
                Member #112369
                June 17, 2011
                187 Posts
                Offline
                Posted: November 3, 2011, 5:47 pm - IP Logged

                It's still a lot of money, but just for the record, the $17M and its $12M cash payout is $7.8M after taxes instead of $9M.

                The difference is because you would be in the 35% instead of the 25% tax bracket.  Unless you try the Steve Martin routine on the IRS and say, "I forgot that I received a check for $12M this tax year - well, excuse me."

                  Coin Toss's avatar - shape barbed.jpg
                  Zeta Reticuli Star System
                  United States
                  Member #30470
                  January 17, 2006
                  10351 Posts
                  Offline
                  Posted: November 3, 2011, 6:19 pm - IP Logged

                  gogidolim,

                  Maybe before you seek a CPA to help you with money yet to be won you could get a nice suite at the Institute for the Lottefy Insane. A lot of the residents got there that way.

                  iMacs aren't cheap, but do you really need to win $9,000,000 to get one?

                  Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

                  Lep

                  There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

                    Avatar
                    Milwaukee, WI
                    United States
                    Member #3131
                    December 27, 2003
                    665 Posts
                    Offline
                    Posted: November 3, 2011, 11:29 pm - IP Logged

                    You can get a Mac Mini for $600 and use your keyboard and monitor.

                      Avatar
                      Inland Empire
                      United States
                      Member #118116
                      October 22, 2011
                      317 Posts
                      Offline
                      Posted: November 3, 2011, 11:35 pm - IP Logged

                      You can get a Mac Mini for $600 and use your keyboard and monitor.

                       Yeah, I know. But Mac Mini isn't powerful enough.

                       The reason why I mentioned iMac was I couldn't think of anything else. I won't buy a house. I already have a OK family sedan which is new. I already mentioned that I will pay for my siblings' student loans and my parents' mortgage. I am not gonna buy a personal jet anytime soon, even with millions of dollars.

                        rdgrnr's avatar - walt
                        Way back up in them dadgum hills, son!
                        United States
                        Member #73904
                        April 28, 2009
                        14903 Posts
                        Offline
                        Posted: November 4, 2011, 8:08 pm - IP Logged

                         Yeah, I know. But Mac Mini isn't powerful enough.

                         The reason why I mentioned iMac was I couldn't think of anything else. I won't buy a house. I already have a OK family sedan which is new. I already mentioned that I will pay for my siblings' student loans and my parents' mortgage. I am not gonna buy a personal jet anytime soon, even with millions of dollars.

                        I'm glad you're not getting a personal jet cuz the President has declared personal jet owners the enemy of working people. He wants to heavily tax them as punishment for having been successful and having too much money as a result.

                        Those evil successful people need to be punished. Who do they think they are, anyhow? Why can't they buy us jets too?

                        I feel like occupying something till they give me some of their money.

                        Anybody got a big drum I could borrow? I wanna beat on a drum till I get my way. That would be cool.


                                                                     
                                             
                                                                 

                         

                         

                         

                         

                                                                                                                           

                        "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                    --Edmund Burke

                         

                         

                          psykomo's avatar - animal shark.jpg

                          United States
                          Member #4877
                          May 30, 2004
                          5121 Posts
                          Offline
                          Posted: November 4, 2011, 10:22 pm - IP Logged

                          Thank's 4 this "GREAT POST QUESTION" ????????????????????????????????????????

                          (1)  GET UR HOT fingers on this $9,000,000 (after taxes)>>>>>>>>>>>>>>>>>>>>FIRST of ALL!!!!!!!!

                          (2)   LET UR sister's brother a CPA have a crack @ the $9,000,000>>don't FORGET UR cousins hubby>>

                                  he's big in HEDGEFUND's "right on" get him involved >>>>>>>>>>>>>>>>>>>SECOND of ALL!!!!

                          (3)  LAST but not LEAST<<<<<<<<<<<<<<<<ASK 4 G@@D investment advice on D Lottery Post!!!!

                          LOL>>>>>>>>>>"keep u$ posted"

                          Jack-in-the-Box

                          thank you everyone on this POST::

                          though D if I won $(,00)ZILurllions4oowhattaaaaaaaaa&FIFTY/CENT's ISSUE was OVER!!!!!!!!!!!!!

                          it appears we have we ALL have more ADVICE than $$$$$$$$$$$$$$$$$$$$$$MONEY!!!!!!!!!!!

                          HAS this wonderful person WON D MONY (mutual of NY)???????????????????YET?????????

                          LET's all help OUT a G@@D>>>>>>>>>>>>>>>>>>>>>lottery post member in NEED!!!!!!!!!!!!!!!!!!!

                          lot's of luck>>>>>>>>>>>>(1) "KEEP U$ POSTED" $$$$$$$

                                                                     (2) "KEEP U$ WINNING" $$$$$$$

                          PartyPartyDrumPartyPartyPartyWhite Bounce

                          Jack-in-the-Box

                            Avatar
                            Inland Empire
                            United States
                            Member #118116
                            October 22, 2011
                            317 Posts
                            Offline
                            Posted: November 5, 2011, 12:18 am - IP Logged

                             Probably we should shut down to federal government completely and get rid of the federal tax completely. Shut down every federal function and get rid of all the federal stuff. Frankly I have no idea what will happen after that.

                              rdgrnr's avatar - walt
                              Way back up in them dadgum hills, son!
                              United States
                              Member #73904
                              April 28, 2009
                              14903 Posts
                              Offline
                              Posted: November 5, 2011, 12:43 am - IP Logged

                               Probably we should shut down to federal government completely and get rid of the federal tax completely. Shut down every federal function and get rid of all the federal stuff. Frankly I have no idea what will happen after that.

                              We don't have to get rid of the federal government.

                              We just need them to abide by the Constitution.

                              They have no authority to throw us in jail or fine us if we don't buy health insurance.

                              They have no authority to tell us how much water our toilets can hold or how much water our shower heads can put out.

                              They have no authority to tell us what kind of light bulbs we have to buy.

                              Don't get me started.

                              The things they do have authority over and an obligation to do, like securing our borders and deporting illegal aliens, they don't do.

                              Our Constitution strictly limits the power of the federal government and specifically states that any powers not specifically given to the federal government are reserved for the states and the people.

                              If I won $9,000,000, I'd pay for a Constitution Class for the President and everybody in his administration and all the Democrats in Congress.


                                                                           
                                                   
                                                                       

                               

                               

                               

                               

                                                                                                                                 

                              "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                                          --Edmund Burke