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What would be your monthly allowance?

Topic closed. 38 replies. Last post 3 years ago by THRIFTY.

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London
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November 8, 2013
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Posted: November 15, 2013, 8:26 am - IP Logged

Thanks for the numbers. I'll let you know and inbox you if I win tonight ;-)

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    CST
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    March 23, 2013
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    Posted: November 15, 2013, 11:20 am - IP Logged

    Jordi88,

    Not trying to be condescending at all... I think you need to research how money works before you win. You must have knowledge to watch over the person you put in charge of watching your money.

    That being said, your example means that you would allow yourself $10k per month or $120k per year in "allowance". My example will allow a minimum of 5 times that without touching your principal... Read on!

    If you took $80M of the $100M win, put it into tax free bonds yielding 4.5%, your tax free income every year would be $3.6M. 

    If you "paid yourself" $200k per month, using this money for all of your bills as well as "allowance", you would still have $1.2M per year to reinvest, while never touching your principal.

    This, of course, does not account for the other $20M you spent on a house, vehicles, wardrobe, furniture & most of all giving. This is just one example of being smart with that much money.

    I think that you are being a bit conservative about what your means would be if you won $100M. $10k a month sounds like a lot of money to almost all of us now, but it is really a pittance of what you would be able to wisely spend with the correct investments after a huge win.

    Then again, if you are using The National Bank of the Mattress, then $10k per month sounds about right.

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      London
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      Posted: November 15, 2013, 12:57 pm - IP Logged

      @ a911scaner, thanks for your advice ;-)

      My portfolio would look like this :

      1. 15 to 20 million in properties in Central London which I would rent out

      2. 1 Holiday home in  Cannes, France 1 back home in Switzerland and 1 in London.

      3. The rest would be invested wisely in Bonds, CD's , Stocks etc..

       

       

      Whish me luck for tonight!!:-) It's £86m  which is 138m in US Dollar Tax free. Whoop Whoop !!

        noise-gate's avatar - images q=tbn:ANd9GcR91HDs4UJhjxO7cmeMQWZ5lB_FOcMLOGicau4V74R45tDgPWrr
        Bay Area - California
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        Posted: November 15, 2013, 2:24 pm - IP Logged

        Hi Folks,

        What would be your monthly allowance if you win a big Jackpot of let's say +100m  after tax ? I had a discusion earlier with me sister and told her mine would around 10k .. Is that too much?

        Many thanks in Advance !!

        Monthly allowance: $50, 000 plus. That would cover the mortgage,  food, clothing,charities,  medical emergencies- throw in " other surprises" as well like helping family & friends in a crisis. Sounds excessive but its not, thats under $20 mill for 25 years and l have barely got into my 30's.

          helpmewin's avatar - dandy
          u$a
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          Posted: November 15, 2013, 2:50 pm - IP Logged

          Hi Folks,

          What would be your monthly allowance if you win a big Jackpot of let's say +100m  after tax ? I had a discusion earlier with me sister and told her mine would around 10k .. Is that too much?

          Many thanks in Advance !!

          I Agree!10k Sounds easy to do.Party

          Let it Snow Snowman

            sully16's avatar - sharan
            Ringleader
            Michigan
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            Posted: November 15, 2013, 3:45 pm - IP Logged

            as much as it takes, to get things done.

            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"

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              Kentucky
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              Posted: November 15, 2013, 4:04 pm - IP Logged

              LOL you breezed thru that answer...Never said anything about buying new or old cars...I said that 10k would be nice but IF you wanted to buy things such as cars real estate or whatever you would probably need more money...but again  10k is better walking around money

              To me a monthly allowance means the total expenditures for each month and we can't buy a new car or a nicer home with one or even two months allowance. That's why I thought the monthly allowance meant extra money to spend anyway they choose. Would you limit yourself to only $10,000 total monthly expenditures after winning $100 million after taxes?

                gnozahs's avatar - Lottery-029.jpg
                New Member

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                Posted: November 17, 2013, 1:16 am - IP Logged

                3-4k probably.

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: November 17, 2013, 1:31 am - IP Logged

                  I never had a Swiss Watch.

                  But I've had my share of Swiss Cheese.

                  Real thin slices though.

                  If that counts for anything.

                  I guess not...

                    Slick Nick's avatar - Lottery-035.jpg
                    Rochester
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                    Posted: November 17, 2013, 7:16 am - IP Logged

                    Ten grand is a comfortable starter.Smile

                    Money is a terrible master, but a great servant...Smile

                      JonnyBgood07's avatar - Patriots logo1.jpg
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                      Posted: November 17, 2013, 7:30 am - IP Logged

                      more like 50k or better a month...and I'm using that number as  a base because we're assuming after the big win we won't be working.

                      You know as well as I do what too much time on your hands and an unlimited credit line can  potentially do .. lol

                      "No matter how bad things may get, I'd like to thank my middle finger

                      for always sticking up for me.."

                       


                        mypiemaster's avatar - 2015021003pileofcash
                        JACKPOT HUNTER

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                        Posted: November 17, 2013, 9:21 am - IP Logged

                        The word allowance becomes irrelevant in my vocabulary. The urge to splurge becomes highly diminished. Everything else will be based on need.

                        Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

                        Having Money Solves Problems That Not Having Money Creates Yes Nod ****John Carlton****

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                          NY
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                          October 16, 2005
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                          Posted: November 17, 2013, 2:13 pm - IP Logged

                          Jordi88,

                          Not trying to be condescending at all... I think you need to research how money works before you win. You must have knowledge to watch over the person you put in charge of watching your money.

                          That being said, your example means that you would allow yourself $10k per month or $120k per year in "allowance". My example will allow a minimum of 5 times that without touching your principal... Read on!

                          If you took $80M of the $100M win, put it into tax free bonds yielding 4.5%, your tax free income every year would be $3.6M. 

                          If you "paid yourself" $200k per month, using this money for all of your bills as well as "allowance", you would still have $1.2M per year to reinvest, while never touching your principal.

                          This, of course, does not account for the other $20M you spent on a house, vehicles, wardrobe, furniture & most of all giving. This is just one example of being smart with that much money.

                          I think that you are being a bit conservative about what your means would be if you won $100M. $10k a month sounds like a lot of money to almost all of us now, but it is really a pittance of what you would be able to wisely spend with the correct investments after a huge win.

                          Then again, if you are using The National Bank of the Mattress, then $10k per month sounds about right.

                          "you would allow yourself $10k per month or $120k per year"

                          That was my first thought, and that it was overly modest for somebody who won a sizable prize, but I checked to see if  Jordi88 mentioned their location, and their "10k" appears to be  about $16,000.

                          Actually spending $192,000 per year would let you live a very comfortable lifestyle, including a fair amount of indulgence, even if the "allowance" has to cover all of your routine expenses. For $16k you could make payments on a $500k mortgage, $1000 for property taxes, a $1000 car payment, $1500 health insurance premium (an expense that Jordi88 doesn't have), and $2000 for utilities, and still have about half of your allowance left. Figuring it's an average and you can spend more in any given month, you can cover all of your other reasonable expenses and still take a couple of vacations at a place that costs $350 per night, and even spring for first class airfare.


                          Other than lots of land around a  comfortable but relatively modest house, that last is the only thing that I think could cause me to spend more than $15k as a monthly average on myself.  Just for fun I just did some airfare shopping. Several years back we took a dive trip to the south Pacific, with multiple destinations. At that time the booking agent said the airfare alone was abut $2200 IIRC. Right now I could get a similar itinerary in first class for $19k; that's direct from the airline without looking for dates or a slightly diferent itinerary to get a better deal. Figure with very nice acccommodations the entire trip for two might cost as much as $60k. Even with two trips per year and a few more modest trips, I can't really imagine spending more than perhaps $150k for travel.

                          Based on that I don't expect I could easily averge more than $25k per month for my own stuff. Of course, spending on good causes would make it easy enough to spend a good deal more.


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                            Posted: November 17, 2013, 4:43 pm - IP Logged

                            To me a monthly allowance means the total expenditures for each month and we can't buy a new car or a nicer home with one or even two months allowance. That's why I thought the monthly allowance meant extra money to spend anyway they choose. Would you limit yourself to only $10,000 total monthly expenditures after winning $100 million after taxes?

                            Im sorry I guess we both misunderstood each other LOL...I was talking about carry in your pocket money pretty much when you walked out of the house, like now you may go get 20 or 40 or whatever you get out to carry around...but you were actually talking about monthly expense money

                              helpmewin's avatar - dandy
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                              Posted: November 17, 2013, 7:48 pm - IP Logged

                               i change mine to $7500 per week Dance

                              Let it Snow Snowman