Goals

LeoZ 2007-07-19 21:29:55 ET I need to set some goals for myself. Something to aim for and surpass. Hmmm..... Goal 1: Win the megamillions lottery jackpot tomorrow. Okay, if that happens I'll have 37 million bucks! (before taxes)

wayward 2007-07-19 21:38:36 ET *ponder* Still a helluva lot of money.... at least 2.5 mil after taxes...

LeoZ 2007-07-19 21:49:38 ET I always thought that taxes would half the amount and that a lump sum would half it after that. So 37 would end up being 13.5 then 6.75. But apparently with the taxes and taken as a lump sum you only lose half the cash so I would end up having 13.5 million buckaroo bonzais. Which is quite nice to put it mildly.

wayward 2007-07-19 22:37:34 ET Well, for the feds it'd be your standard deduction minus your personal exemption, minus just short of 10,000 plus 35%... which is a bit below 25 That's all together.. if you take it in payments it'd stretch out, but as long as you have over 340,000 per year... if you take less per year than you'd have less tax. Dunno about NY tho, their forms are a bitch and I can't remember the percentage off the top fo my head. (bad decimal in the first one)

LeoZ 2007-07-19 22:41:41 ET Some guy hit a jackpot here a while back and on the news they said that he got half the amount as a lump sum after taxes. So that's inspiring. Hell, anything above 3 million is good.

wayward 2007-07-19 22:44:18 ET Yea... but even if you were to stretch it over a few years, you'd have more than you knew what to do with and still end up getting more after taxes. (I do taxes btw)

LeoZ 2007-07-19 22:47:09 ET Yeah, but if I get it in a lump sum I won't have to worry about the falling value of the dollar.

wayward 2007-07-19 22:48:56 ET It's not as tho the dollar is falling that quickly. Either way tho, lump or strung out, it'd be a load of money.

LeoZ 2007-07-19 23:02:12 ET 1 U.S. dollar = 1.04319995 Canadian dollars

wayward 2007-07-20 10:59:15 ET Hah. Moving to Canada, eh?

Return to LeoZ's page