Decline, don't even have to think about it. There's a fairly reasonable chance that I'll earn that much money anyway within 15-20 years (my likely job has a starting salary of over $100 K, and even that's a backup plan), and that's excluding the possibility of an inheritance with a rather wealthy family. Even if that weren't the case though, I'd still have to turn it down. If I knew that I would never be able to earn money again, I'd turn into a miser, because what if I got robbed or had an expensive medical issue? Also, inflation means that costs of living will definitely increase drastically over time, and this money isn't indexed to inflation. Finally, it would kill the motivation to do anything with my life, and I have far too long to live to let that happen.
Your standard lottery winning scenario, with a twist!!
- Thread starter MammothBlade
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Didn't make it clear I guess. It counts as an investment, and you can't use the lottery winnings to make more money - if you accept, you can't have any income or interest or earnings of any sort, ever again. That's an absolute rule.6unn3r said:
6unn3r said:
You wouldnt be going back to work or spongeing off your parents. Second rule, youd be killed the next day.
Ot: i wouldnt take it, especially if spouses have to follow it as well. I want a family, and keeping a family alive off of ~ 65000 uninflatuon adjusted family income for the next 70 years isnt going to happen. Id probably be living under the poverty line in 50-60 years
The thing that really kills this question (for the younger people) is that its a lump sum at present date, with no accomodations for inflation.
Cant possibly say its a good idea with those circumstances
$4.8 million tax free converted to the South African Rand: 1$ = R8.24
Final amount: R39.583200.00
39 and a half million!?
Hell yeah, I'd accept :O
Final amount: R39.583200.00
39 and a half million!?
Hell yeah, I'd accept :O
No. I'm going to need a lot more than a paltry couple million, especially if I can't invest.
I'm 18, and I have my entire life ahead of me. If I buy a house (and I do have refined tastes when it comes to my purchases), furnish it, pay for the rest of my car (and the inevitable costs to keep it operational), pay all my current and future tuition bills, pay for gas, pay for electricity, pay for food, pay for new clothes, vitamins, and various other things I'll no doubt wish to buy, and pay for insurance, how am I going to live past my 30s, much less to old age?
I'm 18, and I have my entire life ahead of me. If I buy a house (and I do have refined tastes when it comes to my purchases), furnish it, pay for the rest of my car (and the inevitable costs to keep it operational), pay all my current and future tuition bills, pay for gas, pay for electricity, pay for food, pay for new clothes, vitamins, and various other things I'll no doubt wish to buy, and pay for insurance, how am I going to live past my 30s, much less to old age?
Absolutely I'd take it.
Buy an average sized house with all the cool modern things that make life easier, buy myself a new, but not ridiculously flashy car. Most of the rest of the money would go on living expenses, the occasional holiday and the smaller things in life (going out, games, DVD's, music etc.).
Of course a certain amount would go on family, although seeing as I'd be unable to make more money, considerably less than I would spend should I be able to.
The same goes for charity, yes I'd like to be generous, but if I am not allowed any form of income ever, I'd need to be smarter (and a little more selfish) than that.
Buy an average sized house with all the cool modern things that make life easier, buy myself a new, but not ridiculously flashy car. Most of the rest of the money would go on living expenses, the occasional holiday and the smaller things in life (going out, games, DVD's, music etc.).
Of course a certain amount would go on family, although seeing as I'd be unable to make more money, considerably less than I would spend should I be able to.
The same goes for charity, yes I'd like to be generous, but if I am not allowed any form of income ever, I'd need to be smarter (and a little more selfish) than that.
Or the UK. Things like this aren't *allowed* to be taxed.The Tibballs said:
For the sheer joy I get of arguing pointlessly on technicalities, gambling the money's not really earning it.MammothBlade said:
I'd do it if it was all tax exempt, I live by fairly low cost methods and I think I could live quite comfortably on that sum for quite some time. Of course if I got married/had a kid I'd be royally screwed, I think the last thing I saw on costs of raising a kid was that it was a minimum of 1M USD to raise a kid to 18 anymore.
Actually, you have to factor in inflation which adds up. $1800 a month is $21,600 per year. Add about 4% a year and you'll run out in 58-59 years, assuming you spend all your money each year. With some frugality you could make it last longer. Start with $2000 a month and it'll last about 56 years. $3000 a month, you're down to 47 years. Considering I'm already 40 that's probably plenty for me.Zio_IV said:
As for the spouse clause, if you're not married stay that way. Just shack up with someone who enjoys what they do for a living and live happily ever after.
And as for the taxes, just assume that the £3 million GBP ($4,800,000 USD) is how much you had left AFTER taxes. There, argument over.
I can accept that since I pretty sure if I keep living out the non flashy rich life (no flashy cars, flat screen TV or anything too expensive), I will died with some money leftover to my Will. Even then if I had reach old age and want to end my life sooner than I donate those money away and welcome those assassins. 
While 64K a year for the next 75 years, is a decent amount, it is about what I make now, and 4 years from now when I get my Doctorate I will have the potential to make nearly double that teaching for a few hours a week. I would decline. Now if it was 4,800,000,000 then I would acceptMammothBlade said:
I'd take the money and hire the elite assassins to eliminate everyone working at the lottery organization and to destroy any and all records kept there-in, thus nullifying any contract I might have with them allowing me to do whatever I wanted with the rest of the money. The lottery organization wouldn't be able to hire the assassins to murder me for breaking the terms of the agreement if they're all dead.
I love breaking hypotheticals. Loop-holes are fun!
I love breaking hypotheticals. Loop-holes are fun!
well before id put my handwriting on the dotted line, id go the say... malaisia? and some 3 milion pounds makes you a millionaire here.. a god there XDLionsfan said:
then 3 will will stretch you a heck of a long way furter. just to compare for 3000 euros a yea you can live like a king there. so do the math a thousand years should be more then enough to cover your lifetime. lol XD
1. Average life expectancy is going to increase as time goes on, I'd say there's a fairly good chance I'll live to be 100 or older. I'm 20 now so divided over 80 years my yearly "budget" would be $60,000.
2. Inflation is going to seriously eat away at that $60,000.
3. The IRS
2. Inflation is going to seriously eat away at that $60,000.
3. The IRS
That was just for the people who kept saying that you would have to pay taxes on the money. You should always start this kind of question stating that the amount was after you paid whatever taxes you would owe.Zio_IV said: