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Diotrephes · 70-79, M
How would you manage $86 million dollars?
simjks4 · 18-21
@Diotrephes I’d invest and save the majority of it… with the rest I’d buy things for people close to me
Diotrephes · 70-79, M
@simjks4
IMO that 's a poor plan. Depending on how many close relatives you have you could easily give each one several hundred thousand dollars or even a $million each. Of course they will have to pay federal and State taxes on it. So, suppose you have 20 people you want to help. Even if you gave each one a $million you would still have $66 million left. If you gave each one $500,000 you would have $76 million left.
Since you don't have ny money in the first place it's silly to risk the principal in con investment scheme. Of course you coud gain a lot of money with good investments but you don't have any experience in the stock market. You will also get hard with various taxes and have to comply with countless rules.
So, suppose after your giveaways you end up with $76 million. You could divide that up into 12 equal monthly pots of $6,333,333. If you put that amount into a basic CD that netted you just .035% a year you would get $221,666 each month without risking any of your principal. So, given your current state of living, how would you spend $221,666 a month ($2,660,000 per year after taxes) for the rest of your life while still having the full $76,000,000, which you haven't spent one penny of?
The problem is that when you die with such a large estate, the estate taxes are very heavy. You can get around that by putting the money into joint accounts with your relatives. So, you can have 12 joint accounts, or even more, and when you die the money will flow seamless to them with no taxes.
If you have the money invested in stocks you will need an elaborate will to dispose of the stocks and the calculations could be complex.
If you have $66,000,000 you would have 12 equal monthly pots of $5,500,000. That would give you a monthly income of $192,000 at a CD net of .035%. Could you live off of that while still having the $66,000,000?
I’d invest and save the majority of it… with the rest I’d buy things for people close to me
IMO that 's a poor plan. Depending on how many close relatives you have you could easily give each one several hundred thousand dollars or even a $million each. Of course they will have to pay federal and State taxes on it. So, suppose you have 20 people you want to help. Even if you gave each one a $million you would still have $66 million left. If you gave each one $500,000 you would have $76 million left.
Since you don't have ny money in the first place it's silly to risk the principal in con investment scheme. Of course you coud gain a lot of money with good investments but you don't have any experience in the stock market. You will also get hard with various taxes and have to comply with countless rules.
So, suppose after your giveaways you end up with $76 million. You could divide that up into 12 equal monthly pots of $6,333,333. If you put that amount into a basic CD that netted you just .035% a year you would get $221,666 each month without risking any of your principal. So, given your current state of living, how would you spend $221,666 a month ($2,660,000 per year after taxes) for the rest of your life while still having the full $76,000,000, which you haven't spent one penny of?
The problem is that when you die with such a large estate, the estate taxes are very heavy. You can get around that by putting the money into joint accounts with your relatives. So, you can have 12 joint accounts, or even more, and when you die the money will flow seamless to them with no taxes.
If you have the money invested in stocks you will need an elaborate will to dispose of the stocks and the calculations could be complex.
If you have $66,000,000 you would have 12 equal monthly pots of $5,500,000. That would give you a monthly income of $192,000 at a CD net of .035%. Could you live off of that while still having the $66,000,000?
caPnAhab · 26-30, M
What happens on day 26?
KiwiBird · 36-40, F
3/25 is 0.12
This message was deleted by its author.
simjks4 · 18-21
@allygator18 no
This message was deleted by its author.
simjks4 · 18-21
@allygator18 yeah I’m sure I’m not wasting my life 🔥