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anoderod55 · 61-69, M
Diotrephes · 70-79, M
@anoderod55
The average person is clueless about money and has no idea how to manage a large sum.
Suppose you won $100,000,000 after taxes. You family consists of you, your spouse, and two kids. A four-way split equals $25,000,000 each. You are in 60 years old so you can expect to live another 20 years. https://www.ssa.gov/oact/STATS/table4c6.html
If you put $20,000,000 in CDs spread across numerous banks and got a .035% return after taxes would you get an additional $700,000 the first year net.
After10 such cycles you would have about $28,211,650 in the bank. Check the math! Of course if you invested in the stock market you might end up with more or you could lose a lot of principal. The CDs are safe and no risk.
In the meantime you had $5,000,000 to spend over 10 years, That's $500,000 year tax free on a flat budget. Now, based on your current standard of living, wouldn't you be living like a king on $500,000 a year? That is $41,666 a month. You could easily afford a nice house and car and have money left over for fun items. and, at the end of 10 years you will have $28,211,650 compared to the original $25,000,000. Your wife and kids would have their own money so there would never be any arguments over money.
BTW, you can give someone $18,000 a year as a gift tax free each year. If you want to give them more then you should put them on your payroll and pay state, federal, social security, and Medicare taxes. A payroll company can take care of sending out the checks and taking care of all of the required paperwork.
Of course if you so desire with an expected life of another 20 years you could spend $1,000,000 a year ($83,333 per month) with a $5 million reserve fund. How would you spend $83,333 a month for the next 240 months?
Buy a truck with an automatic transmission . 🛻 Then pay off all my families debts . Support others from there🙏
The average person is clueless about money and has no idea how to manage a large sum.
Suppose you won $100,000,000 after taxes. You family consists of you, your spouse, and two kids. A four-way split equals $25,000,000 each. You are in 60 years old so you can expect to live another 20 years. https://www.ssa.gov/oact/STATS/table4c6.html
If you put $20,000,000 in CDs spread across numerous banks and got a .035% return after taxes would you get an additional $700,000 the first year net.
After10 such cycles you would have about $28,211,650 in the bank. Check the math! Of course if you invested in the stock market you might end up with more or you could lose a lot of principal. The CDs are safe and no risk.
In the meantime you had $5,000,000 to spend over 10 years, That's $500,000 year tax free on a flat budget. Now, based on your current standard of living, wouldn't you be living like a king on $500,000 a year? That is $41,666 a month. You could easily afford a nice house and car and have money left over for fun items. and, at the end of 10 years you will have $28,211,650 compared to the original $25,000,000. Your wife and kids would have their own money so there would never be any arguments over money.
BTW, you can give someone $18,000 a year as a gift tax free each year. If you want to give them more then you should put them on your payroll and pay state, federal, social security, and Medicare taxes. A payroll company can take care of sending out the checks and taking care of all of the required paperwork.
Of course if you so desire with an expected life of another 20 years you could spend $1,000,000 a year ($83,333 per month) with a $5 million reserve fund. How would you spend $83,333 a month for the next 240 months?
