You forget uncle moocher, kind hearted gifts, most people figure they never have to work again. If you're not working what are you doing other than spending?
-----Original Message----- From: Raymond Camden [mailto:[EMAIL PROTECTED] Sent: Friday, January 28, 2005 10:59 AM To: CF-Community Subject: Re: I now live with a millionaire That's one thing I never figured out - how folks can go broke after winning millions. If I understand right... and I may not... a normal treasury bill pays what.... 5% or so? That would mean a "small" lottery winning of 2 million dollars could generate 100k in interest. Taxes would take a third I think, leaving you with like 66k per year. That's a lot more than most folks make. If you don't quit your job, and you earn 50k - your now earning a 6 figure salary. If you win 5 million - it would be 250k before taxes, which would be over 100k a year. That is an insane amount of money to live with - live NICELY with. Why would you even bother touching the principle? On Fri, 28 Jan 2005 10:44:26 -0800, Ian Skinner <[EMAIL PROTECTED]> wrote: > I suspect after taxes, and who knows what else he won't be a millionaire > anymore. He'll probably only have eight or nine hundred thousand dollars > left. But still should be plenty of money to change his life. > > Now the question is; will he be stupid or smart with the money. > > I find it very interesting how many people who suddenly come into a lot of > money, via lotteries or what not, are broke again in just a few years. It is > awfully easy to burn through a large amount of money and suddenly find > oneself in a financial world of hurt. > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Save $10 Download ZoneAlarm Security Suite http://www.houseoffusion.com/banners/view.cfm?bannerid=66 Message: http://www.houseoffusion.com/lists.cfm/link=i:5:145478 Archives: http://www.houseoffusion.com/cf_lists/threads.cfm/5 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5 Donations & Support: http://www.houseoffusion.com/tiny.cfm/54
