How far can a million stretch?

[Randi]

Started wondering how long a million dollars would last. Saw an interview with Rupert, and he said he would pay off his mother's house, buy a home for his own family, and put 100,000 into a foundation for youth. With the cost of homes today, I bet he could probably spend most if not all of his million on those 3 things alone.
Never thought I'd see the day, when a million didn't seem like a lot. (not that I would ever turn it down, LOL)

 

[TiggerPiglet]

Plus you have to take into account that Uncle Sam takes almost half of the money. He will only end up with about $500,000 (not that that's not a lot of money).
I'm not sure about where he lives, but around here, $500,000 will buy you an okay house. So, hopefully he will be able to do the things he wants to do and have enough money to do it.

 

[Littlehero'smommy]

sounds like a lot till you start thinking about it. after taxes, if you divide what is left by your normal household income, it won't last too many years. plus, if you are buying things with it, the money won't last at all. buying a large house sounds nice until you start adding up the upkeep, monthly utilities, etc. they say that is why lottery winners end up bankrupt, they don't think their purchases through. I would still like to win though

 

[GeorgeG]

It's not much these days, especially if you live around here, but it would let me retire tomorrow instead of waiting two more years. Then I wouldn't have to live around here and it would go a lot farther.

 

[Ran]

you can spend a thousand dollars a day for almost 3 years, just for perspective it would take you almost 3000 years to spend a billion

 

[GeorgeG]

So, the $3 billion would still be good after taxes...

 

[Toby'sFriend]

Rupert lives in Indiana where the cost of housing is much lower than New York and the rest of the East Coast. If his Mom has been in her house for many years, her mortgage could very well be under $100,000. The Gift to Foundation would be deductible from Income Tax.

 

[zurgswife]

OK Ruperts Million...

After taxes... 520,000

Donation 100,000
Purchase home 225,000
(Avg home price in Indianapolis 174,000 add a buffer)
Payoff mom's mortgage 100,000
(seems kinda high but just in case)

Total 425,000


Leaves about 90,000 give or take...not a bad nest egg start.

 

[powellrj]

My boss won $1,000,000 in the lottery several years ago and she is still working full time, but I have to say she looks wonderful, has some great jewelry and takes fantastic trips every year and this is in Indy where he is from. My guess is he will still have to work, but will be able to raise his standard of living!