You suddenly win $1m , what WOULDN'T be on uses for the money?

[Spinneret]

Buying hats and handbags

 

[mrodgers]

Everything except a house and retirement. Winning $1million would leave me with around $600 after taxes? That's not a lot to go wasting around buying stuff when you don't have a home or anything to retire on.

 

[GreatLakes]

Like the PP $1 million wouldn't go towards anything. It would all go right into investment accounts for retirement and our kid's education. That isn't enough to really move any needles, just make retirement a softer landing.

 

[White Cat]

Have all I need and no debt other than the basic living expenses. Would give some to our children and put the rest in savings.

 

[easyas123]

Winning $1million would leave me with around $600 after taxes?

That isn't enough to really move any needles, just make retirement a softer landing.

I agree with the above, after taxes it's not enough for a live changing event. Right into the retirement savings.

 

[mjkacmom]

Kids student loans, retirement.

 

[Starport Seven-Five]

Agree with everyone else. 1M isn't enough money to change your lifestyle or buy anything extravagant. We would push it into investments and see how close we are to retirement with the additional amount.

 

[Uncle Coaster]

It would be really nice if any of the people saying that $1 million wouldn’t be a life-changing, needle-moving event could just gift me $1 million.

It would move my needles.

 

[mrodgers]

I agree with the above, after taxes it's not enough for a live changing event. Right into the retirement savings.

Well.... I can afford $100k for a house and now that I am able, society has doubled the house prices, thus if it would take me 30 years to pay for a house 4 years ago, it's now going to take me 30 years to save just the down payment, then another 30 to pay the house off. So being able to buy and pay for a house tomorrow after winning a million rather than wait until I'm 80 to get a 30 year mortgage, that is kind of life changing.

Or if you're 50 and have lost everything recently and completely started over again, $600k after taxes would increase my retirement by a factor of 6. That is certainly life changing because I'll never have $600k in my retirement.

 

[HopperFan]

It would be really nice if any of the people saying that $1 million wouldn’t be a life-changing, needle-moving event could just gift me $1 million.

It would move my needles.

I take it what they mean is that after taxes that isn't such a huge amount of money that they would use is extravagantly or for luxury items. They would just save it unless they had bills they needed to pay.

I think its the folks who would buy a sports car or take a fabulous vacation that would be more likely to gift it.

 

[Scalemaster34]

Yeah way, way, way back in the day in High School we had to do that, spend a Million Dollars.... back they it went a long way as even a nice house was less than $100K. I remember as a guy, shopping for a Corvette... even got a broschue from dealer.... was only $20K back then.

Today, with a million... I'd do a little traveling with the family. And cushion my retirement.

 

[JLTraveling]

It would be really nice if any of the people saying that $1 million wouldn’t be a life-changing, needle-moving event could just gift me $1 million.

It would move my needles.

Agree 100%. It would definitely be enough to change my life. Wondering how rich these people are to look at it like it's just some spare change they dug out of the couch cushions.

 

[Meriweather]

Give most of it to my 2 kids.
The rest for travel expenses

 

[Kae]

I'll buy what ever makes me happy

 

[easyas123]

Agree 100%. It would definitely be enough to change my life. Wondering how rich these people are to look at it like it's just some spare change they dug out of the couch cushions.

Well I would argue that adding $600K to your retirement account WOULD be life changing, no one said it was spare change to be found in the couch cushions. The question was asked, some of us answered it honestly as it pertains to our personal financial situation at this moment in time. Sure it would change our lives - just not a day-to-day basis as this point in life.
Think about it - $600K could go towards traveling after retirement, could go towards a retirement home, could go towards end of life care or nursing home needs. It could enable someone to retire earlier than they originally planned/budgeted for. How in the world is someone answering the question the OP posed with this approach turn us into "rich people looking at it like it's just some spare change".
Are we supposed to pretend we wouldn't put it away for retirement? Are we supposed to pretend that we would do something else with it because others have a different situation than us. Should we put a * by all our answers and follow it up with *of course, this is not applicable to all people and everyone's situation is different....Geez I figured folks already realized that, Guess not.
Life Changing means different things to different people, I would assume people wouldn't slap the 'must be rich' label on others just because they have different life experiences.

 

[JLTraveling]

Well I would argue that adding $600K to your retirement account WOULD be life changing, no one said it was spare change to be found in the couch cushions. The question was asked, some of us answered it honestly as it pertains to our personal financial situation at this moment in time. Sure it would change our lives - just not a day-to-day basis as this point in life.
Think about it - $600K could go towards traveling after retirement, could go towards a retirement home, could go towards end of life care or nursing home needs. It could enable someone to retire earlier than they originally planned/budgeted for. How in the world is someone answering the question the OP posed with this approach turn us into "rich people looking at it like it's just some spare change".
Are we supposed to pretend we wouldn't put it away for retirement? Are we supposed to pretend that we would do something else with it because others have a different situation than us. Should we put a * by all our answers and follow it up with *of course, this is not applicable to all people and everyone's situation is different....Geez I figured folks already realized that, Guess not.
Life Changing means different things to different people, I would assume people wouldn't slap the 'must be rich' label on others just because they have different life experiences.

And what you just said here makes sense, especially the "adding $600K to your retirement account WOULD be life changing. But what you said upthread was "not enough for a life changing event," and others echoed that sentiment. Do whatever you want with the money if you win it. But it was a bit shocking to those of us in lower tax brackets to hear several people say that a million isn't in any way, shape or form life changing. Sorry.

 

[Lumpy1106]

And what you just said here makes sense, especially the "adding $600K to your retirement account WOULD be life changing. But what you said upthread was "not enough for a life changing event," and others echoed that sentiment. Do whatever you want with the money if you win it. But it was a bit shocking to those of us in lower tax brackets to hear several people say that a million isn't in any way, shape or form life changing. Sorry.

I think it depends on where you live. A lot of people when asked would say they would buy a house, and...That's just it. There is no "and" in CA. That won't even pay off your house. If you live in say Arkansas however, that will buy a couple of houses with money to spare. So no, in CA it's not "life changing" money - but still nice to pay down that mortgage, don't get me wrong.

 

[luvnwdwgal]

A million dollars would make a big difference in our lives. Definitely life changing. I don’t know where you live or what you’re used to living on but even after taxes we’d have enough to buy a new home and believe me that would be life changing after living in a 170+ year old fixer upper for over 40 years that still isn’t done.

 

[easyas123]

And what you just said here makes sense, especially the "adding $600K to your retirement account WOULD be life changing. But what you said upthread was "not enough for a life changing event," and others echoed that sentiment. Do whatever you want with the money if you win it. But it was a bit shocking to those of us in lower tax brackets to hear several people say that a million isn't in any way, shape or form life changing. Sorry.

But what is wrong with me saying it is not enough that would change my life in a day-to-day perspective or as “a life-changing event “on a daily basis? What is wrong with that? It’s the truth should I not of answered? Not rolling in cash over here. I’m just saying I’m making out just fine and I would put it in my retirement account and there’s nothing wrong with that. And there’s nothing wrong with anyone doing that or saying that

 

[Mysterian]

The question is open enough to allow for the notion that the $1M could very well be your amount after taxes. I read the question as being a million is the amount you have to work with.