what would you do with a BIG money win? | Page 2 | GTAMotorcycle.com

what would you do with a BIG money win?

Put a big (50%) downpayment on a house. Put the rest in a monthly income fund. Live off that + a part time job.
 
LePhillou said:
Put a big (50%) downpayment on a house. Put the rest in a monthly income fund. Live off that + a part time job.
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Live off the interest on $125k? Orly
 
GreyGhost said:
On the plus side, you aren't paying income tax.

$125K*0.05=$6250 gross a year, ballin
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You wouldn't pay tax on the winnings, but you would be paying tax on the interest
 
TwistedKestrel said:
You wouldn't pay tax on the winnings, but you would be paying tax on the interest
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If your yearly income is less than $9670, then your personal exemption covers you and you (should?) pay zero income tax. I'm not sure if dividend income gets treated differently, so maybe you still owe something, tax is not my thing.
 
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GreyGhost said:
If your yearly income is less than $9670, then your personal exemption covers you and you (should?) pay zero income tax. I'm not sure if dividend income gets treated differently, so maybe you still owe something, tax is not my thing.
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Oooooohhh, I see what you're saying now. You are correct (I was assuming a living income somehow)
 
kellen said:
Live off the interest on $125k? Orly
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Yup. You know whats great?
Life outside of the GTA.

800 /month from the income fund + part time job (say 1000/month) with a mortgage half paid down. If you know how to budget and save you can make it.
 
LePhillou said:
Yup. You know whats great?
Life outside of the GTA.
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I'm not sure where you are but life outside the gta where I am is just as expensive if not worse. Cheap around here is half a mil for a house built in the 70s. New starts at well over 6.
 
Move to Hawaii, get a small place, teach Yoga, surf, ride motorcycle.
 
Roomie said:
I'm not sure where you are but life outside the gta where I am is just as expensive if not worse. Cheap around here is half a mil for a house built in the 70s. New starts at well over 6.
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North of Thunder Bay, with no utilities and a modest cabin in the woods and your all good. I actually have an acquaintance living off the grid (electrical and reality) and she and her kids seem pretty happy. Not for me thanks.
 
It seems the answers to these winning big money type questions usually revolve around security and fulfillment. Yet in real life, if stats can be believed, most people live a couple paychecks from the house of cards caving in.
 
You can buy houses in eldee for 80k, sell your GTA house for 500+ and live off the difference. Who wants to live in eldee though?
 
GreyGhost said:
You can buy houses in eldee for 80k, sell your GTA house for 500+ and live off the difference. Who wants to live in eldee though?
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After road trips I always look at MLS listings under 100g for northern areas I fancy. Only problem is you only see it in summer. Reality is different. How about Costa Rica? Big expat community there. Could be like immigrants here, don't intermingle with locals. Don't learn the language whatever it is. Full meal dolla fifty. Holla.
 
put it straight into a varied investment fund (fidelity or the like).

i'd leave the mortgage doing its thing, investments make more on interest than the mortgage costs
 
vociferous said:
i'd leave the mortgage doing its thing, investments make more on interest than the mortgage costs
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This might be true today but if early in mortgage and owing big money it's a gamble unless assured interest won't rise dramatically within a few years or something like that. Wipe out debt first imho.
 
Realistically $250K isn't enough to radically change the average middle class person's life. In my case it would be a down payment on a freehold town home, that would let me live a little more easily.
 
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