I won a million dollars this morning

Congratulations! I am very happy for you! But I'm going to post some advice for your consideration.

Winning the $1,000,000 is amazing! Holding on to it can be difficult.After receiving a windfall, many people quit their job and go on a spending spree: a fancy new house, a new car, a luxury vacation, maybe, help friends, family. In addition, most everyone you know will come out of the woodwork asking for a handout. With these elevated expenditures, loss of new income, gifts, and handouts a lot of lottery winners end up in financial distress.

To avoid that, you may want to consult an attorney, CPA or other tax specialist regarding planning issues.

Regardless of that, take the time to plan out what you want to do with your newfound wealth, and refrain from making rash decisions—economic or otherwise. Certainly, helping those close to you is a good thing, but you need to set limits and learn to say no.

And thanks to our Federal and your state government. your $1,000,000 is going to be more like $600,000 give or take.

I'm not trying to paint your tremendous good fortune as a problem. It's a problem we'd all love to have! Just be careful, move slowly and give your future moves thoughtful consideration. Congratulations again, and good Luck!
 

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Doubter in MD said:
Congratulations! I am very happy for you! But I'm going to post some advice for your consideration.

Winning the $1,000,000 is amazing! Holding on to it can be difficult.After receiving a windfall, many people quit their job and go on a spending spree: a fancy new house, a new car, a luxury vacation, maybe, help friends, family. In addition, most everyone you know will come out of the woodwork asking for a handout. With these elevated expenditures, loss of new income, gifts, and handouts a lot of lottery winners end up in financial distress.

To avoid that, you may want to consult an attorney, CPA or other tax specialist regarding planning issues.

Regardless of that, take the time to plan out what you want to do with your newfound wealth, and refrain from making rash decisions—economic or otherwise. Certainly, helping those close to you is a good thing, but you need to set limits and learn to say no.

And thanks to our Federal and your state government. your $1,000,000 is going to be more like $600,000 give or take.

I'm not trying to paint your tremendous good fortune as a problem. It's a problem we'd all love to have! Just be careful, move slowly and give your future moves thoughtful consideration. Congratulations again, and good Luck!
Click to expand...

my guess was actually around 400,000-500,000 after taxes, lawyer fees, and stuff like that. I would be interested to know what gopher actually takes home after all the costs.
 

Tpmetal said:
my guess was actually around 400,000-500,000 after taxes, lawyer fees, and stuff like that. I would be interested to know what gopher actually takes home after all the costs.
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I'm hearing that it might be just under $400,000 after taxes on the lump sum payout. Will know for sure after todays appointment.
 

Due to some of the above comments, I wanted to make a couple points. In 2010 three close family members of mine died and I got to "hold the bag" of garbage, so to speak. I was the executor of two estates at the same time. I wouldn't wish that on anyone. I did get all of one smaller estate and 1/3 of the larger one. With that said, and already having owned a home, I first paid off my last credit card about $5k and the house, $43 k or so. I've been here a long time. Then I gave some money to my kids, they didn't ask for it. SURPRISE! My net worth today is about 2/3 of what I had the day I inherited everything with $1k in debt which is my play money for Ebay and trips and cat vet visits. Sooooo....One day it will be gone. No, it won't. At this rate and on medicare now the kids will each get a house paid in full and a small but decent amount of cash when I go home to be with the Lord. Yes, the money will be gone ONE DAY but in my case with my lifestyle it will be after I am gone.

Then it will be someone else's problem.

Now taxes - in Missouri - filing married - fed tax on $1m is $307,148.50. Missiouri tax is $53815.46 Balance to you $639,036.04. I just did my estimated tax here for the September 15 filing, so it only took me a minute to get the results for $1m. Credits you would have received on income based like child care tax credits are gone. But- it won't take long to blow through that if you go nutso. So don't be that guy and go nutso. I'd recommend a one year old truck like you want. You'll get it for 10 grand less...then you can buy that trailer and some new detectors!
 

smokeythecat said:
Due to some of the above comments, I wanted to make a couple points. In 2010 three close family members of mine died and I got to "hold the bag" of garbage, so to speak. I was the executor of two estates at the same time. I wouldn't wish that on anyone. I did get all of one smaller estate and 1/3 of the larger one. With that said, and already having owned a home, I first paid off my last credit card about $5k and the house, $43 k or so. I've been here a long time. Then I gave some money to my kids, they didn't ask for it. SURPRISE! My net worth today is about 2/3 of what I had the day I inherited everything with $1k in debt which is my play money for Ebay and trips and cat vet visits. Sooooo....One day it will be gone. No, it won't. At this rate and on medicare now the kids will each get a house paid in full and a small but decent amount of cash when I go home to be with the Lord. Yes, the money will be gone ONE DAY but in my case with my lifestyle it will be after I am gone.

Then it will be someone else's problem.

Now taxes - in Missouri - filing married - fed tax on $1m is $307,148.50. Missiouri tax is $53815.46 Balance to you $639,036.04. I just did my estimated tax here for the September 15 filing, so it only took me a minute to get the results for $1m. Credits you would have received on income based like child care tax credits are gone. But- it won't take long to blow through that if you go nutso. So don't be that guy and go nutso. I'd recommend a one year old truck like you want. You'll get it for 10 grand less...then you can buy that trailer and some new detectors!
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We have reconsidered and will probably opt for a certified pre-owned truck.
 

My daughter just bought a new Silverado 3500 diesel. In bably blue metallic no less. I about died when she told me how much it cost. They both make good money and saved for several years for it. $81,000. They paid cash for it. I about died. Hell will freeze over when I pay that for a vehicle, but barring accidents, it should last 20 years.
 

Congrats mi amigo. Im sure you won it cause you deserve it. Most guys like us that metal detect dont mind the hard work. For some of us it pays sometime down the road. Its good to know that you one of the treasurenet guy got a chance to fly over the coocoos nest. Again im personally happy for you.
 

that a great amount,it will make you life better,10 million would ruin your life. dont forget a new detector and someone to dig your holes.
brad
 

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just wondering what the different from lump sum to payments??
brad
 

Something amazing happened this morning while we were at our local Chevy dealer. After looking at several nice Silverado pick-ups we were walking back to the Jeep when I spotted this Avery .925 sterling pendant on the parking lot next to the passenger door which I always open for my bride.

20200828_124145.jpg

20200828_140206.jpg
 

GopherDaGold said:
Something amazing happened this morning while we were at our local Chevy dealer. After looking at several nice Silverado pick-ups we were walking back to the Jeep when I spotted this Avery .925 sterling pendant on the parking lot next to the passenger door which I always open for my bride.

View attachment 1859443

View attachment 1859444
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shoot you might as well buy another lottery ticket and go for another win! haha
 

Gopher,
Congrats on your sudden wealth! Remember this quote:
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” -Ayn Rand
HH
-spyguy
 

Congrats - watch your six though - all kinds of people, many bad, will be coming out of the woodwork.
 

GopherDaGold said:
We have reconsidered and will probably opt for a certified pre-owned truck.
Click to expand...

Smart move.... especially if driving is not a major hour or more thing everyday... where you are spending tons of time on the road commuting etc etc.

Now you have no problem with opting for an extended warranty IF offered... AND... can afford to fix it no problem.

AND... the insurance will be LESS.

I call that... A win win win. heh
 

We just returned from the lottery office.
Lump sum payment = $680,000
Federal = 28%
State = 4%
Take home = $489,000
 

Wife & I would get a NICE, comfortable "ride"; it would an RV to see the country & go TH'ing...
 

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