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All the hype the last couple days has been around two thing: the shooting of Florida teenager Trayvon Martin, and the lottery. I refuse to get caught up in the shooting because I will certainly say something that offends someone, so my thoughts have turned to the Mega Millions Lottery. I am not a gambler and did not buy any tickets (I live in Utah anyway and would have to drive to Arizona to get any), but, being fairly broke right now, I wondered a lot what I would do if I won that much money. So, this evening, I thought I would entertain you all with my Mega Millions plan.
The jackpot is around $640 million. We will assume I take that as a lump sum, which reduces the amount to $462 million (if I took it over 26 years it would be $640 million). The federal government taxes me 35%, leaving me with $300.3 million, which would then be taxed by my state, which I believe would be around 5%. Pretend my math and tax assumptions are correct, and I am sitting with $277 million.
First, if it is not a sin to pay tithing on gambling winnings, I would give 10% to that, leaving me with $249,300,000. Next, I would pay off my car and my debt. That leaves me with about $249,287,000. Then, I would share with my family. Federal law limits my tax-free giving to $5.12 million to anyone other than my spouse. However, I can give up to $13,000 tax-free per year to as many individuals as I want. Thus, I would set up a $13,000 annual gift to each of my immediate family members. That is $104,000 a year (though I suppose I could give Max a share as well). If I could leave my money alone without being touched by me or the pick-pocketing government, I could continue a yearly payment of $13,000 to each of my family members for 2,397 years. I would likely buy a few things though. Probably some clothing, I'd pay my $800 tax bill, I am out of body wash, and I could probably use a college degree. I would also donate $500,000 to the Honorable Order of Kentucky Colonels, as well as a bit to a couple other worthy charities. I would definitely upgrade to a better laptop, but I would keep my phone and pay as you go rate. Ultimately, I like to think that if I had $249 million, I would hire an accountant or something to help me put my money into trusts and savings and things, leaving me with a certain amount in my actual bank account. It would certainly change my life, but I would keep working where I'm working and living where I'm living. Those things make me happy and I just don't want to give them up.
Well there you have it. My not so exciting plan if I were to win the Mega Millions Lottery. I think now, after having written that, I see why I do not buy lottery tickets. I am content with working for everything I have and would have little use right now for excessive amounts of money...of course, if someone offered me money, I would happily accept it.
Song of the Day was an easy choice for me, it's "If I Had a Million Dollars" by: Bare Naked Ladies.
The jackpot is around $640 million. We will assume I take that as a lump sum, which reduces the amount to $462 million (if I took it over 26 years it would be $640 million). The federal government taxes me 35%, leaving me with $300.3 million, which would then be taxed by my state, which I believe would be around 5%. Pretend my math and tax assumptions are correct, and I am sitting with $277 million.
First, if it is not a sin to pay tithing on gambling winnings, I would give 10% to that, leaving me with $249,300,000. Next, I would pay off my car and my debt. That leaves me with about $249,287,000. Then, I would share with my family. Federal law limits my tax-free giving to $5.12 million to anyone other than my spouse. However, I can give up to $13,000 tax-free per year to as many individuals as I want. Thus, I would set up a $13,000 annual gift to each of my immediate family members. That is $104,000 a year (though I suppose I could give Max a share as well). If I could leave my money alone without being touched by me or the pick-pocketing government, I could continue a yearly payment of $13,000 to each of my family members for 2,397 years. I would likely buy a few things though. Probably some clothing, I'd pay my $800 tax bill, I am out of body wash, and I could probably use a college degree. I would also donate $500,000 to the Honorable Order of Kentucky Colonels, as well as a bit to a couple other worthy charities. I would definitely upgrade to a better laptop, but I would keep my phone and pay as you go rate. Ultimately, I like to think that if I had $249 million, I would hire an accountant or something to help me put my money into trusts and savings and things, leaving me with a certain amount in my actual bank account. It would certainly change my life, but I would keep working where I'm working and living where I'm living. Those things make me happy and I just don't want to give them up.
Well there you have it. My not so exciting plan if I were to win the Mega Millions Lottery. I think now, after having written that, I see why I do not buy lottery tickets. I am content with working for everything I have and would have little use right now for excessive amounts of money...of course, if someone offered me money, I would happily accept it.
Song of the Day was an easy choice for me, it's "If I Had a Million Dollars" by: Bare Naked Ladies.
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