How much money would you have to win in the lottery (after taxes are taken out, of course) in order for you to quit your job with no intention of ever working again for the rest of your life? What would you do to make sure that you would not ever have to work again?
2006-12-22 15:09:23 · 5 answers · asked by isctg 2 in Business & Finance ➔ Other - Business & Finance
You'd need to win about 3 million. The government is going to take roughly half. Leaving you with 1.5 million. Put the money in tax exempt bonds where you'll probably only get about 3% but you'll also owe no income tax.
That will give you an annual income of about $45,000 tax free. I've given this some thought even though the odds against this ever happening to a particular individual are around 300,000,000:1.
2006-12-22 15:17:04 · answer #1 · answered by Roadkill 6 · 0⤊ 0⤋
I would be happy with about 6 million.
4 million or so after taxes.
Buy both my kids their own house.
I could live out my life on what's left of that money ( I am a penny-pincher).
2006-12-22 23:13:50 · answer #2 · answered by maamu 6 · 0⤊ 0⤋
not sure but 1 million is not enough -- everyone in my family would want a new car -- several would want new houses -- as for me -- not sure how much I would need to live comfortably -- I would guess at less 10 million after taxes..
2006-12-22 23:21:47 · answer #3 · answered by --------------- 2 · 0⤊ 0⤋
I live in CT so I would need at least about $10,000,000.00. I say that because if I wanted to buy a brand new home of my dreams I would need at least 1 mil. Then I would need to furnish it, have new vehicles for me and my family and buy independant health insurance... . In other words, it's expensive to live in CT, but I do love it here.
2006-12-22 23:14:47 · answer #4 · answered by Goddess 4 · 0⤊ 0⤋
enough atleast to substitute for the money im *not* working to get
2006-12-22 23:12:19 · answer #5 · answered by blahhblahhhblahahh 4 · 0⤊ 0⤋