Posts
136
Joined
3/7/2017
Location
Lake Havasu, AZ
US
Edited Date/Time
11/14/2017 9:59pm
Colton Harrison a longtime and very fast Upstate NY expert rider won a million bucks on a $5 scratch off! Very cool to see a fellow moto dude win it big. Wanted to give him a shout out and figured vital could also use a little positivity during the off-season... instead of threads bitching about Ronnie Mac or about Chad Reed not signing # plates haha. Oh and Coltons reply to what he would do with the cash..."buy a new dirt bike" ! Kick ass Colton you deserve it kid
Congrats, that's awesome.
those Carhartt beanies are only $10, i figure he could buy one to match every shirt he owns instead of just that one
What does he end up with after all fees $300,000?
The Shop
Win $10M and you can retire, right now, and live a really, really nice life.
Win $100,000 and you can throw one hell of a party, or invest well, or live debt-free until your early retirement if you use it wisely.
The $Mil is just enough to tempt you into spending like a rock star, but not enough to retire on. Still, I wouldn't turn it down!
Pit Row
Some people need to wake up and do something everyday in order to feel like they have a purpose. A million dollars would allow you to continue to work full time or part time depending on the type of life you want. It would definitely allow you to have more freedom and a lot less stress. A family could survive on 1 income. Wife/girlfriend could stay at home with the kids. A lot more upside than downside to a million dollars.
That said a million isn't all that much today but if you're smart with it, it can go a long way. Just don't go all rock star because you'll go broke in no time.
I'm curious to know, why are lottery winnings taxed in the US? Up here you'd be taxed on the interest you earn and that's it. So a million dollars would be exactly that not 600k. That extra 400k in the bank would make a big difference for anyone.
Between federal (39.5%?), state (6.8%?), etc, the just over $500K number sounds realistic.
So that's only about $15K in income a year if you want to use it for lifetime income.
I think I'd probably get debt free and then spend whatever I had left over from the first $100K on some fun stuff, then stick the remaining $400K into some investments for retirement, even if it wouldn't all be "qualified" money. Try to retire a few years earlier.
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