What will you do if you suddenly received a big sum of money?

Discussion in 'General Chat' started by OurPrinceNiki, Jan 11, 2021.

  1. Deleted member 312931

    Deleted member 312931 Guest

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    I'll invest it on business or save it
     
  2. VIIrious

    VIIrious Active Member

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    Waste it on sugar babies lmao ♡
     
  3. MMWO

    MMWO Well-Known Member

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    Uh... Learn investment, stock market, stuff like that and use the money for that
     
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  4. Wyld

    Wyld [goner][delusional kid]

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    I will build a harem for myself:blobnosebleed:
     
  5. Eishun

    Eishun Well-Known Member

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    How much is a big sum?

    Is it enough for me to purchase a house in Singapore, for example?

    If it is, then what I will do is purchase a house, buy some herbs at the Chinese pharmacy and then go home and cultivate?
     
  6. kkgoh

    kkgoh Well-Known Member

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    I'm actually impressed that many Nuffians are financially educated (y)
     
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  7. DanT88

    DanT88 Member

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    If I happen to win a large sum of money, I will invest it in bitcoin.Look at how much bitcoin is growing right now . At the very least it is a very profitable investment. If not the most profitable, then one of the most profitable! I can tell you just from my experience that having a small amount of money in bitcoin is very profitable. You just have to think about its security. I personally use crypto mixer service to secure my bitcoins. It mixes my bitcoins with other people's bitcoins and it helps me to hide my money from prying eyes. I also invest a lot of money and I do my 100% to keep it quiet and unnoticeable. That's why I can recommend https://bitmix.biz/en from my side. In my opinion it is a very convenient service.
     
    Last edited: Apr 21, 2021
  8. imK

    imK Artful Dodger

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    Oh that's really interesting. In NZ the taxes are incorporated into the lottery tickets themselves, so you don't pay tax on the winnings. Our prize pool is pretty small though (iirc the maximum is 50 million for a single prize draw). You get the entire thing as a lump sum into a nominated bank account and you only pay taxes on interest earned. If a lottery hits "Must be won" status and there are no winners in the top bracket, it keeps rolling down through the brackets until it hits somebody.

    I didn't win the lottery, but I've had a lot of luck coupled with hard work and a little bit of insight over the years. I have a team that takes care of the financial side of things for me. I basically just told them what my financial goals were and they run a twice-yearly evaluation to report back on current progress, as well as make adjustments as my needs/wants change. This frees me up to do the stuff I'm good at and saves me a lot of stress on my end.
     
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  9. SerialBeggar

    SerialBeggar Well-Known Member

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    In the USA, the actual "take home" amount you get from a lottery win depends on:
    • whether you take the prize as an annuity (paid out over 30 years) or as a lump sum (~ 68% of the quoted prize).
    • the federal taxes (24% immediately, then the other 13% when you file your taxes for a total of 37% assuming your big win put you at the highest tax bracket)
    • state taxes (depends on state, could be 0% to 10.75%)
    So for example, today's (4/9/2021) Mega Millions' jackpot is $201 million. If you won and took it as a lump sum, lived in NJ, and paid full federal taxes, your actual take home is a measly, little over $71 million, ie 35% of the $201 million jackpot. Of course, everyone will still proclaim that you "won $201 million". Kidnappers will still demand $100 million for the return of your children.
     
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  10. imK

    imK Artful Dodger

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    Yeah my sister in law lives in the states and a few family members/bunch of friends. I remember thinking "Wow, that's a lot" until they explained how the system for it worked and then it was a bit eh. I think Australia's lottery is similar. You pay tax and then state tax, but I'm not sure about if they eat a penalty for taking a lump sum or not.
     
  11. samia zahin

    samia zahin 『An Innocent Pervert』『 Holy Fallen Angel 』

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    Depends on the amount
    Save some in my secret stash, Save some for Ivy league college, some for business, providing my parents a better life and make them work less hard
     
  12. opath422

    opath422 Well-Known Member

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    invest it into basket funds, then buy a house, then buy my dream wardrobe, then by some bags that are investments, and keep the rest for savings. My parents still feed me and provide me housing so...
     
  13. Naraina

    Naraina | Step Red Sibling | Holy Trickster |

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    I'll invest , yeah just invest and try to increase the amount for the time when I actually need it >.>
     
  14. Zinnrot

    Zinnrot Active Member

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    Split it. Some will go for saving and while others will go for investing. Trying to make the current life to becomes better and also trying to increase the amount by investing it.
     
  15. Blitzerous

    Blitzerous Active Member

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    Repay back parents, move out and buy a house, get a Masters and enjoy life.