Quote:
Originally Posted by strat61caster
I honestly couldn't imagine spending $10 million on non-frivolous things over the next 5 decades of my life. Seriously if you dump that into an investment account that yields 2% every year you could withdraw 1% (that'd be $100k before taxes) every year to live off of, and I underestimated the gains on that money, it should easily keep pace with inflation, plus you'd probably buy yourself a house so your monthly housing costs should start seeing a decrease to free up some budget. That lands you within the top 20% of the nation with only a few hours here or there keeping an eye on it, you could live like a king in a less desirable area, even within California.
World travel is the only thing that would put a hole in my theory that I'd only ever want for $10 mil, you start traveling first class and the zeroes get added onto the bill real quick.
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Funny enough, everyone always says they probably won't spend more than 'X' million if they won the lottery but with a bigger income, people inherently will spend more and start living according to their new lifestyle (or greater). Whether it spirals into reckless spending/investing depends on the person's self control/ego and the people that surrounds them.
I love reading those stories on people who won millions and then lost it all. Waiting eagerly to see what happens to this powerball winner in 5-10 yrs. You have to be pretty crazy to blow through a billion dollar lottery winning but anything is possible nowadays.
