|
I want to take this windfall speculation in a different direction. Cash and lottery winnings are a little easy: if you owe taxes on the influx, you just give some of it up and move forward. Suppose instead it's winning a house in a contest. Some assumptions: 1) The house is 5x your current house's worth or the price range of houses you'd be looking at if you were in the market. Or for argument's sake let's say it's 3-5x your net worth, whichever situation is more challenging. 2) the house is in your same area such that commute or access to leisure activities is not significantly affected. Its amenities accommodate your current lifestyle at least as well as your current residence in all significant ways (e.g. cooking space, storage space, yard space as they apply to you). 3) being a non-inheritance windfall, your tax burden is much higher than something you could normally pay out of pocket. 4) your name and likeness, etc. are highly promoted around town and on social media or whatever such that a significant portion of your circle know you won it. No easy out on claiming anonymously through a trust like some states allow for the lottery. What do you do? Do you move into it, sell it for cash immediately, turn it into a high-end rental/vacation rental, party pad, take a home equity loan against it for the windfall tax burden? How do you manage upkeep and property taxes on it beyond that? SpelledBackwards fucked around with this message at 20:08 on Apr 18, 2015 |
#
?
Apr 18, 2015 20:05
|
|
|
|
| # ? May 5, 2024 18:08 |
|
|
I would use the publicity from the contest and attempt to sell it immediately. But I already have a really nice house, and I can't imagine what an expensive pain in the rear end it would be to upkeep one 5x more expensive.
|
|
#
?
Apr 18, 2015 20:08
|
|
|
I would humbly take a different route than all of you. I don't make much money, but I would invest every penny of the $350k in both real estate and stock market. I have been an equities guy for a long time. The $350k could be used to gain quite a bit of leverage for profitable real estate investments. Once I achieve a net worth of $3 million and good passive income (which would be feasible by doing real estate and stocks as my stocks portfolio is doing 13% since inception) I would post on something awful forums a thread asking people what they would do with $350k. My favorite answer would win $350k.
|
|
#
?
Apr 19, 2015 22:17
|
|
|
41BottlesOf posted:(my stocks portfolio is doing 13% since inception) How long ago was the inception
|
|
#
?
Apr 20, 2015 06:47
|
|
|
Google says July 13, 2010.
|
|
#
?
Apr 21, 2015 02:31
|
|
|
What if it was 350k in dollar coins what would you do goons???? I'd put some of em in a sack and use that sack to crush my enemies.
|
|
#
?
Apr 21, 2015 03:34
|
|
|
|
| # ? May 5, 2024 18:08 |
|
|
Golluk posted:Google says July 13, 2010. It looks like the S&P500 has nearly doubled in that time period. Have you outperformed the S&P over that timespan?
|
|
#
?
Apr 21, 2015 05:09
|
|
