Comments on: What Would You Do With $8.5 Million If You Won The WSOP? http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/ Slicing Through Money's Mysteries Fri, 10 Feb 2012 20:08:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Financial Samurai http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-18979 Financial Samurai Sun, 12 Dec 2010 15:52:46 +0000 http://www.financialsamurai.com/?p=33#comment-18979 I honestly believe we will die with too much. We need to take more vacations and spend more money, b/c as you've seen, making money is pretty easy. Time to live it up during your break! I honestly believe we will die with too much. We need to take more vacations and spend more money, b/c as you’ve seen, making money is pretty easy. Time to live it up during your break!

]]> By: Mike Hunt http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-18958 Mike Hunt Sun, 12 Dec 2010 12:03:08 +0000 http://www.financialsamurai.com/?p=33#comment-18958 Well I've had 5 years of good opportunity and figure better save up for a rainy day and not waste too much... I am thinking of taking some time off and not sure if I can get back on the ladder where I get off so therefore I'm being more frugal I guess. -Mike Well I’ve had 5 years of good opportunity and figure better save up for a rainy day and not waste too much…

I am thinking of taking some time off and not sure if I can get back on the ladder where I get off so therefore I’m being more frugal I guess.

-Mike

]]> By: Financial Samurai http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-18858 Financial Samurai Sat, 11 Dec 2010 17:38:05 +0000 http://www.financialsamurai.com/?p=33#comment-18858 I think you spend too little Mike. Live it up! I have several "bucks" in the bank, and every year, I make it a point to spend at least 5% of it on something awesome. Perhaps it's because I'm confident that I'll be able to make several more bucks down the road. Why hoard so much Mike? I think you spend too little Mike. Live it up! I have several “bucks” in the bank, and every year, I make it a point to spend at least 5% of it on something awesome. Perhaps it’s because I’m confident that I’ll be able to make several more bucks down the road. Why hoard so much Mike?

]]> By: Mike Hunt http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-18854 Mike Hunt Sat, 11 Dec 2010 17:19:57 +0000 http://www.financialsamurai.com/?p=33#comment-18854 Sam, One more thing- you are burning through too much of the windfall in your post. I'd say allocate only 1% of the windfall to something fun. We sold out our company and I got paid $500k a few months back for this, the allocation for fun money is spending $6k on a trip to the Maldives next spring. -Mike Sam,

One more thing- you are burning through too much of the windfall in your post. I’d say allocate only 1% of the windfall to something fun. We sold out our company and I got paid $500k a few months back for this, the allocation for fun money is spending $6k on a trip to the Maldives next spring.

-Mike

]]> By: Mike Hunt http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-18700 Mike Hunt Fri, 10 Dec 2010 15:48:31 +0000 http://www.financialsamurai.com/?p=33#comment-18700 I don't think $4.5 million after taxes is all that much, Sam. I guess the instinct is to blow the money because it came so fast, there is not the feeling of the pain of having earned it. That being said $8.5 million before taxes is about double the average lifetime earning potential of a professional (like a doctor or lawyer), or 4 times the average lifetime earnings of a person with Master's degree. Too bad the tax burden is so high at 50%, what a waste. If you are in your 30's you would still need to live frugally to make $4.5 million last without the chance of running out of money. By spending like Obama in your post, you are much more certain to run out of runway! -Mike I don’t think $4.5 million after taxes is all that much, Sam.

I guess the instinct is to blow the money because it came so fast, there is not the feeling of the pain of having earned it.

That being said $8.5 million before taxes is about double the average lifetime earning potential of a professional (like a doctor or lawyer), or 4 times the average lifetime earnings of a person with Master’s degree.

Too bad the tax burden is so high at 50%, what a waste.

If you are in your 30′s you would still need to live frugally to make $4.5 million last without the chance of running out of money. By spending like Obama in your post, you are much more certain to run out of runway!

-Mike

]]> By: Jared http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-16676 Jared Thu, 28 Oct 2010 11:06:55 +0000 http://www.financialsamurai.com/?p=33#comment-16676 If I won. I would live a semi retired life, travel and volunteer. If I won. I would live a semi retired life, travel and volunteer.

]]> By: RT http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-16615 RT Wed, 27 Oct 2010 11:59:54 +0000 http://www.financialsamurai.com/?p=33#comment-16615 I would get cable tv I would get cable tv

]]> By: Samurai Predictions And Resolutions For 2010 | Financial Samurai http://www.financialsamurai.com/2009/11/10/what-would-you-do-with-8-5-million-if-you-won-the-wsop/comment-page-1/#comment-3282 Samurai Predictions And Resolutions For 2010 | Financial Samurai Thu, 31 Dec 2009 16:33:45 +0000 http://www.financialsamurai.com/?p=33#comment-3282 [...] come from my private equity investments, stock market, salary, rental income, and other, such as winning the World Series of Poker!  Setting lofty goals forces my mind to constantly think of new ways of surviving, and motivates [...] [...] come from my private equity investments, stock market, salary, rental income, and other, such as winning the World Series of Poker!  Setting lofty goals forces my mind to constantly think of new ways of surviving, and motivates [...]

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