The Biz of Pacelinebiz

Turning things on end to achieve results!

If I had a million dollars…

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Big bucks, no whammy!

Today I am going to have fun dreaming about what I would do if I won a million dollars.  Before I spend it, let’s assume that the state, local and the federal tax rate amounts to 40% or $400,000.  Let’s ignore Social Security and Medicare taxes and all other taxes to keep it simple and start with $600,000.

After tax amount                                                                                                                                600,000

First, I would give 10% to churches and religious/charitable organizations         (100,000)

Second I would save 10% in a retirement plan                                                                    (100,000)

Third pay of all debts  – use 100,000 for example                                                             (100,000)

Sub-total                                                                                                                                            300,000 

Wow, already down to $300k

Prepay funeral for my wife and myself – estimate                                                                (12,000)

Set aside funds in “lockbox” for daughter’s wedding                                                           (40,000)

Buy new diamond ring for Mrs. Paceline                                                                                   (15,000)         

Add extra for daughter’s wedding after wife thinks I skimped                                         (10,000)

Sub-total                                                                                                           223,000      

Hmm… that’s already looking pretty small before I get to the frivolous stuff.

Better give my relatives kids college money – 13 @$10k each                                      (130,000)

Get hit up by neighbors, old school buddies and people I barely know                          (8,300)

Get new carpeting, chandelier in dining room and stainless steel refrigerator             (9,432)

New Hardwood floors in foyer, hallway and kitchen                                                                (5,287)

Buy area rugs to cover aforementioned hardwood floors                                                     (2,200)

Security system and fencing to protect new wealth                                                              (25,000)

Pay wealth management adviser fees                                                                                             (4,500)       

Sub-total                                                                                                                                                  38,281

Join country club to be with like minded, rich folks                                                             (10,000)

Pay bill for bottles of expensive champagne for celebrating new wealth                       (1,000)

Down payment on Escalade like all the others have at the country club                     (15,000)  

Psychiatrist bills for dealing with pressures of country club life                                       (2,500)

New Miniature Chihuahua and Mink coat for miniature Chihuahua                                 (2,750)

Hire pet Psychologist to treat Chihuahua for feelings of un-fulfillment                           (1,850)

Pay first bill from Country Club                                                                                                         (3,181)

Sub-total                                                                                                                                                   2,000

Hire lifestyle specialist to rein in spending                                                                                    (1,995)

Buy value meal at McDonalds                                                                                                                        (4.98)

Ending balance                                                                                                                                                    .02

With my last 2 cents I would give it you and tell you that a million dollars isn’t as much as it used to be and money can’t buy happiness.

Have a great week being happy with what you have.

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Written by pacelinebiz

March 21, 2011 at 8:37 am

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