isabelladangelo (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
isabelladangelo) wrote2011-11-15 07:36 am
isabelladangelo) wrote2011-11-15 07:36 am
Entry tags:
Writer's Block: It's payday!
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Unfortunately, a million dollars isn't nearly as much as people think. Between State Taxes in Maryland and Federal Taxes, after receiving the million dollar check, I'd end up with roughly half of it. So, almost immediately, my million dollars becomes about half a million. Still a lot until you count everything up.
Like most people, I'd pay off my mortgage, my student loans, my credit card bills, my car loan, and various other small loans which total $226000.
So, from the $500,000 I have left from taxes, I now only have $274,000. Given that I'm not exactly that old, a little over a quarter million is not enough to retire on. Assuming I stay at my current spending on food, gas for the Truck, repair bills, medical bills, vet bills, and clothing (not to mention hobbies!); that will last me around twenty years. I certainly plan to live well beyond fifty! And this calculation is based upon no trips, no outrageous expenses, and actually maintaining my current level of spending -yeah right! after paying off all those bills. It also assumes no giving of the money to other people or charities, getting married, having kids, trading in the truck, or moving.
So, rather than try to live out my life with a -by then- twenty four year old truck, I think I'd start volunteering at museums and eventually get a job in that field again.
Unfortunately, a million dollars isn't nearly as much as people think. Between State Taxes in Maryland and Federal Taxes, after receiving the million dollar check, I'd end up with roughly half of it. So, almost immediately, my million dollars becomes about half a million. Still a lot until you count everything up.
Like most people, I'd pay off my mortgage, my student loans, my credit card bills, my car loan, and various other small loans which total $226000.
So, from the $500,000 I have left from taxes, I now only have $274,000. Given that I'm not exactly that old, a little over a quarter million is not enough to retire on. Assuming I stay at my current spending on food, gas for the Truck, repair bills, medical bills, vet bills, and clothing (not to mention hobbies!); that will last me around twenty years. I certainly plan to live well beyond fifty! And this calculation is based upon no trips, no outrageous expenses, and actually maintaining my current level of spending -yeah right! after paying off all those bills. It also assumes no giving of the money to other people or charities, getting married, having kids, trading in the truck, or moving.
So, rather than try to live out my life with a -by then- twenty four year old truck, I think I'd start volunteering at museums and eventually get a job in that field again.