11-16-2014, 12:12 PM
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#1
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Often Thinks About Pickles
Join Date: Jan 2007
Location: Okotoks
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What would you do if you won $150,000 in a lottery?
Lets say you are married and have a family income of $125,000 before taxes, per year.
You have no debts other than a $300,000 mortgage at say 3% interest.
No dependants.
Wife won't let you spend the money on hookers and blow.
What would you do with the money?
Pay down your mortgage?
Invest the money in secure investments? (what type? ie. stocks, mutual funds, bonds?)
Buy some rental properties?
Something else?
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11-16-2014, 12:14 PM
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#2
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Lifetime Suspension
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Pay the mortgage. Depending on the exact situation, maybe small amount into savings or to boost emergency account then a small amount on a luxury such as a vacation.
Paying the mortgage gets you debt free quicker and/or improves your monthly cash-flow depending what you do with your future payments.
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11-16-2014, 12:15 PM
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#3
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Franchise Player
Join Date: Jun 2004
Location: Vancouver
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Buy everyone on CP a flat of beer.
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11-16-2014, 12:17 PM
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#4
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Franchise Player
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Pay the mortgage. Skim say 10k off the top of the winnings for a luxury or slush fund.
If this isn't a hypothetical question, congrats.
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11-16-2014, 12:23 PM
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#5
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Lifetime Suspension
Join Date: Sep 2011
Location: Calgary
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Top up TFSAs and RRSPs (in that order).
Take a great vacation.
Rest on mortgage.
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11-16-2014, 12:26 PM
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#6
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Often Thinks About Pickles
Join Date: Jan 2007
Location: Okotoks
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Quote:
Originally Posted by worth
Buy everyone on CP a flat of beer.
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hmmm... $40 per flat x 4000 active members = $160,000
Nope... couldn't do it. 250 members wouldn't get any beer.
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11-16-2014, 12:27 PM
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#7
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Monster Storm
Join Date: Apr 2007
Location: Calgary
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I'd buy pumpkins
__________________
Shameless self promotion
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11-16-2014, 12:27 PM
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#8
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Franchise Player
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Bender in Vegas.
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11-16-2014, 12:28 PM
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#9
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Invest it, TFSA (if you have room) and non-registered. At this point I would invest entirely in equities, and probably not drive a lot into the RRSP. The RRSP sounds good for today, because you save that tax immediately, but you just end up paying it down the road. While there are ways to minimize it down the road, the non registered or TFSA is still cheaper.
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11-16-2014, 12:34 PM
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#10
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Often Thinks About Pickles
Join Date: Jan 2007
Location: Okotoks
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Quote:
Originally Posted by kunkstyle
If this isn't a hypothetical question, congrats.
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Nope... strictly hypothetical... but its certainly within the realm of possibilities for a lot of us... ie. inheritance or something like that.
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11-16-2014, 12:37 PM
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#11
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Franchise Player
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Call Slava.
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11-16-2014, 12:40 PM
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#12
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Franchise Player
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I'd make it rain
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11-16-2014, 12:50 PM
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#13
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Franchise Player
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Probably 10-20k on a trip.
The rest invested
Probably split between mortgage and stock solutions. (Essentially paying down your mortgage is a 3% interest guaranteed investment.
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11-16-2014, 12:53 PM
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#14
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Franchise Player
Join Date: Nov 2009
Location: Kelowna, BC
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Quote:
Originally Posted by Rerun
hmmm... $40 per flat x 4000 active members = $160,000
Nope... couldn't do it. 250 members wouldn't get any beer.
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i don't drink beer.... so you'd only have to worry about 249 members now!
i know exactly what my wife and i would do....
pay off our mortgage
pm FlamesFanStrandedInEdmonton and get a bunch of jerseys (this would be more me than my wife - ha!)
put pretty much all the remainder into out "next house" fund
__________________
"...and there goes Finger up the middle on Luongo!" - Jim Hughson, Av's vs. 'Nucks
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11-16-2014, 01:01 PM
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#15
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Franchise Player
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I would buy a nice boat or a couple Sea-doos.
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11-16-2014, 01:02 PM
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#16
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Franchise Player
Join Date: Feb 2011
Location: Somewhere down the crazy river.
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I think I would pay off any debts (car loans, credit cards, etc) max out RRSPs and TFSAs and put the rest on the mortgage. That would seem to incur the least amount of tax-pain. Maybe take a portion, like $15k and do something fun. Not hookers and blow fun, but something to enjoy the winning.
You should probably talk to a tax person. There might be trusts and what not you could set up so any investments you make wouldn't become a huge hassle when you do your taxes.
Re: beers, that sounds like a good idea.
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11-16-2014, 01:03 PM
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#17
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First Line Centre
Join Date: May 2009
Location: Back in YYC....7 Years Later
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I'd tell you what I'd do man....
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11-16-2014, 01:04 PM
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#18
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Franchise Player
Join Date: Apr 2004
Location: 127.0.0.1
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Bet it all on a football game.
__________________
Pass the bacon.
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11-16-2014, 01:07 PM
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#19
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Late Bloomer
Join Date: Oct 2002
Location: Campo De Golf
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I'd put it all on the Mortgage. Who knows if the family income will stay at that level.
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