If it was exactly 1 million then it would be awesome but after taxes they would be lucky to get $650000. Thats only $50000 a year for 13 years. Most of them probably blow through $300000 in the first year.
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Do you expect them to say on the show "I want to win the million minus taxes" or "I have a chance to win the 600 to 700k"?
shareWhat does the IRS take, 15.3% when filing a 1099-MISC? That's roughly $153k in taxes. That leaves you with $847k. Not too shabby earning that kind of dough for what they do on TV shows such as this. Of course, I'm not factoring in any other taxes or payments that must be made.
A lot of people don't think to invest in it wisely. Yes, you can blow through $800k just by purchasing a nice house and car alone.
If it were me, I'd put it directly into a Certificate of Deposit (CD). Let it accumulate interest. You can easily get your $153k back if you let it stew for about 10 years.
Well you cal always invest in an above average savings t-bill before taxes, then when its tax time take out the 1 million exaclty and leave the interest in the higher than average investment savings account. Now if you take that an factor it in with a factor of 2 based on tact money management and then even flo intrestet rising system, thats another few bucks right there. Plus your accountant can write some of that off in the tv exposer tax, because you move to a new tax bracket based on celebrity endorsoments, like Boston Rob or Jeff from big brother. So now once you have the 847 k that Uape mentioned, you can withdraw your higher than average savings from the t bill in an off sore account to maximize your investment and lower your risk, and bam your back to the orignal mill after taxes
shareWell sure, that's the simple and easy way to do it. However, even though it's a much more complicated process, the more finance savvy would stick them munnies in a coffee can, hide it in the root cellar, and shoot any of them guvvermint critters that come pokin' round!
shareYa! That dang Merican government done try and come took yer monies!
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