How cool is this!

[Boris Godunov]

A good friend of mine here in NYC whom I hadn't seen in about 3 months or so called me up today out of the blue to have lunch, saying he had big news. He sounded apprehensive about it, so I was worried something bad had happened, like he'd split up with his longtime boyfriend.

Well, turns out that the big news was that he had won a million dollars! I was floored. He's 25.

He won it playing some stupid TV game show, no less. So now he is seeking to invest some and perhaps buy a vacation home somewhere in the Poconos or in Vermont that he can rent out and get additional income from.

Now how cool is that?




And lunch was on him, of course.

[Asher]

Cool.
How much does he get after tax?

[GePap]

Double post, see bellow.

[Arrian]

That's awesome. After taxes, I'd guess $600K Asher.

-Arrian

[GePap]

A million dollars from a TV show... which one?

The first thing he needs is to hire a money manager for a couple of hours to get know the law and how best to keep most of that money.

Also: he might make more renting out a room he buys in a major metropolis, like NYC.

[reds4ever]

sod the money manager, he could invest it a lose the lot. this is the guys one shot at a life on easy street, bank it and leave it there or buy property.

[Boris Godunov]

I don't want to say which one, due to privacy concerns.

Yeah, it's about $600,000 after taxes. I put him in touch with the financial planner my company uses for our 401(k) plans, as he is an excellent, level-headed advisor and a super nice guy to boot.

When I told the advisor my friend would be calling, he said "Great! Unless I'm drunk at the time, I'll be happy to talk to him!"

[Boris Godunov]

Originally posted by reds4ever
sod the money manager, he could invest it a lose the lot. this is the guys one shot at a life on easy street, bank it and leave it there or buy property.

I doubt the money manager would have him invest any sizeable portion in stocks. It would likely go into low-risk, low-yield funds, CDs, etc. Plus, buying the vacation home would be an investment in and of itself.

The manager would make things easier for him, though.

[The Mad Monk]

That 's always a reassuring thing to hear from one's money manager.

[Provost Harrison]

If only he'd won it in the UK...no tax

[Asher]

Which gameshow was he on?

"Who Wants to be a Millionaire"?

[Bereta_Eder]

Thats tres cool actually

i just hope he's not an *******.

i hate when money go to *******s

[Boris Godunov]

I'm not generally friends with *******s, thank you very much.

And Asher, I said I'm not sayin'!

[Harovan]

In Germany, lottery wins are also tax free.

Anyway, even $600K is a lot of money for a 25 years old out of a "normal" family (meaning: non-millionairs). He should invest it wisely. A house seems good. May be his own little enterprise, for a start.

[Asher]

He didn't win that money did he.

Who did he con?