Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 03-27-2008, 01:33 PM   #21
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,852
Quote:
Originally Posted by cjking View Post
There is no tax on lottery winnings in the UK.

He will be paying 40% tax on investment income.
OK... then he would have $2,000,000 to invest, which with a 4% SWR would yield $80,000. After taxes, that would be $48,000 and that is considerably better! I withdraw my previous rationale for his return to work.

The man just is not wanting to retire....
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-28-2008, 07:16 AM   #22
Full time employment: Posting here.
 
Join Date: Sep 2007
Posts: 514
Quote:
Originally Posted by Want2retire View Post
OK... then he would have $2,000,000 to invest, which with a 4% SWR would yield $80,000. After taxes, that would be $48,000 and that is considerably better!
Actually, couldn't he "gift" half the money ($1,000,000) tax-free to his wife? Then they'd each draw $40,000 in interest income per year, which would be taxed much more favorably, wouldn't it?
__________________

__________________
kombat is offline   Reply With Quote
Old 03-28-2008, 07:23 AM   #23
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,852
Quote:
Originally Posted by kombat View Post
Actually, couldn't he "gift" half the money ($1,000,000) tax-free to his wife? Then they'd each draw $40,000 in interest income per year, which would be taxed much more favorably, wouldn't it?
Apparently not (?):
Quote:
Originally Posted by cjking View Post
There is no tax on lottery winnings in the UK.

He will be paying 40% tax on investment income.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 03-28-2008, 07:41 AM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
you want fries with that check? LOL

neat story.
__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 03-29-2008, 04:19 PM   #25
Recycles dryer sheets
Scrapr's Avatar
 
Join Date: May 2005
Location: Bend
Posts: 267
I'm surprised. The check was made out to his fiancee/wife.

Maybe he's afraid she is going to dump him and wants a fallback

He'll always have MCD
__________________
Scrapr is offline   Reply With Quote
Old 03-29-2008, 07:01 PM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,197
I would like to be the kind of person that could enjoy working at McDonald's.
__________________
Al
TromboneAl is offline   Reply With Quote
Old 03-29-2008, 08:08 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,032
Quote:
Originally Posted by TromboneAl View Post
I would like to be the kind of person that could enjoy working at McDonald's.

I see you more as the Burger King type or someplace where they make you sing Happy Birthday a dozen times a shift !
__________________
Moemg is offline   Reply With Quote
Old 03-30-2008, 05:11 AM   #28
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Feb 2007
Posts: 5,072
Well... He can afford to make choices.

I am a little puzzled. As far as personal relationships go... if you can only maintain them by working with the people... there must not be much of a relationship. For that matter, how long do you think the average employees stays at McDonalds?


Personally... It would not be my choice. But then again, I spent years educating myself so I would not have to work at a McDonalds.
__________________
chinaco is offline   Reply With Quote
Old 03-30-2008, 06:49 AM   #29
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,435
Quote:
Originally Posted by brewer12345 View Post
I work with people who have far more money than that, and (amazingly to me) they still show up every day for a full helping of BS.
Idiots.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 03-30-2008, 10:05 AM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Or idjets, as we say in Texas...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 03-30-2008, 10:08 AM   #31
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,087
I thought it was idjits, but then speling isn't one of my strong points....
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 03-31-2008, 11:34 AM   #32
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Quote:
Originally Posted by Notmuchlonger View Post
Guess I was never lucky enough to find a job I loved.
I used to beat myself up about that too...

Quote:
Originally Posted by Notmuchlonger View Post
Im almost tempted to find another career...
almost
... and then one day I realized that ER is my avocation...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 03-31-2008, 12:21 PM   #33
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,074
Quote:
Originally Posted by jambo101 View Post
He wins 1.3 million and he will continue to work at McDonald's.
I dont think he gets it yet. If he really wants to stay at McD's at least buy the darn place.
No offence meant, but perhaps you don't get it ...

He doesn't need the extra income, so why should he put up with the inevitable hassles that come with owning and managing a small business? As an employee, he is free of such problems, and can enjoy the social aspect that apparently appeals to him.

P.S. Dunno how old he is, but his new wife looks a lot older than 29!
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is online now   Reply With Quote
Old 03-31-2008, 12:33 PM   #34
Recycles dryer sheets
 
Join Date: Sep 2007
Posts: 488
Quote:
Originally Posted by Milton View Post
P.S. Dunno how old he is, but his new wife looks a lot older than 29!
She looks like she could be his sister.
__________________
Razor is offline   Reply With Quote
Old 03-31-2008, 12:41 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by Dawg52 View Post
Idiots.
Not a dummy among them, in my estimation. They just have vastly different motivations. Naturally, I don't mention the long term game plan to check out as early as possible...
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 04-09-2008, 05:42 PM   #36
Recycles dryer sheets
 
Join Date: Jun 2007
Posts: 316
Quote:
Originally Posted by Moemg View Post
I see you more as the Burger King type or someplace where they make you sing Happy Birthday a dozen times a shift !
My first job was as a dishwasher in one of those restaurants where I had to sing some crappy version of happy birthday that included the restaurants name at least a couple of times per shift while the birthday boy or girl wore an idiotic hat that thousands of previous birthday people had the pleasure of wearing (ICK!!). I think Montana's now does that routine. I remember groaning and being very half hearted about it every time they would come and get me to sing. I earned a grand total of $88.00 at that job and pledged to never work in a restaurant again.
__________________
Grizz is offline   Reply With Quote
Old 04-10-2008, 02:42 PM   #37
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,074
Quote:
Originally Posted by Grizz View Post
My first job was as a dishwasher in one of those restaurants where I had to sing some crappy version of happy birthday that included the restaurants name at least a couple of times per shift while the birthday boy or girl wore an idiotic hat that thousands of previous birthday people had the pleasure of wearing (ICK!!). I think Montana's now does that routine. I remember groaning and being very half hearted about it every time they would come and get me to sing.
"People can get a cheeseburger anywhere, ok? They come to Chotchkie’s for the atmosphere and the attitude. That’s what the flair’s about. It’s about fun."
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is online now   Reply With Quote
Old 04-22-2008, 06:41 AM   #38
Full time employment: Posting here.
TargaDave's Avatar
 
Join Date: Jul 2005
Posts: 588
Quote:
Originally Posted by brewer12345 View Post
Hey, as long as he is happy. I work with people who have far more money than that, and (amazingly to me) they still show up every day for a full helping of BS.
Quote:
Originally Posted by Dawg52 View Post
Idiots.
Whether it's working at McD's with $2+M in the bank, playing the Wall Street money versus stress game, or spending your day split between internet forum socializing and golf, it's all part of the weird melting pot of life. No idiots out there. Or shall I say that we all look like idiots.

I sort of plan on painting and cutting grass in addition to kiteboard instructing and home rehabbing. Guess I'm an idiot too.
__________________
TargaDave is offline   Reply With Quote
Old 04-22-2008, 07:35 AM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,643
It is interesting. I too envy people who love their work but I can't really understand loving McDs. I worked as a school janitor all through college and couldn't stand it. The routine was mind numbingly boring. I was a borderline employee because I was always "getting sick." I would rather lounge around with friends than drag myself in and make a few more bucks. I guess I was always attuned to the ER lifestyle, all play and no work makes Donny a happy boy.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 04-22-2008, 10:03 AM   #40
Thinks s/he gets paid by the post
Milton's Avatar
 
Join Date: Apr 2007
Posts: 2,074
Quote:
Originally Posted by donheff View Post
I too envy people who love their work but I can't really understand loving McDs.
Maybe he just loves the smell of grease in the morning.
__________________

__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
Milton is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What Does Being a Millionaire Really Mean? ScottFromUtah FIRE and Money 77 09-21-2007 11:13 AM
Millionaire stuff mickeyd FIRE and Money 66 11-21-2006 12:22 PM
How to become a millionaire$$$ mickeyd Other topics 12 06-05-2006 12:11 PM
What is a millionaire? GTM Other topics 32 03-14-2006 03:05 PM
Retire a Millionaire without a Million Bucks Eagle43 FIRE and Money 14 02-01-2005 11:26 AM

 

 
All times are GMT -6. The time now is 03:08 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.