Um...yes you do if you live in the US. You may not have to pay any state taxes (we don't in Florida), but you would certainly have to pay US income tax.
I'm not debt-free, nor is attaining it {{gasp }} my highest priority. I don't really care what others think about that though, nor do I begrudge anybody managing their money differently. I don't ask internet strangers for financial advice nor do I give it, unsolicited. Oh, and we lease our cars - try admitting that in a DIS discussion about finances.
Invest it.
That amount would push us well past the "financial independent" line. I would probably roll back to 3 days a week (need to check where the line is that keeps health insurance) which would be enough to pay the bills. Along with that I would apply for permanent remote work status. Convince my wife to quit her job and we would travel way more than we do now spending a month or so in each place.
You can write any number of miles per year you want into the contract; they'll just increase the monthly payments based on a lower lease-end value due to the additional miles. Most lease payments you see advertised are based on about 12,000/miles (20,000 km) a year. What you want to avoid is being over the contracted mileage at the end of the term; that they charge you for by the mile and it's steep. We've encountered it a time or two and in those cases we've just leased another vehicle from the same dealer and they've agreed to eat them (it was only a few 1,000 km - not a whole ton).We actually thought about leasing a car this year, but we put too many miles on our cars. I have changed my mind about leasing cars recently. I live driving a new car after having driven an 18 year old car up until recently.
Maybe the first thing to do is move to Canada!Ummm, you should know by now who the Canadians are around here.
We do not pay taxes on winnings.
Also notice how none of us had health-insurance premiums calculated into our long-term financial plans.Maybe the first thing to do is move to Canada!
I can't think of anywhere in particular to be honest. Probably just slow travel the US and see what fits our lifestyle the best. Really would like to spend a couple months in Hawaii.Where are some places you'd go?
Ummm, you should know by now who the Canadians are around here.
We do not pay taxes on winnings.
Actually, the windfall might be tax-free, if it were inherited stocks (there's a step-up basis, basically you receive them at the value on the day the person died). Also, insurance payouts are typically not taxed.
A $1.5M investment can be assumed to throw off $60k/ year in income, in perpetuity, base on the common 4% withdrawal rate. Given that there might be inflation, it would be a nice sum, for sure, but you wouldn't be able to quit your job and live high.
What would I do? Fund the kids' college, maybe fix up the house some. Basically, though, I don't see major lifestyle changes.
We actually thought about leasing a car this year, but we put too many miles on our cars. I have changed my mind about leasing cars recently. I live driving a new car after having driven an 18 year old car up until recently.
I don't. Everybody here is just good people to me.Ummm, you should know by now who the Canadians are around here.
We do not pay taxes on winnings.