Australian (ASX) Stock Market Forum

If You Suddenly Had a Million Bucks

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SirRumpole said:
Being semantically picky, "evasion" is the crime, "avoidance" is using the tax regulations to your own benefit.
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Yes, there was no intention of conspiring to defraud the ATO of their rightfully earned income...
Merely highlighting there's tax implications in the scenario, probably.
Death and taxes, right?!

@barney s idea of the bus around Aus trek sounds good.... for the rest of the life even better.
 
frugal.rock said:
Yes, there was no intention of conspiring to defraud the ATO of their rightfully earned income...
Merely highlighting there's tax implications in the scenario, probably.
Death and taxes, right?!

@barney s idea of the bus around Aus trek sounds good.... for the rest of the life even better.
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I guess my scenario is post tax :cool:

And I'm not sure I would have have put it across that way (the bolded bit).

Rightfully earned??? :laugh:
 
moXJO said:
I'd invest $250k into each of my four kids.
We are set up in the style of "immigrant" investment model, in which the common goal is to build family wealth.
That way I can get snotty little grandchildren who blow their inheritance on drugs and strippers.
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Or... Invest the full million into one kid. Come up with a competition and make them battle it out to determine the winner. Make a reality TV show out of it for extra profit.
 
wayneL said:
It's an appealing option, Barney. I would give my left nut to just drive away from Brisbane at the moment.
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You are in Brisbane young Wayne?? I thought you lived in WA?? ... Geralton?? Did you call the wrong Uber driver? :happy:

You are welcome on the Mid North Coast for a stop over anytime:cool:

frugal.rock said:
@barney s idea of the bus around Aus trek sounds good.... for the rest of the life even better.
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Indeed Rock .... There is a lot to be said for some "semi-controlled" randomness in our lives rather than doing "as we should", according to society rules .... (That statement is coming from someone who has done the same job for the last 30 odd years lol:rolleyes::oops:)

ps I am good at it though!:cool: yay.

pps Anyone with a good cheap camper, let me know! lol.
 
wayneL said:
It's an appealing option, Barney. I would give my left nut to just drive away from Brisbane at the moment.
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Funny you and Barney should mention that, the wife and I are going troppo, baby sitting and not being able to travel, no out of school care available for the daughter.
So with no international travel available, the better half asked what was on my bucket list, that we can do next year.
Well I said I want to go around Aus on a motor bike, while I still can, she hasnt spoken since. :roflmao:
 
what a great question. I received 750k when i turned 32. i paid my house off, bought a new car for the wife, took fantastic holidays with the family, cut my working week back to 38 hrs and then bought a portable sawmill to chase my dream of making my own furniture and eventually my own house. Meanwhile at nights, i taught myself how to trade shares. The sawmill business grew organically and i juggled my two jobs and eventually bought a larger house with a mortgage and redraw facility that would allow me to take advantage of any big dips in the market. (think 9/11). All up i could draw down about 800K with a margin loan in there as well. whilst I spent more time working and less time trading, the one thing i didn't do is keep an eye on the bank accounts (as my trusted partner did all the paper work) and that was the end of a lovely dream. Lost the marriage and the house. the thing that has saved me is, all along, i have not stopped learning. I stopped trading for several years while I took time out for personal development and only got back into it seriously a year ago. I still work both jobs and should be able to pay cash for a house in the next couple of years.
The answer to your question now is, purchase a small house to secure my living arrangements, and the rest, put half into shares like GUD, BHP and the rest into cash and wait for the dips in the market as ive learnt over 20 years they always come. To give you an idea of what I've done this year, when covid hit and the market dropped, I got ADN at .026.
I think the moral of the story is there's not much difference between 32 and 52, secure where you live and keep doing what you know. once i know i'm comfortable, i cut back my working hours and do more fishing:)
 
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