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What I think you all drive...

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  • jicarv
    replied


    @NC - I agree about the lottery being a terrible investment. However, when the jackpot is over $100M, someone in my office collects money to pool together and buy tickets and I feel like I have to participate each time. It kills me to fork over the cash but imagine the regret if they win and I didn't participate.


    @Alan - I agree about the nice house over the car. I can't afford both, so opted for the house. The House has been a much better investment for me, since even in a down real estate market, I still have quite a bit of equity. I have 3 young kids' college funds and retirement for me and my wife to save for. If I didn't have a family, I could definitely afford both but it's too late for that. I wouldn't have it any other way though.

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  • hornsup84
    replied


    Re: gambling winnings, Alan is correct in that the casinos report winnings (i.e., cashing out chips) above a certain threshold. However, you can deduct gambling losses against those winnings as well, so if you have a really great day and a bunch of bad ones, you won't get taxed too bad on it, if at all. Unfortunately gambling losses aren't deductible against regular income, I'd probably get bumped down a tax bracket

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  • nicholascrawford
    replied


    My wife and I were kicking around the idea of a business that would pay folks a lump sum in exchange for selling out their annuity payments from a pension, lottery, etc. I bet something like that already exists.


    I don't play the lottery - it's a terrible investment!

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  • Acousticfoodie
    replied


    If you guys won the lotto, would you take the reduced amount upfront, or take the full amount spaced out on annual payments?

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  • alan
    replied


    @Focus: Yes. If you win above a certain amount, I believe the casino will report it to the IRS.

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  • Focuspants
    replied


    Do you guys have to pay tax on money you win at a casino? I heard you did, but I dont see how they could regulate that....

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  • Tat
    replied


    heh...try California's taxes. I think its 40% of the winnings....I think

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  • alan
    replied


    Well Texas doesn't have a state income tax like a lot of others do. We still have to pay federal tax, though. I think it would be like 38% at that high tax bracket.

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  • Focuspants
    replied


    I heard about that lottery on the radio here. I also heard you guys are taxed extremely heavily on lottery winnings. Ours arent taxed at all, but the jackpot is naturally much lower than that seeing as how we have 1/10th the populatio of you guys. I guess I wouldnt get mad if I was being taxed on that much money though :P

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  • alan
    replied


    @Paul: I can't afford both... Until I win this $540m lottery, of course.

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  • Deke
    replied


    @Paul, my DD is actually a WRX. Not exactly in the same league as an STI, but I have to show a little subie love.

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  • paul_leason
    replied


    why not have both? lol

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  • alan
    replied


    I would much rather have a nice house than a nice car.

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  • AedanM
    replied


    I drive a navy blue 2005 toyota corolla. It's boring but I don't mind. It's paid off and it works, that's all I care about really.


    And to be honest, I don't really have dreams of owning a luxury car. I'd be fine with driving this one till it dies and then buying a new corolla. lol

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  • MaxMan
    replied


    nah, good ol ball and chain, the wife drives a red Toyota Rav 4 2007. Paid off as well. Alot of our friends think we should drive luxury cars considering our professions (shes and attorney and Im an auditor)and style. But we are comfortable with nice newer cars that are paid off. I think having a nice luxury car is cool but not right now, will have my BMW M5 in a few years...

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