If you win a million $ tourny....

[gerrety 0]

OK. When I won 1.150mil 2 years ago. I was able to cover my taxes by showing equal losses in Poker (don't ask how, great tax guy is all I can say) so NO taxes paid. Yes it can be done and is easier than you think. If you can offset your winnings with equal or greater losses you pay no taxes, cool huh!I Already owned a house, I did refinance, put more down and reduced my monthly nut substantially. Dabruins has a good point, I live in SoCal (orange County), thank god I already owned my house. 50k gets nothing here.Like any respectable gambler, I owed every credit card company in the world, so those were all paid off completely (that felt good). Bought my wife a new car.Took 55k and added that to my bankroll (which doubled it at the time).Stuffed the rest in long term investments, college funds (3 kids) etc.I really did not have an option to "quit" working, I own several small companies in SoCal. Had I not been in this position, I would have taken more for my bankroll, quit and played Poker full time. As it stands now I play full time and my businesses run themselves now anyway.

what types of businesses do you own & how did you get involved with them? that's the best way to earn a living, through multiple residual income streams.

[Puddleglum5555 0]

I'd spend it all on disease free hookers and crack.

now thats an avatar

[mbreon 0]

Seeing you'd only have about 500K left after taxes and tip, I don't think you would do either. It woulessentially let you take a year off without working.

Isn't the average income like 60 or 70k a year?

You think the average income is 60K or 70K a year? Wow....the average is somewhere around 37 or 38K a year.

[krup24 0]

You think the average income is 60K or 70K a year? Wow....the average is somewhere around 37 or 38K a year.

Good to hear that cause I was about to take my degree and shread it.

[nealdo17 0]

Guys,This is an easy one! You invest in CHEEZ-IT Baked Sback Crackers! They have these new things called Twisterz, "your stock is rising number 2."

[Socrates 0]

I love the people that say a million dollars isn't that much. Let's say you have an "average" job and make 50 grand a year. You win a million dollars, thats 20 years of your current job advanced to you! After taxes, and using the 650,000 number, your advanced 13 years worth of salary. I'd like to see the guy,mad, saying,"This just isn't enough! <cries>"

Look, people are saying the average salary is $50K or whatever, this may be true, but that includes minimum wage earners as well in that equation. My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school. A 4 yr. degree earner should be making at least $75 / year as soon as they graduate. I think there are a lot of younger people on this board that have no concept of money and reality. Also, do you really think that someone who is making $50K and struggling along would continue to spend money at the same rate, drive the same car, live in the same apartment? Are you not going to play in any other big poker tourneys? At this time it takes approx. $500K just to travel the poker circuit each year.

[Smasharoo 0]

My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school.Hahahaha.No.

[flyingmachine 0]

My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school.Hahahaha.No.

Who is hiring a high school graduate for 50K a year?

[nealdo17 0]

My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school.Hahahaha.No.

Who is hiring a high school graduate for 50K a year?

Obviously a "non-highschool" graduate working towards his GED believes his counselor that tells him he can get a job for 50K right after the test. A highschool graduate can make 50K right out of school though. You work at Chilis or Applebees in the kitchen as a cook for 70 hrs a week, have fun.

[Macint0sh 0]

A 4 yr. degree earner should be making at least $75 / year as soon as they graduate.

Funny guy.You might be in for a rude awakening.

[nealdo17 0]

I love the people that say a million dollars isn't that much. Let's say you have an "average" job and make 50 grand a year. You win a million dollars, thats 20 years of your current job advanced to you! After taxes, and using the 650,000 number, your advanced 13 years worth of salary. I'd like to see the guy,mad, saying,"This just isn't enough! <cries>"

Look, people are saying the average salary is $50K or whatever, this may be true, but that includes minimum wage earners as well in that equation. My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school. A 4 yr. degree earner should be making at least $75 / year as soon as they graduate. I think there are a lot of younger people on this board that have no concept of money and reality. Also, do you really think that someone who is making $50K and struggling along would continue to spend money at the same rate, drive the same car, live in the same apartment? Are you not going to play in any other big poker tourneys? At this time it takes approx. $500K just to travel the poker circuit each year.

Where do you two work? What is your highest education level attained? Where in the world did you get the "average" number of $50K? Maybe 50K if you are an accountant and get a job at a great firm you interned with for 50K, but 75K straight out of school and without experience is a "hook-up", not a common occurence. Your dad had a best friend . . . .

[I like Poker 0]

Seeing you'd only have about 500K left after taxes and tip, I don't think you would do either. It woulessentially let you take a year off without working.

Or you could have the best damn two week vacation EVER.

Outstanding

[thedecline19 0]

I love the people that say a million dollars isn't that much. Let's say you have an "average" job and make 50 grand a year. You win a million dollars, thats 20 years of your current job advanced to you! After taxes, and using the 650,000 number, your advanced 13 years worth of salary. I'd like to see the guy,mad, saying,"This just isn't enough! <cries>"

Look, people are saying the average salary is $50K or whatever, this may be true, but that includes minimum wage earners as well in that equation. My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school. A 4 yr. degree earner should be making at least $75 / year as soon as they graduate. I think there are a lot of younger people on this board that have no concept of money and reality. Also, do you really think that someone who is making $50K and struggling along would continue to spend money at the same rate, drive the same car, live in the same apartment? Are you not going to play in any other big poker tourneys? At this time it takes approx. $500K just to travel the poker circuit each year.

I graduated from college a month and a half ago with dual degrees in Economics and Politcal Science. If you could please point me in the direction of these 75k a year jobs I would appreciate it. Hell, ill even settle for the lousy 50k a year.

[Socrates 0]

A 4 yr. degree earner should be making at least $75 / year as soon as they graduate.

Funny guy.You might be in for a rude awakening.

Rude awakening? I'm 31 and already done working. I spent a decade working with and for companies such as MS, Dell, Samsung, GE, Boeing, Amazon.com, the DoD and numerous others. I did all of this with a HS degree and I don't have to work again. I guess I should have clarified "competent" as someone who has initiative to get what they want or deserve. **I am however going back to school at this time to get my PhD and then do something philathropic and play poker. Don't ever discount the value of an education.As for the norm, you're right most kids are too lazy or have too many other "important" things to do other than put in the hours and effort that will make their working life shorter. Don't get me wrong, I played hard too, and probably more than most people. I just knew when I woke up in the morning there was something to prove and something to accomplish. saying "it can wait until tomorrow" is a good way to make sure you don't make $50K or $75K / yr.Also, a 4 year degree earner should be able to get a job with any major corporation making this kind of money. I hired a lot of people fresh out of college and their starting requirements were usually $60K plus. Along with the fact that the jobs they were being hired into started at $60K, it was usually easy for them to prove themselves in the first 6 months or so and then they would request their raises. Performance dictates financial outcome. I guess you also have to take into account the welfare of the state in which you live, obviously wages in Idaho will be lower than those in California or Texas, but the same principal applies.

[Socrates 0]

I love the people that say a million dollars isn't that much. Let's say you have an "average" job and make 50 grand a year. You win a million dollars, thats 20 years of your current job advanced to you! After taxes, and using the 650,000 number, your advanced 13 years worth of salary. I'd like to see the guy,mad, saying,"This just isn't enough! <cries>"

Look, people are saying the average salary is $50K or whatever, this may be true, but that includes minimum wage earners as well in that equation. My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school. A 4 yr. degree earner should be making at least $75 / year as soon as they graduate. I think there are a lot of younger people on this board that have no concept of money and reality. Also, do you really think that someone who is making $50K and struggling along would continue to spend money at the same rate, drive the same car, live in the same apartment? Are you not going to play in any other big poker tourneys? At this time it takes approx. $500K just to travel the poker circuit each year.

I graduated from college a month and a half ago with dual degrees in Economics and Politcal Science. If you could please point me in the direction of these 75k a year jobs I would appreciate it. Hell, ill even settle for the lousy 50k a year.

How many fortune 50 or 100 companies have you applied to? Do you have a portfolio or letters of recommendation from your professors? Are you willing to move or travel 5 days a week? Any interest in sales? Will you work 80hrs. /wk and put in hours on weekends when you don't have to? The biggest problem you are facing is that you probbaly want a job that fits your degree and a 40 hr. / week job. That is a good way to make sure you don't make more money than you think you should. While using your degree to get in the door is fine, you need to find that job that will set you apart from the rest of the people with your degree and education level. I know more people with RTF degrees in sales than any other profession and they all make a killing, but they're not making movies or doing radio work - see where I'm going here? Of course you'll never get offered those amounts, you have to essentially demand them when you go into your interview. If your interviewing skills and work ethic is really there, you'll have no problem getting what you ask for.Ask yourself a question: How much are you worth? If you don't know the answer then you should find that answer before going to any interviews. If you don't know how much you're worth, how will anyone else know?

[Smasharoo 0]

Rude awakening? I'm 31 and already done working. I spent a decade working with and for companies such as MS, Dell, Samsung, GE, Boeing, Amazon.com, the DoD and numerous others. I did all of this with a HS degree and I don't have to work again.Congratulations for hitting the job market lottery by entering it when people who could use Excell were getting 30 an hour.Don't mistake that with anything other than hapening to be lucky, though.Times have changed.

[Socrates 0]

Rude awakening? I'm 31 and already done working. I spent a decade working with and for companies such as MS, Dell, Samsung, GE, Boeing, Amazon.com, the DoD and numerous others. I did all of this with a HS degree and I don't have to work again.Congratulations for hitting the job market lottery by entering it when people who could use Excell were getting 30 an hour.Don't mistake that with anything other than hapening to be lucky, though.Times have changed.

Actually Smash, I started answering the phones for $8/hr. 6 months later I had taken the initiative on some outstanding unaddressed issues. I was soon making $50K, after that, pretty much hard work and diligence paid off. Nothing to do with luck. Unless you consider it lucky that the CEO and most all the management of your copmany know who you are because of the outstanding work you've done. That does make getting raises and new jobs easier. For the record, I didn't know how to use Excel when I showed up.

[speedz99 145]

Rude awakening? I'm 31 and already done working. I spent a decade working with and for companies such as MS, Dell, Samsung, GE, Boeing, Amazon.com, the DoD and numerous others. I did all of this with a HS degree and I don't have to work again.Congratulations for hitting the job market lottery by entering it when people who could use Excell were getting 30 an hour.Don't mistake that with anything other than hapening to be lucky, though.Times have changed.

Thank you! Socrates, you obviously have no concept of what the market is offering a typical 4 year grad these days. Yes, there are some who can get a 60k per year job right out of school, but you are talking about maybe 10%, the vast majority of which are either in investment banking or engineering.Yes, if you work really hard and interview well you can make that much soon after school. But looking at it realistically, the job market these days is not supporting anywhere near those numbers for the vast majority of grads.Smash is right, you hit the jackpot with the job market.

[speedz99 145]

Rude awakening? I'm 31 and already done working. I spent a decade working with and for companies such as MS, Dell, Samsung, GE, Boeing, Amazon.com, the DoD and numerous others. I did all of this with a HS degree and I don't have to work again.Congratulations for hitting the job market lottery by entering it when people who could use Excell were getting 30 an hour.Don't mistake that with anything other than hapening to be lucky, though.Times have changed.

Actually Smash, I started answering the phones for $8/hr. 6 months later I had taken the initiative on some outstanding unaddressed issues. I was soon making $50K, after that, pretty much hard work and diligence paid off. Nothing to do with luck. Unless you consider it lucky that the CEO and most all the management of your copmany know who you are because of the outstanding work you've done. That does make getting raises and new jobs easier. For the record, I didn't know how to use Excel when I showed up.

Do you want a cookie, or a medal?

[speedz99 145]

Maybe I'm being annoying here. But seriously, it was definately partly being in the right place at the right time that let you move from $8/hr to 50k per year.

[thedecline19 0]

Rude awakening? I'm 31 and already done working. I spent a decade working with and for companies such as MS, Dell, Samsung, GE, Boeing, Amazon.com, the DoD and numerous others. I did all of this with a HS degree and I don't have to work again.Congratulations for hitting the job market lottery by entering it when people who could use Excell were getting 30 an hour.Don't mistake that with anything other than hapening to be lucky, though.Times have changed.

Actually Smash, I started answering the phones for $8/hr. 6 months later I had taken the initiative on some outstanding unaddressed issues. I was soon making $50K, after that, pretty much hard work and diligence paid off. Nothing to do with luck. Unless you consider it lucky that the CEO and most all the management of your copmany know who you are because of the outstanding work you've done. That does make getting raises and new jobs easier. For the record, I didn't know how to use Excel when I showed up.

I thought you said you graduated and walked right into a 50k a year job. Thats what you were making it sound like earlier. Trust me, im working my way to eventual comfort at a level of 50k a year, but coming here and making wild claims that they hand out good paying jobs the same time they hand out diplomas is completely wrong.

[Spademan 94]

On tuesdays, I eat my own poop.On fridays I dial random long distance numbers and lie about the weather.

[Smasharoo 0]

Actually Smash, I started answering the phones for $8/hr. 6 months later I had taken the initiative on some outstanding unaddressed issues. I was soon making $50K, after that, pretty much hard work and diligence paid off. Nothing to do with luck. Unless you consider it lucky that the CEO and most all the management of your copmany know who you are because of the outstanding work you've done.I consider it lucky that there was a massive shortage of affordable IT workers at the time.Whatever, though. It was hard work and dillagance. It had nothing to do with market forces, if you were in the same situation today the same thing would happen. The fact that there were 9,000 dot com startups overpaying for anyone who could plug a monitor in had nothing to do with it.

[mbreon 0]

Look' date=' people are saying the average salary is $50K or whatever, this may be true, but that includes minimum wage earners as well in that equation. My point is that a $50K / year job is or should be what any competent HS graduate gets once they get out of school. A 4 yr. degree earner should be making at least $75 / year as soon as they graduate. I think there are a lot of younger people on this board that have no concept of money and reality.

Yes. One of those people who has no concept of money and reality is yourself. The average job out of college, with a 4-year Bachelor's Degree, is somewhere around $27,000 a year. The average starting job for someone with a high school degree (or equivalent) starts around $23,000 per year. What cave are you living in?

[nealdo17 0]

Actually Smash, I started answering the phones for $8/hr. 6 months later I had taken the initiative on some outstanding unaddressed issues. I was soon making $50K, after that, pretty much hard work and diligence paid off. Nothing to do with luck. Unless you consider it lucky that the CEO and most all the management of your copmany know who you are because of the outstanding work you've done.I consider it lucky that there was a massive shortage of affordable IT workers at the time.Whatever, though.  It was hard work and dillagance.  It had nothing to do with market forces, if you were in the same situation today the same thing would happen.  The fact that there were 9,000 dot com startups overpaying for anyone who could plug a monitor in had nothing to do with it.

This is why I quit bashing Smash months ago. While I dont always agree with him, damn he is smart. He is absolutely owning you! If you really want me to believe you, I would need to see a resume ASAP. Dont create one. If it takes over 15 mins and its posted later, its fake. 31 and retired, and luck wasnt involved along the way, maybe the beginning, the most important time? Sure