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| Money Money Money... Finances, money, investing, saving, anything to do with the green stuff that makes the world go around. |
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#1
 2006-03-13, 23:21 |
Hewo 
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 Best Way To Live off 1 million
ok so im 18 years old when i was 14 i went into a comma and stuff because a doctor didnt do a common blood test on me that could have saved me several years of my life the doctor who saved my life told my parents we have to sue the doctor who made me so ill or he could do it again so we got the best malpractice lawyer out there and it looks like they are about ready to settle out of court for sumwere around 1 million in punitive dammages now unfortunatly i can never work as i have nerve dmg in my hands and feet that make it so i cant write i can type but i have no highschool education cause i had to drop out of school grade 8 due to beeing in a comma this 1 million dollars is supose to last me the rest of my life but i wanna be smart with it so i have a few questions first off i know the us gov dosent tax malpractice settlements but if i were to say put this money in a intrest account could they tax that? i was thinking of putting around 500k of it in 10 year cod's as they have the best intrest rates and putting the other 500k into a high intrest bank account is this a smart move? anyhelp is appreciated
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#2
2006-03-13, 23:24 |
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Re: Best Way To Live off 1 million
Don't settle for one million it sounds like you missed out on much more. Consult a few other lawyers. Invest that money in stocks
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#3
2006-03-13, 23:32 |
Hewo
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Re: Best Way To Live off 1 million
quote:
Originally posted by KingFisher9:
Don't settle for one million it sounds like you missed out on much more. Consult a few other lawyers. Invest that money in stocks
well it looks like it will be about 1 million i get + 1.7 mil in doctors bills+all future doctor bills+all lawyer costs so it will end up beeing around 4 mil also i thought about stocks but i dont wanna risk my money in any way [This message has been edited by Hewo (edited 03-13-2006).] |
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#4
2006-03-13, 23:33 |
Elephantitis Man
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Re: Best Way To Live off 1 million
quote:
Originally posted by KingFisher9:
Don't settle for one million it sounds like you missed out on much more.
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#5
2006-03-14, 00:25 |
Weffy
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Re: Best Way To Live off 1 million
I don't know if the government will tax the money you get from the court, but if you are serious put that shit in a high yeild savings account.
I do know that the government will tax the interest you make as it is considered income.
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#6
2006-03-14, 00:28 |
Hewo
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Re: Best Way To Live off 1 million
ya cause if the goverment dosent take tax then i can easily make like 45 grand a year and live off that but if they take tax it can start getting harder to live off
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#7
2006-03-14, 03:05 |
Shaikh
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Re: Best Way To Live off 1 million
quote:
Originally posted by Hewo:
ok so im 18 years old when i was 14 i went into a comma and stuff because a doctor didnt do a common blood test on me that could have saved me several years of my life the doctor who saved my life told my parents we have to sue the doctor who made me so ill or he could do it again so we got the best malpractice lawyer out there and it looks like they are about ready to settle out of court for sumwere around 1 million in punitive dammages now unfortunatly i can never work as i have nerve dmg in my hands and feet that make it so i cant write i can type but i have no highschool education cause i had to drop out of school grade 8 due to beeing in a comma this 1 million dollars is supose to last me the rest of my life but i wanna be smart with it so i have a few questions first off i know the us gov dosent tax malpractice settlements but if i were to say put this money in a intrest account could they tax that? i was thinking of putting around 500k of it in 10 year cod's as they have the best intrest rates and putting the other 500k into a high intrest bank account is this a smart move? anyhelp is appreciated
Holy punctuation batman. |
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#8
2006-03-14, 04:51 |
TheAlmightyVineMan
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Re: Best Way To Live off 1 million
If you've already settled, you're fucked. I would say invest it in something, but the interest idea is probably a safer way. Since you're fucked out of any more (you've settled already to what Ive understood), try to find a job that doesnt require alot of labor (look into a technology oriented job like programmer or something) to help you pay for things. Most of all, dont blow it all! Live well, but not extravagantly.
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#9
2006-03-14, 15:55 |
Hewo
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Re: Best Way To Live off 1 million
quote:
Originally posted by TheAlmightyVineMan:
If you've already settled, you're fucked. I would say invest it in something, but the interest idea is probably a safer way. Since you're fucked out of any more (you've settled already to what Ive understood), try to find a job that doesnt require alot of labor (look into a technology oriented job like programmer or something) to help you pay for things. Most of all, dont blow it all! Live well, but not extravagantly.
i havent settled yet but what i listed is what my lawyer said is the minnimum we would settle for from them and Shaikh yes my punctuation/spelling is bad i know but i never graduated 8th grade and been on the internet ever since and my grammer has been slipping i am sorry |
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#10
2006-03-14, 18:48 |
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Re: Best Way To Live off 1 million
quote:
Originally posted by Hewo:
i havent settled yet but what i listed is what my lawyer said is the minnimum we would settle for from them and Shaikh yes my punctuation/spelling is bad i know but i never graduated 8th grade and been on the internet ever since and my grammer has been slipping i am sorry
Nerve damage in hands.... how are you typing then? Sorry to hear that though. |
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#11
2006-03-14, 19:06 |
Hewo
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Re: Best Way To Live off 1 million
well i have raught myself to type over the last 4 years i have what is called neropithy i have about 20% fealing in my hands and feet and have trouble lifting and holding small objects such as pens i can write but it is verry sloppy
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#12
2006-03-19, 05:00 |
Markalon
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Re: Best Way To Live off 1 million
Become a silent partner in different busineses. Buy a houseboat and live down south. Fish, hunt, and have sex with inbred trailer trash. Never marry (women will marry just for your cash).
You are never too old to learn. Don't get caught up in drugs. Your money will disapear too quickly.
Sorry bout the medical problems. A good friend of mine was in a coma for 12 years.
He bumped his head on a tree while sledding.
Try to make the best of it.
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#13
2006-03-19, 06:40 |
Hewo
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Re: Best Way To Live off 1 million
quote:
Originally posted by Markalon:
Become a silent partner in different busineses. Buy a houseboat and live down south. Fish, hunt, and have sex with inbred trailer trash. Never marry (women will marry just for your cash).
You are never too old to learn. Don't get caught up in drugs. Your money will disapear too quickly.
Sorry bout the medical problems. A good friend of mine was in a coma for 12 years.
He bumped his head on a tree while sledding.
Try to make the best of it.
hehe ya well i dont plan on getting to caught up in drugs and if i do get married ill use a prenup |
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#14
2006-03-19, 07:07 |
The_Rabbi
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Re: Best Way To Live off 1 million
I would say take the million and go to college(start by getting your GED,) but it sounds like you don't have the ambition for that.
The money will go quick, and you'll be op shit creek within 10 years. You need to use it to help you get a career.
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#15
2006-03-19, 13:03 |
Fat Penis
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Re: Best Way To Live off 1 million
i would give it to charity cuz i would have like about 12 million left anyway.
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#16
2006-03-19, 19:40 |
MrWonderful
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Re: Best Way To Live off 1 million
quote:
Originally posted by KingFisher9:
Don't settle for one million it sounds like you missed out on much more. Consult a few other lawyers. Invest that money in stocks
Hewo, I agree that $1 Million is too small if this injury will affect you for the rest of your life. However, you need to keep at least 90% of your settlement money out of stocks completely. You are NOT looking for capital appreciation. You need to live off this money for ther rest of your life so your risk tolerance is low. I would also avoid starting a business or anything else with any risk. You might live for another 80 years and if you lose this money and can't work it will be a slow and painful 80 years. My advice would be a mutual fund that invests in bonds. There are funds that invest in "US Government Income" or GNMA's which will give you a higher return than CD's but they invest in seurities that are backed by the full faith and redit of the US Government. That means that there is almost no risk of default, unless the government is overthrown in which case your money is worthless anyway. These funds pay a monthly dividend. Right now, they are paying about 3.5%- 4.5% yields depending on the fund. CD's are paying about the same right now, so maybe put some in CD's and some in a bond fund. Let's say you get 4% on a million that's $40,000 a year. Rates will fluctuate and you have to pay income tax on it so take only what you need. Remeber, even though rates on these investments fluctuate, they don't flutuate as much as returns in the stok market. You need as much consistency in your returns as possible to help you budget. Diversification is ok, as long as you diversify among investments with low risk. DON'T let anyone talk you into putting it into an annuity. You need this money now, not when you retire. Annuities pay very big commissions and some advisors will try to steer you that way. I wish you the best in your recovery. God bless you and remember, don't get greedy! |
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#17
2006-03-19, 21:43 |
Run Screaming
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Re: Best Way To Live off 1 million
Try this: http://www.restaurantfranchise.com/
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Best Way To Live off 1 million