If you had 2 million in the bank, what would you do?

[FatOne]

Now, thats funny!

Someone took my red stapler once. Not a happy camper.

pretty much same as you do now?

So when have I been telling elaborate made up stories about myself to troll for attention? I am a self admitted loser.

 

[NYguardianangel]

Wouldn't you rather have a nice red stapler. I know I would.

Or maybe a green dress

 

[mrsCALoki]

I would immediately invest it, and continue living as I have. In ten years I would buy an island, surround it with razor wire, build a gun tower on it, call it Fuck Off, and run a ferry service between Fuck Off and the mainland once a year, for when the meat supply got low.

Just kidding. Sadly, I must add this qualifier. Pity the morons, don't hate them.

Lots of little islands in the Carib that you can pick up for a song now days. You might even be able to get a sovereign island and become Queen Fuck Off


Hate requires to much energy. I may be trifle bored but I still find time to pity poor morons.


Hail QFO

 

[mrsCALoki]

I don't want to be the queen. I want to be the Arch-Villainess, on accounta my eyebrows. I overpluck one so as to seem permanently skeptical.

How about a qween from the house of Borgia?

 

[JackBurton]

Jet skiies for everybody!

 

[mrsCALoki]

I think they kick Jews outta houses like that.

OK, I will agree the Borgia may be beneath you.

 

[mrsCALoki]

Now if the Borgia were Tom Hardy, they could be beneath me as often as they liked. Did I mention I have a huge hard-on for Tom Hardy? Several times? Really? Sorry about that.

You may have some competition though

 

[FatOne]

I would immediately invest it, and continue living as I have. In ten years I would buy an island, surround it with razor wire, build a gun tower on it, call it Fuck Off, and run a ferry service between Fuck Off and the mainland once a year, for when the meat supply got low.

Just kidding. Sadly, I must add this qualifier. Pity the morons, don't hate them.

I thought you were supposed to pity the fool, not the moron.

If you made your island more accessible and welcoming and kept the gun towers, you could deal with your meat shortage in another way. If you get Kuru, just tell people you are getting jiggy with it.
http://en.wikipedia.org/wiki/Kuru_(disease)

 

[Prophet]

I see an interesting thread has turned into a pity party for mrsCALoki instead.

....

From what i have understood, $5 million gets you true financial independence. $2 million and I'd still take early retirement but you have to be careful. Unless you have some reason to leave an inheritance, that could be 40 years of $50k a year, after tax. Safe investing could make up for inflation.

Living with that much cash is sometimes more about discipline than actually coming up with a good investment plan. Just stay away from buying planes and big boats and you will be fine.

 

[FatOne]

I have a red stapler, its a swingline. And I asked for a pina colada but I said "No salt! NO SALT!" but it was covered in salt.

The swingline, a good stapler for stapling a cover sheet to your TPS reports.
No salt on a pina colada, fuck man, that is worse than saying someone had a case of the Mondays, or my printer. Guy should be sent to pound me in the ass prison for that.

On a unrelated note, I don't mean to Jump to Conclusions, but you sound like you might be a Michael Bolton fan.


Ah Office space, it eases the pain.

 

[big dogie]

I think you have been given very poor advise. If you are Canadian born and/or citizen and hold property in Canada you must file a tax return and pay taxes to CRA.
I believe to be exempt of this you must sell all assets and positions, property in Canada and not return to Canada for at least three years.
Don't believe lawyers unless they will guarantee their advise, even CRA says they can change their opinion when they feel like it.

Good luck with that
b d

We are renting the house in Canada. WE live on a boat that flies the flag of an income tax free country. As long as we sleep on the boat most nights and it is NOT in Canadian waters a significant amount of time, we are non-residents.

Income from Canadian sources can be taxed but you do not have to "settle your estate". We have investments in several countries.

Our Canadian lawyer consulted with appropriate people before we were advised how to do it. And our boat is a little over 50 feet. I think it is the perfect size but LL wants to get a bigger one so we can have a house keeper. What do you call a house keeper sea?

 

[mrsCALoki]

I think you have been given very poor advise. If you are Canadian born and/or citizen and hold property in Canada you must file a tax return and pay taxes to CRA. I believe to be exempt of this you must sell all assets and positions, property in Canada and not return to Canada for at least three years.

Well the devil is in the details I guess. I never finalized becoming a Canadian. LL is a Canadian but rented out the house. It is all handled at arms length through an agency. He does have to pay taxes on the rental income, and some other of types income earned in Canada. But that is peanuts. It is relatively easy to move investments out of Canada. We plan on travelling for 5 years, so it easily exceeds the time requirements. We were advised to keep a log of where we sleep though . Our nights in Canada are restricted (less than 183 days per tax year).

Non-resident status is fairly common in expat communities all over the world. The only grey zone seems to be people who receive a Canadian pension. In some cases it may remains taxable or be clawed back in Canada.

Don't believe lawyers unless they will guarantee their advise, even CRA says they can change their opinion when they feel like it.

I guess it depends on how good your lawyer is . Anyone earning enough easily transferable income can become a non-resident and cover all their expenses from the saved taxes. I guess it is not for everyone. But it works for us.

 

[mrsCALoki]

....Unless you have some reason to leave an inheritance, that could be 40 years of $50k a year, after tax. Safe investing could make up for inflation.

I think you mean before taxes.. 40 X 50k = 2,000,000. You get taxed on the investment income every year. To put that in perspective I think that the average 2 person or more family income is just a little under $100,000 Canada.

Annuities are able to handle all that stuff .

 

[Prophet]

I think you mean before taxes.. 40 X 50k = 2,000,000. You get taxed on the investment income every year. To put that in perspective I think that the average 2 person or more family income is just a little under $100,000 Canada.

Annuities are able to handle all that stuff .

I think i meant after tax, like I said, assuming the $2 million is an after tax payout as in insurance, lottery winnings, or inheritance. The after tax net on investmentment income could be managed to cover inflation. Average 2 person families in Canada earn $76 thousand a year.

 

[mrsCALoki]

I think i meant after tax, like I said, assuming the $2 million is an after tax payout as in insurance, lottery winnings, or inheritance. The after tax net on investmentment income could be managed to cover inflation.

If it is in the bank I sort of assumed that the return was about equal to inflation but you need to pay taxes on it. So you need to somehow make up tax for at least 2,000,000 x 2.5% or in other words pay taxes on 50,000 a year?

Since I have been accused of being a gold digger, I might as well be good at feeding the tax man.

Average 2 person families in Canada earn $76 thousand a year.

Odd. I cannot find 2011 but in 2010 it was:

$91,000 for economic families, of two people or more
$107,300 for two parent families with children

http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil05a-eng.htm

Perhaps confusion over earned and income?

 

[Miss.Lexi]

2 million in the bank? hmmm...

I would have to hire one of the terb money experts! Any volunteers?

 

[Prophet]

If it is in the bank I sort of assumed that the return was about equal to inflation but you need to pay taxes on it. So you need to somehow make up tax for at least 2,000,000 x 2.5% or in other words pay taxes on 50,000 a year?

Since I have been accused of being a gold digger, I might as well be good at feeding the tax man.



Odd. I cannot find 2011 but in 2010 it was:

$91,000 for economic families, of two people or more
$107,300 for two parent families with children

http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil05a-eng.htm

Perhaps confusion over earned and income?

We've been discussing after tax money. Hence my number. Despite my reply and clarification you've insisted on being obtuse about the matter.

You should leave the advice about money to your husband. And I never accused you of being a gold digger.

 

[mrsCALoki]

My guess is about 5,000 people in Canada. Anyone know where to find this info?

http://www.statcan.gc.ca/pub/12-581-x/12-581-x2007001-eng.pdf published that in 2005 a little over a million Canadian families (8%) had a net worth of over a million dollars. They do however control over 46% of net worth in Canada.

http://www.cbc.ca/news/story/2008/06/23/wealth-statscan.html "On average, millionaire families held ... $2.1 million ... in 2005], "


in 2011, 62 Canadians were billionaires http://en.wikipedia.org/wiki/List_of_Canadians_by_net_worth

In Canada .80370 % of the population are millionaires. In North America 0.007% of the population ave a net worth of at least $30 million.

So if we assume the ratios also apply to Canada, .007% x 34,000,000 we can pretty well assume that about 2500 people have a net worth over 30 million. I have no idea how many are in the 20 million club.


Does that help?

 

[mrsCALoki]

We've been discussing after tax money. Hence my number. Despite my reply and clarification you've insisted on being obtuse about the matter.

You should leave the advice about money to your husband. And I never accused you of being a gold digger.

I asked, he said you were right about it being after tax $50,000. He also said you lost 2% to 3% of the value of money 'left in a bank' every year because inflation and taxes eroded the money. Seems you would have less that $400,000 left after 20 years, and nothing at all after 27. But that only an idiot leaves money in a bank.

Also $50,000 in 2012 has a lot more purchasing power than $50,000 in 2022, let alone 2032. You should index the money you withdraw over time.

He also says that about $5 million is the minimum needed to live comfortably for the rest of your life (assuming you are in your 20s) unless you are working or collecting a pension.

$2 million can increase your standard of living, but you will need to work, collect a pension, or die soon if you want an average life style.

I need to learn about money because someday I will have be the one making investments. . Discussion is a useful tool.

 

[GG2]

Look, most Canadians won't have a net worth of $50k by the time they're supposed to be ready to retire. Enough with the wishful thinking. They really should enjoy life now because they're going to be destitute in old age.