What would you choose?

Which option would you take?

  • $1 Million

    Votes: 8 16.3%

  • one penny that doubles in value each day for the next 30 days

    Votes: 41 83.7%
  • Total voters
    49
BigClay said:
By day 30 your entire house is taken over by pennies! hahaha :flipoff2:
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Pretty much.
Imagine 5 of these:
100 million pennies....

awww.kokogiak.com_megapenny_hundred_mill_A.jpg
 
mbalbritton said:
Am I the only one that see the Syntax issues in this word problem. I was always taught to be certain to read the question properly.
These do not ask the same thing, and neither asks the question:
One penny that will double in value along with all subsequent pennies for 30 days.
So which is it?
from the poll = 30 pennies
from the original post = 2 pennies
What everyone is assuming is the $5mil answer.
read it for what it is, not for what you might think it is.:flipoff2:
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thank you...for keeping me from posting a bunch..


BTW all the "a million would solve my problem" crowd...think again....a cool mil investd wisely means you still better work
 
SkyHiK5 said:
BTW all the "a million would solve my problem" crowd...think again....a cool mil investd wisely means you still better work
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Yeah, but I could work at something I enjoyed and didn't pay much vs. something I don't enjoy that pays well :flipoff2:
 
SkyHiK5 said:
thank you...for keeping me from posting a bunch..
BTW all the "a million would solve my problem" crowd...think again....a cool mil investd wisely means you still better work
Click to expand...

A million dollars right now would pay off all of my debt, buy me a house, and I could put the rest in an modest IRA and live on just the interest. Now, I could do that. That doesnt mean everyone could do it, and it doesnt mean it would be a wise decision, and it would also mean i didnt make any large purchases like a new truck or whatnot, but I could do it.

Duane
 
CLRracer said:
A million dollars right now would pay off all of my debt, buy me a house, and I could put the rest in an modest IRA and live on just the interest. Now, I could do that. That doesnt mean everyone could do it, and it doesnt mean it would be a wise decision, and it would also mean i didnt make any large purchases like a new truck or whatnot, but I could do it.
Duane
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just a thought to spark debate.

You get a $1MM, Lets assume 50k in debt. and then you buy a 150k house.
You now have 800k in the bank.
If you can get 5% consistently you can throw out $40k/annually, which seems like an amount you could live on. Only now you are evil rich people and will pay taxes on this money every year because of investment...throw it in an IRA and you cant touch it at all until retirement age (I dont know how old you are)

You are probably netting 20k at best annually now.
Could you survive yeah sure.
BUT...the sad truth is if you are not working you need something to occupy your time which probably means your spending goes up....

IF you want to take the 1MM continue your exact current life style and maintain your current income, yeah you are probably fine. But to quit work nah its not enough.

That is 40k annually for 25 years with no raise.

25-50 most cant retire at 50.....
 
dont forget....


at the end of the month, do you have to pay taxes on what the penny earned?
 
SkyHiK5 said:
That is 40k annually for 25 years with no raise.
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Yup - and more importantly, you have to remember inflation, dollar vaue decreases every year by a few %. So that 40k a year now (minus what you're getting reamed on capitol gains tax) may sound lie ka lot, but in 15 years it will be waay less.
Hell if your continual rate on that principle investment isn't i nexcess of inflation then functionally you're losing money from the getgo.
BigRedB2 said:
dont forget....
at the end of the month, do you have to pay taxes on what the penny earned?
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Well, technically not due until April 15th of next year... Buuuut... if your owed amount is in excess of 10% (??) total liability (which certainly it would be) you get a huge hefty penalty, so you'd need to pay up by the end of the quarter when you made it...
...so I'll start this Sept 1, b/c that quarter is longer and will leave 3 months to invest my initial 5 mil at least before losing half to Uncle Sam
 
I'll definately take the penny deal, i'll worry about moving them later!
 
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