Friday, March 9, 2007

I'm not a millionaire.

So recently, the mega millions jackpot lottery reached a record high of $370 million. I generally play the lottery once every few weeks, but when the jackpot got this high, you KNOW I had to play. So I bought 10 tickets on the last night like many of my friends. My best ticket won me like $3. So yea, I'm not a millionaire.

The thing with the lottery is, I don't even need the jackpot. Anything over 5 million is more than I want/need. Don't get me wrong, I would LOVE to get as much free money as I can. But realistically, I do not aspire to live like a baller or hip hop mogul (as my normal spending habits and clothing style might suggest). Honestly, my whole goal in life is to continue living the way I am currently living, and not have to work. For me, this equates to making somewhere between $70,000 and $100,000 a year income. So, let's assume that I live on the high end of my goal and make $100,000 a year. That's enough for me to live in the size house I currently live, have a decent reliable car, and have enough spending cash for my going out/vacations/travel/food etc. Now I figure that in order to reach my goal of not working and receiving this kind of income, I'd have to win a small lottery and put all my winnings into some kind of fund and live off the interest compounded from it. So taking a look at the kinds of funds that are out there, I figure that with a few million dollars (less than 5) I might be able to get 5% interest. So to receive $100,000 a year in interest, quick math puts me at 2 mill.

So 2 is the lucky number. 2 million dollars and I can continue to live my current lifestyle without working. So $370 million jackpot, that's nice. But I'll gladly play lotto south jackpot and hope to hit that 3-4 million jackpot. After taxes/taking that lump sum, I get my 2 mill and retire at age 25.

I'll see you guys at the 7-11 for my retirement winnings.

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