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RE: Would you rather 40k a year tax free for the rest of your life or 1 million (tax free) as a once off payment?
Voted for 40k a year. Slow and steady..
I answered I would take the $40,000 a year tax free for the rest of my life over the $1 million one time payment because it would be harder to spend it so quickly. You didn't say if the $1 million was tax free (which would be another reason to avoid it if it's not tax free).
As it is, $1 million sounds like a lot, but I hope I can reasonably expect to be around longer than 25 years. This way, I can live within my means, maybe save up some of this money, not have to pay taxes (unless I have some other kind of earned income) and probably still do what I want to do, just not all at once.
A wise choice!
I thought so. Of course, so far your poll is running the other way, so what can I say? :) I always have to be the contrarian.