OT What would you do with....

Dave H (MI) · Apr 4, 2017

... $1,200,000 as your gross income in box 1 of your W-2? That is what the form in front of me this morning says. I won't give any more details other than to say that the take home pay is $12,775 per week. I think I was in my 20's before I made more than that in a year. This only one of several I see per year with big numbers on them. I just cannot imagine what I could do with that kind of cash flow?

I know the guy. He ain't worth it.

glennster · Apr 4, 2017

looks like he is running about 50% profit if i figger rite. he is netting 600k per year. roughly. i figgure he must be a dairy farmer!!! good rate of return on investment!! if i made that much a week, i might get my old truck painted!!!only got 230k on it.....

RayP(MI) · Apr 4, 2017

Not your form, huh?

centash · Apr 4, 2017

Buy more tractors of course! Ben

4520BW · Apr 4, 2017

Spend some of it on booze and women, waste the rest of it.

gtractorfan · Apr 4, 2017

Charge a commission rate for doing taxes like auctioneers do on sales?

JF in MI · Apr 4, 2017

I like the way you think.

rrlund · Apr 4, 2017

I remember when I was 18 and a life insurance salesman wrote $400,000 on a piece of paper and said that's what I was likely to make in a lifetime. Seemed like an unattainable fortune.

1948CaseVAI · Apr 4, 2017

Gross is not relevant. Net is all that matters. He could easily be upside down in cash flow, depending on his business and costs. Back in the early 60s my Dad's cattle corporation would make over a million gross, but he was lucky to clear 100k profit. Envy is killing the USA.

SweetFeet · Apr 4, 2017

***** Buy a VW van in PA!!! LOL.

1. Pay-off the farm (not a huge balance remaining anymore)

2. Add-on a reasonable sized living room and a ground floor bedroom... then make our current living room into a bathroom/laundry room (all so old age will be easier).

3. Invest most... but put a bit into savings (or coffee can), for easily accessible cash.

4. Take a nice two-week vacation each year... nothing extravagant... just see some of this great country we live in.

dr sportster · Apr 4, 2017

I would buy a brand new KTM Super Duke R . But I'm going to do that anyway because I just sold my house in New Jersey.

Ted in NE-OH · Apr 4, 2017

I would hire a financial adviser and a tax adviser.

farmerwithmutt · Apr 4, 2017

Keep farming until its all gone.

1130Leo · Apr 4, 2017

Wow, and we had no idea that you were doing President Trumps Taxes.... LOL....

big tee · Apr 4, 2017

I ALSO LIKE THE WAY YOU THINK!!!!!!!!!!!!!!!--------------Tee

Steve@Advance · Apr 4, 2017

Sweetfeet, that sounds like a man they were interviewing back when the Texas lottery first started.

He won a million something playing scratch offs.

They were asking what he was going to do with the money, said in broken Spanglish that he was going to finish buying the rest of the screen wire he needed to finish the back porch!

4520BW · Apr 4, 2017

I sorta did that about 5 years ago. After I got divorced I spent a few years running around,had a lot of good times. Might call it my mid life crisis!

SweetFeet · Apr 4, 2017

Steve@Advance,

Hey good idea! Thanks - I'll add one more thing to my list:

Some winders, a door, and the rest of the lumber needed to finish enclosing the porch.

ditchwitch · Apr 4, 2017

Probably a couple years worth LOL

K Effective · Apr 4, 2017

Pretty good feeling from the idea that a guy worth that money respects your work.

Gotta remember, there are MANY people that would look at that and ask "How can he get by on such a pittance".

flying belgian · Apr 4, 2017

Farmermutt, that was my first thought. Farm another year.

Dave H (MI) · Apr 4, 2017

If it where you would never hear me bellyache about farm profits again! I think I would work three years, buy the rest of the vacant land around me and retire. With the additional fields I would probably make enough on rentals to keep me afloat.

gajack · Apr 4, 2017

I,as a very young man just starting out had one of the
richest people, and I also considered him to be
one of the smartest in our area told me one day,

" It ain't how much you make... it's how much you keep."

Kinda used that as a life lesson.

Good luck, j

Dune Country · Apr 4, 2017

our business grosses about that.
Take home is in the 40's

Dave H (MI) · Apr 4, 2017

Yeah, I understand the concept. This is a W-2. All that comes out is taxes.

Ian Beale · Apr 4, 2017

In the early 1970's here in Oz one race track introduced a betting option to pick the slate (winners of all races).

One day was not good for the tipsters and at the end of the day there was one winner of around $A100,000.

A reporter's first breathless question was

"What is the first thing you're going to do?"

The gravelly voiced reply was

"Count it"

WellWorn · Apr 4, 2017

While I know there's a big difference between gross and net, that number as a W2 line likely leaves a lot even after all legit deductions. With even half of that as "usable cash", I'd hire an accountant to make sure I could keep as much of it as possible, put this mud pit up for sale and move to somewhere with even slightly better drained soils, build a good barn, a machine shed, and hire a guy a couple days a week that I could get to some of those restoration projects I've had on the back burner for a very long time. It sure would help to be able to get ahead of the curve for a while rather than trying to make do to keep from getting even further behind.

Speaking of value, most of those on this forum are paid far less than their skills, knowledge and wisdom are worth. I'd even venture to say that many of those making over 7 figures aren't worth what they're paid.

OT What would you do with....

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Well-known Member

Member

Well-known Member

Well-known Member

Member

Member

Similar threads