What Dream Would You Fulfill if You Won a Million Dollars in a Tournament?
B
B1BOMBER
Legend
Bronze Level
When I win my million dollar pot I will buy my daughter a few GTO"s, myself 300 to 500 acres to build a small house on with no neighbors, and the rest help out a few family members and friends that don't have it so good.
quick
Legend
Silver Level
Great question.
After taxes that'd probably be what? If we want to be conservative probably leaves us with $750K or so?
So based on that I'd do the following:
- I'd put 150K aside to balance between savings, Roth IRA, and a few long term investments (like EFTs).
- I'd give some money to a few people close to me who have helped me out over the years (for some this might mean cash, for others who are already doing alright financially it might mean paying for a vacation or a generous gift to show thanks). Would probably cap this total giving for now at around 75K total.
- 25K towards paying down credit card debt and some bills (with some to spare for extra if needed.
- 250K towards a nice small home and maybe a newer car.
- 40K as a poker bankroll (I'd consider using some of this to back a few trusted players).
- 15K or so towards a vacation savings fund to travel a bit.
- 15K or so towards starting (if not yet done already) my private practice.
- 10K or so to set up some type of charitable fund.
- remaining 170K or so would basically sit split between short term savings and bank accounts. Would use some to begin a better payment plan on my student loans and rest just towards daily living expenses.
Even though many might pay off their student loans entirely right away, I have such a huge amount that doing so would dwindle the funds quickly (due to have a BA, MA, and soon Doctorate). So best to sit down and work out a long term pay down plan over say 25-30 years and keep that cash on hand.
After all this a million doesn't seem like much so I'd probably hope to keep grinding poker and draw some income from that and probably a small private practice very part time. So probably work 1-2 days a week, play poker some other days, and travel/relax/enjoy living rest of the time. But I'd have a roof over my head 100% owned by me, money to retire with in savings/IRAs, money in the bank, and a small continuing income from poker/private work.
After taxes that'd probably be what? If we want to be conservative probably leaves us with $750K or so?
So based on that I'd do the following:
- I'd put 150K aside to balance between savings, Roth IRA, and a few long term investments (like EFTs).
- I'd give some money to a few people close to me who have helped me out over the years (for some this might mean cash, for others who are already doing alright financially it might mean paying for a vacation or a generous gift to show thanks). Would probably cap this total giving for now at around 75K total.
- 25K towards paying down credit card debt and some bills (with some to spare for extra if needed.
- 250K towards a nice small home and maybe a newer car.
- 40K as a poker bankroll (I'd consider using some of this to back a few trusted players).
- 15K or so towards a vacation savings fund to travel a bit.
- 15K or so towards starting (if not yet done already) my private practice.
- 10K or so to set up some type of charitable fund.
- remaining 170K or so would basically sit split between short term savings and bank accounts. Would use some to begin a better payment plan on my student loans and rest just towards daily living expenses.
Even though many might pay off their student loans entirely right away, I have such a huge amount that doing so would dwindle the funds quickly (due to have a BA, MA, and soon Doctorate). So best to sit down and work out a long term pay down plan over say 25-30 years and keep that cash on hand.
After all this a million doesn't seem like much so I'd probably hope to keep grinding poker and draw some income from that and probably a small private practice very part time. So probably work 1-2 days a week, play poker some other days, and travel/relax/enjoy living rest of the time. But I'd have a roof over my head 100% owned by me, money to retire with in savings/IRAs, money in the bank, and a small continuing income from poker/private work.
Last edited:
antonis32123
Legend
Loyaler
If a tournament win 1 million dollars what a dream that will meet? Go on trips,money to friends, relatives,donations or what? Specify in short which is your dream, you may fulfill in a good day.
Yep , it's all these , plus I would buy a new house and a new car and deposit a lot of the money O U T of Greece , in switzerland maybe like our politicians and wealthy people do
How I would transfer the money there , I won't say a word
migesan
Legend
Silver Level
This is more a question of one million dollars , but I will try this month to win that million, I would probably have gone on an extended vacation of one month and to a mountain that you carefully consider what to do with the rest of the money , but knowing myself I would go the rest of the money on poker tournaments
, but I will try this month to win that million, I would probably have gone on an extended vacation of one month and to a mountain that you carefully consider what to do with the rest of the money , but knowing myself I would go the rest of the money on poker tournaments 
BriceNice
Rock Star
Silver Level
Buzzkill answer, If I win a million dollar tournament that means I can afford the buy in to a million dollar tournament which means my poker dreams have already been fulfilled. But to play along lets say I get lucky and weed through 7 thousand people on one of those pokerstars millionaire makers (which would never happen since I dont even have access to pokerstars and not even sure if thats a real thing) Id fly to italy to get pizza for lunch then catch the next flight home after Im done.
Jonatha007
Rock Star
Silver Level
Actually after earning 1 million, I would have only 500,000. The rest would be to reinvest in poker, playing online and traveling to the big live tournaments.
500K It would give a comfortable life.
_________
The only thing you can control is your choices.
500K It would give a comfortable life.
_________
The only thing you can control is your choices.
acidburnfx
Senior apprentice
Loyaler
My life will be freerol
Big Thinking is the driving force for all great achievements.
Right! And what is your dream?