Well, another post lottery day let down......No one won either the Mega Millions ( $ 300 million) or the Super Lotto ( ~ 86 million) I suppose that's good since I certainly didn't have the #'s. If I can't win then no one should, hehe
Let's dream for a moment here. Let's start small...... If the California lottery gave me $1,000,000 what would I do? Well, the feds would take $420,000 so I'd be left with $ 580,000. I certainly wouldn't quit my job. That's not enough cash to quit. I think I would take $80,000 of it and pay off a few loans and take the $ 500,000 and buy a condo on Kauai, probably in Princeville. Or maybe, a house in Hanalei Bay. Regardless, 500k is only a down payment on either. Hopefully, and I would have to do the math, this would bring the mortgage down to such a level that renting it out would pay for homeowner's dues, taxes, the remaining mortgage and make me a little cash every month. I'm talking about renting it out to tourists, not to locals. More money in vacation rentals in Hawaii than on local rentals.
That brings up a good point. If I bought a 4 or 6 unit apartment building on Kauai or even the mainland perhaps, then that could be good income. hmmmmm.......but then if I bought a condo in Princeville for vacation rentals then we could use it to vacation.........hmmmmm, but then friends and family would want to use if for free. That would be inconvenient. If you're giving it away all the time then you're not making any money. AAACCCCKKKK!!!! Obviously, I have to win more money than 1 million dollars! Isn't it amazing, with money comes problems. I have lots of problems with this $ 1 million and I haven't even won it yet. Dena would say that's my pessimistic self shining through, but frankly, I'm just a realist.