The Problem With Spending $1,000,000 In 24 Hours | Mr Beast
- Published on: Monday, December 23, 2019
- After much request, lets discuss the Mr Beast video Spending $1,000,000 in 24 hours. The ad revenue from this video will be donated back to Team Trees for the first 30 days. Enjoy! Add me on Instagram: GPStephan
Original Video: https://www.nghenhachay.co/play/YnMwU1dYYnR5MTg.html
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First, let me just say this:
What Mr. Beast has done for Mark, the winner, and the opportunity this now afforded him, is absolutely incredible. Money like this is unconditionally life changing, no matter how it was spent, and the generosity of Mr Beast to give away SO MUCH is absolutely selfless. Not to mention, he recently hit his goal of planting 20,000,000 trees…so I think it’s safe to say, Mr Beast is definitely out there making a HUGE difference, and making such a positive impact on the planet.
It really goes to show you how much of a difference each of us can make, and Mr Beast has taken that to the EXTREME by HELPING AND GIVING just about everything he’s made. So, I just want to make it clear that - no matter HOW this money was spent - Mr Beast changed this winner’s life forever - and this is something that not only helps Mark, but his entire family as well.
In terms of Taxes:
Anytime you win money like this, the IRS will tax you on the VALUE of what you’ve received, and treat it as though it’s the same as your EARNED INCOME. From the $1 Million Dollar Winnings, Mark - the winner - gave $100,000 to his challenge coach, Chandler, and another $50,000 to a past contestant, Jeremy…so now, he’s left with $850,000 in prize money - and THAT is the amount he is now going to be taxed on. It’s estimated that he’d pay 40% of that amount in taxes…which works out to be $340,000…leaving him with $510,000 left over to do whatever he wants with.
I think it’s also important to recognize that - ANYTIME someone receives a windfall like this - it’s easy to have a false sense of security, or to lose perspective as to how far $510,000 really goes. After all, once the $510,000 is gone - it’s gone, and it isn’t coming back.
IDEALLY, in this type of situation…or, in any situation where you suddenly receive or inherit a large sum of money…the BEST thing you can do is lock it away for 1 year in a high interest savings account or short term CD, and JUST DO NOTHING. Give your body, and your mind, enough time to adjust to having that amount of money so that you won’t get caught up in the excitement of having more money than you know what to do with.
HOWEVER…I also don’t know the context of these winnings, or if it was a condition to go and splurge on loved ones if you won the $1 million dollars…because, from a content perspective, THIS is the right thing to do. Going and spending for other people would make really fun content, it makes you feel really good, and filming that would give Mr Beast MORE opportunities to give away MORE money in the future, to MORE people.
Sure, he could’ve priced shopped…he could’ve been thriftier…he could’ve invested more…but if it’s for content, that’s not the point of the video. This video makes you feel good, it’s nice to see him so happy and excited, and It brings back your faith in humanity to see him care for the people he loves.
I don’t say this to try and take away from Mr Beast’s video, or to downplay the significance of how life changing this money is to Mark. Mr Beast gave away MORE money than most people could ever even FATHOM, he’s changed so many lives, and even if Mark spent ever last dollar of it - it was put to good use, and his life will forever be changed for the better. Not to mention, at the end of the day…Mark DID get a paid off house and two really nice, paid off cars - that will ALWAYS have value - so, in a sense, the money WAS put to a practical use, and he can always have that available.
However, with the money that’s left over - it’s REALLY important to play it smart and to now start investing as much as you possible can, NOW, while you’re young…because, thanks to compound interest, you have time to grow that money into something SIGNIFICANT in the future, giving you 10x more stuff LATER than you can buy right now.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com