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Started By
Message
1
Posted on 9/20/23 at 10:55 am to The Egg
He’s got the money. He s buying in cash. Frankly seems a lot smarter than “hookers and blow”
Posted on 9/20/23 at 10:56 am to Fun Bunch
quote:
They can't even imagine the wealth necessary for 30A
True. They couldn’t even go to the tier up from Destin.
Posted on 9/20/23 at 10:57 am to SG_Geaux
quote:
Sounds like he is investing
If I had his cash and wanted to invest in real estate, I'd go the development route. Buy 50 acres, build 200 houses, sell at a profit, then move on.
Posted on 9/20/23 at 10:58 am to The Egg
quote:
Castro collected a lump sum payment of $628.5 million after taxes.
quote:
opted to take a lump sum of $998 million.
Posted on 9/20/23 at 10:58 am to yankeeundercover
$998 was probably pre-taxes.
Posted on 9/20/23 at 10:58 am to Klondikekajun
quote:
I guess sanity is all relevant…
It’s amazing how people don’t have a concept of how much $ this is…
The INTEREST alone is about $600k A WEEK.
The INTEREST on the INTEREST is about $30k A WEEK….
Right, you'd still be making over 2 million per month on interest alone. I don't think I would be making sane decisions if I had 2 million dollars to spend every month without losing any of the lump sum.
This post was edited on 9/20/23 at 10:59 am
Posted on 9/20/23 at 10:59 am to Tantal
quote:
If I had his cash and wanted to invest in real estate, I'd go the development route. Buy 50 acres, build 200 houses, sell at a profit, then move on.
If the market keeps going up, this current route would likely make him significantly more money than 200 cookie cutter homes.
Posted on 9/20/23 at 11:01 am to Fun Bunch
quote:
You are dealing with people that truly cannot fathom that level of wealth or just don't want to seem uncool by saying they would live a wealthy life.
They also don't seem to understand how complicated the idea would be that you could just plop $600 million into a "money market account" and somehow that would be clearly the "safest" thing you could do.
To be honest, I don't understand how complicated it would be either (which is why I would be consulting several people who would), but I know enough to know that you can't simply say as a matter of course that would be the "safest" thing to do with such an amount of money.
Just for shits and giggles I checked to see the total assets of one of the bigger regional banking institutions around here, Hancock Whitney. It's $36 billion. So $600 million and change would be close to 2 percent of this rather large regional bank's TOTAL ASSETS. You think walking into one of their branches and telling them you want to put that kind of cash into a "safe money market" doesn't come with significant complications and "risks"?
Posted on 9/20/23 at 11:03 am to Y.A. Tittle
quote:Like it’s only insured up to 250k by FDIC?
telling them you want to put that kind of cash into a "safe money market" doesn't come with significant complications and "risks"?
Posted on 9/20/23 at 11:04 am to Y.A. Tittle
Right, that's why there are a whole money management investment firms dedicated to managing money of that magnitude, and they would be diversifying the hell out of that portfolio through a variety of investments ranging from very very conservative to much less so. You would have ownership stakes in companies you have never set foot in, box factories, whatever.
And then you would have a local firm that keeps its eye on them to make sure they are not blowing your assets or doing anything untoward or too risky.
And you would have to keep up with all of it.
And then you would have a local firm that keeps its eye on them to make sure they are not blowing your assets or doing anything untoward or too risky.
And you would have to keep up with all of it.
This post was edited on 9/20/23 at 11:05 am
Posted on 9/20/23 at 11:10 am to Y.A. Tittle
quote:
They also don't seem to understand how complicated the idea would be that you could just plop $600 million into a "money market account" and somehow that would be clearly the "safest" thing you could do.
Exactly
This is why people didn't understand all the issue with Silicon Valley Bank, and why normal FDIC rules just can't apply. You want to treat it like a normal bank and the rich people will react and it will affect all other banks a ton.
Posted on 9/20/23 at 11:10 am to GetCocky11
quote:
I'm not an idiot, I would make safe investments, set up my family, and live a modest lifestyle full of travel and maybe get a low-stress part-time job.
This just shows you that most people can't comprehend the amount of money that he won. $628 Million AFTER taxes. Modest interest off that lump sum would be between $30 - $40 Million EVERY YEAR!
That's not a modest lifestyle type of income. That's generational wealth. People with that level of income could become targets for those trying to take advantage and need the safety that larger homes, high income areas, and gated communities offer. Think Tom Benson's family not just your average millionaire.
Investing in tracks of land, large commercial property, farm land, residential developments - really nothing is out of reach.
Posted on 9/20/23 at 11:12 am to Fun Bunch
I like how half the people in here are focused on maximizing return and generating more money after they receive over half a billion in cash.
Posted on 9/20/23 at 11:15 am to JohnnyKilroy
quote:
I like how half the people in here are focused on maximizing return and generating more money after they receive over half a billion in cash.
The calculation on the interest on the interest was illuminating
Posted on 9/20/23 at 11:17 am to JohnnyKilroy
I know I would live a very different life that is for sure.
Posted on 9/20/23 at 11:17 am to Areddishfish
quote:
a beach house in Destin right off the beach.
I hope this is a troll
Posted on 9/20/23 at 11:17 am to The Egg
quote:
Burt Orangello collected a lump sum payment of $628.5 million after taxes.
In other news, Burt Orangello's body was found next to a cocaine stash worth $628m. In his pockets were receipts from escort services totaling $500k.
Posted on 9/20/23 at 11:19 am to dukke v
quote:
So…. It’s his money, let him spend when he wants…
We’re not trying to stop him. It’s just a message board chat.
Posted on 9/20/23 at 11:22 am to The Egg
List them as Short Term Rentals. Use cost segregation studies to accelerate the depreciation at 100% as allowed by the Trump Jobs and Tax Act of 2017. Reduce your income from the jackpot by 10s of millions and save millions in income tax.
That's the play that he's likely doing.
That's the play that he's likely doing.
This post was edited on 9/20/23 at 11:23 am
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