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Started By
Message
re: "Don't make investments"- Mark Cuban on advice to powerball winner
Posted on 1/12/16 at 1:27 pm to Y.A. Tittle
Posted on 1/12/16 at 1:27 pm to Y.A. Tittle
quote:
LOL
1
Posted on 1/12/16 at 1:29 pm to EA6B
quote:
Investors of Madoff and Stanford would disagree.
Some would and some wouldn't. Some have received full or partial compensation. But of course, these are not instances to which I was referring.
Posted on 1/12/16 at 1:30 pm to Mo Jeaux
"Mr. Chadwick, your silly employees just lost the $100 million I invested with your firm."
"Ah, no worries, Old Chap. I'll cut you a check right now to cover it and put it in the mail today. Tally Ho!"
"Ah, no worries, Old Chap. I'll cut you a check right now to cover it and put it in the mail today. Tally Ho!"
Posted on 1/12/16 at 1:31 pm to Mo Jeaux
quote:
No, that's not what I said, nor is it what I meant. You've just confirmed that it is indeed you who doesn't get it
Let's take a journey down your post history in this thread, starting off with your response to this...
quote:
Problem is you're probably not smart enough to even figure out who those "smarter" people are and much more likely to get taken.
You said...
quote:
That's why you'd better spread it around with the big boys and not your local guy who slings insurance products. Gonna need some deep pockets behind whomever you choose.
I said
quote:
Your comparisons have nothing to do with the issue. Those "big boys" can take advantage of you easier than those local guys. Obviously no one is going to anyone local with this amount of cash. The issue is finding expert investors you can trust.
You replied with
quote:
And they have the deep pockets to compensate you in respect of nefarious actions committed by their employees.
Reread this a few times. If you still do not understand the issue then Mark Cuban is most certainly speaking to people such as yourself. No disrespect.
Posted on 1/12/16 at 1:31 pm to Y.A. Tittle
quote:
"Mr. Chadwick, your silly employees just lost the $100 million I invested with your firm."
"Ah, no worries, Old Chap. I'll cut you a check right now to cover it and put it in the mail today. Tally Ho!
Oh, yeah, that's exactly the scenario to which I was referring. Your perceptive abilities are truly, truly astounding.
Posted on 1/12/16 at 1:31 pm to 13SaintTiger
Cuban is the kinda guy I would seek out for professional help to guide me. Someone who has touched that kind of money before. While I usually invest and manage my money pretty carefully, I don't even trust myself to have that kind of money in my hands without some guidance.
Posted on 1/12/16 at 1:32 pm to Y.A. Tittle
quote:
"Mr. Chadwick, your silly employees just lost the $100 million I invested with your firm."
"Ah, no worries, Old Chap. I'll cut you a check right now to cover it and put it in the mail today. Tally Ho!"
Posted on 1/12/16 at 1:32 pm to tke857
quote:
if you could put 930mil in one money market fund at 1.10% return you could easily live off the interest. Which is a little over a million a year just off of the interest.
Its closer to a million a month than a million a year, but point taken.
Posted on 1/12/16 at 1:33 pm to SG_Geaux
Great advice. I have gone with friends to purchase food before, because nobody wants to see their friends hungry, but frick people looking for a handout. The only person this does not qualify for is my sister. We've already come to the agreement that if one of us or our kids (current and eventual) has some sort of cancer or life altering disease, the entire inheritance can go to them.
Posted on 1/12/16 at 1:33 pm to 13SaintTiger
quote:
You don’t want to blow it all in one spot.
Pretty hard to blow that much
quote:
Don’t make investments.
frick that
Posted on 1/12/16 at 1:34 pm to MightyYat
quote:
I think this mostly applies to the ones that win under $10 million. The hundreds of millions winners are a bit different. You have to really try to lose that kind of money.
It's got to be a Brewster's Millions type deal
I haven't seen a study that ' most Jackpot winners' are broke within 5 years. Just some anecdotal stuff.
Most lottery Jackpot s like the Louisiana lottery at $375k before taxes? Less than $250k after taxes?
After taxes ,family ,bills, tuition & sinking money into your business or whatever that $375 k can whittle down in 10 years .
Most State lottery Jackpots start under$1 million dollars.
Posted on 1/12/16 at 1:36 pm to 13SaintTiger
quote:
Reread this a few times.
OK. I have, and again, it's you that is confused.
I posted a statement essentially agreeing with that poster's statement and providing a mitigating proposal in respect of the risk to which he referred. You barged in with your bumbling statement of
quote:, which is absolutely asinine. Then, you astound us with the earth-shattering
Your comparisons have nothing to do with the issue.
quote:, to which I replied, "no shite."
The issue is finding expert investors you can trust.
Posted on 1/12/16 at 1:37 pm to Topwater Trout
Tell me if this is a bad idea, but wouldn't it be best to start a trust fund and keep the money there? That way you can distribute it out without double taxation. Just draw a monthly salary. Let the fund managers handle the taxes and such. Thats seems like how most rich families carry their wealth on..
Posted on 1/12/16 at 1:38 pm to sugar71
Yeah, I'm not sure people appreciate how much 500 million+ really is.
Yeah, you can't make a habit out of buying a fleet of Gulfstream G650s or Donald Trump's casinos but you can still bounce back from a lot of investing mistakes.
Yeah, you can't make a habit out of buying a fleet of Gulfstream G650s or Donald Trump's casinos but you can still bounce back from a lot of investing mistakes.
Posted on 1/12/16 at 1:40 pm to Mo Jeaux
quote:
which is absolutely asinine.
Asinine? Your third post referred to spreading your money around with the big boys with deep pockets as a response to a poster saying you'd probably get taken by the "smarter" guy.
Posted on 1/12/16 at 1:41 pm to yellowfin
There are a lot of people on here who have absolutely no clue about high end banking.
There are a bunch of firms (and branches of well known funds) who specialize in investing and handling the net worth of the 1%. They aren't going to cheat you, because their business is built on their reputation and in those circles your 900 mln is not exceptional.
The biggest issue is that when people who are already broke win these things they have no clue how to navigate that world.
There are a bunch of firms (and branches of well known funds) who specialize in investing and handling the net worth of the 1%. They aren't going to cheat you, because their business is built on their reputation and in those circles your 900 mln is not exceptional.
The biggest issue is that when people who are already broke win these things they have no clue how to navigate that world.
Posted on 1/12/16 at 1:43 pm to CorporateTiger
quote:
The biggest issue is that when people who are already broke win these things they have no clue how to navigate that world.
I wouldn't say this refers to people who are already broke, rather people who have no idea that this world exists. Regardless, you have made a valid point.
Posted on 1/12/16 at 1:45 pm to 13SaintTiger
Yes, asinine.
Posted on 1/12/16 at 1:46 pm to 13SaintTiger
Very true. If you don't know how to find the right people, you do become open for Ponzi scheme hucksters and whatnot.
It isn't as if every family fortune out there evaporates whenever the people who put it together die. There are bankers out there that handle those big fish and do it quite professionally.
It isn't as if every family fortune out there evaporates whenever the people who put it together die. There are bankers out there that handle those big fish and do it quite professionally.
Posted on 1/12/16 at 1:46 pm to CorporateTiger
quote:
There are a lot of people on here who have absolutely no clue about high end banking.
There are a bunch of firms (and branches of well known funds) who specialize in investing and handling the net worth of the 1%. They aren't going to cheat you, because their business is built on their reputation and in those circles your 900 mln is not exceptional.
The biggest issue is that when people who are already broke win these things they have no clue how to navigate that world.
Except for 13Saint. He appears to know everything.
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