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Started By
Message
re: You inherit $5 million tax free, what changes?
Posted on 2/21/18 at 11:00 am to GEAUXT
Posted on 2/21/18 at 11:00 am to GEAUXT
quote:
All blowing the money on crap does is put you in the exact same position you were in before the windfall.
Two things, I never said blow all the money on crap, and second I think you’re severely underestimating how hard it would be to not go buy ANYTHING nice for yourself with that free money because it’s a pure hypothetical.
I would invest 90% of that money, but you’re nuts if you think I’m not buying a boat or some other toy along with 99% of people who are honest with themselves.
0
Posted on 2/21/18 at 11:01 am to GEAUXT
Get a bigger boat, build a new cabin. That's about it.
Posted on 2/21/18 at 11:02 am to GEAUXT
Debt free. Would probably invest some in starting a small business probably in real estate.
Posted on 2/21/18 at 11:03 am to GEAUXT
the women I frick and the number of vacations I take. Otherwise, I'll keep pushing myself in career.
Posted on 2/21/18 at 11:04 am to GEAUXT
Scruffy would pay off loans and then put the rest in savings for the future.
Posted on 2/21/18 at 11:04 am to GEAUXT
With that kind of cash on hand I am comfortable that I can generate at minimum a 150-500k annual "salary" in annual growth from investments and and holdings. So I'd quit my fricking day job that's for sure.
2% - $100k
5% - $250k
8% - $400k
10% - $500k
The avg growth of the market over it's lifespan is 8%/year. Very, very conservative funds generate 5-8%/year. Also the portfolio should grow from reinvested returns, ie even though I may generate 400k for myself, I only spend 100-200k of that.
See how being rich, makes you richer now?
2% - $100k
5% - $250k
8% - $400k
10% - $500k
The avg growth of the market over it's lifespan is 8%/year. Very, very conservative funds generate 5-8%/year. Also the portfolio should grow from reinvested returns, ie even though I may generate 400k for myself, I only spend 100-200k of that.
See how being rich, makes you richer now?
Posted on 2/21/18 at 11:04 am to GEAUXT
A new truck and house and trick out one room in said house to make into a sports/game room. Other than that 5 million would disappear quickly if I really went on a spree
Posted on 2/21/18 at 11:05 am to GEAUXT
-pay off house
-quit work
-enjoy life
-quit work
-enjoy life
Posted on 2/21/18 at 11:06 am to GEAUXT
-payoff the house
-payoff the cabin
-payoff my wife's car
-take an extended vacation to Europe and knock some things off of our "things to see before we die" list
-Addition on the house that my wife has been pestering me about lately.
-Addition means new furniture and art.
-Charitable giving
-My wife would want horse trailer and probably convince me to buy another horse...
Conservatively speaking, that would probably add up to around $800,000. I'd invest the rest, using a portion of the dividends to supplement my income since I'd be leaving my job for something far less stressful, with less hours, and likely considerably less pay.
-payoff the cabin
-payoff my wife's car
-take an extended vacation to Europe and knock some things off of our "things to see before we die" list
-Addition on the house that my wife has been pestering me about lately.
-Addition means new furniture and art.
-Charitable giving
-My wife would want horse trailer and probably convince me to buy another horse...
Conservatively speaking, that would probably add up to around $800,000. I'd invest the rest, using a portion of the dividends to supplement my income since I'd be leaving my job for something far less stressful, with less hours, and likely considerably less pay.
This post was edited on 2/21/18 at 11:14 am
Posted on 2/21/18 at 11:06 am to GEAUXT
Everything.
I would move out west by the beach, buy a few nice duplexes near each other for straight cash, and live off the rental income while playing music and hanging out on the beach all day.
I would move out west by the beach, buy a few nice duplexes near each other for straight cash, and live off the rental income while playing music and hanging out on the beach all day.
Posted on 2/21/18 at 11:08 am to GEAUXT
Well, I already bought a Bugatti for my butler so maybe I'd get one for my personal chef too.
Posted on 2/21/18 at 11:10 am to kingbob
I'd probably buy an island in Sitka Sound.
Posted on 2/21/18 at 11:10 am to fareplay
quote:
My wife would stay the same, but she would have enhancements
You'd better put 2.5 million aside for the divorce settlement, then.
Posted on 2/21/18 at 11:12 am to GEAUXT
Pay off all debt, get new house, new truck, invest some, go on more vacations. Would work, but not in current field.
Posted on 2/21/18 at 11:12 am to RogerTheShrubber
buy a modest, little place like this
invest the rest very conservatively. probably work/volunteer part time, play lots of golf/tennis/softball
grill a lot of meats, drink a lot of beer
invest the rest very conservatively. probably work/volunteer part time, play lots of golf/tennis/softball
grill a lot of meats, drink a lot of beer
Posted on 2/21/18 at 11:13 am to GEAUXT
The amount of pussy I get...........
Posted on 2/21/18 at 11:14 am to GEAUXT
Go ahead and buy the business from the people I work for, about 5 years ahead of the current plan and not have to finance any of it. Put the rest away and continue what I'm currently doing. We live fairly comfortable at the moment and don't need to change anything.
Posted on 2/21/18 at 11:15 am to GEAUXT
Pay off debts
Buy house(no mansion, just a nice house)
Help out my parents
Wouldn't quit my job(maybe go part time)...just could enjoy life more. Take more vacations.
Have a former coworker that got a huge settlement from a lawsuit against a large company. None of us know how much she got...but I would guess millions. Her life hasn't changed much. She still works. Just paid off her debts and is financially secure.
Buy house(no mansion, just a nice house)
Help out my parents
Wouldn't quit my job(maybe go part time)...just could enjoy life more. Take more vacations.
Have a former coworker that got a huge settlement from a lawsuit against a large company. None of us know how much she got...but I would guess millions. Her life hasn't changed much. She still works. Just paid off her debts and is financially secure.
Posted on 2/21/18 at 11:15 am to Pilot Tiger
I'd lie to buy Rockwell Lighthouse. Think it's a B&B, in Sitka Sound on an island. When I was there last it was for sale for $850K
This post was edited on 2/21/18 at 11:19 am
Posted on 2/21/18 at 11:16 am to Pilot Tiger
you'd move to California, buy a $1.3M (26% of your inheritance) 1,300 sf home, and bank on "conservative investing"?
I don't think you understand the term. You ever heard of capital gains tax in California?
I don't think you understand the term. You ever heard of capital gains tax in California?
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