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I have money, now what!
- Thread starter Muscle Master
- Start date
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Hehe.
That happened to me, too. 6 years ago. I was a little bit younger than you, i was 18. I was so fortunate as i never worked an hour in my life and i now i don't have to.
Some advices:
- build/buy yourself a house in a nice place; not something big or extravagant, you don't need that kind of ****, you're not a rapper.
- buy a couple of cars, something you really like. And maybe a bike.
- pay your debts (if you have any);
- don't go to college, you don't need it, you already have money.
- help your relatives or close friends if they need money (maybe they are sick and can't afford the treatment, etc.);
- if you are really good at something, you might invest some of your money, but be careful.
- don't buy stupid **** just because you can, you don't need $5k champagne, a tiger in your back yard, etc. As i said, you're not a rapper.
- do things you like (you might like to travel around the world or like photography, etc);
- stay away from drugs or whores. (you could do them once in a while if you like, but be wise and careful);
- put the rest of the money in an account at a good bank.
- live off the interest.
Here are some things i did:
- i like to live for 1-2 years in a different country (now i live in Iceland, i also lived in New Zealand and Sweden, next on my list are France/Italy and after that Ireland);
- i travel, usually once every 2 months i spend a week or so in places like Thailand, Greece, Turkey, Sri Lanka, Madagascar, UAE, etc)
- i bought some cars (12 of them
), now i own just 4.- i like photography, so i got some pretty good gear;
- i like music, so i got myself a high end stereo (i think i exaggerated a little bit here)
- i own a nice woman
. Well, i didn't bought her per se, but you know what i mean. - i like perfumes, so i have over 200 bottles in my collection.
- i do drugs, not regularly, maybe 4-5 times a month i'll so some speed or acid.
- i like broads (and they like me
). Sometimes when i'm on vacation i "rent" one and spend a few days with her and my gf. - i bought some watches;
A pretty good life, i could say. It's nice to have some millions in the bank and not have to work or worry about money.
For example, here's what i did today: i woke up, f'ed my gf, drank a good espresso (not some starbucks piss), went for a ride in my f430 scuderia on roads like this, i shot some seals with my 5D,came home, ate and now i smoke a cigar in my basement while listening to pink floyd on my Wilson Alexandria speakers and browsing MR.
You seem like a smart guy, you'll be ok.
Enjoy your new life!
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Hehe.
That happened to me, too. 6 years ago. I was a little bit younger than you, i was 18. I was so fortunate as i never worked an hour in my life and i now i don't have to.
Not sure if real or not. But I question a couple of your pieces of advice...
(though I do agree with many of them too).
Me too, I would go back to university if that happened to me just to study something really obscure but fun.
Increase your asset column. According to Robert Kiyosaki, that's one of the ways the rich people did to get rich and can do to get richer.
Here's a tip from Benjamin Graham: "Buy [stocks] from the pessimists, then sell to the optimists." The market's a pendulum. It goes up, then down, then back up. (I think I may have plagiarized a little.)
Pour it all into AAPL. Buy now at $500/share, sell when it gets back up to $700-$750/share about 1-2 years from now when they finally come out with the Apple TV television set and a newly redesigned iPhone (and continue to set income and profit records in the meantime).
To many boring answers, go an party & party hard in all seriousness you could blow a million easy enough and still be fine for the rest of your life
I would find out what is a good amount to hold to basically live off the interest comfortably. With the rest of it, Home, Car, Debt, and etc.
Fundamental question... do you want to leave this windfall to someone else when you die (of old age in about 60 years) or leave an estate to someone (like your hypothetical kids). The answer will then dictate which course of action is best.
If you want to leave an estate, then you will be trying to grow your money by investing it. There is always more risk involved in investing your funds to grow them, though the risk can be managed.
Look up "Annuity"... in this case you end up spending the Principle (the money you received) and not so much the interest or the returns on those funds. If you receive $2 million (after taxes) you could give yourself an income of about $40,000 per year (tax free) for something like 50 years (It is more complicated when you factor in inflation and interest rates - this is just a ball-park estimate). But - at the end of this you will have nothing left of the original settlement. With that base income though, you could choose work at something you enjoy, to volunteer, to go back to school... Whatever. The funds could be parked in something that minimizes the risk.
I'm not suggesting this as the best alternative, but many people seem to want to protect the initial Principle at all costs right up to the day they die, and don't consider the very boring but very safe annuity option. So, just consider what you might do with a guaranteed income, even if it isn't a great income.
This is essential. Do it.
Luck.
If you want to leave an estate, then you will be trying to grow your money by investing it. There is always more risk involved in investing your funds to grow them, though the risk can be managed.
Look up "Annuity"... in this case you end up spending the Principle (the money you received) and not so much the interest or the returns on those funds. If you receive $2 million (after taxes) you could give yourself an income of about $40,000 per year (tax free) for something like 50 years (It is more complicated when you factor in inflation and interest rates - this is just a ball-park estimate). But - at the end of this you will have nothing left of the original settlement. With that base income though, you could choose work at something you enjoy, to volunteer, to go back to school... Whatever. The funds could be parked in something that minimizes the risk.
I'm not suggesting this as the best alternative, but many people seem to want to protect the initial Principle at all costs right up to the day they die, and don't consider the very boring but very safe annuity option. So, just consider what you might do with a guaranteed income, even if it isn't a great income.
This is essential. Do it.
Luck.
What they ain't making any more of
A good part of what you receive should go into "what they're not making any more of" -- real estate. Some searching on deals and foreclosures databases will identify a wide range of opportunities and produce the data to help sort through them. Kicking the tires and making a few deals could turn into a fun hobby.
A good part of what you receive should go into "what they're not making any more of" -- real estate. Some searching on deals and foreclosures databases will identify a wide range of opportunities and produce the data to help sort through them. Kicking the tires and making a few deals could turn into a fun hobby.
Hehe.
That happened to me, too. 6 years ago. I was a little bit younger than you, i was 18. I was so fortunate as i never worked an hour in my life and i now i don't have to.
Some advices:
- build/buy yourself a house in a nice place; not something big or extravagant, you don't need that kind of ****, you're not a rapper.
- buy a couple of cars, something you really like. And maybe a bike.
- pay your debts (if you have any);
- don't go to college, you don't need it, you already have money.
- help your relatives or close friends if they need money (maybe they are sick and can't afford the treatment, etc.);
- if you are really good at something, you might invest some of your money, but be careful.
- don't buy stupid **** just because you can, you don't need $5k champagne, a tiger in your back yard, etc. As i said, you're not a rapper.
- do things you like (you might like to travel around the world or like photography, etc);
- stay away from drugs or whores. (you could do them once in a while if you like, but be wise and careful);
- put the rest of the money in an account at a good bank.
- live off the interest.
Here are some things i did:
- i like to live for 1-2 years in a different country (now i live in Iceland, i also lived in New Zealand and Sweden, next on my list are France/Italy and after that Ireland);
- i travel, usually once every 2 months i spend a week or so in places like Thailand, Greece, Turkey, Sri Lanka, Madagascar, UAE, etc)
- i bought some cars (12 of them
- i like photography, so i got some pretty good gear;
- i like music, so i got myself a high end stereo (i think i exaggerated a little bit here)
- i own a nice woman
- i like perfumes, so i have over 200 bottles in my collection.
- i do drugs, not regularly, maybe 4-5 times a month i'll so some speed or acid.
- i like broads (and they like me
- i bought some watches;
A pretty good life, i could say. It's nice to have some millions in the bank and not have to work or worry about money.
For example, here's what i did today: i woke up, f'ed my gf, drank a good espresso (not some starbucks piss), went for a ride in my f430 scuderia on roads like this, i shot some seals with my 5D,came home, ate and now i smoke a cigar in my basement while listening to pink floyd on my Wilson Alexandria speakers and browsing MR.
You seem like a smart guy, you'll be ok.
Enjoy your new life!
This post is so full of fail.
Enjoy your drugs, I guess.
Well muslemaster depending on where u live, I would take that cash to Ohio buy some mother****ing land., sleep on it and oil mine the ***** in the mornin. then come talk cash..
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