NoNamePerson
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Post by NoNamePerson on Mar 20, 2017 16:57:59 GMT -5
Raise your hand if you won the lottery and you would spend ANY of the money? I hope you said no. If you win the lottery, you pay your taxes, invest the money and live off the proceeds. YOU NEVER TOUCH THE PRINCIPLE. What the hell is YMAM supposed to be about if not this basic notion?!? I'd bitch slap that principle into tomorrow. See my prior post. Except for my son I have no other living relatives and he would say enjoy the hell out of it instead of standing around with his hand out. I raised him to take care of himself and I think I succeeded in that respect.
If I won 5 mill and spent it in 5 yrs - damn that's a lot of traveling - I would be back to where I am now. SS, Retirement fund and same assets since I wouldn't be spending it on house or other stuff - well maybe a car - always wanted a LAMBORGHINI but might be way to much power for this old broad so something less powerful. Probably settle for 370ZX or something along that line.
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thyme4change
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Post by thyme4change on Mar 22, 2017 22:16:38 GMT -5
If I won, say...a 4 million dollar lottery, I wouldn't make the rule to never touch the principle, but I would be very careful to make it last a lifetime. If I won 40 million, I likely wouldn't touch the priciple. In my opinion, if you'd spend $4 million, you'd spend $40 million. How one handles small matters is a great indicator of how they handle all matters. Baloney. Almost all people who save for retirement drawn down the principle over their lifetime. I will likely retire with about 4 million, and will start using the principle in my 80s, maybe late 70s depending on the market as all these baby boomers take all their money out (because most people draw out their principle in their old age.) Me getting a chunk of money of $4 million would send me back to my spreadsheets and I would rework all my math, but it wouldn't turn me into an idiot.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 23, 2017 9:01:25 GMT -5
In my opinion, if you'd spend $4 million, you'd spend $40 million. How one handles small matters is a great indicator of how they handle all matters. Baloney. Almost all people who save for retirement drawn down the principle over their lifetime. I will likely retire with about 4 million, and will start using the principle in my 80s, maybe late 70s depending on the market as all these baby boomers take all their money out (because most people draw out their principle in their old age.) Me getting a chunk of money of $4 million would send me back to my spreadsheets and I would rework all my math, but it wouldn't turn me into an idiot. Well, you just explained why 7 in 10 lotto winners end up broke (actually half end up worse off financially than before they won). If you want to do what "almost all" people do- get ready for what almost all people get.
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movingforward
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Post by movingforward on Mar 23, 2017 9:14:31 GMT -5
I have no plans to die with a butt load of money in the bank. Seriously, why the hell would I want to do that? My plan is to have enough to live comfortably well into my 90's. If that requires me to use the principle over my lifetime then I am good with that. If I have "more than enough" then I would like to gift some of the money while I am alive and can see the people and/or charities benefit from it. If I die young then certain people and charities will benefit, but I don't OWE anyone the money I have earned over a lifetime. Isn't that what republicans keep preaching...that they don't want to give their hard earned money away
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Deleted
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Post by Deleted on Mar 23, 2017 9:20:45 GMT -5
Yeah, I don't get the never touch the principle thing either. I've struggled for every dime that is in those retirement accounts. I've sacrificed weekends and time with my kids. Ideally I would die with just enough left to bury me, but since I don't know when I'm going to die or what my expenses are going to be for the next 50 years I'm aiming for worst case (or best case depending on how you look at it).
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wvugurl26
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Post by wvugurl26 on Mar 23, 2017 11:20:03 GMT -5
I've seen very large mega millions or Powerball jackpots claimed anonymously in Maryland. They wore masks and gloves for the picture in the most recent one.
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hoops902
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Post by hoops902 on Mar 23, 2017 13:56:17 GMT -5
Raise your hand if you won the lottery and you would spend ANY of the money? I hope you said no. If you win the lottery, you pay your taxes, invest the money and live off the proceeds. YOU NEVER TOUCH THE PRINCIPLE. What the hell is YMAM supposed to be about if not this basic notion?!? meh, why never touch the principle? You can't take it with you.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 23, 2017 16:44:24 GMT -5
Yeah, I don't get the never touch the principle thing either. I've struggled for every dime that is in those retirement accounts. I've sacrificed weekends and time with my kids. Ideally I would die with just enough left to bury me, but since I don't know when I'm going to die or what my expenses are going to be for the next 50 years I'm aiming for worst case (or best case depending on how you look at it). Yeah- you're my favorite. the sackcloth and ashes savers. You don't have to struggle, you know- they don't give you extra if you do it the longer or harder way.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 23, 2017 16:46:17 GMT -5
I have no plans to die with a butt load of money in the bank. Seriously, why the hell would I want to do that? My plan is to have enough to live comfortably well into my 90's. If that requires me to use the principle over my lifetime then I am good with that. If I have "more than enough" then I would like to gift some of the money while I am alive and can see the people and/or charities benefit from it. If I die young then certain people and charities will benefit, but I don't OWE anyone the money I have earned over a lifetime. Isn't that what republicans keep preaching...that they don't want to give their hard earned money away You WILL die with assets. I want "leave a legacy" money- I want to build something that outlives me. Whatever happened to the notion of leaving an inheritance, or accomplishing one's life's work and leaving a legacy?
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 23, 2017 16:49:09 GMT -5
Raise your hand if you won the lottery and you would spend ANY of the money? I hope you said no. If you win the lottery, you pay your taxes, invest the money and live off the proceeds. YOU NEVER TOUCH THE PRINCIPLE. What the hell is YMAM supposed to be about if not this basic notion?!? I'd bitch slap that principle into tomorrow. See my prior post. Except for my son I have no other living relatives and he would say enjoy the hell out of it instead of standing around with his hand out. I raised him to take care of himself and I think I succeeded in that respect.
If I won 5 mill and spent it in 5 yrs - damn that's a lot of traveling - I would be back to where I am now. SS, Retirement fund and same assets since I wouldn't be spending it on house or other stuff - well maybe a car - always wanted a LAMBORGHINI but might be way to much power for this old broad so something less powerful. Probably settle for 370ZX or something along that line.
Five million dollars is roughly $250K a year. You can always lease the Lambo- and $175K give or take after taxes is plenty of walking around money. I don't get the desire to sell the seed corn here. I thought that was the point of YMAM? Seems like it's just AM here now.
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Rob Base 2.0
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Post by Rob Base 2.0 on Mar 23, 2017 16:53:32 GMT -5
I have no plans to die with a butt load of money in the bank. Seriously, why the hell would I want to do that? My plan is to have enough to live comfortably well into my 90's. If that requires me to use the principle over my lifetime then I am good with that. If I have "more than enough" then I would like to gift some of the money while I am alive and can see the people and/or charities benefit from it. If I die young then certain people and charities will benefit, but I don't OWE anyone the money I have earned over a lifetime. Isn't that what republicans keep preaching...that they don't want to give their hard earned money away You WILL die with assets. I want "leave a legacy" money- I want to build something that outlives me. Whatever happened to the notion of leaving an inheritance, or accomplishing one's life's work and leaving a legacy?
Sorry, my happiness comes first. But I have no kids......if I had kids I would want them to have enough to pay for college but not much more.....they could work for it like I did
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NoNamePerson
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Post by NoNamePerson on Mar 23, 2017 18:53:00 GMT -5
I'd bitch slap that principle into tomorrow. See my prior post. Except for my son I have no other living relatives and he would say enjoy the hell out of it instead of standing around with his hand out. I raised him to take care of himself and I think I succeeded in that respect.
If I won 5 mill and spent it in 5 yrs - damn that's a lot of traveling - I would be back to where I am now. SS, Retirement fund and same assets since I wouldn't be spending it on house or other stuff - well maybe a car - always wanted a LAMBORGHINI but might be way to much power for this old broad so something less powerful. Probably settle for 370ZX or something along that line.
Five million dollars is roughly $250K a year. You can always lease the Lambo- and $175K give or take after taxes is plenty of walking around money. I don't get the desire to sell the seed corn here. I thought that was the point of YMAM? Seems like it's just AM here now. I don't have a lot of walking around time left. Like I said if I spent it all in 5 years I would still be just fine from there on. I think lotto winners spend on stuff that still causes them money down the road that they can't afford. Things and stuff would not even enter the equation with me. If I got a car it would be paid for and when I drop dead my son can have it. But he won't get my travels I go to grave with those experiences. Eta my legacy is leaving a son who is a contributing member of society.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 23, 2017 19:32:34 GMT -5
Five million dollars is roughly $250K a year. You can always lease the Lambo- and $175K give or take after taxes is plenty of walking around money. I don't get the desire to sell the seed corn here. I thought that was the point of YMAM? Seems like it's just AM here now. I don't have a lot of walking around time left. Like I said if I spent it all in 5 years I would still be just fine from there on. I think lotto winners spend on stuff that still causes them money down the road that they can't afford. Things and stuff would not even enter the equation with me. If I got a car it would be paid for and when I drop dead my son can have it. But he won't get my travels I go to grave with those experiences. Eta my legacy is leaving a son who is a contributing member of society. If they're smart they finance stuff- money is cheap, and not worth a whole lot anyway. I know my favorite time to pay for anything is LATER in this environment.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 23, 2017 19:32:52 GMT -5
But you're right- they overleverage. Just like they did before.
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Deleted
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Post by Deleted on Mar 23, 2017 20:21:26 GMT -5
Yeah, I don't get the never touch the principle thing either. I've struggled for every dime that is in those retirement accounts. I've sacrificed weekends and time with my kids. Ideally I would die with just enough left to bury me, but since I don't know when I'm going to die or what my expenses are going to be for the next 50 years I'm aiming for worst case (or best case depending on how you look at it). Yeah- you're my favorite. the sackcloth and ashes savers. You don't have to struggle, you know- they don't give you extra if you do it the longer or harder way. If people can find a way to make a lot of money with little work, more power to them. I have not figured out how to do that, but I will not be ashamed of having worked hard for what I do have, and I plan on spending as much of it as I feel I safely can before I die. Because, just as I don't get brownie points for working hard, you don't get brownie points for dying with millions. You're still DEAD.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 23, 2017 21:12:24 GMT -5
Yeah- you're my favorite. the sackcloth and ashes savers. You don't have to struggle, you know- they don't give you extra if you do it the longer or harder way. If people can find a way to make a lot of money with little work, more power to them. I have not figured out how to do that, but I will not be ashamed of having worked hard for what I do have, and I plan on spending as much of it as I feel I safely can before I die. Because, just as I don't get brownie points for working hard, you don't get brownie points for dying with millions. You're still DEAD. You should by no means be ashamed. I must, for my own well-being, counter the "struggled for every dime" mindset. First of all, if it was examined- especially with some context- it would likely turn out not to be entirely true. We all struggle from time to time. I did not enjoy losing my business three times- the last time, in December 2006 due in large part to fraud, was especially unfun. But Americans in particular don't literally struggle. Are we happy every second of every day- no. But that's life. I am careful the words I speak to myself, and the ideas I allow to stand. Just know I'm aiming at the IDEA, not at you.
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movingforward
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Post by movingforward on Mar 24, 2017 8:02:24 GMT -5
I have no plans to die with a butt load of money in the bank. Seriously, why the hell would I want to do that? My plan is to have enough to live comfortably well into my 90's. If that requires me to use the principle over my lifetime then I am good with that. If I have "more than enough" then I would like to gift some of the money while I am alive and can see the people and/or charities benefit from it. If I die young then certain people and charities will benefit, but I don't OWE anyone the money I have earned over a lifetime. Isn't that what republicans keep preaching...that they don't want to give their hard earned money away You WILL die with assets. I want "leave a legacy" money- I want to build something that outlives me. Whatever happened to the notion of leaving an inheritance, or accomplishing one's life's work and leaving a legacy? I don't have kids. If I did then I probably would want to leave them something. I have never gotten the "leaving a legacy" stuff. A hundred years after you are dead no one is still going to know who the hell you were. How many university libraries, etc. are named after someone - tons? Do you think any of those kids on campus give a crap what the library is named. All they know is some person left a bunch of money a bazillion years ago to have their name slapped on something. Now, I am not saying leaving money to a worthy cause isn't noble. It definitely is, but legacy stuff...yeah, in a 100 years no one is going to care that YOU were the one that made it happen. So IMHO if you are going to leave money to something then you do it because you truly want to help others after you are gone, you don't do it for the purpose of having a legacy.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Mar 24, 2017 8:05:10 GMT -5
You WILL die with assets. I want "leave a legacy" money- I want to build something that outlives me. Whatever happened to the notion of leaving an inheritance, or accomplishing one's life's work and leaving a legacy? I don't have kids. If I did then I probably would want to leave them something. I have never gotten the "leaving a legacy" stuff. A hundred years after you are dead no one is still going to know who the hell you were. How many university libraries, etc. are named after someone - tons? Do you think any of those kids on campus give a crap what the library is named. All they know is some person left a bunch of money a bazillion years ago to have their name slapped on something. Now, I am not saying leaving money to a worthy cause isn't noble. It definitely is, but legacy stuff...yeah, in a 100 years no one is going to care that YOU were the one that made it happen. So IMHO if you are going to leave money then to something then you do it because you truly want to help others after you are gone, you don't do for the purpose of having a legacy. That's fine. I take the approach that I'm just a lowly steward. I'm an asset manager- I'll be here for a few minutes, then I'll be gone. When I'm gone, I'd like my work to live on. If my work was so meaningless that the world wouldn't miss it when I'm gone- why'd I do it? I'd rather be the absolute best at what I do and have it live on.
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Deleted
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Post by Deleted on Mar 24, 2017 8:11:07 GMT -5
I don't have kids. If I did then I probably would want to leave them something. I have never gotten the "leaving a legacy" stuff. A hundred years after you are dead no one is still going to know who the hell you were. How many university libraries, etc. are named after someone - tons? Do you think any of those kids on campus give a crap what the library is named. All they know is some person left a bunch of money a bazillion years ago to have their name slapped on something. Now, I am not saying leaving money to a worthy cause isn't noble. It definitely is, but legacy stuff...yeah, in a 100 years no one is going to care that YOU were the one that made it happen. So IMHO if you are going to leave money then to something then you do it because you truly want to help others after you are gone, you don't do for the purpose of having a legacy. That's fine. I take the approach that I'm just a lowly steward. I'm an asset manager- I'll be here for a few minutes, then I'll be gone. When I'm gone, I'd like my work to live on. If my work was so meaningless that the world wouldn't miss it when I'm gone- why'd I do it? I'd rather be the absolute best at what I do and have it live on. To take care of your family and contribute to society rather than being a drag on it? Seems like a good enough reason to me. I don't care how good you are at what you do. Someone else will fill your role after you die. No worries.
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NoNamePerson
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Post by NoNamePerson on Mar 24, 2017 8:21:14 GMT -5
I'm curious AgeOfEnlightenmentSCP what is it that you are doing that is going to live on long after you are gone. You talk about your work living on after you are gone. Not being argumentative but seriously want to know. Are you donating money for research, building wings on hospitals. I guess I need clarification as to what a "legacy" is.
I guess I am asking for examples as to what your legacy is going to be. Will your children carry on this legacy? Oh, I'm not even sure you have children so may be a mute issue.
This interest me since I'm not leaving diddly squat unless I drop dead while writing this. Then kiddo gets what's not spent to date.
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movingforward
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Post by movingforward on Mar 24, 2017 8:25:15 GMT -5
That's fine. I take the approach that I'm just a lowly steward. I'm an asset manager- I'll be here for a few minutes, then I'll be gone. When I'm gone, I'd like my work to live on. If my work was so meaningless that the world wouldn't miss it when I'm gone- why'd I do it? I'd rather be the absolute best at what I do and have it live on. To take care of your family and contribute to society rather than being a drag on it? Seems like a good enough reason to me. I don't care how good you are at what you do. Someone else will fill your role after you die. No worries. I find this conversation funny because the President-Elect of my Board of Directors and I were just talking about this last week. We were discussion how some people come on the board with the intention of "leaving a legacy." They have a whole bucket list of things they want to change before they go off the board. This could be in the form of endorsed agreements with new companies, changing the organization's bylaws, etc. They believe that the changes they make are going to some how make them legendary. Then a few years after they leave the board someone else comes in and changes it all again. Hilarious!
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MJ2.0
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Post by MJ2.0 on Mar 24, 2017 10:27:46 GMT -5
I also don't see the point in letting the money sit and sit for ages. How will my son learn the value of hard work if he doesn't have to do anything to earn his keep? And how will his kids (if he has them) learn? And so on. I would give him money for college and a large chunk to do whatever he wants (buy a house, start a business, hookers and blow - whatever). And after that money is gone, that's it.
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