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Post by Deleted on Apr 19, 2021 20:33:39 GMT -5
If when you woke up tomorrow you had a billion dollars? Of course I would quit my stupid job! The first thing I’d buy would be a ‘68 Camaro. I’d go pick up a few of my peeps in a limo and if they’re at work, tell them “come with me now, just trust me”. Actually, that’s only 2 people. We’d go celebrate my good fortune, and I’d break them off a little something so they’d never have to work a 9-5 unless they wanted to. The least I can do if I convince them to leave with me and put their job in jeopardy. I’d set something up for my closest loved ones to take care of them for life. That’s a short list, and if they screw up whatever i put in place for them, too bad so sad. Not really sad though. I’d donate to the church I grew up in, in care of the current Pastor. I have the utmost respect for him. The church is in an inner city, poor neighborhood, and I have no doubt that he would use the money I give the church to continue to try to make a positive impact in that community. I’d buy a house somewhere I’d like to live, for a home base. And I’d travel the world. So many places I want to go and so many things I want to see with my own eyes.😍 Oh, and I’d pay one of our children to field all the requests for money I’d receive. I’d be willing to give to charities and even individuals, but not to random people that think I should give them money just because they were in the same first grade class with me. And because I will have taken care of the people I love the most and I’ll be busy exploring the world, I’d buy a Trac phone or whatever and replace it every couple of days. Don’t call me, I’ll call you. What would you do?
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Tennesseer
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Post by Tennesseer on Apr 19, 2021 22:12:15 GMT -5
Being retired I don't have to quit a job.
What would I do? Disappear for several months. People would eventually find out. People I know (some of them) and people I don't know would be at my door with hands out asking for money.
Only my siblings, attorney and financial planner would know of my whereabouts.
Money can be a curse as much as a blessing.
I would take my time regarding purchases.
I know one thing: I would have a live-in housekeeper.
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Tiny
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Post by Tiny on Apr 19, 2021 22:32:53 GMT -5
1 billion is a lot of money. I'd probably go the "Pinky and the Brain" route and "Try to take over the world!" - Ok, I'd be spending my time (and money) finding ways to change the world (hopefully for the better). I gave some thought to how much I would need to be able to gift my family (and extended family) and a couple of friends the maximum non-taxable gift each year - for like 30 years or 50 year. I think for 2021 it's 15K per year (and the amount goes up each year). My family/extended family are all going along doing what they are doing. some tax free money every year might make their "plain old regular" lives a little better in unobtrusive ways. Wealth can be a burden. I'm not sure I want to saddle them all with what might be a curse (or a Monkey's Paw). With 1 billion at my disposal - it's a no brainer to have atleast the "non taxable allowable amount given each year". I'd probably also set up some sort of "education fund" so the next generation or two has money for education (which might be the arts) no matter what kind of financial screw ups their parents are. At some point some of this money would go to none family based on some criteria I can't think of now. (maybe it would be the "second chance" scholarship - I hear there are often kids who work hard and have the skills/whatever - but who loose out to money for education because they came in second or third. For some of them - it's the end of the road/dream of higher education. ) I will probably also have to set up various shell companies and hire "money managers" and lawyers and such to run my "company" and then fake my own death or create a couple of other personas so I can move between working with the Bill and Melinda Gates Foundation and whatever other Big Money Altruistic Foundations are out there (finding ways to "change the world") and then going home and gardening. I really don't want to live in a "compound" for my own security (nor do I want to live in an exclusive community of rich people.) I'm gonna need to find a way to move between the "everyday" and the super rich. I'm not sure I'd look forward to navigating the divides. I'm not sure what the best way to "take over the world!" I mean change the world would be... I suspect it will take up a lot of my time (which sounds intriguing and interesting to me...) (I'd probably take up renovating old houses with good bones back into live-able comfortable homes for a family. It would be the opposite of HGTV "fashion trends". )
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raeoflyte
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Post by raeoflyte on Apr 19, 2021 23:09:54 GMT -5
Very little for the first year. Quit my job, if I remembered to email them that is.
Right away I'd get a personal trainer, part time personal chef, and part time nurse/night nurse to help with ds diabetes. Work on the projects I can only daydream about now. Hang out with my family. Eventually try to figure out how to make a difference, then travel, study, and nap.
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billisonboard
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Post by billisonboard on Apr 19, 2021 23:53:24 GMT -5
Tiny, sorry but I have to laugh. You have a $1,000,000,000 dollars just drop in your lap. And you are only going to give friends and family up to the annual non-taxable limits? You have a billion fricking dollars. Pay some taxes.
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tallguy
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Post by tallguy on Apr 20, 2021 0:24:28 GMT -5
Keep a couple dozen hit men on retainer? Go from there?
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 20, 2021 8:49:22 GMT -5
Very little for the first year. Quit my job, if I remembered to email them that is. Right away I'd get a personal trainer, part time personal chef, and part time nurse/night nurse to help with ds diabetes. Work on the projects I can only daydream about now. Hang out with my family. Eventually try to figure out how to make a difference, then travel, study, and nap. similar! but I would give 2 weeks notice and do my best for my team during that time. But it woud be hard not to walk away in slow mo with the fiery explosions behind me. Then I'd collapse for 6 months. I hope I wouldn't need longer than that - but you never know. I'd make my house the jewel of the neighborhood and see what I thought before deciding to sell and get something upgraded, which I probalby would do eventually - but I would try not to shock my system for a while, and upgrade gradual-like. Maybe going up a few SES slots over a few successive houses. Maybe buy a secluded lake house somewhere too as a vacation home. Not too big or fancy, but quite high end and private lovely beach. I would try to be pretty inconspicuous through this. Moving slowly most of the time, and never ever tell anyone about the Billion. At least for 5 years anyway.
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Tiny
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Post by Tiny on Apr 20, 2021 9:05:40 GMT -5
Tiny , sorry but I have to laugh. You have a $1,000,000,000 dollars just drop in your lap. And you are only going to give friends and family up to the annual non-taxable limits? You have a billion fricking dollars. Pay some taxes. I am very glad you laughed!!! I don't want THEM to have to pay taxes.... I'm "saving" them from the tax man!!! It's a little bit of an inside joke.... they (my family) all complain about the taxes they have to pay (and they are all long time married with kids) and I've been long time Single. I don't really want to have to listen to them complain about the taxes they would have to pay on money I GAVE them - even if the taxes came out of the money I gave them. Any money that goes to taxes is money taken away from them - even if it's part of a gift. (it's a little bit of a Monkey's Paw "gift" to them.) I will gladly pay taxes on the money I use and spend and work with. I probably would shower the friends with more $$ (the one's who fell on hard times due to no consequence of their own actions/decisions - or who just had a bad outcome from a what generally is a "routine" decision. My friends don't complain about taxes. But, I suspect if I were to put my friends on easy street it might mess with their own family/support relationships. I want to help people, not ruin the things they take joy in.
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billisonboard
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Post by billisonboard on Apr 20, 2021 9:05:47 GMT -5
As Tennesseer said, money can be a curse. So I would draw up a list of those individuals I would give money. Then I would ask them to think about what would make their lives better and what amount of money would that take. I would tell them I won't evaluate their choice of what would make them happy. But reserve the right if they come up with something I think is an unreasonable sized slice of the pie, I would offer them a second (final) chance to modify. There are also a couple of smaller non-profit organizations I would do the same with. I would tell their boards, with a smile on my face, fight first on how you would spend a pile of money and if you survive the battle I will give you the money.
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Tiny
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Post by Tiny on Apr 20, 2021 9:08:23 GMT -5
Keep a couple dozen hit men on retainer? Go from there? I only need John Wick on retainer (or on the payroll).
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Tiny
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Post by Tiny on Apr 20, 2021 9:18:49 GMT -5
@billsonboard you got me hearing their voices this morning... please read this in an under the breath grumpy, I feel cheated voice: "well, I only got 10 million it should have been 12,000,000 - 2 million went to the tax man! I want my 2 million I've been ripped off!!!! and, what, wait, now that I have 10 million I have to PAY taxes on the increases/returns from that EVERY YEAR! OMG!! more taxes!!!! I shouldn't have to pay taxes!!! I worked hard for this money! It's Mine! blah blah blah blah...."
So, gifting them the minimum amount that effects their current taxes as little as possible (they can spend the 15K per year or so rather than save it) is actually a GIFT to me. They get something and I don't have to listen to more "I pay too much in taxes!" talk.
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Lizard Queen
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Post by Lizard Queen on Apr 20, 2021 9:34:21 GMT -5
I'm with you, Tiny. I lean to gifting the minimum to family, because I really don't think they can handle large sums. They haven't shown that they can handle lesser sums. Pretty sure they'd blow right through a million. Likelihood is high they'd turn into entitled assholes.
I think I'd prefer to live completely under the radar, not having anyone know of our wealth. I don't think I'd even want my kids to know. Just travel more with them, and have more time with them in general. Of course, quitting the jobs.
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busymom
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Post by busymom on Apr 20, 2021 9:36:10 GMT -5
I've gotta agree that I'd probably go into hiding to keep people from knocking on my door, asking for money. "After all, you can afford it." The first thing I'd do is help a friend who needs an organ transplant. She's sick enough that she's in the hospital pretty much every month, yet she's not "sick enough" to be put on the priority list. I wonder if me throwing money at a hospital would make her a priority? I'd like to set up some scholarships. And, donate to some children's hospitals. Of course, I'd find something fun to buy too, like maybe a nice vacation home, or a really nice car...
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Bonny
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Post by Bonny on Apr 20, 2021 9:46:46 GMT -5
I used to play this game with myself about what I would do if I won the lottery. I've always wanted to set up a foundation (with me as the chair of course) and find good projects to give matching grants to. I'm especially fond of Open Space preservation projects.
The only problem with my dream is that I'm too cheap to buy lottery tickets.
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billisonboard
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Post by billisonboard on Apr 20, 2021 9:49:38 GMT -5
Tiny, has to be a bummer to have to hear that crap. Sorry I got it going in your head.
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Post by minnesotapaintlady on Apr 20, 2021 9:56:41 GMT -5
I have no idea what I would do. But for starters I would just go buy a new damn vehicle and be done with that stress.
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billisonboard
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Post by billisonboard on Apr 20, 2021 10:08:53 GMT -5
I used to play this game with myself about what I would do if I won the lottery. I've always wanted to set up a foundation (with me as the chair of course) and find good projects to give matching grants to. I'm especially fond of Open Space preservation projects.
The only problem with my dream is that I'm too cheap to buy lottery tickets. $2 twice a week. I consider it as money spent on entertainment. About the price of a movie on demand. I calculate each time what the cash payout would be after taxes. I house shop. I car shop. I clothes shop. I get my money's worth of enjoyment out of what I spend. I am not sure I really want to win. Dreaming about having the money seems more fun and a hell of a lot less work than actually having to deal with having the money. But I won't tear up the winning ticket. I would bravely face the challenge.
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billisonboard
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Post by billisonboard on Apr 20, 2021 10:43:04 GMT -5
I could add the house shopping is something I share with my wife. When I find something interesting, I send her a link. She on her laptop and I on my tablet look through the pictures together. We talk about if/how we would fit in the house. She has fun redecorating. Good bonding time.
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tallguy
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Post by tallguy on Apr 20, 2021 11:28:33 GMT -5
Tiny , sorry but I have to laugh. You have a $1,000,000,000 dollars just drop in your lap. And you are only going to give friends and family up to the annual non-taxable limits? You have a billion fricking dollars. Pay some taxes. I am very glad you laughed!!! I don't want THEM to have to pay taxes.... I'm "saving" them from the tax man!!! It's a little bit of an inside joke.... they (my family) all complain about the taxes they have to pay (and they are all long time married with kids) and I've been long time Single. I don't really want to have to listen to them complain about the taxes they would have to pay on money I GAVE them - even if the taxes came out of the money I gave them. Any money that goes to taxes is money taken away from them - even if it's part of a gift. (it's a little bit of a Monkey's Paw "gift" to them.) I will gladly pay taxes on the money I use and spend and work with. I probably would shower the friends with more $$ (the one's who fell on hard times due to no consequence of their own actions/decisions - or who just had a bad outcome from a what generally is a "routine" decision. My friends don't complain about taxes. But, I suspect if I were to put my friends on easy street it might mess with their own family/support relationships. I want to help people, not ruin the things they take joy in. Since when and in what situations would the recipient ever have to pay gift taxes?
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tallguy
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Post by tallguy on Apr 20, 2021 11:39:30 GMT -5
I used to play this game with myself about what I would do if I won the lottery. I've always wanted to set up a foundation (with me as the chair of course) and find good projects to give matching grants to. I'm especially fond of Open Space preservation projects.
The only problem with my dream is that I'm too cheap to buy lottery tickets. $2 twice a week. I consider it as money spent on entertainment. About the price of a movie on demand. I calculate each time what the cash payout would be after taxes. I house shop. I car shop. I clothes shop. I get my money's worth of enjoyment out of what I spend. I am not sure I really want to win. Dreaming about having the money seems more fun and a hell of a lot less work than actually having to deal with having the money. But I won't tear up the winning ticket. I would bravely face the challenge. "After a time, you may find that having is not so pleasing a thing after all as wanting. It is not logical, but it is often true." (I assume you know the reference for that, but in truth I think some men have gone there before. Boldly, in fact.)
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tractor
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Post by tractor on Apr 20, 2021 11:44:05 GMT -5
I would set up a trust and put all the money into it. Then I would allow myself reasonable allowances to buy some comfort. If anyone were to ask for a handout, I would simply say the Trust won’t allow it. Over time the trustees could change to allow my kids and their families to partake.
I think it would be fun to name is something like the “No Chance in Hell” Trust.
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gs11rmb
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Post by gs11rmb on Apr 20, 2021 12:09:56 GMT -5
I used to play this game with myself about what I would do if I won the lottery. I've always wanted to set up a foundation (with me as the chair of course) and find good projects to give matching grants to. I'm especially fond of Open Space preservation projects.
The only problem with my dream is that I'm too cheap to buy lottery tickets. I'm in Development. I love the idea of having my own Foundation and giving away money rather than having to ask for it all the time!
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thyme4change
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Post by thyme4change on Apr 20, 2021 12:13:18 GMT -5
Keep 10 mill or so and use the rest to influence politics. 990 million should keep Trump 2024 at bay.
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tallguy
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Post by tallguy on Apr 20, 2021 12:20:41 GMT -5
Keep 10 mill or so and use the rest to influence politics. 990 million should keep Trump 2024 at bay. Still like the hit man idea....
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Lizard Queen
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Post by Lizard Queen on Apr 20, 2021 12:23:29 GMT -5
I've thought about this for decades now. I would set up a non-profit that restores urban blight back to nature. It seems like developers prefer to develop on virgin land, so maybe it would help that, or help restore property values for neighbors, reestablish habitat for animals and vegetation, and ease global warming.
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billisonboard
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Post by billisonboard on Apr 20, 2021 12:39:24 GMT -5
I think in terms of "pots of money". House, (buy, update, furnish). Lifestyle maintenance (property tax, insurances, utilities, housekeep, lawn and pool, etc). Immediate personal (car, new wardrobe, etc). Monthly/annual personal (food, entertainment, travel, etc). Whoops (guess I miscalculated on the amounts in the other pots). After that is accounted for, the rest would be in a give it away pot.
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Post by Deleted on Apr 20, 2021 12:51:19 GMT -5
set up trusts for the g'kids and give the rest to my kids (that includes the step-kids and step-g'kids)
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jeffreymo
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Post by jeffreymo on Apr 20, 2021 12:58:03 GMT -5
$1B after tax I would allocate $100M for immediate spending/gifting/charity and the next 5 years of spending. We would stop working immediately and probably buy 2-3 houses.
Then I’d invest the rest and try to find a professional baseball/football team that needs a small cash infusion/minority partner (total pipe dream). New full time job is managing the money.
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imawino
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Post by imawino on Apr 20, 2021 13:01:37 GMT -5
If when you woke up tomorrow you had a billion dollars? Of course I would quit my stupid job! The first thing I’d buy would be a ‘68 Camaro. I’d go pick up a few of my peeps in a limo and if they’re at work, tell them “come with me now, just trust me”. Actually, that’s only 2 people. We’d go celebrate my good fortune, and I’d break them off a little something so they’d never have to work a 9-5 unless they wanted to. The least I can do if I convince them to leave with me and put their job in jeopardy. I’d set something up for my closest loved ones to take care of them for life. That’s a short list, and if they screw up whatever i put in place for them, too bad so sad. Not really sad though. I’d donate to the church I grew up in, in care of the current Pastor. I have the utmost respect for him. The church is in an inner city, poor neighborhood, and I have no doubt that he would use the money I give the church to continue to try to make a positive impact in that community. I’d buy a house somewhere I’d like to live, for a home base. And I’d travel the world. So many places I want to go and so many things I want to see with my own eyes.😍 Oh, and I’d pay one of our children to field all the requests for money I’d receive. I’d be willing to give to charities and even individuals, but not to random people that think I should give them money just because they were in the same first grade class with me. And because I will have taken care of the people I love the most and I’ll be busy exploring the world, I’d buy a Trac phone or whatever and replace it every couple of days. Don’t call me, I’ll call you. What would you do? www.bing.com/videos/search?q=i%27m+on+a+boat+video&view=detail&mid=2CAF742E98B9E25385552CAF742E98B9E2538555&FORM=VIRE0&ru=%2fsearch%3fq%3di%2527m%2bon%2ba%2bboat%2bvideo%26cvid%3d031f63fb1d014ce892253588cbb6b862%26aqs%3dedge.1.0l7.4134j0j1%26pglt%3d163%26FORM%3dANNAB1%26PC%3dU531
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Rukh O'Rorke
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Post by Rukh O'Rorke on Apr 20, 2021 13:14:19 GMT -5
I've gotta agree that I'd probably go into hiding to keep people from knocking on my door, asking for money. "After all, you can afford it." The first thing I'd do is help a friend who needs an organ transplant. She's sick enough that she's in the hospital pretty much every month, yet she's not "sick enough" to be put on the priority list. I wonder if me throwing money at a hospital would make her a priority? I would not want to tred in that water. Because of the scarcity - if someone moves up, someone else moves down and if that person's need really is more critical, they may not make it at their new priority slot. And if you 'helped' that person move up 10 slots, 10 people are waiting longer. I just don't think I could handle that level of responsibility .
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