thyme4change
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Post by thyme4change on Apr 21, 2021 10:33:50 GMT -5
I have a scheme for how I could live financially stress free and very comfortably for the rest of my life if I win the lottery. It is all cash on hand and not investment income based so no management nor tax issues. $40M works well. $50M would be sweet. An additional $25M or so would be fun to give away. My wife could have fun with $25M also. So $100M would be perfect. I see an amount above that to start being a struggle. Billion definitely a curse. Keeping it all in cash, assuming that it magically appears in the form of cash, is definitely a strategy that occurred to me. I might even go so far as to keep it in an account that does not pay interest until I had lined up a team of financial experts who were bound by confidentiality. (that probably means that they would all have to be either lawyers or shrinks) to help me set up and maintain the necessary buffers against the worst of human nature. Anybody can sign a confidentiality agreement. Ask all those White House employees who worked there between 2016 and 2020.
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haapai
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Character
Joined: Dec 20, 2010 20:40:06 GMT -5
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Post by haapai on Apr 21, 2021 10:56:12 GMT -5
That's true, but lawyers and shrinks probably have a lot more practice. I would not have to get them to sign anything and they'd know better than most how to avoid saying or doing anything that could bring unwanted attention to me.
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billisonboard
Community Leader
Joined: Dec 20, 2010 22:45:44 GMT -5
Posts: 37,451
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Post by billisonboard on Apr 21, 2021 11:10:01 GMT -5
I have a scheme for how I could live financially stress free and very comfortably for the rest of my life if I win the lottery. It is all cash on hand and not investment income based so no management nor tax issues. $40M works well. $50M would be sweet. An additional $25M or so would be fun to give away. My wife could have fun with $25M also. So $100M would be perfect. I see an amount above that to start being a struggle. Billion definitely a curse. Keeping it all in cash, assuming that it magically appears in the form of cash, is definitely a strategy that occurred to me. I might even go so far as to keep it in an account that does not pay interest until I had lined up a team of financial experts who were bound by confidentiality. (that probably means that they would all have to be either lawyers or shrinks) to help me set up and maintain the necessary buffers against the worst of human nature. Yeah, not sure of the mechanics of it all. I talk about millions of dollars of cash in a sock drawer. I think I mean it more metaphorically than actually. For me it is about avoiding, "Okay, it I have $1M and invest it with an average return of "x" and withdraw "y" each month ..." Forget that. We are talking huge initial pile of money and never having to receive another dollar the rest of my life. I figure I have at most 25 years left on the planet. That is 300 months. I make a wild assed guess to start with that $30,000 a month will easily cover all standard life expenses (property taxes, HOA, home/health/auto insurance, utilities, ousekeeping , lawn and pool maintenance, etc). So have $9M saved to cover that. Thinking that same amount for each of wife and self to spend. Think on average it should work. Higher if we are traveling, less when just at home. So another $9M for me, $11M for her (she is 4 years younger and potential longer life span). Then a $10M "man did I miscalculate expenses" fund. Inflation is an issue but think that standard life fund is high to start so more like $25,000 a month in year one building to $35,000 by year 25. Figure our slowing down with increasing age would cover inflation in the other. This is what happens when I am unemployed and have too much time on my hands.
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thyme4change
Community Leader
Joined: Dec 26, 2010 13:54:08 GMT -5
Posts: 40,389
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Post by thyme4change on Apr 21, 2021 16:15:07 GMT -5
If I had more money then I could ever use I would lobby congress to pass a national minion wage for people. And also work to get universal healthcare, that would do more for people then anything. Then work on term limits, if they need to be paid off to do it, so be it. I might travel some and buy a house much closer town. Would love to have a chauffer, maid, and chef. Those would be really nice. Kevin would be all for it. Lol. I was wondering if she called it a minion wage on purpose.
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Lizard Queen
Senior Associate
103/2024
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Posts: 14,659
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Post by Lizard Queen on Apr 21, 2021 16:29:47 GMT -5
Minion wage--i like it!
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toomuchreality
Senior Associate
Joined: Sept 3, 2011 10:28:25 GMT -5
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Favorite Drink: Sometimes I drink water... just to surprise my liver!
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Post by toomuchreality on Apr 22, 2021 0:58:16 GMT -5
I would love to be able to randomly give people things. Whatever it is I felt like would improve their life (and mine). I don't want to have to be concerned about the after effects. Since this is magical money, I'm keeping it magical.
I do not want to be responsible for others, or their happiness/unhappiness. That takes all the fun out of it. Then it's just another chore.
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mcsangel2
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Joined: Jun 6, 2011 10:53:06 GMT -5
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Post by mcsangel2 on Apr 22, 2021 11:47:02 GMT -5
DH would open a chain of retrospective and art house movie theatres, and maybe fund the production of smaller/art house movies. With each passing year, it's harder and harder for anything but guaranteed blockbusters to get made.
I would build ice rinks all over the world (figure skating only, no hockey), and open pro figure skating shops to go with them. And patronize up and coming skaters. Actually a billion is probably not enough for all that (it takes 5-7 million just to build one two sheet ice rink), but magical money and all that.
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billisonboard
Community Leader
Joined: Dec 20, 2010 22:45:44 GMT -5
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Post by billisonboard on Apr 22, 2021 12:01:30 GMT -5
DH would open a chain of retrospective and art house movie theatres, and maybe fund the production of smaller/art house movies. With each passing year, it's harder and harder for anything but guaranteed blockbusters to get made. I would build ice rinks all over the world (figure skating only, no hockey), and open pro figure skating shops to go with them. And patronize up and coming skaters. Actually a billion is probably not enough for all that (it takes 5-7 million just to build one two sheet ice rink), but magical money and all that. Yet really cool visions. You would just need to find some solid boring real world person who can see them and scale down to the possible.
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Regis
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Joined: Dec 27, 2010 12:26:50 GMT -5
Posts: 1,414
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Post by Regis on Apr 22, 2021 16:48:54 GMT -5
DH would open a chain of retrospective and art house movie theatres, and maybe fund the production of smaller/art house movies. With each passing year, it's harder and harder for anything but guaranteed blockbusters to get made. I would build ice rinks all over the world (figure skating only, no hockey), and open pro figure skating shops to go with them. And patronize up and coming skaters. Actually a billion is probably not enough for all that (it takes 5-7 million just to build one two sheet ice rink), but magical money and all that. But if you invest the $1B in an S&P500 index fund at 11%, you'd be able to build about 20 ice rinks every year and never touch the principal!
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mcsangel2
Junior Member
Joined: Jun 6, 2011 10:53:06 GMT -5
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Post by mcsangel2 on Apr 22, 2021 19:42:54 GMT -5
DH would open a chain of retrospective and art house movie theatres, and maybe fund the production of smaller/art house movies. With each passing year, it's harder and harder for anything but guaranteed blockbusters to get made. I would build ice rinks all over the world (figure skating only, no hockey), and open pro figure skating shops to go with them. And patronize up and coming skaters. Actually a billion is probably not enough for all that (it takes 5-7 million just to build one two sheet ice rink), but magical money and all that. But if you invest the $1B in an S&P500 index fund at 11%, you'd be able to build about 20 ice rinks every year and never touch the principal! That's a great point! I'll remember that for when I come into my windfall.
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