THE BORE
General => The Superdeep Borehole => Topic started by: abrader on July 30, 2008, 02:38:08 PM
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I saw something on TV today about people winning lottery prizes of like $15,000,000 and then blowing at all in under 10 years leaving themselves in an upside down life where they are use to a lifestyle that they can no longer afford and never have any hope of attaining. Worse yet - they were out of work so long that getting back into the swing of things is not easy for them...some even kill themselves...
I believe the comfortable minimum for anyone to retire is 6M and dont see how people could be so thick - so I ask you evilbore;
If you fell into 3-6 Million dollars - what would you do with it?
Im not saying 10Million because one could spend as little as 100K a year and live for 100 years off of it... without doing anything but keeping it safe....
How would you make 3 to 6 MIL take care of you for the rest of your life? (lets also not consider taxes unless you are talking taxable interest income)
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Put it in the bank and live off the interest.
Its unfortunately not that easy.
FDIC insurance for any single SSN at any bank is only $100,000.
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Put it in the bank and live off the interest.
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Put it in Patel's bank and live off the interest.
Why do you need $6 million dollars for retirement? That seems so random.
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Put it in the bank and live off the interest.
^^ LOL
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Put it in Patel's bank and live off the interest.
Why do you need $6 million dollars for retirement? That seems so random.
Considering inflation, and most peoples lifestyle preferences its a calculated minimum for a person in our country to retire in the next 5 years
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Put it in the bank and live off the interest.
Its unfortunately not that easy.
FDIC insurance for any single SSN at any bank is only $100,000.
Really?
I'm sure there are ways around that.
Unfortunately no - even CD's are only insured up to $100,000 per person per institution..
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Basically you are forced to stash your money in multiple different places - its not was easy as just opening a saving account at WAMU
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You can get long term federal bonds insured up to 1,000,000 each....but you cant touch that money at all until it matures.
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reserve a good 20k for one (maybe two) nights of extreme partying and extravagance. the next day (like at 3pm), i'd hire some awesome accountants to help me work through a budget split up over the next 70 years for a comfortable and modest lifestyle with no worries. The rest would be put in the hands of investors and whatnot. People smarter than I so that I can continue to live with no worries.
I want to live around the same way I'm living now but without any worries, a paid off home and a paid off car. But money to blow on videogames and traveling anytime I'd like (with obvious limits) and small out there expenditures. Know what I mean?
I don't want to live in a 30 room mansion with 4 RR's. Not my style and it's just stupid.
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buy a house and a car (maybe two cars), furnish the house, give some of the money to my immediate family, put some in a vacation account and invest the rest. and maybe open my own store or something at some point.
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.
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Put it in the bank and live on the internet.
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Put it in the bank and live on the internet.
we could live together. i'd be your maid. :)
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I want to live around the same way I'm living now but without any worries, a paid off home and a paid off car. But money to blow on videogames and traveling anytime I'd like (with obvious limits) and small out there expenditures. Know what I mean?
I know what you mean.
When I was 25 - I would have been completely happy with some arrangement that paid me at least $150,000/year after taxes...
Falling into $1,000,000 to $2,000,000 is the most pain...the best short term lo risk investments will only pay put around $60,000 a year on that....I can see how people with $1 to $2 mil blow it so easily...but these cunts with $15-30M deserve to die after squandering it.
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reserve a good 20k for one (maybe two) nights of extreme partying and extravagance. the next day (like at 3pm), i'd hire some awesome accountants to help me work through a budget split up over the next 70 years for a comfortable and modest lifestyle with no worries. The rest would be put in the hands of investors and whatnot. People smarter than I so that I can continue to live with no worries.
I want to live around the same way I'm living now but without any worries, a paid off home and a paid off car. But money to blow on videogames and traveling anytime I'd like (with obvious limits) and small out there expenditures. Know what I mean?
I don't want to live in a 30 room mansion with 4 RR's. Not my style and it's just stupid.
SORRY MUPEPE BUT THAT'S IMPOSSIBLE SOMETHING SOMETHING FDIC
I want to live around the same way I'm living now but without any worries, a paid off home and a paid off car. But money to blow on videogames and traveling anytime I'd like (with obvious limits) and small out there expenditures. Know what I mean?
I know what you mean.
When I was 25 - I would have been completely happy with some arrangement that paid me at least $150,000/year after taxes...
Are you saying that's not the case now? Because anybody who's not happy on $150k / year after taxes has serious mental issues.
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I think the minimum freeze time for a $1,000,000 federal bond is 5 years....and if we goto war during that time - LOL...
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reserve a good 20k for one (maybe two) nights of extreme partying and extravagance. the next day (like at 3pm), i'd hire some awesome accountants to help me work through a budget split up over the next 70 years for a comfortable and modest lifestyle with no worries. The rest would be put in the hands of investors and whatnot. People smarter than I so that I can continue to live with no worries.
I want to live around the same way I'm living now but without any worries, a paid off home and a paid off car. But money to blow on videogames and traveling anytime I'd like (with obvious limits) and small out there expenditures. Know what I mean?
I don't want to live in a 30 room mansion with 4 RR's. Not my style and it's just stupid.
SORRY MUPEPE BUT THAT'S IMPOSSIBLE SOMETHING SOMETHING FDIC
Naw - Mupepe had the right idea.
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Start a PMC and bring hell upon pedo "tourists"
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reserve a good 20k for one (maybe two) nights of extreme partying and extravagance. the next day (like at 3pm), i'd hire some awesome accountants to help me work through a budget split up over the next 70 years for a comfortable and modest lifestyle with no worries. The rest would be put in the hands of investors and whatnot. People smarter than I so that I can continue to live with no worries.
I want to live around the same way I'm living now but without any worries, a paid off home and a paid off car. But money to blow on videogames and traveling anytime I'd like (with obvious limits) and small out there expenditures. Know what I mean?
I don't want to live in a 30 room mansion with 4 RR's. Not my style and it's just stupid.
SORRY MUPEPE BUT THAT'S IMPOSSIBLE SOMETHING SOMETHING FDIC
Naw - Mupepe had the right idea.
wtf, he said exactly the same thing as mojo and I
when we say "put it in the bank and live off the interest" we are not so fucking distinguished mentally-challenged as to mean go to Wells Fargo and open up a personal savings account
we mean "don't blow it all lke a distinguished mentally-challenged fellow; instead, invest it wisely and safely and live off the revenue generated by your investments"
sorry we didn't use the secret code words :maf
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Kill myself with a gun covered in bling bling.
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reserve a good 20k for one (maybe two) nights of extreme partying and extravagance. the next day (like at 3pm), i'd hire some awesome accountants to help me work through a budget split up over the next 70 years for a comfortable and modest lifestyle with no worries. The rest would be put in the hands of investors and whatnot. People smarter than I so that I can continue to live with no worries.
I want to live around the same way I'm living now but without any worries, a paid off home and a paid off car. But money to blow on videogames and traveling anytime I'd like (with obvious limits) and small out there expenditures. Know what I mean?
I don't want to live in a 30 room mansion with 4 RR's. Not my style and it's just stupid.
SORRY MUPEPE BUT THAT'S IMPOSSIBLE SOMETHING SOMETHING FDIC
Naw - Mupepe had the right idea.
wtf, he said exactly the same thing as mojo and I
when we say "put it in the bank and live off the interest" we are not so fucking distinguished mentally-challenged as to mean go to Wells Fargo and open up a personal savings account
we mean "don't blow it all lke a distinguished mentally-challenged fellow; instead, invest it wisely and safely and live off the revenue generated by your investments"
sorry we didn't use the secret code words :maf
wow bitch go take a handful of valium and give yerself an enema.
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you can even write my name on the enema bottle.
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Invest it and act like Mr. Darcy.
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So when most of these people lose their lottery winnings they have followed a path like this;
- they get the money
- they have no idea that they cant just throw it into savings
- they dont understand what a financial advisor is saying, and dont like his/her fees so they decide to try to do everything on their own...
- the paranoia and stress of managing it causes them to just spend it
- the END - for them anyway
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hire an accountant.
pay with snakes.
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Why did you start this thread like it was a question when you already know the answer?
I see you didnt take on reading lessons after your explosion of distinguished mentally-challenged yesterday morning - what do I say in the first post?
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I'd give a lot to charities/missionaries/etc, set my family up, etc. Then I'd invest in Exxon Mobile and other oil companies
I'd continue going to school to get my MBA, then use my knowledge and connections to climb the power broker ladder.
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Why did you start this thread like it was a question when you already know the answer?
I see you didnt take on reading lessons after your explosion of distinguished mentally-challenged yesterday morning - what do I say in the first post?
Oh yeah, BIG MAN! SOOOO COOOOL!
you might want to put me on ignore before you have a nervous breakdown.
I wont be held responsible!
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If EB ever gets a real front page, I nominate abrader as official economics and financial analyst. (http://www.evilbore.com/forum/index.php?topic=18709)
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I just want to see the math on his minimum $6 million retirement package. That is 120 years of a $50k salary. I've read some distinguished mentally-challenged things on this forum, but that might just take the cake.
Yeah, that should translate into about $300k a year for the typical retiree with an average life expectancy.
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can we hold the crane warz at abrader's house*
*actually his parents' house
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This thread is a downer. :(
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This thread is a downer. :(
in reality i would blow about half of it in a year on books and music
maybe i would start a small record label
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I think we had thios thread not that long ago, but!: Bank 60% of it, live off the interest. Quit work, take lessons in EVERYTHING (Woodworking, pottery, ukelele). Open a community learning space for artisans. I.e., You can work in this studio IF you teach me (Or anyone else) how to do whatever it is you know how to do. Travel on a budget of more than 20 dollars a day (I did it! With my wife! That's 10 bucks a person. Stretch that dollar, man)
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I'd buy gaf so I could get a fucking activation.
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I'd give it to Joe Molotov... once he sits on my face
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Hobo Holocaust.
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Comfortable minimum of $6 million? I guess you're anticipating inflation like post-WWI Germany.
edit: To answer the question I'd buy myself a nice condo (around $105,000 for 1250 square feet where I live), pay off my car, and make a wide range of low-medium risk investments. I'd probably keep my primary programming job, though. I wouldn't want to end up driving around a Hummer and spending all my money on anime.
edit2:
Accounts at different banks are insured separately. One person could keep $100,000 in accounts at two separate banks (which are not branches of the same bank) and be insured for a total of $200,000. Also, accounts in different ownerships (such as beneficial ownership, trusts, and joint accounts) can be considered separately for the $100,000 insurance limit. The Federal Deposit Insurance Reform Act of 2005 raised the amount of insurance for an Individual Retirement Account to $250,000.
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Comfortable minimum of $6 million? I guess you're anticipating inflation like post-WWI Germany.
FDIC ASSHOLE, PAY ATTENTION!
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Build a giant bomb shelter which doubles as my house underground, but secret it is also a vehicle that can drive in any direction. When the world goes crazy, I will cruise around the wastelands in my giant house battleship and watch the madness first hand.
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Hobo Holocaust.
hobocaust!
bumageddon! (which is apparently an Aussie thing involving Andy Griffiths, but not Matlock)
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"Bumageddon" is awesome.
I want to go down in history as the hero who eliminated the homeless once and for all. :american
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adriana lima and amerie
at
the
same
time
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stim cell research + inflation = 6mil comfort-zone.
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I would give a lot to charity. Like, the majority of it.
I would then build my own movie theater with one of the theater rooms in IMAX and another one with an actual theatre stage on it for local theatre companies. It would be set up like an older theatre with grand architecture, except with stadium seating. Of course, I would build a room onto my current home (or buy a new one) with a theater room in it as well, featuring a high-def projector and Dolby TrueHD surround sound.
The rest would go towards games, DVDs, etc, starting with paying off every game I would ever want for the next year.
I just gave myself everything I would ever want, including an ideal job to continue to get large sums of income from the community as well as helping the world out.
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Well, I am assuming I would have this money in the near future, after Obama makes gay marriage legal and compulsory. First of all, I would take part in the Ronald Reagan Memorial Hobocaust. Then I would move to South America with my wives, APF and Boogie, and have pool boys bring me substances fitting enough to make me numb to the boring nature of reality. I would put the rest in WaMu and live off the interest.
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i would use it to buy a season of a special tv series to run at prime time i would call "THIS LITTLE LIGHT OF MINE" and it would basically be david schwimmer and jennifer aniston re-enacting choice scenes from visitor q for the edification of all americans
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1. buy my parents an awesome house and let them live off some of the money so they can just retire.
2. buy a shit load of games.
3. buy every dvd ever.
4. Buy an awesome car.
5. Put it in the bank and use it when necessary, still going to a day job and not retiring.
6. Give 1 million to charity.
I'm pretty content with my life and if I were rich I wouldn't want to trade my life for sitting around in a mountain of gold.
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Give it to Wilco to invest for me.
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Invest it and live off the returns which would be fucking gigantic even with a modest return of 7% or something.
And yeah, I'd buy hookers and porn.
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Pay off my parents' house and cars. Pay off my education and my boyfriend's education. Give a few thousand to the local no-kill shelter. Save a bunch for my kids. :)
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Invest it and live off the returns which would be fucking gigantic even with a modest return of 7% or something.
And yeah, I'd buy hookers and porn.
How do you get the 7%?
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Invest it and live off the returns which would be fucking gigantic even with a modest return of 7% or something.
And yeah, I'd buy hookers and porn.
haha that's amazing
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Buy a house for $1-2 million, put it in a bank, live off the interest. Work part time as a contractor for a few years then retire.
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transform myself into a cyborg.
then sit around the house drinking all day.
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I would start a small hedge fund or real estate development firm.
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I still wanna know where this 7% modest lo risk return rate comes from...
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I still wanna know where this 7% modest lo risk return rate comes from...
Historical return of large cap stocks is 7-9%, and historical return of small cap is 10-12%.
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transform myself into a cyborg.
then sit around the house drinking all day.
fuck yeah. i like your style.
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I still wanna know where this 7% modest lo risk return rate comes from...
Did you just start reading the Motley Fool or what? You're being a real dick about money for someone who doesn't have any.
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i thought abrader was the richest person on this board
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i thought abrader was the richest person on this board
he's probably in debt with the amount of money he spends on hairspray.
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i thought abrader was the richest person on this board
What does this discussion have to do with my personal finances?
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I still wanna know where this 7% modest lo risk return rate comes from...
Did you just start reading the Motley Fool or what? You're being a real dick about money for someone who doesn't have any.
What are you even talking about?
Go away maggot.
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I still wanna know where this 7% modest lo risk return rate comes from...
Historical return of large cap stocks is 7-9%, and historical return of small cap is 10-12%.
Thats the thing - investing/trading is anything but certain in this economy. Everyone I know who trades is taking it in the ass right now because of the recession.
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Recessions don't last forever.
Play it safe in bad economic climates, take some risks when everything is yippy-skippy.
As for me, half in the bank gaining interest (bububut only $100K FDIC... save it), the other half on the market working.
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Thats the thing - investing/trading is anything but certain in this economy. Everyone I know who trades is taking it in the ass right now because of the recession.
Well no shit, the average investor is going to have a tough time getting a decent return in this economy. The numbers shown provide a historically conservative return averaged over many years, not over the course of zero to a few years.
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Invest it and live off the returns which would be fucking gigantic even with a modest return of 7% or something.
And yeah, I'd buy hookers and porn.
How do you get the 7%?
I'm not talking about speculating, I'm talking about investing which typically occurs over a long period such as 10 or 20 years, 7% is a very modest return for investing in shares or even property if that floats your boat.
Hell, you can earn 7% from a bank without much problem over time.
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Hey boo :-[
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I dont trust land investments either.
See - you want to retire - not make managing your financial advisor your full time job.
Bitch will send you up the river with stock, land, etc risks and he wont be there to help when you take a fall.
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Getting someone to manage your portfolio is one way I guess, but most sensible investors stick to something like blue chip shares (big, stable companies). That's easy to do yourself and you don't have to watch the share prices because they're a long term investment - you might check prices every few months for interest but that's about it.
I'm not into property investment either - they're a fine investment and some people really like driving down the road and seeing their investment sitting there, but dealing with tennants and shit is not particularly attractive to me. Plus the share market historically grows a little bit faster over time than the property market I think.
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I'd probably spend a good bit right off the jump, set some aside, and invest the rest.
I'd build a nice house. A two-story affair with tennis courts and a lazy river.
While it was being built, I'd take a long vacation. Around the world in 80 days lol.
I'd hook up the people I care about to various degrees, but give warning that that was all the money they'd ever get from me. :maf
I'd take a few years off, play games, read, watch movies, learn languages.
I'd eventually try to start a business related to something that interests me after those few years, that way I'd have something to do. I think I would want to really think about it before I gave any to charity, so that the money could be as beneficial as possible.
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How do you guys feel about lottery winners, etc that can somehow blow 15-20M in a few small years and have nothing left to show for it?
Looking back thats what stimulated me to even post this question. I saw something on the local news stimulated by Oprah's show yesterday.
You guys all really seem to have level headed ideas about it.
Do you think all of the rationale would go out the window once you had the cash in hand?
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It REALLY shits me off when people do that. I've seen it a couple of times with our clients (I'm an accountant) - one client won $1.2M or thereabouts and blew it within a few short months. The bank statement was littered with withdrawals - $10,000, $3,000, $25,000 etc...
Now they're back to doing it tough on their drought-stricken farm (and complaining about it). I have no idea what the fuck they fluffed it away on because they have absolutely nothing to show for it. They could have been set for life.
Fucking wankers.
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i must be feeling 'stimulated'
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It probably has something to do with the average lottery ticket buyer.
It's noveau-riches to the extreme.
Even if any of them make it last, their kids will be awful.
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It REALLY shits me off when people do that. I've seen it a couple of times with our clients (I'm an accountant) - one client won $1.2M or thereabouts and blew it within a few short months. The bank statement was littered with withdrawals - $10,000, $3,000, $25,000 etc...
Now they're back to doing it tough on their drought-stricken farm (and complaining about it). I have no idea what the fuck they fluffed it away on because they have absolutely nothing to show for it. They could have been set for life.
Fucking wankers.
Now it comes full circle. See I remember you making a comment like this in another thread recently and even waited on your dialog when i made this thread. I had no idea its context would arouse some of the reactions displayed shamefully within its pages.
Now that you are here. I have a theory that individuals with known windfalls become the unfortunate victim of marketing designed to drain them dry. MArketing and focused selling that is so over their head, they do not even see it coming.
Iv never have won any money other than small amounts gambling - and I dont really share any info with anyone - immediate family, girlfriends etc....
Think about people who win lotteries or some other transaction takes place that is publicly known - I think sales predators come in from the heavens and use bitches, drugs, pressure, ANYTHING they can use to convince the people to put their money in other places. (fucking design consultants etc, financial advisors, other quers and homos who say "stick it here")
What kind of radical activity to you experience with your face to face customers that you feel could be related?
IT seems like hics are the easiest targets.
Hahaha celebrity or E-television celebrities - Brittney Bitch.
Yeah im pretty much hammered- but you see where im going si?
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:lol Yeah, I remember writing it once before too - it REALLY annoyed me.
It actually seems quite random how these things go. I have one client who is very clever with the way they run their business, yet they're ALWAYS in some goddam get-rich-quick scheme. Like pyramid schemes and such. And of course none of them work.
This client won about $80,000 in a lottery a while back and asked me what he should do. I'm an accountant, rather than an investment person so I suggested if he really doesn't know, see a decent financial planner - one who will do some good common-sense investments based on the client's risk profile. I even recommended the one good financial planner I know.
No. A few days later he rings and he has managed to find some dodgy investment group who have their fees buried in piles of documentation, and the investment group also told both me and the the client's bank manager "don't ring the client if you have a question, ring us directly" which sets off alarm bells straight away.
I don't get it - they're smart people, and yet they're always on the lookout for these get-rish-quick things.
Then we have the clients who we generally refer to as "poor dumb cunts" - those who are really nice people but they have no money and every time you see them they have a story about someone who came to visit them and offered them some amazing deal on a loan or investment or who knows what.
No matter how much you try, some people are beyond help. And the fucking vultures out there can see them from a mile away - I don't know how they do it, but they find these poor gullible people no problems.
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Eep, DP.
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I'd put it in my ass.
In the form of cocaine, of course. Molded into a cock shape.
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I'd put it in my ass.
In the form of cocaine, of course. Molded into a cock shape.
Wouldnt that kill you?
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I can't imagine I'd really want to blow it on a lavish lifestyle or anything.
I'd probably buy a house with it. I'm thinking, 8 rooms or so. I dunno. Nothing big.
And I've really been wanting to buy a Mustang lately. Doesn't have to be brand new, but it's got to not look shitty, and it's got to be a stick. Vroom!
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can I change my answer to "three girls at once, every night for a year"
I just ran the numbers and that's over $5000 per girl, each and every time.
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Do you really think you have the energy to keep three girls occupied for an entire night?
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Do you really think you have the energy to keep three girls occupied for an entire night?
no, I would just take one and the other two would fool around with each other in the background
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Pay off my parents' house and cars. Pay off my education and my boyfriend's education. Give a few thousand to the local no-kill shelter. Save a bunch for my kids. :)
I can't imagine I'd really want to blow it on a lavish lifestyle or anything.
I'd probably buy a house with it. I'm thinking, 8 rooms or so. I dunno. Nothing big.
And I've really been wanting to buy a Mustang lately. Doesn't have to be brand new, but it's got to not look shitty, and it's got to be a stick. Vroom!
I should also say I'd buy James and I a nice house. Nothing too lavish or big, but like 3-4 bedrooms (one for us, one for each of our 2 planned kids, maybe an extra). And I'd buy myself a car, since I don't have my own.
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can I change my answer to "three girls at once, every night for a year"
I just ran the numbers and that's over $5000 per girl, each and every time.
Sounds like you should be getting paid rather than paying the girls.
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my rationale wouldn't go out the window. if anything, i'd become even more of a rigid prick (;)) about it once I actually had it.
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Get a nice house and stuff for the inside, a nice car, that kind of thing. Then save the rest and know that I always would have money if I ever needed it for something. I wouldn't retire, although I might think about using some of it to start up a business.
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How much would it cost to make a good recording studio?
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Hmm... if I had that, I'd pay off my debts. Then get a decent, two, maybe three, bedroom house. Put most into investment to earn interest to live off of. Take a week off from work. Then go back to work.
But I'd also take some and spend on sexy time and such.
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SynthPat's comment made me remember a funny story from my 20's.
There was this really sorta geeky rack monkey in operations at a previous company that I owned part of.
The guy did great work and pretty much stayed glued to his management tools for years while he gulped down junkfood and soda growing to a robust 240 or so pounds....He wasnt playing an MMORPG - his MMORPG was keeping our network running.
Anyway we made alot of money off of that company when it sold - the ops guy didnt have any points so we all pitched in and got him a gift.
About 5 of us got together an pulled $150,000. We went to Miami's BEST professional dating outfit that had the highest quality/best looking girls and bought our ops friend 5 very expensive gorgeous call girls for a 3 day weekend adventure w/ the girls at a resort.
To this day - the guy still wont tell us what happened over that three day weekend!
I must know some day!
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SynthPat's comment made me remember a funny story from my 20's.
There was this really sorta geeky rack monkey in operations at a previous company that I owned part of.
The guy did great work and pretty much stayed glued to his management tools for years while he gulped down junkfood and soda growing to a robust 240 or so pounds....He wasnt playing an MMORPG - his MMORPG was keeping our network running.
Anyway we made alot of money off of that company when it sold - the ops guy didnt have any points so we all pitched in and got him a gift.
About 5 of us got together an pulled $150,000. We went to Miami's BEST professional dating outfit that had the highest quality/best looking girls and bought our ops friend 5 very expensive gorgeous call girls for a 3 day weekend adventure w/ the girls at a resort.
To this day - the guy still wont tell us what happened over that three day weekend!
I must know some day!
you must know so that we may know!!
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Honestly mate - I would run in fear.
5 girls that are that hott?
I couldn't take the pressure.
I think the best part would be cruisin around the resort with the 5 girls behind me and bein able to say - yep yep, thee are my hoes....
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I hope, in my heart of hearts, that someday you and your friends pitch in and buy me a present someday.
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What would I do with $3-6 Million? 6-12 chicks at the same time, man. :-*