Author Topic: What would you do with $3-6 Million dollars? (Read 8960 times)

abrader · « **on:** July 30, 2008, 02:38:08 PM »

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)

abrader · « **Reply #1 on:** July 30, 2008, 02:40:19 PM »

Quote from: mojovonio on July 30, 2008, 02:39:36 PM

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.

Howard Alan Treesong · « **Reply #2 on:** July 30, 2008, 02:40:37 PM »

Put it in the bank and live off the interest.

Flannel Boy · « **Reply #3 on:** July 30, 2008, 02:42:06 PM »

Put it in Patel's bank and live off the interest.

Why do you need $6 million dollars for retirement? That seems so random.

abrader · « **Reply #4 on:** July 30, 2008, 02:42:16 PM »

Quote from: Synthesizer Patel on July 30, 2008, 02:40:37 PM

Put it in the bank and live off the interest.

^^ LOL

abrader · « **Reply #5 on:** July 30, 2008, 02:43:05 PM »

Quote from: Malek: King of Kings on July 30, 2008, 02:42:06 PM

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

abrader · « **Reply #6 on:** July 30, 2008, 02:43:42 PM »

Quote from: mojovonio on July 30, 2008, 02:42:22 PM

Quote from: abrader on July 30, 2008, 02:40:19 PM
Quote from: mojovonio on July 30, 2008, 02:39:36 PM
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..

abrader · « **Reply #7 on:** July 30, 2008, 02:44:20 PM »

Basically you are forced to stash your money in multiple different places - its not was easy as just opening a saving account at WAMU

abrader · « **Reply #8 on:** July 30, 2008, 02:45:55 PM »

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.

Mupepe · « **Reply #9 on:** July 30, 2008, 02:45:58 PM »

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.

cloudwalking · « **Reply #10 on:** July 30, 2008, 02:47:17 PM »

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.

Rman · « **Reply #11 on:** July 30, 2008, 02:47:28 PM »

TVC15 · « **Reply #12 on:** July 30, 2008, 02:50:29 PM »

Put it in the bank and live on the internet.

Mupepe · « **Reply #13 on:** July 30, 2008, 02:51:33 PM »

Quote from: TVC 15 on July 30, 2008, 02:50:29 PM

Put it in the bank and live on the internet.

we could live together. i'd be your maid.

abrader · « **Reply #14 on:** July 30, 2008, 02:52:20 PM »

Quote from: Mupepe on July 30, 2008, 02:45:58 PM

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.

Howard Alan Treesong · « **Reply #15 on:** July 30, 2008, 02:55:08 PM »

Quote from: Mupepe on July 30, 2008, 02:45:58 PM

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

Quote from: abrader on July 30, 2008, 02:52:20 PM

Quote from: Mupepe on July 30, 2008, 02:45:58 PM

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.

abrader · « **Reply #16 on:** July 30, 2008, 02:55:38 PM »

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...

abrader · « **Reply #17 on:** July 30, 2008, 02:56:01 PM »

Quote from: Synthesizer Patel on July 30, 2008, 02:55:08 PM

Quote from: Mupepe on July 30, 2008, 02:45:58 PM
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.

duckman2000 · « **Reply #18 on:** July 30, 2008, 02:56:02 PM »

Start a PMC and bring hell upon pedo "tourists"

Howard Alan Treesong · « **Reply #19 on:** July 30, 2008, 02:57:38 PM »

Quote from: abrader on July 30, 2008, 02:56:01 PM

Quote from: Synthesizer Patel on July 30, 2008, 02:55:08 PM
Quote from: Mupepe on July 30, 2008, 02:45:58 PM
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

Powerslave · « **Reply #20 on:** July 30, 2008, 02:57:41 PM »

Kill myself with a gun covered in bling bling.

abrader · « **Reply #21 on:** July 30, 2008, 02:58:47 PM »

Quote from: Synthesizer Patel on July 30, 2008, 02:57:38 PM

Quote from: abrader on July 30, 2008, 02:56:01 PM
Quote from: Synthesizer Patel on July 30, 2008, 02:55:08 PM
Quote from: Mupepe on July 30, 2008, 02:45:58 PM
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

wow bitch go take a handful of valium and give yerself an enema.

abrader · « **Reply #22 on:** July 30, 2008, 02:59:12 PM »

you can even write my name on the enema bottle.

Mandark · « **Reply #23 on:** July 30, 2008, 03:01:36 PM »

Invest it and act like Mr. Darcy.

abrader · « **Reply #24 on:** July 30, 2008, 03:02:06 PM »

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

Eric P · « **Reply #25 on:** July 30, 2008, 03:03:03 PM »

hire an accountant.
pay with snakes.

abrader · « **Reply #26 on:** July 30, 2008, 03:04:04 PM »

Quote from: mojovonio on July 30, 2008, 03:03:12 PM

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?

Phoenix Dark · « **Reply #27 on:** July 30, 2008, 03:05:32 PM »

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.

abrader · « **Reply #28 on:** July 30, 2008, 03:05:52 PM »

Quote from: mojovonio on July 30, 2008, 03:04:48 PM

Quote from: abrader on July 30, 2008, 03:04:04 PM
Quote from: mojovonio on July 30, 2008, 03:03:12 PM
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!

Mandark · « **Reply #29 on:** July 30, 2008, 03:10:27 PM »

If EB ever gets a real front page, I nominate abrader as official economics and financial analyst.

Flannel Boy · « **Reply #30 on:** July 30, 2008, 03:16:11 PM »

Quote from: Green Shinobi on July 30, 2008, 03:14:29 PM

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.

Howard Alan Treesong · « **Reply #31 on:** July 30, 2008, 03:19:49 PM »

can we hold the crane warz at abrader's house*

*actually his parents' house

Reb · « **Reply #32 on:** July 30, 2008, 03:34:56 PM »

This thread is a downer.

Eric P · « **Reply #33 on:** July 30, 2008, 03:37:27 PM »

Quote from: Rebiak on July 30, 2008, 03:34:56 PM

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

GilloD · « **Reply #34 on:** July 30, 2008, 03:38:28 PM »

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)

Brehvolution · « **Reply #35 on:** July 30, 2008, 04:06:46 PM »

I'd buy gaf so I could get a fucking activation.

demi · « **Reply #36 on:** July 30, 2008, 04:10:20 PM »

I'd give it to Joe Molotov... once he sits on my face

APF · « **Reply #37 on:** July 30, 2008, 04:23:43 PM »

Hobo Holocaust.

cubicle47b · « **Reply #38 on:** July 30, 2008, 05:08:08 PM »

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:

Quote

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.

Reb · « **Reply #39 on:** July 30, 2008, 05:12:22 PM »

Quote from: cubicle47b on July 30, 2008, 05:08:08 PM

Comfortable minimum of $6 million? I guess you're anticipating inflation like post-WWI Germany.

FDIC ASSHOLE, PAY ATTENTION!

cool breeze · « **Reply #40 on:** July 30, 2008, 05:30:01 PM »

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.

Eric P · « **Reply #41 on:** July 30, 2008, 05:30:49 PM »

Quote from: APF on July 30, 2008, 04:23:43 PM

Hobo Holocaust.

hobocaust!
bumageddon! (which is apparently an Aussie thing involving Andy Griffiths, but not Matlock)

APF · « **Reply #42 on:** July 30, 2008, 06:07:25 PM »

"Bumageddon" is awesome.

I want to go down in history as the hero who eliminated the homeless once and for all.

laesperanzapaz · « **Reply #43 on:** July 30, 2008, 07:41:04 PM »

adriana lima and amerie

at

the

same

time

abrader · « **Reply #44 on:** July 30, 2008, 08:26:52 PM »

stim cell research + inflation = 6mil comfort-zone.

Bloodwake · « **Reply #45 on:** July 30, 2008, 09:34:03 PM »

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.

TVC15 · « **Reply #46 on:** July 30, 2008, 09:46:02 PM »

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.

Van Cruncheon · « **Reply #47 on:** July 30, 2008, 09:50:14 PM »

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

Himu · « **Reply #48 on:** July 30, 2008, 11:11:13 PM »

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.

Joe Molotov · « **Reply #49 on:** July 31, 2008, 12:08:47 AM »

Give it to Wilco to invest for me.

Bildi · « **Reply #50 on:** July 31, 2008, 01:20:33 AM »

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.

xnikki118x · « **Reply #51 on:** July 31, 2008, 02:46:33 AM »

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.

abrader · « **Reply #52 on:** July 31, 2008, 06:52:57 AM »

Quote from: Bildi on July 31, 2008, 01:20:33 AM

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%?

Powerslave · « **Reply #53 on:** July 31, 2008, 07:09:39 AM »

Quote from: Bildi on July 31, 2008, 01:20:33 AM

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

tiesto · « **Reply #54 on:** July 31, 2008, 10:15:04 AM »

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.

Positive Touch · « **Reply #55 on:** July 31, 2008, 10:32:00 AM »

transform myself into a cyborg.

then sit around the house drinking all day.

Kestastrophe · « **Reply #56 on:** July 31, 2008, 10:42:27 AM »

I would start a small hedge fund or real estate development firm.

abrader · « **Reply #57 on:** July 31, 2008, 11:56:55 AM »

I still wanna know where this 7% modest lo risk return rate comes from...

Kestastrophe · « **Reply #58 on:** July 31, 2008, 12:17:04 PM »

Quote from: abrader on July 31, 2008, 11:56:55 AM

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%.

bagofeyes · « **Reply #59 on:** July 31, 2008, 12:18:37 PM »

Quote from: Positive Touch on July 31, 2008, 10:32:00 AM

transform myself into a cyborg.

then sit around the house drinking all day.

fuck yeah. i like your style.

News:

Author Topic: What would you do with $3-6 Million dollars? (Read 8960 times)