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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-23-2007, 09:41 PM   #41
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Re: Did you have some form of windfall that significantly contributed to Networth?

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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-23-2007, 11:51 PM   #42
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Re: Did you have some form of windfall that significantly contributed to Networth?

Several years ago I was elected to the board of directors of a large corporation. Perhaps I got there because I "earned" it, but I've often thought it was a fluke -- they needed someone with my narrow set of skills and I was there. "Right place at the right time." The stock over the years, plus directors' fees, have all gone into retirement accounts -- now pushing $1 million.

In all honesty, I think of it more as a windfall than compensation.

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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 12:15 AM   #43
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Re: Did you have some form of windfall that significantly contributed to Networth?

almost too many to count but to name a few: 6 stock splits of parent company that I worked for, scholorship grants by parent company to five of my childrens each year in college (20 years total tax free) pension from parent company, founders stock grant when new company spun off from parent company, 9% match to 401K from new company, inheritance from grandparents, gifts from parents so as to whittle down their assets. I am blessed!
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 06:02 AM   #44
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Re: Did you have some form of windfall that significantly contributed to Networth?

My sister and I co-owned some property, deeded over to us by our mom, on top of which we built a house. I was in school at the time, so most of the money for the house building and payments came from my sister, who had a good job. I did pay part of the mortgage during the time I lived in it. I later decided to get married, and signed the house over to my sister. She was nice enough to pay me back what my share of the original cost for the house/land was over several years (50k total). We used that as a substantial part of our down payment for our NYC apartment. That apartment more than doubled in value during the 2+ years we owned it. We sold in 2003, and have more or less been watching it slowly grow since then (most of it has stayed in cash and CDs). Probably would have done better with investing in the market, but there was enough uncertainty about our employment and RE situation that I didn't want to run the risk. We were piling savings from our jobs on top of it, and continuing to invest in retirement accounts such that we had US-based earnings.

Sometimes wonder "what if" we had taken more risks, but am happy to have the nest egg we do safely in the bank, waiting for when we buy our next home (hopefully in the next year).

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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 09:28 AM   #45
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Re: Did you have some form of windfall that significantly contributed to Networth?

It's funny that you should ask about a windfall. A few days ago I discovered that I had an additional 5932.443 shares of DODFX in my Scottrade account at about $47.80 per share. I don't know how the shares got there. Scottrade said I was the one that placed them there (I'm almost certain it wasn't the guy typing this at the moment). So, it seems I have the double life going on. I figure if one of me can do this two more times this year, one of me is retiring.
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Re: Did you have some form of windfall that significantly contributed to Networt
Old 04-24-2007, 10:04 AM   #46
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Re: Did you have some form of windfall that significantly contributed to Networt

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Originally Posted by redduck
It's funny that you should ask about a windfall. A few days ago I discovered that I had an additional 5932.443 shares of DODFX in my Scottrade account at about $47.80 per share. I don't know how the shares got there. Scottrade said I was the one that placed them there (I'm almost certain it wasn't the guy typing this at the moment). So, it seems I have the double life going on. I figure if one of me can do this two more times this year, one of me is retiring.
Can your double also take money out ?

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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 10:07 AM   #47
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Re: Did you have some form of windfall that significantly contributed to Networth?

Three years ago ,I inherited $20,000 from a close family friend .I was already FI so I took all the women in my family on a cruise to Bermuda .We had so much fun. We called our group the heiresses.
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 10:31 AM   #48
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Re: Did you have some form of windfall that significantly contributed to Networth?

Quote:
Originally Posted by redduck
It's funny that you should ask about a windfall. A few days ago I discovered that I had an additional 5932.443 shares of DODFX in my Scottrade account at about $47.80 per share. I don't know how the shares got there. Scottrade said I was the one that placed them there (I'm almost certain it wasn't the guy typing this at the moment).
Dude, if they're going to argue with you then I'd just cash out and close the account...
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 11:53 AM   #49
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Re: Did you have some form of windfall that significantly contributed to Networth?

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Dude, if they're going to argue with you then I'd just cash out and close the account...


You can always claim ignorance............"Your Honor, all I did was cash out my account"..............
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 12:37 PM   #50
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Re: Did you have some form of windfall that significantly contributed to Networth?

If you include the equity in a personal residence a part of net worth, two events contributed. My grandmother died in 1970 when I was 22. She left me $7,000 which my wife and I used to buy a house in a MD suburb of D.C. We probably would not have been able to buy the house without that down payment. During the ensuing years we bought other homes as we moved from state to state. At one point we moved back to MD and the cost of housing there was considerably higher than in the midwest, where we had been living. A very kind, generous and wealthy couple gave us $18,000 to put with the equity from our previous home sale to buy a house. We definitely wouldn't have been able to buy a house in that case.

We're not counting our chickens before they hatch but in the next year we will be getting an inheritance which will make it possible to consider retiring early or doing something other than working for someone else. We have been fortunate to be the recipients of the generosity of a loving grandmother, kind friends and the wise decisions that a loving mother made during her life that will now be benefiting us.
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 12:47 PM   #51
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Re: Did you have some form of windfall that significantly contributed to Networth?

Not really a windfall, but my grandmother and my parents both paid most of my college education. I worked and contributed a few thousand, and took out a loan for a few thousand, but most of it was just a gift from my family.

Thanks to their help, my college loans were really small when I got out of law school. That allowed me to buy a house at the right time in the right neighborhood, and when I sold the house I pocketed a profit of about $70K.

There's no question that my mostly free college education gave me a huge leg up. Thanks family!
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Re: Did you have some form of windfall that significantly contributed to Networt
Old 04-24-2007, 03:22 PM   #52
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Re: Did you have some form of windfall that significantly contributed to Networt

DH and I both got full rides for our bachelors (national merit) basically for testing really well. We both probably would have gone to college, but there would have been loans involved. I also got a full scholarship for my Masters.

I was hit by a drunk driver senior year of college--the insurance money furnished my first apartment and set me up with an emergency fund. (don't know if I'd call that a windfall though, as I paid for that one with 2 broken bones and a lot of angst...)

Inheritance from DH's grandfather should be clearing probate in another month or so--it's probably about 20k, which will enable us to buy our first house this fall without completely draining the bank account (we have down payment saved up). He was an abusive jerk though, so I think DH earned that simply by never telling him off in the manner he richly deserved.

So some little things that have helped at key points along the way, but nothing like a lottery win either.
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Re: Did you have some form of windfall that significantly contributed to Networt
Old 04-24-2007, 04:15 PM   #53
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Re: Did you have some form of windfall that significantly contributed to Networt

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So some little things that have helped at key points along the way, but nothing like a lottery win either.
Yeah, I know what you mean about not having a true huge windfall. Most people never do get big windfalls. But there's obviously a lot of value in simply being smart enough not to fritter away the small windfalls, such as bonuses, raises, gifts, and unexpectedly profitable investments.
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-24-2007, 06:03 PM   #54
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Re: Did you have some form of windfall that significantly contributed to Networth?

My answer is yes, and no. Yes, I had a "wealth event" that contributed significantly to my networth. No, because I worked my tail off for a decade building a business that I recently sold.

My investments went from 60K to 2 million overnight when I sold the business, and will be about 2.5 million by the time the earn-out is complete. For years I poured everything back into this business with the knowledge that it would pay off in the long haul and it did. Friends laughed about my choosen business the first few years, then some begged me for jobs later when the tech market collapsed after Y2K.

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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-25-2007, 10:49 AM   #55
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Re: Did you have some form of windfall that significantly contributed to Networth?

Another windfall I just thought of was an early retirement offer from a big corporation. It was a five years one time bonus so that, instead of age plus years of service equal to 80, it was reduced to 75. This enabled me to retire at 49 (for the first time) and immediately draw the pension. It was worth about $250k.

More important, it enabled me to pursue an entrepreneurial life that generated substantially more wealth.
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-25-2007, 01:43 PM   #56
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Re: Did you have some form of windfall that significantly contributed to Networth?

In the windfall - pure luck category:
Born in USA rather than Nairobi or some other war/disease/economic disaster area.
Intelligent parents I admired who stayed together.
White, male, tall, deep voice, neither deformed nor hideous in aspect.
Didn't get blown up or away, no serious accidents or illnesses.
An easy going personality that keeps stress low.
Almost 30 years with a hard working, honest, loving, thrifty honey whose personality enriches my life.


About $120k in recent inheritances after we had made our nut.
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-25-2007, 06:17 PM   #57
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Re: Did you have some form of windfall that significantly contributed to Networth?

my wife got an unplanned inheiratance of a piece of a family business that gave us a quick million to the bottom line.
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Re: Did you have some form of windfall that significantly contributed to Networth?
Old 04-25-2007, 06:33 PM   #58
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Re: Did you have some form of windfall that significantly contributed to Networth?

Didn't notice - except in hindsight:

1. Born an American.

2. And was lucky enough to get canned(layed off at age 49) in the early nineties - one of the better decades Mr Market wise.

heh heh heh 8). Cool huh?
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