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- Apr 14, 2006
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People on this thread are either the nicest or the most gullible people in the word.
I vote for nicest.
People on this thread are either the nicest or the most gullible people in the word.
It still depends on your lifestyle.It makes me think about what would be minimal sum at which I would not care about CD ladders and Bonds and could take unlimited risk of 100% equities with 0% worries and have enough yield to live on....
Certainly 24 Million would do it, but I think at 5 Million you enter that teritory.
It still depends on your lifestyle.
I do not have 5M, but I think I can go 100% equity and live off the S&P yield of 1.95% right now, but cannot have 2 homes, travel expenses, charity donations and gifts to relatives. When I get to SS FRA, I will be in fat city again with SS added to that 1.95%.
But life's too short to be stingy. So, I am spending cap gain, if not principal right now. Me worry?
...
That's a lot of money to spend each year.
Perhaps I should turn my RV around and go back to Anacortes Marina.
So, let's say I trade my 2 homes for one of those boats docked at Anacortes, then use 8% of the cash stash for fuel and to maintain the sucker... When I croaked, the kids can split whatever they can get for the floating junk.
I have a question for boaters in this forum. How much is the expected maintenance cost for a trawler costing between $500K to $1M?
At age 30 and with 50-60 years to live, what you need to be thinking is how to spend/invest your time in worthwhile endeavors so as to help yourself and others that need help in this big wide world.
... you do not need 24 million to get a lot out of the life.....but you probably do need something over 1 million
... I can tell you that if I had 24 M. I would only fly business class...
And yeah - I'd be flying business class if I had $420k/year spending.
We have free "philosophising" here on this forum all the time. Who's to say that a decamillionaire can't be frugal and take advantage of this freebie?With $24 million I would have enough to outsource that thinking to someone else. A professional philosopher maybe?
With $24 million I would have enough to outsource that thinking to someone else. A professional philosopher maybe?
I don't have 24m but I did have a reasonable windfall type scenario.
My advice is to over value experiences and undervalue "stuff." If you like your house and car... Don't change it. If you don't... Get what you need but don't go nuts.
If you want a Ferrari... Rent one for the weekend instead. Stuff is a headache.
Yes. Vacation...business class... Awesome hotels or nature trips... Whatever.
I'd also make sure to dedicate time really thinking about what you want to do beyond that.
Something you can see on this board a bunch is that when you suddenly have much more than other people it can also make stuff weird.
If you start pulling up in a Ferrari... Wearing fancy clothes and buying a beach house.. you will attract unwanted attention. Now...if you LOVE cars and want a Shelby or something... That's different.
For parents... I think it depends on the people. If they are good with money... Fine give them a couple mil. If not... I would set up a trust or something. 2 million can go fast if you dont pay attention and if it comes out of nowhere it's easy to not pay attention.
In any case... It's a chance to have a fulfilling life and make a difference if you want. Good luck!
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It makes me think about what would be minimal sum at which I would not care about CD ladders and Bonds and could take unlimited risk of 100% equities with 0% worries and have enough yield to live on....
Certainly 24 Million would do it, but I think at 5 Million you enter that teritory.
Experiences are much more fulfilling. Travel, do charity, get involved. This is where it's at IMHO.
I'd invest conservatively and simply. Your exact AA will only matter if your spending gets crazy. I suggest a couch potato type portfolio. Vanguard will give you free advisors at 10 million (Flagship Select Services).
Yeah, you know my first comment would be:I wonder if the OP is Nords playing us
My spouse and I had a lengthy conversation about this last month. After reading Danmar's (and other's) posts for a few years I understand lifestyle expansion, but I wonder if the stewardship imperative would be just as strong.$20 million would generate maybe $600,000 -$800,000 per year pre tax. Once the investing decisions are made, and I agree it really isn't much different than investing $1million, the real issue is how to spend/gift it every year. Make a multi year budget to allocate to the things that are important to you.
It really isn't that difficult to spend that kind of money, but it does take a while to adjust to your new wealth level. Go slow don't make any big commitments for a while.
Rumor is that our local billionaire Pierre Omidyar has a whole warehouse set up with food, water, and other disaster supplies for his entire family and staff. You can't just put this stuff in a storage locker and swap out the water bottles every year or two, either-- it takes a full-time emergency-readiness manager to stock and maintain the inventory for a couple dozen people. But when you're a billionaire, you can self-insure for the Cat 5 hurricane.Hmmm, very interesting.
If you're a bit nervous then I would suggest also buying a small working farm in a remote area with a long growing season and hire someone to operate it for you. That way if the SHTF and money doesn't count anymore you will be way ahead of the game.
Pfffft. NetJets membership.Someone mentioned business class as a negative... I can tell you that if I had 24 M. I would only fly business class.
[...]
And yeah - I'd be flying business class if I had $420k/year spending.
I recommend against buying (or improving) a house worth more than 80% of the sale price in your housing market. The reason is that when you go to sell (as eventually you will) potential buyers will be few and far between. The other is the 'lifestyle' issue, better to be seen as comfortable than rich.