how would you invest/live on 24m? Details forthcoming

[NYEXPAT]

Not really, I just assumed he penned a 5 year contract with Barcelona or Real Madrid.

 

[FANOFJESUS]

Delete

 

[cooch96]

Well to maximize all benefits one should just quit at 50....have enough money to last till 70 and then collect 3k plus in SS.

This will work out perfectly for high earners since they do not increase their SS benefits much by working after 50.

So I would say 2 Million will do in this bare bone plan where you leave this world exactly as you entered it....that is with nothing and yet live pretty comfortable life from 50 to maybe 90.

This pretty much my exact plan, except I figured I'd wait until 51.

 

[Pbkmaine]

I would take a million off the top to add to what I already have, do a little landscaping around the house for additional privacy, and give the max tax-free gifts I could to my step kids, niece, nephews and 529 plans for the 5 grandkids. With the rest I would set up a charitable trust.

As far as investments, Vanguard index funds or ETFs. Total US. Stock Market, Total International, Total Bond, and the new EM and Global bond index funds. Probably 60/40 stocks to bonds.

 

[hesperus]

Haven't seen a lot of (forthcoming) details since the OP's initial posts.
Maybe those lotto numbers didn't match after all?

 

[Rick_Head]

Haven't seen a lot of (forthcoming) details since the OP's initial posts.
Maybe those lotto numbers didn't match after all?

What, the winner is always 419.

 

[austinn]

What is a "lightning trust" and how does it eliminate gift tax?

Can a person directly pay off the debt of the parents without giving the money directly to the parents and not have to count that toward the total lifetime exclusion?

I googled "lightning trust" and didn't come up with much. Does such a thing exist? A trust doesn't avoid gift tax anyway. And who is the person you call "my guy"? I'm getting skeptical of the premise of this whole thread.


Sent from my iPhone using Early Retirement Forum

"Lightning trust" was just short hand for what many people call the "Sheldon Adelson loophole." Nothing illegal or shady. I should have explained that more clearly.

People on this thread are either the nicest or the most gullible people in the word.

The whole idea of a rich young person seeking advice from an Internet board is downright crazy, and imo is very unlikely to be what is going on here.

Ha


Sent from my iPhone using Early Retirement Forum

I vote for nicest.

Forgot about this thread until I perused my spam mail and this thread showed up with a unique email for every reply..


For those asking why I didn't follow up, I sorta tapped out after I read this from an administrator.

No harm no foul. I knew the math of making a thread like this wasn't in my favor. I figured once I logically explained that the truth value of my posts is irrelevant from the forum members' perspective that maybe I'd avoid this type of stuff. Didn't happen. No biggie.

I posted this thread almost verbatim on another forum with several verified members who know me personally. I was able to piece together a lot of precious details in that thread, details which had been confusing to me.

I see (free!) advice from financially-minded strangers to be a resource worth pursuing. I think mocking the utility of "some rich kid seeking advice from an internet board" to be (ironically?) naive.

Be well folks, and thanks for the good advice!

 

[hesperus]

Before you go, do you mind posting a link to the other thread you mention? Out of curiosity I'd really like to see what other forums had offered you...
thanks,

 

[DonL]

24 million windfall. Single. Early 30's. Parents alive, want to help them.

Be as specific as you want as to what sounds reasonable, or exactly what you would do.

What would I do ........................... not spend time on an internet forum for advise

 

[Spanky]

bogleheads has an article about windfall management.
Managing a windfall - Bogleheads

Get professional help - finding CFA and CPA!

 

[MichaelB]

For those asking why I didn't follow up, I sorta tapped out after I read this from an administrator.

Not sure how Gumby 's post "tapped you out" , but the folks here are the nicest.

I posted this thread almost verbatim on another forum with several verified members who know me personally. I was able to piece together a lot of precious details in that thread, details which had been confusing to me.

If you found what you were looking for, congratulations and good luck.

I see (free!) advice from financially-minded strangers to be a resource worth pursuing. I think mocking the utility of "some rich kid seeking advice from an internet board" to be (ironically?) naive.

We are friendly, but also naturally skeptical. Personally, I think it's a virtue that serves us well. Sorry you weren't able to find your way past it, there were many helpful responses.

 

[Fermion]

To be fair, there has to be a level where seeking free advice is viewed with skepticism.

What if a user called Paul.Allen showed up and asked how he could invest/live on 17 billion or what would be a safe SWR?

 

[marko]

To be fair, there has to be a level where seeking free advice is viewed with skepticism.

There might be an unnaturally high level of skepticism in this forum's DNA.

It might be what kept us away from the likes of Madoff (and all the other scammers highlighted on "American Greed") and helped get us to get to FIRE in one piece.

 

[ERD50]

Originally Posted by Fermion View Post
To be fair, there has to be a level where seeking free advice is viewed with skepticism.

There might be an unnaturally high level of skepticism in this forum's DNA.

It might be what kept us away from the likes of Madoff (and all the other scammers highlighted on "American Greed") and helped get us to get to FIRE in one piece.

Absolutly - I'd rephrase Fermion's post as:

To be fair to yourself, any advice should be viewed with skepticism.

-ERD50

 

[haha]

There might be an unnaturally high level of skepticism in this forum's DNA.

It might be what kept us away from the likes of Madoff (and all the other scammers highlighted on "American Greed") and helped get us to get to FIRE in one piece.

It may also be regional. I tended a farm fruit and vegetable stand on my GP's farm from age 8-10. This and other early experiences taught me to act like I believed most anything, but truly believe damn little. On an internet board the acting can be dispensed with.

In real life, which I admit is pretty different from internet forum life, I wouldn't believe anything this character says. How about "verified members", or "Ï was able to piece together a few precious details" doesn't this just reek of a script, and a script designed for pretty slow-witted people?

All things are possible, including Lourdes cures, but some things have to be seen as highly unlikely.

Ha

 

[robertf57]

The only thing missing from this thread is popcorn!

 

[Gumby]

Not sure how Gumby 's post "tapped you out" , but the folks here are the nicest.

It is a mystery to me as well. OP sounds like he won't be back, but I'll put this out there for those who might still be reading:

We have a private message function on the board. If something really annoys you or feels like a personal attack, especially something that is not particularly clear, why not PM the offending poster to straighten things out? Sometimes, it is merely a misunderstanding, with no criticism or slight intended. Just assuming the worst and acting on that assumption won't help either you or them.

 

[gerntz]

Where do you stand to catch such windfalls? E.g., coordinates, direction relative to wind, time of day, etc. Thanks.

 

[Rick_Head]

Nigeria?

 

[Totoro]

A dorm room.

For example one where Bill Gates also is. In 1976 or thereabouts. Wind direction unimportant. Stanford campus.

Or Harvard around 2003, near where Mark Zuckerberg was.

1982 Stanford might have worked as well.