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10-15-2017, 06:24 AM
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#81
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Dryer sheet aficionado
Join Date: Aug 2017
Posts: 39
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The movie Fool’s Gold; that yacht life. (That’s assuming 10 figures could sustain it.) But, current savings and investments stay as is, just in case. My DW would be amazed, making it all the more enjoyable.
It’s fun to dream.
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10-15-2017, 06:25 AM
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#82
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,327
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I expect that I would increase charitable giving and start transferring the annual max to the kids. Like the OP I am not about to hit 8 figures but we are doing well enough to have a very low withdrawal rate. I expect a major correction sometime in the next few years. After that and as I hit my late seventies I will consider doing some transfers if things go well. I would also consider sequestering a portion of the portfolio and letting the kids decide if they want to change the AA on it.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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10-15-2017, 06:57 AM
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#83
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Recycles dryer sheets
Join Date: Aug 2009
Location: westerville
Posts: 262
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With $10 MILLION I would declare I won the game and Game over!!! Hire a good tax lawyer and accountant and secure the income. Then figure how to spend all that income and pray that I would live to spend some of the income. Would also gift some to charity and fund some education for our grand nieces and nephews.
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10-15-2017, 08:11 AM
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#84
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Recycles dryer sheets
Join Date: Oct 2017
Location: Waterloo
Posts: 68
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I would upgrade my gym membership from the $10 a month to the premium $20 a month one. Then start dreaming of 9 figures...
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10-15-2017, 09:20 AM
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#85
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Thinks s/he gets paid by the post
Join Date: Nov 2007
Location: GTA
Posts: 1,728
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Quote:
Originally Posted by Midpack
Like others, I’d slowly go to a more conservative AA in keeping with the “when you’ve won the game, why keep playing” line of thinking. I might up our spending, but not much if at all. If I’d wanted to spend more, I wouldn’t have retired early.
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See, I think I would do the opposite. I would keep the amount I already have to fund a comfortable ER (or just a tad more) and I would put all the rest to work aggressively in the market. Then, worst case scenario, I lose all the new money and keep the retirement I had already planned on.
Best case scenario ? I kick that bum Branson off his island and live happily ever after...
__________________
Family Motto: "Every penny's a prisoner"
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10-15-2017, 09:31 AM
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#86
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by Koogie
See, I think I would do the opposite. I would keep the amount I already have to fund a comfortable ER (or just a tad more) and I would put all the rest to work aggressively in the market. Then, worst case scenario, I lose all the new money and keep the retirement I had already planned on.
Best case scenario ? I kick that bum Branson off his island and live happily ever after...
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The old “take less risk because I don’t need to” versus “ take more risk because I can afford to” debate. The approach will depend on your risk appetite, age, any legacy objectives, personality. I can see both sides of the issue.
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10-15-2017, 10:09 AM
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#87
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Thinks s/he gets paid by the post
Join Date: Feb 2013
Location: Toronto
Posts: 3,321
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Quote:
Originally Posted by Danmar
The old “take less risk because I don’t need to” versus “ take more risk because I can afford to” debate. The approach will depend on your risk appetite, age, any legacy objectives, personality. I can see both sides of the issue.
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I'd be on the 'take more risk' side although I can't say that I see investing in the total stock market with a 60 year or longer time horizon as exactly taking more risk. With a more than adequate nest egg and four children this is what we have been doing since it became apparent that we were set and it was time to consider the bigger picture. I think Bill Bernstein's advice is good for the money that you are relying on but I feel that funds beyond that should be invested with children/legacy in mind.
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10-15-2017, 10:28 AM
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#88
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,433
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Quote:
Originally Posted by gcgang
New underwear everyday!
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This reminds of an article I'd read years ago in the NYT. All I recall was the mention of a laundry/dry cleaner catering to the uber-wealthy in NYC who shaved the socks of his clients to remove any 'pills' and restore the socks to brand-new condition.
omni
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10-15-2017, 10:32 AM
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#89
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,498
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Quote:
Originally Posted by gcgang
New underwear everyday!
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When I read this, I couldn't help figuring out what the yearly cost of this would be. Honestly it wouldn't be that much! I doubt I would do it, but gosh, what an incredibly cool idea.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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10-15-2017, 10:34 AM
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#90
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gone traveling
Join Date: Nov 2011
Location: The Deep South Bay
Posts: 744
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Why would you even invest if you had an 8 figure net worth, 10 mil in a cd at .01% is $100k a year
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10-15-2017, 10:36 AM
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#91
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,498
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Quote:
Originally Posted by 97guns
Why would you even invest if you had an 8 figure net worth, 10 mil in a cd at .01% is $100k a year
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Also if you suddenly had an 8 figure net worth, I thought you might spend a little and change your username to 98guns.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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10-15-2017, 10:41 AM
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#92
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Thinks s/he gets paid by the post
Join Date: Mar 2004
Posts: 3,433
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Quote:
Originally Posted by gcgang
New underwear everyday! Semper ubi, sub ubi.
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And now you could set up Amazon to deliver them on a schedule (to avoid storing large quantities).
If you're Prime, you could get a pair delivered free every day.
omni
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10-15-2017, 10:43 AM
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#93
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Moderator Emeritus
Join Date: Jan 2007
Location: New Orleans
Posts: 47,498
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Quote:
Originally Posted by omni550
And now you could set up Amazon to deliver them on a schedule (to avoid storing large quantities).
If you're Prime, you could get a pair delivered free every day.
omni
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Sounds great! And for less than $1K/year, too.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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10-15-2017, 10:44 AM
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#94
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Posts: 2,082
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Donate more and buy the occasional EV for a friend.
__________________
"We do not inherit the earth from our ancestors, we borrow it from our children.
(Ancient Indian Proverb)"
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10-15-2017, 11:36 AM
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#95
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Recycles dryer sheets
Join Date: Oct 2017
Location: Waterloo
Posts: 68
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Quote:
Originally Posted by 97guns
Why would you even invest if you had an 8 figure net worth, 10 mil in a cd at .01% is $100k a year
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I will some day retire from working, but I don't think I will ever stop investing. I am only 36, so I may retract that statement one day, but where I stand now, I hope to keep investing for my lifetime.
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10-15-2017, 11:57 AM
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#96
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by 6miths
I'd be on the 'take more risk' side although I can't say that I see investing in the total stock market with a 60 year or longer time horizon as exactly taking more risk. With a more than adequate nest egg and four children this is what we have been doing since it became apparent that we were set and it was time to consider the bigger picture. I think Bill Bernstein's advice is good for the money that you are relying on but I feel that funds beyond that should be invested with children/legacy in mind.
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I tend to agree with you, especially if you have a legacy objective. But some people just can’t sleep at night with a lot of equity. Never been a problem for me.
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10-15-2017, 11:59 AM
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#97
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Thinks s/he gets paid by the post
Join Date: Dec 2009
Location: Alberta/Ontario/ Arizona
Posts: 3,393
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Quote:
Originally Posted by 97guns
Why would you even invest if you had an 8 figure net worth, 10 mil in a cd at .01% is $100k a year
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I think .01% of $10,000,000 is only $1,000 a year?
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10-15-2017, 12:36 PM
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#98
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,927
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Nothing
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10-15-2017, 12:53 PM
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#99
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Full time employment: Posting here.
Join Date: May 2013
Posts: 609
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Quote:
Originally Posted by 97guns
Why would you even invest if you had an 8 figure net worth, 10 mil in a cd at .01% is $100k a year
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$100k doesn’t come close to covering it for many people, and why not invest? When you’re wealthy you can afford to ride out ups and downs.
__________________
Saved 8 figures by my mid-40's as a professional bubble-spotter. Beware...the Fed creates bubble after bubble after bubble.
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10-15-2017, 01:00 PM
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#100
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Recycles dryer sheets
Join Date: Feb 2013
Location: San Jose
Posts: 290
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Something I'd think about : Enough Already - HumbleDollar
“WHEN YOU’VE WON THE GAME, stop playing with the money you really need.” That’s something my longtime friend and fellow author William Bernstein is fond of saying—and lately it’s been on my mind.
I'd still run it, although after another digit most of it would be outsourced.
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