Author Topic: My Soon-To-Be Millionaire Family Members  (Read 94798 times)

Gronnie

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Re: My Soon-To-Be Millionaire Family Members
« Reply #100 on: February 10, 2018, 07:19:30 PM »
If sis is choosing between jobs where one pays $100k more than the other, sounds like they may not be exactly frugal but definitely shouldn't end up in the poorhouse.

Beard N Bones

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Re: My Soon-To-Be Millionaire Family Members
« Reply #101 on: February 10, 2018, 09:18:16 PM »
If sis is choosing between jobs where one pays $100k more than the other, sounds like they may not be exactly frugal but definitely shouldn't end up in the poorhouse.
Gronnie! Is this a vote that the BIL and sis will not be asking for more cash again?! That's ballsy!

Gronnie

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Re: My Soon-To-Be Millionaire Family Members
« Reply #102 on: February 11, 2018, 12:15:38 AM »
If sis is choosing between jobs where one pays $100k more than the other, sounds like they may not be exactly frugal but definitely shouldn't end up in the poorhouse.
Gronnie! Is this a vote that the BIL and sis will not be asking for more cash again?! That's ballsy!

Hell no, they'll definitely be asking for more money. I predict they will make enough payments to keep stringing along lenders to give them more and more for a very long time.

Step37

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Re: My Soon-To-Be Millionaire Family Members
« Reply #103 on: February 11, 2018, 12:41:52 AM »
I think the sister debating over the “extra” 100k for four weeks of call is the sister of someone else who’s commenting on this thread (Eliza? - without going back and re-reading), not OP’s sister. Seems like a crazy debate to have over four tough weeks per year.

ShoulderThingThatGoesUp

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Re: My Soon-To-Be Millionaire Family Members
« Reply #104 on: February 11, 2018, 05:42:04 AM »
My guess is August, after a blowout summer vacation because they deserve it for how hard they’re about to work.

On the side topic, I’ve talked to my four-year-old so much about how lucky we are to have vaccines that at her last checkup she was impatient for her “fancy ouchies”. She made a face at the shots but didn’t even consider crying because she knows how important they are.

I had my parents roll up their sleeves to show her their smallpox vaccine scars in one of these conversations, and talked about how everybody in the world got them so nobody has to deal with that disease ever again.

Smallpox vaccine scars are pretty gross.

Zamboni

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Re: My Soon-To-Be Millionaire Family Members
« Reply #105 on: February 11, 2018, 09:25:04 AM »
Okay, this is getting confusing, so I'm organizing at timeline of the most relevant events for us and tabulating the bets on the table so far:

May 2016 Sis Graduation with Masters, but no student loans! (Thanks fam!)
Oct 2016-Oct 2017 Sis works part time at hospital
Oct 2017 Sis stops working
Dec 2017 BIL Graduation from Chiropractic school
              $90K student loans
              $150K personal loan from his father
Jan 2018 Relocation to HCOL area, both unemployed
              start renting 3 BR house at ~$2K/month
Mar 2018 Initial target date for office opening
July 2018 Revised target date for office opening

Courtesy of YttriumNitrate, bets on the table for when they will ask for more money:
(***The winner gets 10 internet points, and the pride of being right!!!***)
(unless you state a date, you are getting the first of the month)

May 1, 2018 neverrun
June 4, 2018 Beard N Bones (Dependence Day)
July 1, 2018 Finances_With_Purpose?
July 15, 2018 Sibley
Aug 1, 2018 Apple_Tango, ShoulderThingThatGoesUp
Aug 15, 2018 Linda_Norway
Nov 15, 2018 Zamboni
Jan 15, 2019 Yt(NO3)3



Roe

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Re: My Soon-To-Be Millionaire Family Members
« Reply #106 on: February 11, 2018, 09:42:39 AM »
My guess is August, after a blowout summer vacation because they deserve it for how hard they’re about to work.


That made me laugh, thank you for the free entertainment!


Okay, this is getting confusing, so I'm organizing at timeline of the most relevant events for us and tabulating the bets on the table so far:

May 2016 Sis Graduation with Masters, but no student loans! (Thanks fam!)
Oct 2016-Oct 2017 Sis works part time at hospital
Oct 2017 Sis stops working
Dec 2017 BIL Graduation from Chiropractic school
              $90K student loans
              $150K personal loan from his father
Jan 2018 Relocation to HCOL area, both unemployed
              start renting 3 BR house at ~$2K/month
Mar 2018 Initial target date for office opening
July 2018 Revised target date for office opening

Courtesy of YttriumNitrate, bets on the table for when they will ask for more money:
(***The winner gets 10 internet points, and the pride of being right!!!***)
(unless you state a date, you are getting the first of the month)

May 1, 2018 neverrun
June 4, 2018 Beard N Bones (Dependence Day)
July 1, 2018 Finances_With_Purpose?
July 15, 2018 Sibley, Roe
Aug 1, 2018 Apple_Tango, ShoulderThingThatGoesUp
Aug 15, 2018 Linda_Norway
Nov 15, 2018 Zamboni
Jan 15, 2019 Yt(NO3)3


Hoping that Yt(NO3)3 or "never" wins, but doubt it. Added my vote for July.

lhamo

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Re: My Soon-To-Be Millionaire Family Members
« Reply #107 on: February 11, 2018, 12:00:37 PM »
My prediction:

They are probably blowing through at least 8k/month just on living/lifestyle expenses.

Within the next 6 weeks, they will buy a new car for 35-50k

There is at least a 25% probability that they will find the perfect piece of rural land sometime before May 1, and will go into contract for that.

They'll probably get their first payment notice for the student loans sometime in early June.

I predict the hands will be extended for more parental funds no later than June 15, 2018.

iris lily

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Re: My Soon-To-Be Millionaire Family Members
« Reply #108 on: February 11, 2018, 12:15:11 PM »
The “special program” sounds like it could be a multi-level marketing scheme. That would be a way to gross a cool mill without much trouble.

Yo, it's not an MLM. It's a reverse funnel!
I always love an opportunity to pimp  DH’s  Chiropractor cousin, Dr. Erik.

Yes he IS a millionaire several times over, but that likely has somethng  to do with California real estate (now Swiss real estate) and giving HowToGetRich  seminars and packages he sells to other chiros.

http://www.practicewealth.com

He is very entreprenureal. He came to the U.S. when young, went to
Chiro school, moved to CAlif, set up a practice and worked for decades while a first wife sold real estate, then somewhere in there he moved into selling seminars. His website is awful and ancient looking and I cannot think why he doesnt get something  more modern. But anyway, he “retired” back to Switzerland with a young blonde second wife and small children, the very definition of Success. Haha.

It seems to me that chiropractic medicine was his tool for sales and success. He probably would have landed in the same place usng a different service model. He is an interesting case in our family, thats for sure.

I have never darkened the door of a Chiro, and doubt that I  ever will.
« Last Edit: February 11, 2018, 06:34:58 PM by iris lily »

iris lily

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Re: My Soon-To-Be Millionaire Family Members
« Reply #109 on: February 11, 2018, 12:38:32 PM »
Whereas, and I'm sorry, but I hope those children DO fall ill from a preventable disease. Because that's probably the only way the idiot anti-vaxxers are going to get some sense knocked into them. A round of mild to moderate measles causing 2 months of quarantine sounds like a perfect punishment for putting others at risk because you don't want to take advantage of one of the most important and impactful public health advances in history (hygiene did more, but vaccines are way up there).

I find this comment to be extremely inappropriate, rude and uncalled for.  Why are you wishing harm on anyone?!

It would be the same if someone wished that you had a heart attack, stroke, a mental issue (like alzheimers, depression, anxiety, or cancer) because you never got 30 minutes of moderate/vigorous exercise/day, or ate 5 servings of fruits and vegetables/day. (As everyone knows that exercise and a healthy diet prevents many chronic diseases.  And parents who are inactive, sedentary and don't eat healthy, are more likely to have kids that are also inactive, sedentary and eat poorly.)  Do you exercise daily and always eat healthy Sibley?

Your approach to this topic helps no-one Sibley.
[FWIW - My family and I have all been vaccinated.]

Unless Sibley has amazing powers, her "approach" will not affect anyone, unlike anti-vaxxers, whose approach literally puts the lives of others at risk. This is why your indignant comparison is totally wrong: Sibley not excercising and eating right would only affect Sibley. The fall in vaccination rates has affected MILLIONS worldwide.

I can understand his/her frustration - you certainly don't want anyone dead, but if the children fell ill, you'd hope their parents would come to their senses. Unfortunately, it would probably cause them to double down, because humans are great at lying to themselves.

@Beard N Bones , I have a habit of thinking at a population level. You, clearly, think at an individual level. This isn't wrong, but it is very different and tends to result in exactly the reaction you had when you run into someone who thinks at a population level - disgust and fear. Because if I don't care about a couple of children, then clearly I don't care about you. Which is terrifying. It's ok, it's normal, but you need to understand.

At a population level, low vaccination rates are disastrous, and individuals don't matter - it's aggregate only. At an individual level, each individual matters. Even a handful of people getting sick is huge in that mind set. If you're looking at a whole population, who cares if a few sickly individuals die? It may even be good for the population as a whole because whatever's causing them to be sickly and weak is not being passed down to future generations. In the long view, at a population level, we are FAR better off if a small number of people get sick and remind the rest of the group WHY we have vaccines. The alternative is eventually a pandemic that kills millions and sickens hundreds of millions.

You can apply this population-level thinking to a lot of situations. It boils down to the classic ethical dilemma - do you flip the switch to move the train to kill the baby but spare the larger number of people on the other track? I fall onto the side of saving the larger number of people than the 1. Doesn't mean I won't mourn the 1, but in the abstract, I view 1 death to be a lessor tragedy than 100 deaths.

There have been cases where anti-vaxxers DID change their minds because their children got sick, and they've gone on to vaccinate as recommended. As a population, we've forgotten the great epidemics and pandemics of the past (at least in the US). I do not remember when polio was sweeping through the country, killing and paralyzing. I don't remember measles, or mumps, or whooping cough. I'm not old enough. Hardly anyone today is. The problem is that because we don't have that daily reminder, we also can forget why it matters and other, lessor concerns will dictate the decision. In other places that still have these diseases, mothers are desperate to get their children vaccinated. Because they know the cost if they don't - death, disability, deformity.

So yes, it would be better for the population if a handful of children get the measles to remind everyone else of the danger. If I pull it down to an individual level, I don't want the child(ren) to get sick. (I'd be ok with the mother getting sick though to punish her for her stupidity, but that's different, she's responsible.)

And no, I don't have amazing powers. Wish I did, cause that would be cool. :)

This is enexcellent way to state how point of view affects the discussion of a thing.

One analogous situation is neutering pet dogs. Some people in my circle become apolpletic when a person dares to express the idea that their pet, for factually accurate reasons,  will not be neutered, or at least will not be on a timeline dictated by rescue  groups.

Yes, from the view of the popular good, it is wrong, but from the view of a responsible owner providing healthcare for her individual dog, it is right.
« Last Edit: February 11, 2018, 12:47:23 PM by iris lily »

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #110 on: February 11, 2018, 06:17:02 PM »
Did I miss something?

They’ve living off of the 150K business loan, which is meant to set up the business, right?
What money are they going to use to set up the business?? And why is there such a huge delay for the business to open? Also, what kind of clinic requires less than 150K in set up costs???

I feel like something is seriously missing here.

Confused?? Join the club, man!

The 150k loan is *technically* a loan for them to open the business, but it’s a loan from his father. They are using about $75k to build out their office space (that construction process has just started so I’m assuming that number will climb, as it does with most construction projects), and another $30-40k for equipment, etc. Apparently when they sat down to discuss this loan and sign on the dotted line, they decided that even though they thought they’d only need around $110-$120k to start the business, they realized that they wouldn’t be working for (at that time, three) but now seven months, so they “decided to take out more than they needed to accommodate for living expenses.”

The business was delayed opening because my BIL didn’t get the scores needed to practice in the state they moved to. Of course, they didn’t wait to get his scores back before signing the lease for the office space and hiring a contractor, etc. So basically now there’s all this work going into building out the space and it’s set to be done in March, which is when they were originally supposed to open, but now he has to re-take his boards in May. He won’t get the results until July, which means that’s the absolute earliest they can open.

There’s also still the possibility he won’t pass in May but, true to form, they’re not even considering that. No contingency plan.

So, as far as the money: they get $150k dropped on them, expect to spend $120ish on the office opening, and see the other $30k as money to live on until they start bringing in the big bucks (presumably the second they open.) That means rent, Whole Foods shopping trips, gym memberships, blah blah blah. Oh and also, using it to make payments on his student loans when those start rolling in.

If you’re thinking that sounds like a super bad idea, SAME!

lhamo

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Re: My Soon-To-Be Millionaire Family Members
« Reply #111 on: February 11, 2018, 07:03:36 PM »
Oh, wow.  I didn't realize they had already leased/started building out the office space.

I hereby revise my estimated "hands out again" date to March 15th, assuming they don't buy a car first.....

frugalecon

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Re: My Soon-To-Be Millionaire Family Members
« Reply #112 on: February 11, 2018, 07:18:24 PM »
Did I miss something?

They’ve living off of the 150K business loan, which is meant to set up the business, right?
What money are they going to use to set up the business?? And why is there such a huge delay for the business to open? Also, what kind of clinic requires less than 150K in set up costs???

I feel like something is seriously missing here.

Confused?? Join the club, man!

The 150k loan is *technically* a loan for them to open the business, but it’s a loan from his father. They are using about $75k to build out their office space (that construction process has just started so I’m assuming that number will climb, as it does with most construction projects), and another $30-40k for equipment, etc. Apparently when they sat down to discuss this loan and sign on the dotted line, they decided that even though they thought they’d only need around $110-$120k to start the business, they realized that they wouldn’t be working for (at that time, three) but now seven months, so they “decided to take out more than they needed to accommodate for living expenses.”

The business was delayed opening because my BIL didn’t get the scores needed to practice in the state they moved to. Of course, they didn’t wait to get his scores back before signing the lease for the office space and hiring a contractor, etc. So basically now there’s all this work going into building out the space and it’s set to be done in March, which is when they were originally supposed to open, but now he has to re-take his boards in May. He won’t get the results until July, which means that’s the absolute earliest they can open.

There’s also still the possibility he won’t pass in May but, true to form, they’re not even considering that. No contingency plan.

So, as far as the money: they get $150k dropped on them, expect to spend $120ish on the office opening, and see the other $30k as money to live on until they start bringing in the big bucks (presumably the second they open.) That means rent, Whole Foods shopping trips, gym memberships, blah blah blah. Oh and also, using it to make payments on his student loans when those start rolling in.

If you’re thinking that sounds like a super bad idea, SAME!

My father used to talk about people "living a Champagne lifestyle on a beer budget." Sounds like that describes your relatives.

I don't wish ill on anyone, and I always hope that people with seemingly unrealistic plans will somehow make it all work, but it really doesn't seem to. The crazy thing is that it is pretty feasible to get rich in this country, where rich means FI, but it doesn't go quickly. But lots of people want to shortcut the process. I wonder if they look at those of us who just keep our nose to the grindstone as chumps. (Of course, I try to avoid letting them know what our net worth is.)

Zamboni

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Re: My Soon-To-Be Millionaire Family Members
« Reply #113 on: February 11, 2018, 07:29:13 PM »
Egad, he hasn't passed the boards yet?! I'm going stick with my November bet, but based on all this new information, unfortunately I no longer think they will make it to June without asking for more money.

Mar 15, 2018 lhamo
May 1, 2018 neverrun
June 4, 2018 Beard N Bones (Dependence Day)
July 1, 2018 Finances_With_Purpose?
July 15, 2018 Sibley, Roe
Aug 1, 2018 Apple_Tango, ShoulderThingThatGoesUp
Aug 15, 2018 Linda_Norway
Nov 15, 2018 Zamboni
Jan 15, 2019 Yt(NO3)3

Beard N Bones

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Re: My Soon-To-Be Millionaire Family Members
« Reply #114 on: February 11, 2018, 07:50:32 PM »
Did I miss something?

They’ve living off of the 150K business loan, which is meant to set up the business, right?
What money are they going to use to set up the business?? And why is there such a huge delay for the business to open? Also, what kind of clinic requires less than 150K in set up costs???

I feel like something is seriously missing here.

Confused?? Join the club, man!

The 150k loan is *technically* a loan for them to open the business, but it’s a loan from his father. They are using about $75k to build out their office space (that construction process has just started so I’m assuming that number will climb, as it does with most construction projects), and another $30-40k for equipment, etc. Apparently when they sat down to discuss this loan and sign on the dotted line, they decided that even though they thought they’d only need around $110-$120k to start the business, they realized that they wouldn’t be working for (at that time, three) but now seven months, so they “decided to take out more than they needed to accommodate for living expenses.”

The business was delayed opening because my BIL didn’t get the scores needed to practice in the state they moved to. Of course, they didn’t wait to get his scores back before signing the lease for the office space and hiring a contractor, etc. So basically now there’s all this work going into building out the space and it’s set to be done in March, which is when they were originally supposed to open, but now he has to re-take his boards in May. He won’t get the results until July, which means that’s the absolute earliest they can open.

There’s also still the possibility he won’t pass in May but, true to form, they’re not even considering that. No contingency plan.

So, as far as the money: they get $150k dropped on them, expect to spend $120ish on the office opening, and see the other $30k as money to live on until they start bringing in the big bucks (presumably the second they open.) That means rent, Whole Foods shopping trips, gym memberships, blah blah blah. Oh and also, using it to make payments on his student loans when those start rolling in.

If you’re thinking that sounds like a super bad idea, SAME!

frugalfoothills! Reading this most recent information makes my head hurt! You have previously described a shake-your-head-and-laugh-about-it type scenario. And now it's gotten into the I'm-cringing-and-can't-watch territory.

I assume you have a very different approach to your finances and business. Where did your sister and BIL go off track so badly? What's wrong with them?
« Last Edit: February 11, 2018, 07:53:24 PM by Beard N Bones »

jinga nation

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Re: My Soon-To-Be Millionaire Family Members
« Reply #115 on: February 11, 2018, 09:23:48 PM »
@frugalfoothills I'm still mad you haven't given me the dimensions of her new chest, as asked previously. :-p

Please don't tell me y'all some type of Asian. Because this story is somewhat common in Indian, Chinese, Vietnamese families. I've seen enough wrecks in friends' families (my friends were the engineers, their siblings in the medical fields).

Linda_Norway

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Re: My Soon-To-Be Millionaire Family Members
« Reply #116 on: February 12, 2018, 02:24:51 AM »
Quote

There have been cases where anti-vaxxers DID change their minds because their children got sick, and they've gone on to vaccinate as recommended. As a population, we've forgotten the great epidemics and pandemics of the past (at least in the US). I do not remember when polio was sweeping through the country, killing and paralyzing. I don't remember measles, or mumps, or whooping cough. I'm not old enough. Hardly anyone today is. The problem is that because we don't have that daily reminder, we also can forget why it matters and other, lessor concerns will dictate the decision. In other places that still have these diseases, mothers are desperate to get their children vaccinated. Because they know the cost if they don't - death, disability, deformity.


I think it is time for a large information campaign with scary pictures and films. Like they do in some countries with posting lung cancer pictures on cigarette packets. Hang up posters of diseases in schools to scare children and let them put pressure on their parents. Put posters in places that parents visit. Put them in doctor's offices. Make TV commercials with scary films. Put adds on facebook for people who join anti-vac groups. I think that might make a difference without anyone needing to get the actual disease. Why hasn't this started yet?

Mezzie

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Re: My Soon-To-Be Millionaire Family Members
« Reply #117 on: February 12, 2018, 06:17:22 AM »
Oh man... It was already ridiculous, but he hasn't even passed his boards yet?

I hope he's at least studying, but based on their other actions, they seem to just think things will magically work out, so who knows.

partgypsy

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Re: My Soon-To-Be Millionaire Family Members
« Reply #118 on: February 12, 2018, 06:36:23 AM »
My prediction:

They are probably blowing through at least 8k/month just on living/lifestyle expenses.

Within the next 6 weeks, they will buy a new car for 35-50k

There is at least a 25% probability that they will find the perfect piece of rural land sometime before May 1, and will go into contract for that.

They'll probably get their first payment notice for the student loans sometime in early June.

I predict the hands will be extended for more parental funds no later than June 15, 2018.

I was going to say July 1st, when the rubber hits the road, but this is close enough : )

Wow I just read he hasn't passed his boards yet. I realize I think I'm different than most people. I worry more. I want to make sure things are planned for and there are contigency plans. So many ways they are doing this, would drive me crazy. The living off of borrowed money. And building an office space to perform in a medical field I can't legally practice in because I flunked the boards. UGH!
« Last Edit: February 12, 2018, 06:42:55 AM by partgypsy »

babybug

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Re: My Soon-To-Be Millionaire Family Members
« Reply #119 on: February 12, 2018, 06:39:26 AM »
My money is on April Fool's Day.

Wow.

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expnss

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Re: My Soon-To-Be Millionaire Family Members
« Reply #120 on: February 12, 2018, 06:41:49 AM »
Egad, he hasn't passed the boards yet?! I'm going stick with my November bet, but based on all this new information, unfortunately I no longer think they will make it to June without asking for more money.

Mar 15, 2018 lhamo
May 1, 2018 neverrun
June 4, 2018 Beard N Bones (Dependence Day)
July 1, 2018 Finances_With_Purpose?
July 15, 2018 Sibley, Roe
Aug 1, 2018 Apple_Tango, ShoulderThingThatGoesUp
Aug 15, 2018 Linda_Norway
Nov 15, 2018 Zamboni
Jan 15, 2019 Yt(NO3)3

Posting to follow and to add my guess. With the knowing that he hasn't passed boards yet, but that they are starting build out, based on the dates taken already I'm going with April 15, 2018.

KodeBlue

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Re: My Soon-To-Be Millionaire Family Members
« Reply #121 on: February 12, 2018, 06:50:45 AM »
hasn't passed his boards? hope he's spending some money on a review course.

kina

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Re: My Soon-To-Be Millionaire Family Members
« Reply #122 on: February 12, 2018, 07:33:59 AM »
May 13  (Mother's Day!)

elementz_m

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Re: My Soon-To-Be Millionaire Family Members
« Reply #123 on: February 12, 2018, 08:01:19 AM »
Quote from: casserole_dish link=topic=86790.msg1892241#msg1892241
No no no don't stop the texts, this thread is amazing, it's like a car crash in really really slow motion, I can't look away
Indeed, although to make this more interesting, we should really start betting on when frugalfoothills' brother-in-law will ask his father for more money.

***The winner gets 10 internet points, and the pride of being right!!!***

My guess is that they will make it to January 15, 2019 before asking for more money.

I don't know why everyone is 6 months plus on this one. My guess is one month before Independence Day, in June 4th. I'm dubbing this day as Dependence Day.

Living off loans. $60/mn/person gym memberships. $50/mn rowing. Hot  yoga. New chest. Bed stuff. Surely there is more spending that we don't hear about. Yep. Dependence Day indeed.

Dependence Day - love it! 😂


Laura33

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Re: My Soon-To-Be Millionaire Family Members
« Reply #124 on: February 12, 2018, 09:57:36 AM »
The business was delayed opening because my BIL didn’t get the scores needed to practice in the state they moved to. Of course, they didn’t wait to get his scores back before signing the lease for the office space and hiring a contractor, etc. So basically now there’s all this work going into building out the space and it’s set to be done in March, which is when they were originally supposed to open, but now he has to re-take his boards in May. He won’t get the results until July, which means that’s the absolute earliest they can open.

There’s also still the possibility he won’t pass in May but, true to form, they’re not even considering that. No contingency plan.

OK, this has been fun, but now I am literally getting anxious and even a little nauseated thinking about this!  There are no words beyond "wow."

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #125 on: February 12, 2018, 12:17:07 PM »
@frugalfoothills I'm still mad you haven't given me the dimensions of her new chest, as asked previously. :-p

Please don't tell me y'all some type of Asian. Because this story is somewhat common in Indian, Chinese, Vietnamese families. I've seen enough wrecks in friends' families (my friends were the engineers, their siblings in the medical fields).

I got to see it in person last weekend. I'd guess it's about 4 feet long by 3 feet deep... 3 foot(ish) tall.

And nope, just a bunch of dumb white people over here.

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #126 on: February 12, 2018, 12:33:23 PM »
Did I miss something?

They’ve living off of the 150K business loan, which is meant to set up the business, right?
What money are they going to use to set up the business?? And why is there such a huge delay for the business to open? Also, what kind of clinic requires less than 150K in set up costs???

I feel like something is seriously missing here.

Confused?? Join the club, man!

The 150k loan is *technically* a loan for them to open the business, but it’s a loan from his father. They are using about $75k to build out their office space (that construction process has just started so I’m assuming that number will climb, as it does with most construction projects), and another $30-40k for equipment, etc. Apparently when they sat down to discuss this loan and sign on the dotted line, they decided that even though they thought they’d only need around $110-$120k to start the business, they realized that they wouldn’t be working for (at that time, three) but now seven months, so they “decided to take out more than they needed to accommodate for living expenses.”

The business was delayed opening because my BIL didn’t get the scores needed to practice in the state they moved to. Of course, they didn’t wait to get his scores back before signing the lease for the office space and hiring a contractor, etc. So basically now there’s all this work going into building out the space and it’s set to be done in March, which is when they were originally supposed to open, but now he has to re-take his boards in May. He won’t get the results until July, which means that’s the absolute earliest they can open.

There’s also still the possibility he won’t pass in May but, true to form, they’re not even considering that. No contingency plan.

So, as far as the money: they get $150k dropped on them, expect to spend $120ish on the office opening, and see the other $30k as money to live on until they start bringing in the big bucks (presumably the second they open.) That means rent, Whole Foods shopping trips, gym memberships, blah blah blah. Oh and also, using it to make payments on his student loans when those start rolling in.

If you’re thinking that sounds like a super bad idea, SAME!

Yeeeaaaahhh...

That’s about what I thought was going on, except I couldn’t figure out the 7 month delay. Failing the boards finally fills in the missing piece. Clinics are costly things to build, but they don’t take more than a few months even if they’re highly technical.

Well, either they’re totally screwed or your BIL is pretty confident that the Bank Of Dad will provide.
I’ve known plenty of spoiled brats with equally lofty and unrealistic plans who have been so emboldened by the certainty that their parents can and will bail them out that they don’t hesitate to fling themselves face first into the sharp blades of financial risk with the fantastical promise of extraordinary pay off.

I mean, why bother having back up plans or moderating your spending if the wellspring of parental money never runs dry?

If that isn’t the case then...well...that will make Christmas interesting...

Well, that's the other thing, he didn't really FAIL the boards. He passed the boards with the score needed to be considered passing at the national level, but apparently certain states have additional scores that need to be achieved in order for you to practice in THAT state. The state they moved to has a score almost 100 points higher than the "pass" score recognized nationally.

If it were me, I probably wouldn't have picked a state where that was a requirement and then started building out my office space before I even got those scores back. Feels like a pretty big roll of the dice.

I should also add, I do adore my sis and BIL. He isn't a spoiled brat, and he is super laid back about material things... he wears super old clothes, drives a 1980 Suburban that's paid off (and he doesn't want to get rid of it), and I'm pretty sure he wouldn't care if they lived in a hut on the side of the road. His only financial idiocy is coming from this opening of the practice, and he's had so much confidence pumped into him by that program I talked about that he truly feels like it cannot fail.

My sis is also not into clothes shopping, she currently drives a paid for car and doesn't care about getting a super nice vehicle, she spends zero money on things like haircuts and manicures and stuff like that. HER financial vice is the food/personal care. She's vegan, only wants to eat organic everything, only buys organic personal care products, etc etc etc.

I personally spend way more money than they do on entertainment and stuff... I go out for drinks semi-regularly, eat out a handful of times a month, go to concerts and take trips and stuff. They don't do any of that crap, which is why it's such a confusing situation... it's like they're hemorrhaging money and have basically nothing to show for it other than a fridge full of organic food. Of course, I also have a good job with a good salary. They have no jobs with no salary.

I think they're probably best described as "head in the clouds" rather than spoiled brats. They were both lucky to come from families that provided them with super comfortable lives growing up, and they've become accustomed to that comfortable lifestyle without understanding how you achieve that lifestyle comfortably. They don't know how much they should be spending on rent, so they don't understand why $2k a month is too much. They truly, genuinely believe that the minute the practice opens they are going to be making money, and quickly, and lots of it. They have basically put all of their trust into 2 things: the word of the leaders of my BIL's program, and God.

As for the commenters saying they're feeling anxious reading this... yeah, you can imagine how me/my parents feel WATCHING this unfold in real time.

And to the commenter who asked how she turned out so differently than me: she was always very different than me, even as children. I am a worrier and she is not. I am a planner and she is not. I would rather sell my home and move into a box on the street rather than ask anyone for help, and she has no qualms about taking a handout or asking my parents to chip in on gas and groceries, etc. I have contingency plans for my contingency plans, and she doesn't even have regular plans to make contingency plans for. I put my faith re: finances in numbers and math, and she puts her faith in a higher power (not that there's anything inherently wrong with that, but when you're talking money, it wouldn't hurt to pray AND make yourself a spreadsheet.)

But you know, different strokes and all that. It's what makes the world go 'round. It's also what makes me drink.
« Last Edit: February 12, 2018, 12:39:18 PM by frugalfoothills »

Zamboni

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Re: My Soon-To-Be Millionaire Family Members
« Reply #127 on: February 12, 2018, 02:33:33 PM »
I am pretty much the only one in my family who isn't self employed. There is one really important fact about starting a new business that most people don't seem to understand: you should go into it assuming that you will not make a dime for at least the entire first year. In other words, even if you are awesome and the location is perfect, business will be slow at first, and every dime you earn will go to advertising to build a customer base, paying your employees, insurance, etc. None for you. Zero. You do not get to pay yourself.

In fact, 80% of new businesses fail within the first 18 months . . . so maybe one should plan not to make any money for two full years? How much money do you think BIL's father can afford to pour into this?

Mar 15, 2018 lhamo
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jinga nation

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Re: My Soon-To-Be Millionaire Family Members
« Reply #128 on: February 12, 2018, 03:07:27 PM »
@frugalfoothills I'm still mad you haven't given me the dimensions of her new chest, as asked previously. :-p

Please don't tell me y'all some type of Asian. Because this story is somewhat common in Indian, Chinese, Vietnamese families. I've seen enough wrecks in friends' families (my friends were the engineers, their siblings in the medical fields).

I got to see it in person last weekend. I'd guess it's about 4 feet long by 3 feet deep... 3 foot(ish) tall.

And nope, just a bunch of dumb white people over here.

Coffin.

elementz_m

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Re: My Soon-To-Be Millionaire Family Members
« Reply #129 on: February 12, 2018, 11:07:08 PM »
@frugalfoothills I'm still mad you haven't given me the dimensions of her new chest, as asked previously. :-p

Please don't tell me y'all some type of Asian. Because this story is somewhat common in Indian, Chinese, Vietnamese families. I've seen enough wrecks in friends' families (my friends were the engineers, their siblings in the medical fields).

I got to see it in person last weekend. I'd guess it's about 4 feet long by 3 feet deep... 3 foot(ish) tall.

And nope, just a bunch of dumb white people over here.

Coffin.

For an Oompa Loompa, maybe.

Linda_Norway

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Re: My Soon-To-Be Millionaire Family Members
« Reply #130 on: February 13, 2018, 12:40:33 AM »
Interesting to hear about their characters. So, they are not used to be spendypants, but the education has been misleading that a new business will make you a millionaire in a year. That is so wrong, they should have taught a class on how to start a business.

@frugalfoothills: I am also a planner with contingency plans. My DH often thinks I worry too much about problems that might not even happen. But it is also a good characteristic, because at least we have a plan and think things over.

Starting a business with major investments without making a plan and a spreadsheet sounds unrealistic.

Maybe their otherwise sensible lifestyle will help them repairing their lives after the business has gone wrong.
« Last Edit: February 13, 2018, 08:27:44 AM by Linda_Norway »

Nederstash

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Re: My Soon-To-Be Millionaire Family Members
« Reply #131 on: February 13, 2018, 03:30:43 AM »
Quote from: casserole_dish link=topic=86790.msg1892241#msg1892241
No no no don't stop the texts, this thread is amazing, it's like a car crash in really really slow motion, I can't look away
Indeed, although to make this more interesting, we should really start betting on when frugalfoothills' brother-in-law will ask his father for more money.

***The winner gets 10 internet points, and the pride of being right!!!***

My guess is that they will make it to January 15, 2019 before asking for more money.

I don't know why everyone is 6 months plus on this one. My guess is one month before Independence Day, in June 4th. I'm dubbing this day as Dependence Day.

Living off loans. $60/mn/person gym memberships. $50/mn rowing. Hot  yoga. New chest. Bed stuff. Surely there is more spending that we don't hear about. Yep. Dependence Day indeed.

I laughed so hard my cat mewed at me because I woke him.

ALso, this thread is glorious.

Nederstash

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Re: My Soon-To-Be Millionaire Family Members
« Reply #132 on: February 13, 2018, 03:55:39 AM »
As for the bet, let's see if I can make a decent assumption. Let's say their spending is around 4000 a month (2k on rent, 2k everything else including student loan repayment). The business is being built for 75k, but no building ever comes in on budget. Let's hazard 85k for the business. When it's ready, it'll need inventory, furniture, decorating. Let's say 15k. That leaves 50k to live off - about a year.

They should be able to make it to Jan 2019. However, I feel that as the building's nearing finish and they start seeing pots of gold on the horizon, their spending might increase. A new car (he needs to look presentable!) or those huuuge... tracts of land (Monty Python, anyone?) (also not referring to her Oompa Loompa sized chest).

My bet is on September 29. When they realize the money isn't flowing in like it should...

Apple_Tango

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Re: My Soon-To-Be Millionaire Family Members
« Reply #133 on: February 13, 2018, 10:43:24 AM »
@frugalfoothills I'm still mad you haven't given me the dimensions of her new chest, as asked previously. :-p

Please don't tell me y'all some type of Asian. Because this story is somewhat common in Indian, Chinese, Vietnamese families. I've seen enough wrecks in friends' families (my friends were the engineers, their siblings in the medical fields).

I got to see it in person last weekend. I'd guess it's about 4 feet long by 3 feet deep... 3 foot(ish) tall.

And nope, just a bunch of dumb white people over here.

Coffin.

For an Oompa Loompa, maybe.

Or fold your body in half? I can’t recall if yoga is imbedded into the lifestyle but I’m just going to assume it is.

robartsd

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Re: My Soon-To-Be Millionaire Family Members
« Reply #134 on: February 13, 2018, 03:02:35 PM »
I just can’t get over building a clinic for $75K, but that’s just because I come from a world where it takes 500K-2M to build our clinics.
I believe this is $75k for tenant improvement of a leased space, not to build from ground up - just building the interior rooms - typically includes framing, electrical, drywall, cabinets, flooring, and drop ceiling (usually the space will have a bathroom already or access to bathrooms off the building lobby).

Cassie

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Re: My Soon-To-Be Millionaire Family Members
« Reply #135 on: February 13, 2018, 04:35:30 PM »
A number of years ago when my sister did a business plan she was told expect to run in the red and not take a salary for 2-3 years.

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #136 on: February 13, 2018, 04:53:20 PM »
I just can’t get over building a clinic for $75K, but that’s just because I come from a world where it takes 500K-2M to build our clinics.
I believe this is $75k for tenant improvement of a leased space, not to build from ground up - just building the interior rooms - typically includes framing, electrical, drywall, cabinets, flooring, and drop ceiling (usually the space will have a bathroom already or access to bathrooms off the building lobby).

This is correct. They’re leasing an office space in a shopping plaza, so the build-out is all interior walls, etc. They aren’t changing fundamentals like plumbing and stuff for the bathroom... I think one of the largest expenses is the x-ray room.

Zamboni

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Re: My Soon-To-Be Millionaire Family Members
« Reply #137 on: February 13, 2018, 06:04:47 PM »
Lol, a shopping plaza . . . it just keeps getting better and better! What is the current monthly rent on the glorious commercial shopping plaza space? Inquiring minds need to know before placing their wagers.

Mar 15, 2018 lhamo
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« Last Edit: February 14, 2018, 04:16:04 PM by Zamboni »

penguintroopers

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Re: My Soon-To-Be Millionaire Family Members
« Reply #138 on: February 14, 2018, 10:51:09 AM »
Adding my guess on July 28th, approximately 1 week before the office is supposed to open.

Mar 15, 2018 lhamo
Apr 1, 2018 babybug
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May 1, 2018 neverrun
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June 4, 2018 Beard N Bones (Dependence Day)
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Apples

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Re: My Soon-To-Be Millionaire Family Members
« Reply #139 on: February 15, 2018, 11:26:27 AM »
This is nuts.  Like, really nuts.

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Re: My Soon-To-Be Millionaire Family Members
« Reply #140 on: February 15, 2018, 05:33:13 PM »
I can't watch this any longer without putting in my own guess. I'm going with Independence Day. The question will be asked during the family BBQ. (Please tell me there will be a family BBQ.)

Mar 15, 2018 lhamo
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July 1, 2018 Finances_With_Purpose, partygypsy
July 4, 2018 Miss Piggy
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Sept 29, 2018 Nederstash
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Jan 15, 2019 Yt(NO3)3
[/quote]

robartsd

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Re: My Soon-To-Be Millionaire Family Members
« Reply #141 on: February 15, 2018, 05:58:18 PM »
This is correct. They’re leasing an office space in a shopping plaza, so the build-out is all interior walls, etc. They aren’t changing fundamentals like plumbing and stuff for the bathroom... I think one of the largest expenses is the x-ray room.
I think many chiropractors refer patients to radiology clinics for x-rays if needed. Of course adding a set of in-house x-rays for every patient might be lucrative.

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Re: My Soon-To-Be Millionaire Family Members
« Reply #142 on: February 16, 2018, 02:50:26 PM »
Great news, guys!

The sign is up on the front of the office space!!! "XXX Chiropractic" (not the real name) is in business! Well, except not really, because the inside is still just the basic framework of where walls will be eventually, and no equipment, and also no chiropractor until July at the earliest.....

But the sign is up!!!

Miss Piggy

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Re: My Soon-To-Be Millionaire Family Members
« Reply #143 on: February 16, 2018, 03:08:16 PM »
Well, except not really, because the inside is still just the basic framework of where walls will be eventually, and no equipment, and also no chiropractor until July at the earliest.....

Minor details.

Check2400

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Re: My Soon-To-Be Millionaire Family Members
« Reply #144 on: February 16, 2018, 03:15:36 PM »
Mar 15, 2018 lhamo
Apr 1, 2018 babybug
Apr 15, 2018 expnss
May 1, 2018 neverrun
May 13, 2018 kina
June 4, 2018 Beard N Bones (Dependence Day)
July 1, 2018 Finances_With_Purpose, partygypsy
July 4, 2018 Miss Piggy
July 15, 2018 Sibley, Roe
July 28,2018 penguintroopers
Aug 1, 2018 Apple_Tango, ShoulderThingThatGoesUp
Aug 15, 2018 Linda_Norway
Sept 29, 2018 Nederstash
Nov 15, 2018 Zamboni
Jan 15, 2019 Yt(NO3)3

Are we doing a simple closest to the actual day, or Price is Right Rules here? 

Also, @frugalfoothills , do you feel confident you'll get word back if they get another loan?  Not that we want them to dig deeper into (a very likely going to be forgiven) 'debt,' but, you know, in the interest of science...

Pylortes

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Re: My Soon-To-Be Millionaire Family Members
« Reply #145 on: February 16, 2018, 10:31:35 PM »
Ill go with Labor Day weekend (oh the irony), September 2nd. This is not an easy guess however as I could see building overruns will cause them to need $ a lot sooner.  However I’m going later than most for two reasons: 1. I’ll guess BIL will try to put his head down and avoid the finance problem and not admit he needs more $ for awhile and 2. I’m just hedging because so many other people picked earlier dates.   

Nobody has really mentioned the possibility of outright default rather than more $ being asked for. Why should we assume with certainty BIL is going to pass his July boards?  I give a 33% probability he will suffer strike two there.  And if he does maybe they just give up on the clinic and one or both of them get some sort of regular job.  Still I think this possibility is not likely and I hope won’t come to fruition.  I’m saying he will pass, the $ will start dwindling over the summer but they will bite their tongues and wait until the Labor Day BBQ to ask FIL for more. 

babybug

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Re: My Soon-To-Be Millionaire Family Members
« Reply #146 on: February 17, 2018, 01:48:42 AM »
Great news, guys!

The sign is up on the front of the office space!!! "XXX Chiropractic" (not the real name) is in business! Well, except not really, because the inside is still just the basic framework of where walls will be eventually, and no equipment, and also no chiropractor until July at the earliest.....

But the sign is up!!!
Oh, no. That's an ominous sign. It means perhaps the budget for the construction + equipment is running low but putting up the sign is 'positive thinking' to keep up the morale.

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iris lily

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Re: My Soon-To-Be Millionaire Family Members
« Reply #147 on: February 17, 2018, 07:44:13 AM »
Great news, guys!

The sign is up on the front of the office space!!! "XXX Chiropractic" (not the real name) is in business! Well, except not really, because the inside is still just the basic framework of where walls will be eventually, and no equipment, and also no chiropractor until July at the earliest.....

But the sign is up!!!
Oh, no. That's an ominous sign. It means perhaps the budget for the construction + equipment is running low but putting up the sign is 'positive thinking' to keep up the morale.

Sent from my KIW-L24 using Tapatalk

Yes! The sign is an inviation to Prosperity to grace their chiropractor selves with more money. Prosperity Principle works! You just have to believe it and exercise its principles! Dont let it down, now.

PDXTabs

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Re: My Soon-To-Be Millionaire Family Members
« Reply #148 on: February 17, 2018, 11:26:42 AM »
I'm not really sold on chiropractors as legit medical professionals, but I certainly separate the ones who seem to stay within the boundary of back pain issues from the truly weird ones who think an "adjustment" can cure any disease.

They know more about your muscular/skeletal system than any MD. The one I went to told me exactly what was wrong with my back, and what exercises to do at the gym to never come back into her office. Bad for her business, but good for me.

iris lily

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Re: My Soon-To-Be Millionaire Family Members
« Reply #149 on: February 17, 2018, 11:51:19 AM »
I'm not really sold on chiropractors as legit medical professionals, but I certainly separate the ones who seem to stay within the boundary of back pain issues from the truly weird ones who think an "adjustment" can cure any disease.

They know more about your muscular/skeletal system than any MD. The one I went to told me exactly what was wrong with my back, and what exercises to do at the gym to never come back into her office. Bad for her business, but good for me.
Or, you can go to a physical therapist (after having to run through an MD) and get similar excellent advice, without the high risk of the chrio setting up regular appointments forever into the future, selling you powders and shakes, voodooing your cancer away, etc. the thing is, they just arent consistent. If you found a good chiro, good cor you.