Author Topic: My Soon-To-Be Millionaire Family Members  (Read 94554 times)

Finances_With_Purpose

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Re: My Soon-To-Be Millionaire Family Members
« Reply #300 on: July 09, 2018, 09:03:58 PM »
I got a text on Friday morning... BIL passed his boards! My dad's reply had me rolling... "Congrats! Never had any doubt he would!"

Are were sure that the next text to Father-In-Law wasn't, "I might need xxx dollars to get this money machine fully up and operating"?

On that point: I would not be so sure whoever is crossing off names (though I do think I guessed way too early) because it's likely we'll only find out about it after the fact, and maybe long after the fact. 

Dicey

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Re: My Soon-To-Be Millionaire Family Members
« Reply #301 on: July 10, 2018, 04:41:24 AM »
Well that was a nice, juicy update. Thanks, @frugalfoothills!

robartsd

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Re: My Soon-To-Be Millionaire Family Members
« Reply #302 on: July 13, 2018, 03:10:27 PM »
"$1,500 per year is very inexpensive."
Inexpensive compared to what? I'm a monthly cash patient at my chiropractor and spend quite a bit less than $1500/yr.

200 appointments - if those are all separate individuals, and the can convince half of them that the $1500/yr plan is worthwhile they'll have a $150,000 revenue stream. They might make it without more cash inflow from the bank of dad.

Cassie

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Re: My Soon-To-Be Millionaire Family Members
« Reply #303 on: July 13, 2018, 11:15:22 PM »
I have used a good chiropractor for years. I hate what they are doing because they give the profession a bad reputation.

eljefe-speaks

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Re: My Soon-To-Be Millionaire Family Members
« Reply #304 on: July 16, 2018, 10:48:14 AM »
People are running bets on when the Soon-To-Be-Millionaire-Family-Members are going to run out of money, therefore asking family/parents for money.

We're keeping the running list for a sense of pride and accomplishment of something that will never impact our lives, but makes us happy as posters on the Antimustachian Wall of Shame and Comedy.
Aaahhh, that makes sense now. Thanks! I must have missed that earlier in the thread.
Let’s see, I’ll put my guess out at March 2019. What does the winner get, aside from bragging rights? :)

If I recall correctly, and being too lazy to search this out in the thread, I think the winner gets 1 Internet Point.

talltexan

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Re: My Soon-To-Be Millionaire Family Members
« Reply #305 on: July 16, 2018, 11:46:50 AM »
How about we give the winner all the internet points?

elementz_m

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Re: My Soon-To-Be Millionaire Family Members
« Reply #306 on: July 16, 2018, 03:47:08 PM »
How about we give the winner all the internet points?

I think that would devalue the Internet points, and I'm so heavily invested in them it would ruin my FIRE plans.

Really should have diversified with some of those Real Life points...

barbaz

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Re: My Soon-To-Be Millionaire Family Members
« Reply #307 on: July 18, 2018, 12:47:29 AM »
How about we give the
I think that would devalue the Internet points, and I'm so heavily invested in them it would ruin my FIRE plans.

Really should have diversified with some of those Real Life points...
I know what you mean. I have a passive income of ~100 reputation per month on stackoverflow, but is that really enough to retire on?

ysette9

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Re: My Soon-To-Be Millionaire Family Members
« Reply #308 on: July 18, 2018, 07:05:23 AM »
How about we give the winner all the internet points?
Is that like winning the internet?

robartsd

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Re: My Soon-To-Be Millionaire Family Members
« Reply #309 on: July 18, 2018, 01:47:26 PM »
I know what you mean. I have a passive income of ~100 reputation per month on stackoverflow, but is that really enough to retire on?
That's about 10x my passive income on stackoverflow.

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #310 on: July 19, 2018, 08:57:18 AM »
Today is the ribbon cutting for the Millionaires! There are 2 ceremonies today, and then a "friends & family" ceremony on Saturday that I'll be attending. Throwing a 30th birthday party for a close friend Friday night at my house, so I'm sure I'll be bright eyed and bushy tailed for the big reveal.

I guess this means that the Millionaires are officially up & running as of today! I'll keep updates coming as business ramps up (or down?)

ysette9

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Re: My Soon-To-Be Millionaire Family Members
« Reply #311 on: July 19, 2018, 01:06:55 PM »
Maybe for the same reason restaurants have “grand opening!” signs up in front for the first year? It generates buzz and hopefully buzz generates $$.

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #312 on: July 20, 2018, 12:24:35 PM »
Today is the ribbon cutting for the Millionaires! There are 2 ceremonies today, and then a "friends & family" ceremony on Saturday that I'll be attending. Throwing a 30th birthday party for a close friend Friday night at my house, so I'm sure I'll be bright eyed and bushy tailed for the big reveal.

I guess this means that the Millionaires are officially up & running as of today! I'll keep updates coming as business ramps up (or down?)

Why two ceremonies - actually three?

I found this weird, too... they had one yesterday morning for the Chamber of Commerce for the next town over, and a business networking group they have been part of. Then yesterday afternoon for THEIR Chamber of Commerce, plus a Young Professionals group. Then Saturday for "friends & family."

Not sure why you wouldn't just do one big ribbon cutting and knock it all out at once...? I don't know, I've never opened a business.

patchyfacialhair

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Re: My Soon-To-Be Millionaire Family Members
« Reply #313 on: July 20, 2018, 12:44:58 PM »
I think it's a good idea. Target the sales pitches to smaller groups, adjusting the pitch slightly based on the audience, hopefully yielding a better result.

As opposed to a big old hootenanny where people stay for 2 minutes and leave because there's too many people.

iris lily

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Re: My Soon-To-Be Millionaire Family Members
« Reply #314 on: July 21, 2018, 12:48:24 PM »
I think it's a good idea. Target the sales pitches to smaller groups, adjusting the pitch slightly based on the audience, hopefully yielding a better result.

As opposed to a big old hootenanny where people stay for 2 minutes and leave because there's too many people.

Also, timing i i portant. Multiple, eremonies can be targeted to whenever the targte group can attend.

Not sure I wojld worry about too many people at this event. :)

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #315 on: August 09, 2018, 03:13:46 PM »
Business has been booming for the millionaires since the ribbon cutting. They are about to finish up their third full week with open doors and from the sounds of it, business has been good. They signed up a ton of people for consultation-type things pre-opening, so they've been working through all those and attempting to swindle sign them up for "care packages." I'll be interested to hear what the conversion rate is so far.

In some non-Mustachian news, the Millionaires got a new car! A 2014 Tahoe, to be exact. Bought and paid for by Financier in Chief, my BIL's father. What has become abundantly clear throughout this ordeal is that the Millionaire's business venture WILL succeed, deserved or not, because FIL will bail them out regardless. They are essentially the Wells Fargo of small-town chiropractic care... Too Privileged To Fail.

If I sound jealous, it's because I am!

K-ice

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Re: My Soon-To-Be Millionaire Family Members
« Reply #316 on: August 09, 2018, 03:22:48 PM »
Good for them!

Although we were all kind of waiting to get our dose of "Schadenfreude".

(a German word for "pleasure derived from the misfortunes of others.")

Having successful family members is better than needy ones.

patchyfacialhair

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Re: My Soon-To-Be Millionaire Family Members
« Reply #317 on: August 09, 2018, 03:28:18 PM »
So is the contest over since BILs father bought the massive unnecessary SUV? Or are we waiting for an indication that they've actually asked him for money?

If the former...

Aug 1, 2018 Apple_Tango, ShoulderThingThatGoesUp
August 9th (TAHOE PURCHASE DATE)
Aug 15, 2018 Linda_Norway

@Apple_Tango and @ShoulderThingThatGoesUp tie for the win...

YttriumNitrate

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Re: My Soon-To-Be Millionaire Family Members
« Reply #318 on: August 09, 2018, 08:20:06 PM »
So is the contest over since BILs father bought the massive unnecessary SUV? Or are we waiting for an indication that they've actually asked him for money?
It certainly does seem that the BIL asked for a giant SUV (because chiropractic stuff and all), so...



EDIT: After official video review, the ruling on the field is overturned....repeat third down.
« Last Edit: August 13, 2018, 07:00:25 AM by YttriumNitrate »

ysette9

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Re: My Soon-To-Be Millionaire Family Members
« Reply #319 on: August 09, 2018, 09:08:50 PM »
Congrats to the winners

partgypsy

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Re: My Soon-To-Be Millionaire Family Members
« Reply #320 on: August 09, 2018, 09:17:32 PM »
Wouldn't it be Linda Norway who won? Unless u knew the date when the ask was?

Dabnasty

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Re: My Soon-To-Be Millionaire Family Members
« Reply #321 on: August 10, 2018, 06:24:34 AM »
Good for them!

Although we were all kind of waiting to get our dose of "Schadenfreude".

(a German word for "pleasure derived from the misfortunes of others.")

Having successful family members is better than needy ones.

That was my thought for a brief moment until I remembered their business model is taking advantage of ignorant people. Even if they are true believers in their method, people aren't getting the panacea they've been told they're getting.

ShoulderThingThatGoesUp

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Re: My Soon-To-Be Millionaire Family Members
« Reply #322 on: August 10, 2018, 08:59:49 AM »
Internet Points! Woohoo!

FIRE@50

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Re: My Soon-To-Be Millionaire Family Members
« Reply #323 on: August 10, 2018, 09:05:15 AM »
Internet Points! Woohoo!
Have you decided which index fund to invest all of those points in?

talltexan

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Re: My Soon-To-Be Millionaire Family Members
« Reply #324 on: August 10, 2018, 09:10:11 AM »
A couple of questions:

  • Foot Traffic is high for this business now. Is there evidence of growth, or could this be a one-time surge?
  • They're still pretty leveraged to FIL. Can they survive a downturn? How does the area seem to be doing economically?
  • My MIL bought my BIL a new car seven years ago. She claimed it was the equivalent of the money she spent on my wife's and my wedding. She has been pretty generous with our HH over the years, so I probably don't want to start complaining. Do BIL and SIL have kids? If you don't have kids, the Tahoe is...to what purpose exactly?

ShoulderThingThatGoesUp

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Re: My Soon-To-Be Millionaire Family Members
« Reply #325 on: August 10, 2018, 09:26:52 AM »
Internet Points! Woohoo!
Have you decided which index fund to invest all of those points in?

SCHE; the Internet still has a lot of productivity growth to add in emerging markets.

patchyfacialhair

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Re: My Soon-To-Be Millionaire Family Members
« Reply #326 on: August 10, 2018, 09:28:02 AM »
Investing in memes would be a better decision. High risk high reward.

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #327 on: August 10, 2018, 02:06:04 PM »
Not to rain on anyone's internet point parade, but BIL didn't actually *ask* FIL for the Tahoe. BIL (and my sis) have both been driving the same cars they've had since high school... so in that regard, they've been exceedingly Mustachian. FIL has been pestering BIL to let him buy him a new car, since apparently he tried to buy BIL a new car when he graduated from undergrad, and BIL refused (looooved his beater.) Seems like he only just now caved to accepting a gift that's been a long time coming. Not sure how this affects the contest... seems like it's back open to me!

A couple of questions:

  • Foot Traffic is high for this business now. Is there evidence of growth, or could this be a one-time surge?
  • They're still pretty leveraged to FIL. Can they survive a downturn? How does the area seem to be doing economically?
  • My MIL bought my BIL a new car seven years ago. She claimed it was the equivalent of the money she spent on my wife's and my wedding. She has been pretty generous with our HH over the years, so I probably don't want to start complaining. Do BIL and SIL have kids? If you don't have kids, the Tahoe is...to what purpose exactly?

1. No clue, I have to think at least some of it is a one-time surge. They offered introductory appointments ("assessments") at a super discounted price in the hopes of getting people in the door, and I think that was very successful. Interested to hear what the conversion rates are.
2. They can survive downturn because FIL will bail them out. Area is good economically & growing, though their exactly location IN that area baffles me a bit...
3. No kids yet but they DEFINITELY plan on having them. Like, lots of them. My sister loves kids... that's what the Currently Wasted Masters Degree was for, actually. I expect they will be pregnant sooner rather than later, honestly. I'm fine with that... I don't really want kids of my own, so I'm VERY much looking forward to being an aunt!

I'm going to call my sis this weekend and hopefully get an update on things.

patchyfacialhair

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Re: My Soon-To-Be Millionaire Family Members
« Reply #328 on: August 10, 2018, 02:22:31 PM »
The league commissioner has spoken. The contest is back open!

ShoulderThingThatGoesUp

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Re: My Soon-To-Be Millionaire Family Members
« Reply #329 on: August 10, 2018, 08:28:47 PM »
My internet points broker is going to be pi-issed.

Miss Piggy

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Re: My Soon-To-Be Millionaire Family Members
« Reply #330 on: August 11, 2018, 10:51:12 AM »
My internet points broker is going to be pi-issed.

I don't even know how you recover from something like this.

iris lily

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Re: My Soon-To-Be Millionaire Family Members
« Reply #331 on: August 12, 2018, 11:26:08 AM »
My internet points broker is going to be pi-issed.

I don't even know how you recover from something like this.
This, and this thread update, is a scream!

Linda_Norway

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Re: My Soon-To-Be Millionaire Family Members
« Reply #332 on: August 13, 2018, 05:20:06 AM »
The league commissioner has spoken. The contest is back open!

Darn it!

jinga nation

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Re: My Soon-To-Be Millionaire Family Members
« Reply #333 on: August 14, 2018, 10:41:56 AM »
The Tahoe is an implicit way for FIL to say "get jiggy and fill this up with your cute offspring". He doesn't want grandkids in a beater.

Just Joe

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Re: My Soon-To-Be Millionaire Family Members
« Reply #334 on: August 14, 2018, 05:47:22 PM »
Wants to improve their automotive appearances so the business succeeds and he gets his loan back?

AlanStache

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Re: My Soon-To-Be Millionaire Family Members
« Reply #335 on: August 14, 2018, 07:36:11 PM »
Congrats... I guess! 

I have never understood the need for small business people to have flashy cars; like why would I as a customer want to see what I am paying for?  But society at large tells me I look at things wrongly; meh. 

Apple_Tango

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Re: My Soon-To-Be Millionaire Family Members
« Reply #336 on: August 14, 2018, 10:05:33 PM »
Talk about a rollercoaster! I check the thread to find out I won!!! And then in the blink of an eye my first place win was stripped away. To all those who remain, may the odds be in your favor 😂😂

talltexan

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Re: My Soon-To-Be Millionaire Family Members
« Reply #337 on: August 15, 2018, 07:26:07 AM »
Congrats... I guess! 

I have never understood the need for small business people to have flashy cars; like why would I as a customer want to see what I am paying for?  But society at large tells me I look at things wrongly; meh.

I spent about $2,400 to receive sales coaching during my time in Cincinnati. My coach--who maintained that he'd built several businesses in insurance and boat dealing--drove an old honda accord. It never occurred to me to inquire whether this was a business thing (did he do it to minimize the costs of work-related driving?) or to try to figure out whether he wasn't as wealthy as he maintained he was. I imagine many people who try to sell you ideas that will bring you wealth wish to look wealthy themselves. This one did the opposite of that.

But a lot of people on this forum drive old, beat-up cars despite great wealth.

robartsd

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Re: My Soon-To-Be Millionaire Family Members
« Reply #338 on: August 15, 2018, 09:36:41 AM »
I have never understood the need for small business people to have flashy cars; like why would I as a customer want to see what I am paying for?  But society at large tells me I look at things wrongly; meh.
I think that the appearance of wealth subconsciously validates someone's decision to purchase - if they have that much wealth, it must be because so many other people found that they provide great value. Only after stepping back and thinking rationally about the situation do you realize that the appearance of wealth provides you no information about the value being provided.

Linda_Norway

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Re: My Soon-To-Be Millionaire Family Members
« Reply #339 on: August 16, 2018, 12:58:16 AM »
I have never understood the need for small business people to have flashy cars; like why would I as a customer want to see what I am paying for?  But society at large tells me I look at things wrongly; meh.
I think that the appearance of wealth subconsciously validates someone's decision to purchase - if they have that much wealth, it must be because so many other people found that they provide great value. Only after stepping back and thinking rationally about the situation do you realize that the appearance of wealth provides you no information about the value being provided.

Maybe it is for the same reasons that people are sceptic to specialists with a cheap hourly rate.

marty998

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Re: My Soon-To-Be Millionaire Family Members
« Reply #340 on: August 16, 2018, 07:30:26 AM »
I have never understood the need for small business people to have flashy cars; like why would I as a customer want to see what I am paying for?  But society at large tells me I look at things wrongly; meh.
I think that the appearance of wealth subconsciously validates someone's decision to purchase - if they have that much wealth, it must be because so many other people found that they provide great value. Only after stepping back and thinking rationally about the situation do you realize that the appearance of wealth provides you no information about the value being provided.

Maybe it is for the same reasons that people are sceptic to specialists with a cheap hourly rate.

It's for the tax write off.

These same business people don't understand that they don't get it all back on tax, only their marginal rate.

talltexan

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Re: My Soon-To-Be Millionaire Family Members
« Reply #341 on: August 16, 2018, 08:26:41 AM »
What if BIL does something really sophisticated, like convert the debt he owes to Father-in-law into FIL owning a share of the business? Who wins then?

Tuskalusa

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Re: My Soon-To-Be Millionaire Family Members
« Reply #342 on: August 16, 2018, 08:32:10 AM »
I have absolutely no idea what kind of car my chiropractor drives...

YttriumNitrate

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Re: My Soon-To-Be Millionaire Family Members
« Reply #343 on: August 16, 2018, 11:08:42 AM »
Here's an image of a chriopractor's car I used to go by every day (hopefully Google will not change the link). If the BIL A) wraps the car in the company name, B) parks it by a busy road (on stilts), and C) adds branded kayaks on top, then I could see it as a legitimate business expense.

https://www.google.com/maps/@40.4531184,-86.9205372,3a,41y,314.48h,85.18t/data=!3m7!1e1!3m5!1sJH4mLlMhMTFMO9QEloL_-A!2e0!5s20070901T000000!7i13312!8i6656

Just Joe

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Re: My Soon-To-Be Millionaire Family Members
« Reply #344 on: August 17, 2018, 09:27:16 AM »
I once visited a small town dentist whose operation was shabby. Not frugal but shabby. We did not return. The Frank Burns of dentistry.

More than few times in my years shabby appearances have led to other short comings. Not always but enough.

I don't assume the guy with gold plated plumbing is anything special though. He's likely just expensive and certainly has different priorities than me.

I like our dentist. Clean office. The dentist and his staff drive ordinary vehicles. Everything is neat and orderly. Service is good.

ixtap

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Re: My Soon-To-Be Millionaire Family Members
« Reply #345 on: August 17, 2018, 09:50:18 AM »
I once visited a small town dentist whose operation was shabby. Not frugal but shabby. We did not return. The Frank Burns of dentistry.

More than few times in my years shabby appearances have led to other short comings. Not always but enough.

I don't assume the guy with gold plated plumbing is anything special though. He's likely just expensive and certainly has different priorities than me.

I like our dentist. Clean office. The dentist and his staff drive ordinary vehicles. Everything is neat and orderly. Service is good.

Yes, but what about your dentist's car? I happen to know mine owns a big SUV because I seem to make appointments after lunch and get to watch her come back from lunch while I am getting my teeth cleaned.

greengardens

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Re: My Soon-To-Be Millionaire Family Members
« Reply #346 on: August 17, 2018, 10:01:55 AM »
I worked in a law office and heard more than one client complain that a couple of the lawyers “must not be very good” because they drove older, somewhat beat up cars. I’ve also heard people say they wouldn’t use a certain realtor because they didn’t drive a nice car.

Loren Ver

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Re: My Soon-To-Be Millionaire Family Members
« Reply #347 on: August 17, 2018, 05:36:42 PM »
I worked in a law office and heard more than one client complain that a couple of the lawyers “must not be very good” because they drove older, somewhat beat up cars. I’ve also heard people say they wouldn’t use a certain realtor because they didn’t drive a nice car.

If they are (maybe subconsciously) looking for someone that values the same thing as them.  If they value the bling, then this isn't a bad thing.  Much like many of us valuing the opposite.  Driving a beater could mean you can't manage to afford something nicer (or the messy divorce let you with nothing but scrap) but we like to think it is because frugal.... Still another assumption.

LV

Just Joe

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Re: My Soon-To-Be Millionaire Family Members
« Reply #348 on: August 20, 2018, 09:11:12 AM »
I want to believe that anyone I hire is reasonably good at what they do and a fair value.

In my universe anyone that is decently talented and thoughtful about their life ought to be able to afford a clean office, decent tools, a reasonable vehicle - and be motivated to maintain at least that standard of equipment and reinvestment into his/her business.  If the guy/gal arrived (in our town) driving a Ferrari my gut feeling was that he was too expensive, heavily into debt or spends 35 seconds with each patient.

Unless I lived in Beverly Hills or Miami Beach - which I definitely don't.

I once worked for an employer who took every nickel they could out of the business. No reinvestment. Did not value the employees. From my POV did not seem to value the customers either beyond the cash flow they represented. The job served me well for the time I worked it but I would never want to do business with them. They by the way are out of business b/c the customers weren't valued either. Turns out that there was alot of spendy pants behavior and a drug addiction involved behind the scenes by the proprietor.

I can appreciate a clean, well kept budget used car/office/wardrobe/equipment. When a business lets their "don't give a flip" show I'm out.
« Last Edit: August 21, 2018, 08:00:47 AM by Just Joe »

Mesmoiselle

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Re: My Soon-To-Be Millionaire Family Members
« Reply #349 on: August 20, 2018, 09:24:06 PM »
My brother credited me with this great idea two days back.

withdrawing a $500 loan at 7%?? interest to invest in the stock market.

I vehemently denied making such a suggestion, I promise such words would never have come out of my mouth. Told him such, and he just implied I was pissing on his parade.

v-v