The Money Mustache Community
General Discussion => Welcome and General Discussion => Topic started by: whywork on July 01, 2018, 12:29:33 PM
-
Forget the pressure to sound like a mustachian. Try to think of your dream lifestyle.
If you win a 100 million dollar lottery, what is your dream life style. I'll go first
Buy a huge mansion with a river like swimming pool (that runs long), Huge (Few acres) back yard
Both the kids stop school and will be schooled for 3 hours daily by private tutors that come home
We all will have fun as family in the pool
Buy a baseball pitching machine plus a batting net / cage. Keep practicing playing with myself every day having fun
Have other games in the backyard like ping pong table, tennis court, basketball court, kids play area with pump it up or jumping style games
Hire Chefs cooking food; eat out often
Frequent vacationing at different places in the US and world
Lease cars and change every 1 year; not super expensive cars; <= 50k
Backyard biking and running trials and gym equipment
Go mall shopping and eat out at mall weekly twice; The spending won't be crazy, the kids learn some frugality and restraint
Ipad and other watching for entertainment is limited to kids; They will be encouraged to read books, initially it will start with story books and then more and more non fiction
-
I would get rid of pretty much all of it as soon as possible to charity. Life is good now, and excessive windfalls seem to cause nothing but grief.
-
I'd buy several hundred acres (or more) in the mountains of western NC and build a modest-sized home with a large workshop. I'd probably travel a lot more frequently as well, and of course I would immediately retire. That's pretty much it I think.
-
Forget the pressure to sound like a mustachian. Try to think of your dream lifestyle.
If you win a 100 million dollar lottery, what is your dream life style. I'll go first
Buy a huge mansion with a river like swimming pool (that runs long), Huge (Few acres) back yard
Both the kids stop school and will be schooled for 3 hours daily by private tutors that come home
We all will have fun as family in the pool
Buy a baseball pitching machine plus a batting net / cage. Keep practicing playing with myself every day having fun
Have other games in the backyard like ping pong table, tennis court, basketball court, kids play area with pump it up or jumping style games
Hire Chefs cooking food; eat out often
Frequent vacationing at different places in the US and world
Lease cars and change every 1 year; not super expensive cars; <= 50k
Backyard biking and running trials and gym equipment
Go mall shopping and eat out at mall weekly twice; The spending won't be crazy, the kids learn some frugality and restraint
Ipad and other watching for entertainment is limited to kids; They will be encouraged to read books, initially it will start with story books and then more and more non fiction
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.
This post belongs more in the Antimustachian wall of shame than anywhere else.
-
Pretty much just like I’m living right now, because I’m happy just as we are. We might move closer to the grandkid, though.
-
I would go ahead and FIRE now. I would probably get a winter home to snowbird in the winter, maybe an RV as well while keeping my main residence in the midwest. I would do some vacationing, of course, but I already plan to do that, but I might step it up a couple notches with $100M. That's more money than I would ever need, so I would help out others and donate significantly to charity.
-
Above all, keep my mouth shut about it.
Stop working.
Go on vacations that are a notch or two (no more than that, we wouldn't fit in) fancier than our current budget allows, and more of them.
Move to a modest sized house in the (expensive property, but not otherwise HCOL) town we want to live in.
Eat out more often.
Gradually give most of it away to people and causes whose lives will be significantly improved by the addition of a chunk of money.
-
I'd buy this nice plug-in hybrid (http://cars.mclaren.com/ultimate-series/p1), used of course. Otherwise I would keep my plans the same; we're already at the point where more money doesn't buy more happiness.
-
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.
This post belongs more in the Antimustachian wall of shame than anywhere else.
Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.
-
Buy a house in Orange County, set aside a few million in a Vanguard fund to live off of, bury a million bucks in gold at my house, and throw the rest into some sort of fund, pulling 4% a year out to give to good causes (charities, worthy political candidates, NPR, PBS, etc.). And live my life as normally as possible. No boats, no fancy shit, maybe a few nice new cars, Toyota or Honda of course.
-
Uh.... none of that stuff sounds remotely appealing to me. Being stuck in a giant house eating yucky not-homecooked food sounds like an absolute nightmare. I literally have big house nightmares sometimes, with scary monsters behind all the corners you can't see around. And I sleepwalk, which is really bad in a big place, because I end up getting lost and doing stuff I shouldn't, like panicking and eating a bar of soap. It happens sometimes now (last night I tried to beat a monster to death with my pillow, which turned out to be my partner's office chair), but waaaaay less than when I was growing up in a huge house. Small-space, minimalist living is a godsend for people like me, because for the most part I don't end up with weird corners and shadows that my sleep-brain interprets as other things.
As for the question, the money would really just speed up the process. I'd quit my job immediately, of course, and go get my island-life cabin/tiny house built, and wind down to live a very relaxed, low-key life. I'd do the same stuff I do now basically. Probably more traveling, but that's less of a financial issue and more of a workplace-time-off-policy issue.
I would definitely end up donating a lot to charity, because there would literally be nothing I would want to do with it otherwise.
-
Slow travel the world broke backpacker style until I get bored of it. Then get odd jobs and/or do volunteering all over the world. Spend at least 1 month/year home to see friends/family, preferably twice a year.
Donate lots of money to charities that help underprivileged/poor people and that protect the environment.
Start some sort of study fund/grant that allows underprivileged young folks to get good education.
Be generous towards friends and family, but at a rate where they don't expect/demand it. Just occasionally (i.e. picking up the bill after dinner more often, offering them to stay with me for free while traveling together).
-
Hanging out at the mall? Your dream sounds like my nightmare!
I'd like to donate more and if I had that much I'd probably start a charity of some sort.
I'd sell my rental house immediately regardless of price.
I might travel more, but I'm not really sure where tbh. Maybe some sort of slow travel that allows for dogs. That's the plan anyway, I might just get to it sooner.
Or buy a teleporter. That's the one thing I truly long for that I don't have yet. How much for one of those?
-
Donate $99 million to charity and live comfortably on the rest. The tough part would be deciding which charities and whether to do it as a lump sum donation just to get rid of it, or to set up some sort of charitable trust and donate the interest each year. Either way, that's a lot of toilets and access to clean water for people who need it.
-
Buy some acreage in Montana that backs up onto National Forest land. Built a modest home there. Alternate between traveling to interesting places and hiking and hunting in Montana.
So, pretty much what I'd like to do when I FIRE. The only real differences would be that if I won $100 million, I could do it today, and I'd be buying first class airline tickets.
-
$100 million take-home after taxes, or $100 million jackpot? I ask because the amount you get is significantly different in the two scenarios. I'll assume it's the jackpot to start with..
After taking the cash option (dropping the amount a bunch), then paying the taxes (~45% between fed and state), I'd get somewhere around $34 million.
Of course, I'm splitting it with some family and close friends so I'm only going to get 1/2 of that amount and split the other half between my immediate family and a couple friends, leaving ~$17 million.
Step one after getting the money is quitting my job.
Out of that $17 million I took home, I'm gonna go ahead and donate $5 million to charitable causes, leaving $12 million.
With that I'm buying myself the following:
A very nice sailboat - and outfitting it for cruising the world the way I'd dream of (fully self-sustaining power and water, with A/C capabilities, dive compressor, full suite of electronics, etc). That'll run ~$500k. $11.5M left
Pay off current mortgage (~$110k now). ~$11.4M left
Invest the remainder in a 60/40 Boglehead portfolio. Live off 3.5% of that or less each year, donating what I don't spend (likely most of it as I expect to spend no more than ~20% of that on average while "living it up") to charity and randomly giving large tips to strangers, gifts to friends etc.
-
I would quit my job the second the funds hit my account and are officially mine. Then pay off all my debt (by far the largest is my mortgage) and then give some money to various people and invest the remainder (while allowing a small portion for frivolous spending)
-
I would like to think that after a few material purchases (which would realistically be no more than $5 million) I would like to become an angel investor.
-
100 million would be a nightmare. You’d be worried who your real friends are, worried that you’d be the target of scammers or people kidnapping your family. Awful. But, here’s what I would do:
—retire immediately
—pay off the mortgages of my immediate family
—set up a scholarship fund
—4 easy to take care of homes in 4 of my favorite places in the world
—travel wherever I want, flying business class and staying in the nicest places in moderate rooms
—experiencing every cultural event that interests with me with the best seats I could buy
—Have weekly massages, a personal chef, housecleaning, tennis coach, language tutor and personal trainer
—Bucket list the worlds top 100 restaurants and eat in all of them with friends and family
—dress like John Wick, all the time, except at home
—attend all the tennis Grand Slams every year with the best seats
The nice thing about what I’ve discovered about MMM, I can do all of this still on a much smaller scale over 20 years after retiring.
-
Move back up to the North Country next to a swamp. I'd like it on a lake. Then I'd build a cabin with flush toilets and hot water. The place should have enough timber that I can easily harvest a few trees for Winter heating and to heat the bathhouse. I'd put in a garden and raise spuds and rutabagas. I'd gather wild herbs and berries, do a lot of fishing and take a few deer every year.
It would be a good life.
-
Well, here's what Barbara Wragge did with her big win. A life well lived.
https://www.mirror.co.uk/news/uk-news/uks-most-charitable-lotto-winner-12578826
-
Haven't talked it over with my honey, so I expect there would be some changes in details.
I'm guessing that out of $100M in winnings we end up with $33M.
I would set up a fund for my grandkids' education. $500K
I would set up another for their descendent's educations. $500K
Both would be limited to the cost of a public college or trade school education in their home state and they would have to keep their grades up to get the full amount. Cost would be limited to 5 full time year equivalents and would cover 90% of the costs. I think it's important for them to have skin in the game.
I would set up a fund to provide 1/2 median income for up to 5 years for post education business startup expenses. Used wisely this would make it feasible to start a business and keep it going for a few years until it's established or abandoned and unfeasible. The idea is to reinforce those who can be successful but not waste resources long term on those who will not be. $3M
I would buy out the crazy cat lady next door and hire a crew to gut that house, removing the cat-piss soaked (everything!) that must be in it, then restore it. You can smell the cat piss from the street or our yard. I would donate the house to be used by a battered woman's group and set up a fund to cover the upkeep costs. There's a win-win. $1M.
I would set up a $2M fund to purchase public art each year from local artists to adorn our town.
I would set up a crafts center with a functional metal, glass, pottery, wood and textile studios, plus quarters for resident artists. I would set up a fund to cover the basic annual expenses to staff and run it. Once that was established I would look at expanding it to cover 3d modeling and machinist training, plus set up a maker space and a business entrepreneurship center. The latter would be modeled after https://www.popupbusinessschool.co.uk/ (https://www.popupbusinessschool.co.uk/) to help those will few to no resources start up their own businesses. 100% scholarships to those who are poor. $20M.
$1M to our son.
$2M to a trust for our mentally handicapped daughter, with ownership rights to any left over at her death to revert to my wife and I or our son and his descendents.
That's $30M.
That leaves $3M to invest in index funds for ourselves. An extra $120K at year at 4% is more than enough to let us do anything extra we would want without financial worry.
Anything more could go to education and trade school scholarships in our community.
I'm really curious to know if that kind of investment in a community with a population of 225K would make a measurable difference.
This would be expanding opportunity to a lot more folks. It only takes a couple of winners to transform an area economically.
If it worked over the next 30 years perhaps others would copy it and adapt it to their area.
-
Assuming it's 100M take home jackpot, I'll spend $20M into investments and a house in Woodside, CA or SF proper. The rest, I'll put it in 70/30 vanguard funds and use the 2% of it every year on my expenses and charity. I'll buy a town in my home country and make it the model town. That's my dream which I don't think can be achieved by just my salary.
-
With $100M net, first, I'd hire a tax lawyer. :-) Then I would set up a charitable foundation with @$50M of the winnings (in the same year so that the deduction offsets that part of the winnings).
Then I would give each sibling $1M net (meaning I pay the gift taxes so they get $1M -- this is why I hire the tax lawyer, to make sure I do everything right), and offer them sessions with a fee-only financial planner if they choose. Then I throw $100K into each niece's/nephew's 529.
Then I see my own fee-only planner and set up a chunk in VTSAX or the equivalent, a CD/bond ladder, and an appropriate amount per the advisor's advice for "fun" stuff and future investments (see below).
Then, my house: I hire the best energy-efficiency engineer I can think of and rip my really really old house apart and put it back together with awesome insulation and improved HVAC and solar/geothermal and all that. Save and replace all the original trim, strip and refinish trim back to original fir. I hire a fucking arborist so I can maybe get some fucking fruit from my fucking fruit trees. DH expands his shop so that it is Norm-worthy.
DH upgrades his car.
Definitely for year one, we keep kids in regular schools here while we decide about any life changes. I need to keep at least part of my job for a while to train up a replacement; DH will need to consider whether he wants to step away from the tech entirely, or see if he can negotiate some other part-time role. Goal would be for us to have at least a month at a time to just go be somewhere, several times a year, and/or take the summers off if we keep the kids in regular school (which we probably do, so they have a "normal" childhood).
Then, the grand plan: As we visit places that we love, I buy a series of 2- or 3-Br condos. I hire a property manager to manage the details. I then rent them out on AirB&B or the equivalent, except when I'm using them. The one exception is the Piedmont, where we buy a home in which we can build a real wine cellar. ;-) And I would totally love to completely rebuild a castle somewhere for a few years. I just really, really love old character buildings and think it would be awesome fun to save/rehabilitate them, especially if I don't have to worry about making a profit. Maybe then turn things into B&Bs or something similar that can potentially add to the local economy.
Then while I am home, I get to figure out what the charitable foundation gets spent on. Definitely something at DS' MS, which is in a less prosperous area; I am really seeing up close how much of a difference that makes in terms of the "extra" stuff the kids have offered to them.
-
Quietly.
-
The exact same way I'm living now with < $1M net worth. Honesty, I don't think anything would change. Actually, I know it wouldn't. It's already been proven.
Beyond living comfortably, I'm more concerned with accomplishment and challenge than I am with spending. You can only be in one house, eat one meal at a time, be fully engaged with one person at any given time, etc. Travel is pointless unless you have a specific reason to go. Yeah, my life wouldn't change at all. If anything I'd probably become depressed from a severe lack of need to do anything.
I want to puke and revoke my membership to this forum after reading the post above mine.
Money can't make you more attractive, smarter, talented, etc. And that's a good thing. People crave challenge and accomplishment. Receiving a huge windfall makes it harder to find bigger and better challenges since you are suddenly put in a position where doing 99% of things seems pointless unless you've already tempered your skills to the level that it would take for the world to deem you deserving of that level of wealth.
-
I'd do everything in my power to keep my identity a secret
. . . . and contract a private jet service, bc everyone knows flying commercial is for the plebs.
-
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.
This post belongs more in the Antimustachian wall of shame than anywhere else.
Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.
I agree with another person that this lifestyle, big house expensive car, aggravation of leasing a car and having to follow the lease rules and guidelines, the wastefulness of a humongous pool, having service people in and out of my home and taking over the most mundane parts of my life such as cooking, being at the mall, any mall, at any time much less twice a week....sounds horrid.
I guess there are certain people that have to work at the mustachian-esque lifestyle, but many people are naturally drawn to that lifestyle and it has nothing to do with the creator of this blog. No I’m not going to act all holier than thou and pretend like I wouldn’t bump some things up, I certainly would. But I’ve never been attracted to the typical American/western consumerist lifestyle, not just for lack of funds but just pure taste and desire to not be any more wasteful than I already am.
That being said, I would use my money in ways that would benefit me and also other things I cherish. One of those things would be partnering with conservation organizations to purchase land in order to keep it safe from developers. I would have access to the land and be able to feel good knowing that it will be safe for wildlife for many years. I would of course buy some acreage for myself to develop in terms of a homestead and trails. I’d start a parrot rescue and santuary; so many people get parrots without realizing how much attention they need (flock animals!) and the poor things get locked in their cages for 30+ years, eating seed or bland pellets their whole life, never feeling the breeze or the sun.
I’d stop working so that I could go back to school and just enjoy a lifetime of learning everything I’ve ever wanted to learn. I’d want to make a difference. Once I got all the things that I am already working towards, and after buying old houses and fixing them up for rental properties (so I’ll be set) I would likely donate the rest of the money, because it changes you and can change those around you and I wouldn’t want that to happen. I would also try to keep my mouth shut, or at least not let on how much exactly I won. I’d buy a new model crossover vehicle, economy level And give enough to my siblings and parents that they can choose how to spend the rest of their lives as well.
-
With $100,000,000 I would love to say that I would live 100% exactly the same. That's only semi-true. I do some autoX(racing) now, I would continue that but maybe with more of the "wants", maybe I would do more actual track days.
When I build my next gaming PC, maybe I won't care if the top-of-the-line stuff totals a whole $500 more.
This applies to most hobbies of mine and I assume most of you as well. If someone here loves to work with wood, with 100 million dollars they wouldn't spend a pittance of that to get a bigger shed with a few nice tools?
I live in a small townhome, maybe I would get a single family house nearby and hire someone to do the things the townhouse association does now(grass/snow)
Point is, you can help people, your family, your town, invest literally 10+ TIMES what you need to live and still donate more to charity than 99.99% even if you let your hobbies grow a bit.
-
I am naturally frugal, so I can't imagine I'll buy a mansion or a sports car. I would love to buy a rural property with lots of land and ideally some outbuildings for a workshop and a sewing studio and a music studio for my s/o. I would also like to have a few guesthouses for friends or family in need. I would love to be able to care for my elderly grandma at home when the time comes that she needs care.
I'm doing a master's degree in tax law but I would hire someone more experienced than me to help me find the most tax-efficient way to invest the money for charity (we have a wealth tax in here) . One of the most important things I would like to do with the money is to fund medical research. I have an auto-immune disease myself and one of the biggest problems for patients is that a lot of medical research is funded by the pharmaceutical industry. When they discover a new medicine, they have a limited time to earn back all the money they put into research and make a profit, which is why medication is expensive. When research is funded through charity, medication will be a lot cheaper which will make it more accessible to patients who pay out of pocket and save the taxpayer money when they pay for it (my meds alone cost about €25.000 / year) .
Low-income housing is also a cause that is important to me. I think it's entirely possible to provide this in my country and just about break even, but you're not going to be making a lot of profit so it's hard to find investors.
If I have some time left over after caring for my family, looking after my farm and managing my charitable donations, I'd love to pursue a PhD myself. In some ways, this dream life is not extremely different from the life I lead now, I assume my values will be the same, but it would make achieving certain things a lot easier. On the other hand, I don't think you should underestimate the heavy burden of responsibility over a fortune like this. I think life is much easier after a 1 or 5 million windfall than it is after a 100 million windfall.
-
How would you live if you hit a 100 mill lottery?
Not frugally and not mustachianly.
-
Buy a small house. Buy a reliable safe car. Buy a beautiful piano.
I would invest the rest, and have an insane annual income (which I wouldn't come close to spending even if i tried).
In terms of what I'd do: quit my job + buy a dog + spend the next 2 years on a massive road trip round Australia with said dog.
-
I'd head to Maine to start a south bound Appalachian Trail through hike with really nice and lightweight gear.
-
I'd buy several hundred acres (or more) in the mountains of western NC and build a modest-sized home with a large workshop. I'd probably travel a lot more frequently as well, and of course I would immediately retire. That's pretty much it I think.
This, but maybe Colorado or someplace out west. ATV's, dirtbikes, campfires in the woods with the family and kids. Life would be a huge outdoor adventure.
-
I'd put a couple million in the bank, and give away the rest. Then I'd quit my job and take my family on an extended bike tour for a few years across North America.
-
I'd put a couple million in the bank, and give away the rest. Then I'd quit my job and take my family on an extended bike tour for a few years across North America.
I'll second that!
-
Take good care of all of my family members and close friends.
Give a lot away to charity in my communities.
Buy more real estate.
Do a bunch of fun wasteful stuff.
-
I want to puke and revoke my membership to this forum after reading the post above mine.
Fortunately it looks like that post was deleted. I was similarly disgusted. The poster only had two posts at the time so I'm assuming (hoping) it was just a troll and not indicative of the type of people we are attracting now. (for anyone curious, the post was essentially about buying companionship)
-
I would definitely give at least 93% of it away, maybe more. I would definitely execute my plan of living in Lisbon earlier rather than later. But it would give me enough money that I could own an extra condo or two (say in Portland and Edinburgh?) and to charter a sailboat whenever I felt like it.
-
We would set up a research grant institution and start funding all our 'fantasy' research projects. In some ways, it wouldn't be that much different than work my husband does now, except more of it, more $ spent on it, and more concentration on questions that don't attract much in the way of research dollars. Man, that is a happy thought....it would be amazing.
-
Probably like I do now with a lot more travel.
I suspect I'd have to move to a house in a gated community with more security; but I still don't think I'd want a home much more than $1mil; it's a lot to clean and a lot to clutter up. I'd probably buy 2nd and 3rd homes (maybe condos) near a few of my closest family and friends to be able to visit more often.
I might leave my job so I am able to travel, but would like to do a lot more volunteer work; maybe work some political campaigns, get on a few more non-profit boards.
-
I would buy 10 acres of land for a non-livestock homestead and the accompanying equipment to start up. I'd set up my sister so she doesn't have to work. Create a trust for my kids, set up a very large charity foundation, and plan to travel extensively.
-
Buy a few acres and build our dream house on it (architect designed along not-so-big-house lines), set aside a generous 3 mil to live off, set up trusts for my relatives (parents, in-laws, siblings, probably 1 mil each), and use the rest for charity. Probably some combination of building low-income housing in my city, helping people released from prison get back on their feet and reintegrate in society, and lead remediation. Those are all areas I feel are neglected, and have a good ROI for society.
-
I would keep it a secret. I live in a state where you can't be anonymous so I would create an LLC so I can have my anonymity. And since I will be anonymous I won't tell you how I'll spend and save it.
-
This is a well used day dream of mine with lots of minute details filled in but I'll just hit the highlights. I'll work with the 34 million after taxes and annuity rule losses.
4 Million to my religion, 2 million to each of 3 siblings, 1 million to each parent and 1 million each to the niece and nephew. That's 13 million right there. One million each to AZ opera, Phoenix Symphony and Long Beach Symphony. An additional million gets split between NPR, Phoenix Black theater Troupe, Harlem Opera, Rosie's house, and some form of animal shelter.
The other 17 million is for my extravagant lifestyle. I have a home base condo in the Queensbridge Las Vegas. A summer home either on Catalina Island or Newport Beach, CA. Then possibly a condo on the Amalfi Coast as a home base for my European travels. A Tesla Model S in Nevada, tricked out Gulf cart if I'm in Catalina or Jag F-type convertible if Newport Beach. Once I settled down from around the world travel, devote more time to religious activities and try to get on the board of one of the classical performing arts non profits.
-
Keep practicing playing with myself every day
So am I the only one who sniggered when they read this bit?
-
>2000sqft house in Coronado, CA, with one car and a golf cart. Likely a second home in Skye, Scotland. Possible additional vacation homes (Sorrento, Venice, Barcelona, Vienna, London, Budapest,...? Narrowing it down would be the most difficult part!) but I couldn't be that wasteful so they'd all be vacation rentals when we weren't in them.
Work on trying to get DH to quit his job.
Travel our asses off. I imagine we'd spend at least 1/3 of our time away from home, and likely more, especially if we had the second Scottish home.
Also, all of our immediate family members (parents and siblings) would be invited on an all-expenses vacation with us. I love the idea of having that time together with the people we love most.
Argue with DH about how much to give family, and how. I'd want to set up college funds for the niece and nephew (DH's brother's kids) and perhaps give modest amounts to his brother and my sister. Likely something for his mom (Perhaps paying off her house) and then to my parents who don't need it but it would feel weird to give to his mom and not them. This would be a source of much disagreement, i suspect, because I think turning on this tap would create expectations, given the personality of the of the people in question. Maybe I'd just suggest that his fairly sizable pension become his family life-support fund, to include all gifts and anything else, and he can give them as much or as little of it as he wants, but it would never, under any circumstances, be a penny more than that. Then, I'd cringe and try to ignore it all and to not say "I told you so" when it makes lives and relationships worse instead of better! (Truly, this topic and the outcomes would be a huge source of stress, I suspect!)
I'd fund some favorite charities, and DH would surely do the same, likely also becoming much more involved. And there are lots of smaller philanthropic things I'd like to do, like paying off overdue school lunch accounts in random schools in depressed areas. I imagine those sorts of undertakings would call to me so much that I might have to set a specific budget for myself.
There are very few other things that I want and don't have.
-
Wow, the topic intrigued me, but I didn't expect to see such an over-the-top scenario right out of the gate.
I have my answer easily available bc once a year or so some colleagues and I will buy a ticket when the jackpot gets crazy big, like nearing 500 million.
Quit my job, but leave them with a nice parting gift of $1mil (I work in fundraising for my alma matter so...). At my other alma matter, give a sizable gift to their endowment.
I would pay off my house and invest a good chunk. I would remodel my house, but nothing over the top. Just the stuff that needs doing but is currently on a wait-list. I like our smallish house, but adding a second bathroom and renovating the kitchen are just dreams at the moment.
Then I'd try to buy some property on my block. There are several houses that are currently rental units. Only one seems to have a slumlord and constant stream of unsavory characters, so no matter the cost to buy the house from the current owner. I would buy it, gut it, turn it back into a single family home and sell it. Possibly even at a loss, just to get a nice family in there. :) Then there's another house that seems vacant - but someone was doing yard work there the other day. It could use a little sprucing up, so again, maybe buy and flip it, just to give it some love.
Obviously I would establish college funds for my kids, and not worry about how I'm going to cover their high school tuition. I would also probably look at buying some property near my parents and building a small house overlooking the Mississippi River so that we could spend a good chunk of the summer there.
I would buy a Tesla, and maybe a new, small, SUV that we could use for family road trips. We'd just travel on all school breaks and summers. That's it. A life of roaming the country/world with a nice, small, home base. Oh, and hire out the cleaning and yardwork, obviously. :) I think even just a few years ago, my day dream would have been more materialistic, but time really is the greatest luxury. I don't want to waste time caring for "stuff".
Oh - I saw someone mention a donation to NPR. I would slip them a cool million as well.
-
My lives would probably not change too much, because this is my dream life, but I suspect TheHusbandHalf would join several golf courses, even the ones more expensive than the one 3 miles away (which I suspect is the cheapest).
Our kids' lives would change because they would get a share of the money now, rather than having to wait until we die.
-
I don't want a large house, but I want it to be a quality home with all the little touches that I like. It would be built on a lot of land that would be 99% trees. Probably somewhere out west in the mountains. I would also own about a dozen really cool cars.
My hobbies would continue to be hiking, golfing, and traveling.
I would setup a scholarship fund for family members.
I would rarely sleep in my house or drive my cars because I would be travelling most of the time.
-
Buy some acreage in Montana that backs up onto National Forest land. Built a modest home there. Alternate between traveling to interesting places and hiking and hunting in Montana.
So, pretty much what I'd like to do when I FIRE. The only real differences would be that if I won $100 million, I could do it today, and I'd be buying first class airline tickets.
This. We just signed the paperwork Friday for the 10.25 acres we bought in MT. Already planning on building a house there in about 10 year so would just build it now and FIRE as soon as it was done. Maybe have a second vacation spot in Maui or Palm Springs for winter time.
Most of the money would be donated to charities like ASPCA and St. Judes, ect.
-
I'd just start living my planned FIRE life. Except I'd also being driving a Tesla Model S (Not in the FIRE plan). Probably quietly and anonymously give to the same charitable causes I do now, but in larger sums.
-
1. Pay the taxes.
2. Invest the balance, conservatively, being mindful of future tax liability.
3. Set up an annual withdrawal. On this size of a corpus, 4% is way too high. Maybe take a draw of $500k per year. I think we can live on that.
4. Quit the jobs.
5. Sell the house. Buy a northern house for the summer and a southern house for the winter.
6. Travel and enjoy life.
7. Get some cool shit? Okay. How about a grand piano?
-
I'd buy a SFH in Chicago. I'd quit my job. I'd get tickets for Alinea, to say I did it. Then I'd keep on keeping on with everything else.
-
I'd donate at least 10% to charity. I'd retire at a convenient/friendly stopping point at my job... I'd hate to leave my coworkers high and dry. I'd pay off mortgages of close friends and family. I'd buy a house with a big shop and lots of parking... lots of cool cars. Bi-weekly massages. Travel the world. Maybe buy or build a small business in a field that interests me? Invest the rest and live off the 4% rule.
-
Tactically, I would try to change as slowly as possible. Maybe not even quitting my job immediately. Sudden lifestyle changes aren't so great for mental health from what I've observed. Sure I'd make changes eventually, but I would want to ease into it.
It'd be a feeling out process, but a rough timeline might look something like this,
Day 0: Pay the taxes. Invest the rest in a conservative portfolio
Day 30: Set up trusts for the economically vulnerable people in my life. Probably do a shit ton of reading about the best way to handle this. i.e., who to tell what.
Day 60: Take a part-time, consulting role with my company.
Day 90: (over)Pay a real estate investor/project manager to handle all of the home improvement and maintenance that I've neglected due to lack of handiness and mental bandwidth.
Day 300: Quit my job and pay off the mortgage.
Years 2-5. Travel the world (ideally, still on the cheap as I do now). Live a life of leisure. Learn two things. 1.) What I really need to be happy. 2.) The most socially beneficial use for the rest of my money.
Years 6+. Execute on what I learned.
-
Google tells me $100 million is just over £76 million. This is clearly way more money than I need. So here is what I'd do if I won the lottery that I never actually play. (Maybe I should play it once a year or something, just for laughs.)
1) Buy a house near my local village with a big garden area. The actual house can be small, I mainly care about the garden, but rural houses are at a premium so anything other than the most basic houses in the village are currently out of my projected housing budget unless we get a housing market crash. I hate big cities and I don't like most towns, and I'm emotionally attached to the village I grew up in even though it's full of pensioners. This house would be the house that I mainly live in. Do any remodelling and interior decorating I need to make it into the perfect house.
2) Set aside enough money to cover the most luxury yearly budget I came up with when buying things I actually wanted until I reach 100+, should I be so lucky. (Was around £20,000 per year if I recall). Quadruple that to allow for inflation and unanticipated one-off large purposes.
3) Buy a decent sized area of land. Turn part of it into a woodland, with a view to making it into a nature reserve (allow walking and camping with my personal permission only, which is likely to be based on whether I think they will leave no trace). Turn the other part into a permaculture garden that provides most of the food for me, any spouse and/or children I have at that point, and for the people I hire to do the growing for me because I like gardening on a small scale but I don't want to spend the amount of time that this hypothetical land would require doing only gardening. Maybe even make it bigger than just that and sell the produce to people in the local area.
4) Buy a flat in the centre of the nearest large city that I can temporarily move into if I want to do stuff that requires being near to shops and social opportunities for a bit. Allow certain close friends that I trust to stay there for free in exchange for maintenance, should they want to.
5) Buy my immediate family and closest friends ONLY a basic house in the location of their choice, if they want me to. (None of you on here are in this category, I only have 2 friends I consider this close.) Otherwise (if they already have a house or they don't want a permanent fixed location), offer them an equivalent amount of money in cash, with a "split into yearly payments" option if I think they are liable to spend it all at once on something stupid. Basically, not solving their money issues, but putting in a baseline support for them if they want to do something "unproductive" like becoming a writer, artist, athlete, whatever.
6) Buy myself a personal library containing books on every category of information I think might be useful, plus an extensive fiction section in the genres I like. Allow extra money for future books that haven't come out yet.
7) Create an actually good public library in a local location which currently lacks one, featuring non-fiction both academic and non-academic, fiction of every kind, and basically everything I want in a library, and since I already have a personal collection from the previous point it won't matter if some of the books go missing.
8) Use most of the rest of the money to fund charitable opportunities I agree with when they come up, provided they are going to use the money wisely, such as: local community centres, environment and wildlife focused charities, charities providing better birth control and sex ed, charities that help disabled people live a full and satisfying life (eg the one that provides guide dogs to blind people), hospices, and basically every charity that sensibly uses its money to help increase quality of life without also increasing quantity of people alive.
9) Maybe use some for political lobbying, even though I don't agree that the people with the most money should be the ones with the political advantage, because if I was in a position where I could actually get politicians to do things then I might as well take advantage of that to improve the prospects of the country. It depends if I think it would actually achieve anything useful or if it would just attract publicity while being basically useless. Probably I'd lobby for better environmental laws, lower max working week hours and other workplace condition laws, better and less bureaucracy-filled education, stuff like that.
10) Spend the rest of my life doing whatever I want.
-
I want to puke and revoke my membership to this forum after reading the post above mine.
Fortunately it looks like that post was deleted. I was similarly disgusted. The poster only had two posts at the time so I'm assuming (hoping) it was just a troll and not indicative of the type of people we are attracting now. (for anyone curious, the post was essentially about buying companionship)
This explains a lot. Thanks. I had been perplexed about that quoted remark about puking because the post currently above undercover's reads: How would you live if you hit a 100 mill lottery? "Quietly."
-
I don't want a large house, but I want it to be a quality home with all the little touches that I like. It would be built on a lot of land that would be 99% trees. Probably somewhere out west in the mountains. I would also own about a dozen really cool cars.
My hobbies would continue to be hiking, golfing, and traveling.
I would setup a scholarship fund for family members.
I would rarely sleep in my house or drive my cars because I would be travelling most of the time.
I neglected to mention that I would also spend a lot more on food. My sushi expenditures alone would likely increase exponentially.
-
I would buy a minor league baseball team.
-
I would buy a minor league baseball team.
That would be so fun!!
With that kind of stash, I would probably go for the Citizen of the World lifestyle. Winters in South America, summers in the Med, slow travel to wherever looked fun next. Don't think I would bother owning a home unless DH really wanted one.
I would also get my mom to retire, fund education for my nieces and nephews (and maybe they all get a pony!) and set up a charitable foundation.
-
Forget the pressure to sound like a mustachian. Try to think of your dream lifestyle.
If you win a 100 million dollar lottery, what is your dream life style. I'll go first
Buy a huge mansion with a river like swimming pool (that runs long), Huge (Few acres) back yard
Both the kids stop school and will be schooled for 3 hours daily by private tutors that come home
We all will have fun as family in the pool
Buy a baseball pitching machine plus a batting net / cage. Keep practicing playing with myself every day having fun
Have other games in the backyard like ping pong table, tennis court, basketball court, kids play area with pump it up or jumping style games
Hire Chefs cooking food; eat out often
Frequent vacationing at different places in the US and world
Lease cars and change every 1 year; not super expensive cars; <= 50k
Backyard biking and running trials and gym equipment
Go mall shopping and eat out at mall weekly twice; The spending won't be crazy, the kids learn some frugality and restraint
Ipad and other watching for entertainment is limited to kids; They will be encouraged to read books, initially it will start with story books and then more and more non fiction
It depends. If it is required for people to find out? Donate it all to charity - set up a fund for college scholarships. People go nuts if they find out you have that money. I would hate for it to be public knowledge.
If it was completely, utterly anonymous?
Pay off my house. Keep it and rent it out.
Buy a slightly bigger house (3BR, 2BA, 1500 sf) on a less-busy street. No pool though.
When we travel (which is not often), fly first class.
I would not eat out more. Mostly not healthy at all. But I would increase my food budget.
I'd buy my dream car (a minivan!) and probably a pop-up camper.
Set aside some for college for the kiddos. Want to go to Stanford? Fine.
I'd have higher end summer camps for the kids.
Also: charity.
-
I would buy my apartment so I'd never have to move again.
-
Fun thread.
If at all possible, I'd keep it secret and stay anonymous.
I'd set aside maybe $20M in case of catastrophic medical expenses for my immediate family.
I'd spend probably $50M opening a video game studio where I could hire great people to make great games without immediate pressure to sell.
I'd talk to relatives and close friends, and fully fund their children's college and graduate-level educations, anything they wanted to do, including med school.
I might set aside maybe $20M to spend on political activity for causes that are important to me. Money talks; the kind I have now only whispers.
And I'd travel comfortably to see more of the world. (Current health issues make that difficult and expensive.)
I might hire a house cleaner and chef, might not. Probably I'd move to a house a bit more suited to my needs.
The rest would go into trusts for charities. Or maybe I'd fund a small charity of my own.
-
Hire a chef? Probably no. Go take classes at a culinary school? Sounds great.
-
I have read enough of movie stars who went nuts and bought many mansions, then needed staff for each mansion to maintain it in and out. Then they bought cars, art, jewels, wine cellars, personal assistants, the entourage that has to follow. NOPE, none of that.
I would have:
1. One home and it would be pretty awesome but not a mansion. It would be on a large parcel of land.
2. Would hire a housekeeper and grounds keeper but the yard would not be huge.
3. A very nice inground pool and maybe enclosed for year round use.
4. I would spend time in the Caribbean and would rent out something pretty nice, maybe a penthouse in a 5 star hotel and stay for a couple of months a year.
5. I would fly on a private jet to the Caribbean and the only reason for that is that is that I would want to take my pets and not subject them to flying in cargo.
6. Would set up a trust fund for the Animal Welfare in my town and the money would be set up in perpetuity so they received money every year.
7. Would set up some kind of a fund for the local soup kitchen and homeless shelter.
8. Would check out other charities to help.
9. Don't have too many close relatives so would have to consider that aspect. I would help friends.
10. Would buy a few cars, nothing too high end but comfortable.
11. Of course my money would be invested and I would be withdrawing a nice chunk each year. I might buy a few franchises like McDonalds.
Since I have no children, I would have to find some ways to give the money away upon my death. I would prefer to give money in a way that they could only take a minimum withdrawal each year so it would last a very long time and not get frittered away. The town I live in has a fund and it was a legal settlement with a large corp. This fund is supposed to be used for mostly recreational purposes like parks, land trusts, presevering farm land and can also be used for offsetting taxes. The weasel's in town are constantly trying to get to that money in any way or form they can figure out. This money is like a Godsend and like any government, they want to spend it all. The money grows each year but each year seems they find something fishy to spend it on. If I were to set up a fund, I would try to word it that had to be used specifically for its original intention. Our last mayor decided he was entitled to twist the meaning of the trust to his advantage so he could dip his dirty fingers in the till and spend a few million on his pet project at the time. This is without voter input.
I am sure there is more but this is the only stuff I can come up with.
-
According to the Bogleheads post on windfalls I would like to think I would make no drastic decisions for the first 6-12 months. I expect I would either quit or reduce my hours at work though. No sense in not reducing the stress if it isn’t needed.
That said, I’d love to think that I would be just like you people of strong moral fiber, it honestly, I’m afraid all of that money would go to my head. It would be so easy to say “yes” to a nicer house, a new car, etc etc etc until I found myself in lifestyle inflation behind what I had originally planned. I also really fear that my relationships with everyone would suffer as I would suddenly be different, and suspicious of everyone. Do they want to hang out because they liked me before or because they know I am the lucky person and perhaps an extra $50k will accidentally fall in their paths as they walk behind my on the sidewalk?
I’d love to do good via charity as well, it that isn’t as easy as picking the top charities that pop up in a google search. I think the right thing to do there would be to set up a thoughtful foundation to make sure the donations are effective, efficient, and accountable. Likely I’d outsource it all by just giving it to something like that Gates foundation. Then again, I’d love a scholarship at my junior college, so..... these aren’t easy questions. I think I wood probably rather win $1M than $100M for fear of losing a lot of what makes my current life so enjoyable.
-
Hugh Heffner lifestyle comes to mind,
but that would be a serious talk with the wife.
Ah, nevermind.
100 million things would change, a couple million, I stay in the same house,
maybe hire a housekeeper and someone to do the laundry. Today is laundry day!
-
I think I'd either do two chicks at the same time or absolutely nothing.
-
I suspect my wife would object to me having my own personal Playboy mansion, or two chicks at the same time. I also think the hot young Asian live-in housekeeper and personal masseuse is probably out of bounds.
You don't need 10 mil to do nothing. Look at my cousin, he's broke and he don't do shit.
-
Day One: buy a ten-thousand-dollar triathlon bike for racing on, and a ten-thousand-dollar aero road bike for draft legal racing and day-to-day riding.
Day Two: buy a nice place in Ghent.
Day Three: get up, ride ten-thousand dollar aero road bike up and down Flandrian cobbles, stop for lunch, drink good Belgian beer, ride ten-thousand-dollar aero road bike up and down more Flandrian cobbles, get home.
Day Four: pay for language lessons to learn Flemish. Continue riding around Flanders with a massive idiot grin, this time in the time-trial position.
Day Five: uh, I'm out. Buy a ten-thousand-dollar cyclocross bike in preparation for the winter? A fancy indoor trainer and big-screen TV so I can ride on Zwift when the weather's bad instead of embracing the mud and the salty wind like a true Flandrian?
I'd quite literally run out of ideas pretty much immediately. A nice place in Ghent, a stable of nice bikes and nice gear, and enough left over for some Trappist beers, and I'm set. I'd probably see if I could learn to swim well enough to be a triathlete, but even that would be a pretty small overall expense.
-
I think I'd either do two chicks at the same time or absolutely nothing.
You need 100M to be able to have a threesome????
I think it only takes $1M.
Office Space (1999) (https://www.imdb.com/title/tt0151804/)
-
I have thought about this in the past, and would love to buy a few big homes in the richest part of my city and let the worst people I can find live there for free.
-
I’d retire, but also would have a huge shop to build stuff. Mostly welding and woodworking. I’d like to build my own cabin in the mountains.
I’m not gonna be some stoic mustachian and say I wouldn’t buy anything. I’d have a huge sweet RV or maybe an airstream. Probably a couple houses or condos in some different places. I definitely want a lot of land, a few kids, and a bunch of dogs lol.
I love sports cars and motorcycles, so yep, I’d have some.
My parents are near retirement, and I’d give them enough to retire now, so then we have good retired friends to hang out with. I’d give a good chunk to my siblings as well.
I already work out a ton despite 60-70 hr work weeks, and I’d do even more, probably with more active hobbies.
-
Quit my job
Buy a nice house with a few acres of land
Buy houses for my mom and MIL
Set up a college fund for my nieces, nephews, and young cousins
Buy my husband whatever car he wants
Invest $5 million to live on (I doubt we'd spend that, but it would give enough of a cushion to not have to worry about future health insurance costs or anything)
Give the rest to charity
-
I sometimes feel like I've 'hit the lottery'. I enjoy the work that I do and I'm moving overseas again which is my favorite thing in life. It will be interesting to see, one last time (I plan to ER soon after this wraps up), if life in the US really is better than this 'socialist quagmire' that I'm moving to!
Long term, if I had 60M after tax, I'd do my best to work with young folks and try to turn things around in the US. There is so much potential, but vocal minorities seem to be taking hold (NRA, anti-immigration, anti-public healthcare, etc.).
If that first foray fails, then I'd move to Southern France, open a vineyard, vacation all around the Mediterranean, and do my best to ignore the toxicity coming from the US.
-
My lifestyle wouldn’t inflate too much if I had crazy money like that, but it would inflate. I would definitely quit my job. I’d move to Northern California and spend my days in the Redwood forests. I’d take trips down to the sierras to visit the giant sequoia trees when I get bored with the coast redwoods. I would still live in a modest house, a 3 bedroom ranch like I have now, but I would do everything I could to make it as efficient as possible like solar panels, insulation, efficient lighting, water efficient fixtures, etc. I would get an electric car too. Beyond that, I can’t see myself doing anything as extravagant as the original poster.
Once I had a good grasp on my new expenses, I would invest what I needed to support that lifestyle and keep a nice liquid emergency fund. I would use the excess to buy old growth forest property to protect it from logging and development. I would do this through conservation organizations and through personal purchases. I would also give heavily to organizations that support art and science education so we don’t leave this world to a bunch of mouth breathers that know the price of everything and the value of nothing.
-
This is always fun to dream about :).
Step 1: Keep it QUIET, wait until check cleared before doing anything else (I would be in denial that this was really happening until I actually saw the numbers). Hire lawyer, hire accountant.
Step 2: Follow any advice of lawyer and accountant to protect assets and minimize taxes (may involve donation to charity...I'd much prefer a hefty donation to a good cause than a donation to Uncle Sam!). Possibly hire security depending on how successful I was at keeping it quiet (I don't know if winners can claim anonymously here). At this point I'd probably give a month's notice at work
Step 3: Work out my notice, quit my job.
Step 4: "Keep it quiet" is not going to work if I suddenly start buying everything under the sun. Keeping that in mind, I'd buy a modest house in the MCOL area I want to buy in now but can't afford (400k will get a nice, updated four bedroom in a good area with a yard and little work to do, perfect). And because it's been her dream since I was a little kid and my parents have done a ton for me, I'd also buy my mom a two bedroom oceanfront condo with a small trust set up to pay the property taxes, regime and HOA fees, with strict instructions to tell no one it came from me (they're well off enough that it's believable they bought it themselves). So we'll say 700k there (400k for the condo, 300k for the trust to pay 12k annually). I'm pretty sure I could stay in the guest room whenever I wanted so it's partially for me too ;).
Step 5: No other property purchases planned but I'd probably get a nicer car than the 14 year old Honda I drive now. Let's say 40k here.
Step 6: Lifestyle changes: Definitely would eat out a lot more, but I still love to cook and don't want to get fat eating out all the time. There would be some ridiculously extravagant shopping at Whole Foods (let's say 1000 a month, which is more than 3x what I spend now). Hire a maid a few times a week. I don't think I'd really need a gardener for a nice but not huge backyard, but maybe I'd hire a kid from the neighborhood to mow the lawn every now and then. Hire a personal trainer 3x a week to make sure I stay in shape. Umm...not sure how much all that would cost. Maybe 4k a month more than I spend now? I'd take some nice vacations too (two super extravagant weeks at Disney a year, two weeks in a new place, a week at the beach condo), so let's put 10k a year on vacations, for now (see Step 7).
Step 7: Travel. This is different than going on vacation every now and then. The reason this isn't in Step 7 is because I have an older kitty cat and can't leave him for months on end. Even with a kitty sitter coming in to take care of him I don't think that'd be enough. He's a rescue who grew up feral and took years to socialize, but now he's very social and adores his people, he would get lonely if I was gone for months at a time. Can't take him with me, he hates leaving the house and would be terrified. So this would probably have to wait for a few years until after kitty. This is fine, fancy vacations would be plenty for awhile and I'm a homebody, but I would like the slow travel experience of spending six months of the year traveling the world, home for the other six. Because this experience would be delayed for a few years, it would also give the stache time to compound. First class flights and nice hotels the entire way, I'll be too old for hostels at this point. Let's say 70k for six months of fancy slow travel.
So let's say of the 100 million I took home 40 million (hopefully much of that went to charity rather than Uncle Sam). I'll knock 1.5 million off for my house, mom's condo, new car (though I think that's an overestimate). 4% of 38.5 million means I can spend more than 1.5 million a year. Um, no, that is way too much. I'd keep 150k a year for my living expenses and I doubt I'd come close to spending all that. The rest (let's say 1 million a year to be safe) would go to charity. I'd focus on low income housing and public transportation, both of which are desperately needed in my area and largely ignored by the powers that be.
If Mr. Stachey and I got married (looking more and more likely), we'd have an amazing blow out wedding and honeymoon but not much else would change. He would obviously benefit from my win and I'd be happy to share, but there would be a prenup (we've actually had that 'what if' conversation before so this wouldn't be a surprise to him, he'd expect nothing less from me ;)).
If we had kids, again not much else would change provided they were healthy (150k is more than enough for a family), but I would buy them ONE modest car once they learned to drive (no repeats if they crash it and I don't pay speeding tickets), pay for their college and graduate school OR start up money for a business if they choose that path and have a plausible plan. I'd also buy their first (MODEST, no mansions) home for them so they could have one heck of a start in life. I think it'd be hypocritical to demand that my children work their butts off if I won the lottery and early retired at 30, but I want them to get through school, learn a skill that makes money and hopefully that they have a passion for.
BUT. This is all assuming my hypothetical children didn't grow up to be spoiled little shits who sit around and watch TV all day, do nothing for themselves or others or start getting into trouble. If that's the case, they get nothing but a swift boot out the door.
It's fun to dream :)
-
This is always fun to dream about :).
Step 1: Keep it QUIET, wait until check cleared before doing anything else (I would be in denial that this was really happening until I actually saw the numbers). Hire lawyer, hire accountant.
Step 2: Follow any advice of lawyer and accountant to protect assets and minimize taxes (may involve donation to charity...I'd much prefer a hefty donation to a good cause than a donation to Uncle Sam!). Possibly hire security depending on how successful I was at keeping it quiet (I don't know if winners can claim anonymously here). At this point I'd probably give a month's notice at work
Step 3: Work out my notice, quit my job.
Step 4: "Keep it quiet" is not going to work if I suddenly start buying everything under the sun. Keeping that in mind, I'd buy a modest house in the MCOL area I want to buy in now but can't afford (400k will get a nice, updated four bedroom in a good area with a yard and little work to do, perfect). And because it's been her dream since I was a little kid and my parents have done a ton for me, I'd also buy my mom a two bedroom oceanfront condo with a small trust set up to pay the property taxes, regime and HOA fees, with strict instructions to tell no one it came from me (they're well off enough that it's believable they bought it themselves). So we'll say 700k there (400k for the condo, 300k for the trust to pay 12k annually). I'm pretty sure I could stay in the guest room whenever I wanted so it's partially for me too ;).
Step 5: No other property purchases planned but I'd probably get a nicer car than the 14 year old Honda I drive now. Let's say 40k here.
Step 6: Lifestyle changes: Definitely would eat out a lot more, but I still love to cook and don't want to get fat eating out all the time. There would be some ridiculously extravagant shopping at Whole Foods (let's say 1000 a month, which is more than 3x what I spend now). Hire a maid a few times a week. I don't think I'd really need a gardener for a nice but not huge backyard, but maybe I'd hire a kid from the neighborhood to mow the lawn every now and then. Hire a personal trainer 3x a week to make sure I stay in shape. Umm...not sure how much all that would cost. Maybe 4k a month more than I spend now? I'd take some nice vacations too (two super extravagant weeks at Disney a year, two weeks in a new place, a week at the beach condo), so let's put 10k a year on vacations, for now (see Step 7).
Step 7: Travel. This is different than going on vacation every now and then. The reason this isn't in Step 7 is because I have an older kitty cat and can't leave him for months on end. Even with a kitty sitter coming in to take care of him I don't think that'd be enough. He's a rescue who grew up feral and took years to socialize, but now he's very social and adores his people, he would get lonely if I was gone for months at a time. Can't take him with me, he hates leaving the house and would be terrified. So this would probably have to wait for a few years until after kitty. This is fine, fancy vacations would be plenty for awhile and I'm a homebody, but I would like the slow travel experience of spending six months of the year traveling the world, home for the other six. Because this experience would be delayed for a few years, it would also give the stache time to compound. First class flights and nice hotels the entire way, I'll be too old for hostels at this point. Let's say 70k for six months of fancy slow travel.
So let's say of the 100 million I took home 40 million (hopefully much of that went to charity rather than Uncle Sam). I'll knock 1.5 million off for my house, mom's condo, new car (though I think that's an overestimate). 4% of 38.5 million means I can spend more than 1.5 million a year. Um, no, that is way too much. I'd keep 150k a year for my living expenses and I doubt I'd come close to spending all that. The rest (let's say 1 million a year to be safe) would go to charity. I'd focus on low income housing and public transportation, both of which are desperately needed in my area and largely ignored by the powers that be.
If Mr. Stachey and I got married (looking more and more likely), we'd have an amazing blow out wedding and honeymoon but not much else would change. He would obviously benefit from my win and I'd be happy to share, but there would be a prenup (we've actually had that 'what if' conversation before so this wouldn't be a surprise to him, he'd expect nothing less from me ;)).
If we had kids, again not much else would change provided they were healthy (150k is more than enough for a family), but I would buy them ONE modest car once they learned to drive (no repeats if they crash it and I don't pay speeding tickets), pay for their college and graduate school OR start up money for a business if they choose that path and have a plausible plan. I'd also buy their first (MODEST, no mansions) home for them so they could have one heck of a start in life. I think it'd be hypocritical to demand that my children work their butts off if I won the lottery and early retired at 30, but I want them to get through school, learn a skill that makes money and hopefully that they have a passion for.
BUT. This is all assuming my hypothetical children didn't grow up to be spoiled little shits who sit around and watch TV all day, do nothing for themselves or others or start getting into trouble. If that's the case, they get nothing but a swift boot out the door.
It's fun to dream :)
One more thing: I'd keep my law license current and I might start a very small pro bono legal practice focusing on indigent defense if I had time. I'd interview potential clients and cherry pick my cases based on how interesting the facts are, whether I believe the client is actually innocent (this would not be a requirement but it would help), and whether the client (and his family, who would also be interviewed) is going to be nice and do what I tell them to do or be a demanding asshole who refuses to help himself. I'd take on no more than two or three at a time and give them everything I had. Basically Dr. House for lawyers.
-
Slow travel the world broke backpacker style until I get bored of it. Then get odd jobs and/or do volunteering all over the world. Spend at least 1 month/year home to see friends/family, preferably twice a year.
Donate lots of money to charities that help underprivileged/poor people and that protect the environment.
Start some sort of study fund/grant that allows underprivileged young folks to get good education.
Be generous towards friends and family, but at a rate where they don't expect/demand it. Just occasionally (i.e. picking up the bill after dinner more often, offering them to stay with me for free while traveling together).
This! and build a tiny house somewhere remote next to a body of water.
-
I'd buy several hundred acres (or more) in the mountains of western NC and build a modest-sized home with a large workshop. I'd probably travel a lot more frequently as well, and of course I would immediately retire. That's pretty much it I think.
This sounds perfect.
-
4 million dollars: I immediately retire.
96 million dollars: my 24 closest friends do to.
-
First off, I'm Canadian so I'd get the full $100mm! Land of the free, bitches!!! (I'm rich now so I can get away with saying obnoxious things like that....teeehee)
1. quit job
2. everyone I love is now also rich. At least a million each....more for closest friends/family
3. figure out private jet sharing service so we can take our dog on travels with us
4. slow travel to figure out where we want to live
5. buy a place where we want to live. I wouldn't want it to be huge on the inside but I would like a pool, tennis court, basketball court, etc.
6. Hire exec chef / maid / personal trainer
7. Continue traveling
8. start a charitable organization. Likely two : 1) animal sanctuary 2) something for poor kids: educational stuff, sports, travel, music, etc.
-
First off, I'm Canadian so I'd get the full $100mm! Land of the free, bitches!!! (I'm rich now so I can get away with saying obnoxious things like that....teeehee)
1. quit job
2. everyone I love is now also rich. At least a million each....more for closest friends/family
3. figure out private jet sharing service so we can take our dog on travels with us
4. slow travel to figure out where we want to live
5. buy a place where we want to live. I wouldn't want it to be huge on the inside but I would like a pool, tennis court, basketball court, etc.
6. Hire exec chef / maid / personal trainer
7. Continue traveling
8. start a charitable organization. Likely two : 1) animal sanctuary 2) something for poor kids: educational stuff, sports, travel, music, etc.
This is really close to what I'd like (including the Canada clause :p)
... but I hesitate about point 2 because loads of sudden money can fuck people over pretty quickly and I wouldn't want to do that to my friends and family. I've been trying to think of a way to share the wealth without the risk, and without micromanaging it for them.
-
4 million dollars: I immediately retire.
96 million dollars: my 24 closest friends do to.
You have 24 close friends? You are already rich.
-
First off, I'm Canadian so I'd get the full $100mm! Land of the free, bitches!!! (I'm rich now so I can get away with saying obnoxious things like that....teeehee)
1. quit job
2. everyone I love is now also rich. At least a million each....more for closest friends/family
3. figure out private jet sharing service so we can take our dog on travels with us
4. slow travel to figure out where we want to live
5. buy a place where we want to live. I wouldn't want it to be huge on the inside but I would like a pool, tennis court, basketball court, etc.
6. Hire exec chef / maid / personal trainer
7. Continue traveling
8. start a charitable organization. Likely two : 1) animal sanctuary 2) something for poor kids: educational stuff, sports, travel, music, etc.
This is really close to what I'd like (including the Canada clause :p)
... but I hesitate about point 2 because loads of sudden money can fuck people over pretty quickly and I wouldn't want to do that to my friends and family. I've been trying to think of a way to share the wealth without the risk, and without micromanaging it for them.
This is me too, but I want to live bi-coastal for at least as long as my mom is alive, so maybe a nice penthouse condo in Halifax and in Victoria.
For me, I have in mind setting up education funds for my many nieces and nephews, this alone would take a huge burden off my siblings, without being obscene. I would then likely do one time gifts which could be used to pay down mortgages. My siblings are not idiots with money so this would likely propel each of them into their own early retirements if they so chose. I could also be open to being an investor in businesses they might want to set up, but again, my many siblings are not idiots, so I worry not about bad investments.
In reality, the first thing I would do is secure a secret location for myself and pets to jet off to right after the winner is announced. I will have hired a personal assistant to pack up my house, and deal with all the begging mail and calls from strangers that are sure to come.
-
First I wouldn’t let anyone but my wife know. I would pay off the rest of my debt. Which is my house. Then put away 20m in investment for me my wife. I would still live around the same life style. This the exception of the first few years I would travel the world live in a few different countries. Learn a language or 2. After we get tired of traveling I would wanna try Change the world in some way..I would probably start a green relestate company. With rental/ vacation rental properties that would be self seficient. Solar power and other green technologies. And I would kinda wanna just see how big of an impact I could make but growing my real estate empire. I have never been one for charities with the exception of maybe scholarships. I believe they discourage people from learning, growing and becoming a better individual because they are reliant on hand outs. Also I would want to live a very minimal life style so that when I have kids they never grow to be selfish or entitled.
-
First I wouldn’t let anyone but my wife know. I would pay off the rest of my debt. Which is my house. Then put away 20m in investment for me my wife. I would still live around the same life style. This the exception of the first few years I would travel the world live in a few different countries. Learn a language or 2. After we get tired of traveling I would wanna try Change the world in some way..I would probably start a green relestate company. With rental/ vacation rental properties that would be self seficient. Solar power and other green technologies. And I would kinda wanna just see how big of an impact I could make but growing my real estate empire. I have never been one for charities with the exception of maybe scholarships. I believe they discourage people from learning, growing and becoming a better individual because they are reliant on hand outs. Also I would want to live a very minimal life style so that when I have kids they never grow to be selfish or entitled.
-
I have never been one for charities with the exception of maybe scholarships. I believe they discourage people from learning, growing and becoming a better individual because they are reliant on hand outs.
There is a level of poverty that millions of people are trapped in, that often results in death. In this level, learning and growing may not occur because the person may actually die from poverty. Becoming a better individual cannot occur because the person is struggling just to stay alive.
Charity is the only means to break this cycle, reduce this level of poverty until it is eliminated and never recurs again.
Synopsis of The Life You Can Save here:
http://www.scholardarity.com/?page_id=1913
-
Continue living as I do now. Donate all of it to effective altruism (www.givewell.org)
-
i dont post much so i dont know how to quote
malkynn
"I never once felt like resources were being wasted on the battered women and children who were desperate to leave violent men who broke their bones, or the cancer patients who needed drives to their chemo appointments, or the mom whose kid had muscular dystrophy and needed support services, or the teenage prostitute drug addict who was born into prostitution after her father raped his own daughter who he was also prostituting out, so she was third generation indentured sex worker and product of incest, and now trying to kick the heroin habit that her father/grandfather forced her into."
You just have to be willing to do what ever it takes to get out of the situation/REMOVE the problem. Which most people are not willing to go the distance and just live with it. Also my father was a priest who was a drunk and a child abuser. My mother was always depressed growing up and tried to kill herself and me and my brother on multiple accusations. All you have to do is choose not be a victim and find a solution. these are simple problems to overcome minus the medical stuff.
-
i dont post much so i dont know how to quote
You hit the button that says "Quote".
That's my act of charity for the day.
-
You just have to be willing to do what ever it takes to get out of the situation/REMOVE the problem. Which most people are not willing to go the distance and just live with it. Also my father was a priest who was a drunk and a child abuser. My mother was always depressed growing up and tried to kill herself and me and my brother on multiple accusations. All you have to do is choose not be a victim and find a solution. these are simple problems to overcome minus the medical stuff.
This feels pretty uncomfortably close to victim blaming.
-
I’ve always promised myself if I ever came into that kind of money I’d dedicate 10% of it to mindless, egotistical hedonism. The other 90% would go to assorted charities.
-
Get to a public hotspot.
Make an alternate MMMF ID.
Post that I made it.
Delete alt-ID.
Go to another public hotspot.
Delete main MMMF ID.
Continue to read MMMF for grins.
Get a lot of stuff in order.
Gym and riding road bike daily.
Buy a home in a better school district.
Quit the company and job that I still love, or ask to go on consultant basis, capped hours 10-15/week. Would do this for $1/year.
Growing my own veg, get a couple of layer chickens.
Build my workshop.
Finish all those planned DIY projects.
Continue with current vacation schedule, maybe increase it during school holidays, one vac in USA, one Intl.
Volunteer at a non-religious non-buffonery org that needs my tech skills, maybe teach IT skills.
-
I would seriously consider buying this house:
https://www.primelocation.com/for-sale/details/46724875?search_identifier=c698792b1c904f0b6614d10ab5268b1e#QzHMvZl9cJlH3QfQ.97
Not the most mustachian purchase, but a very short commute for my kids as it's next door to their school.
-
I would seriously consider buying this house:
https://www.primelocation.com/for-sale/details/46724875?search_identifier=c698792b1c904f0b6614d10ab5268b1e#QzHMvZl9cJlH3QfQ.97
Not the most mustachian purchase, but a very short commute for my kids as it's next door to their school.
...and you'd be able to afford antique furniture, too.
-
Oh fun!
I've always wanted a fancy turn-of-the-century house on a few acres, so I'd start looking for that immediately. And once I found it, I'd update all utility systems and fully restore/paint/do whatever to it. I'd also build a(or find a property with an existing) small cottage for a caretaker, because with that kind of money, I want to travel and someone will need to take care of the chickens and gardens while I'm gone.
I'd update and finish remodeling the house I'm in now. I think I'd keep it, since it's close to the parents' and I would need a place to stay when I visit.
I'd buy my dream cars... a 1979 Datsun 280z with t-tops and a turbo, and a Tesla.
I'd start a trust to fund the local arts center so that they don't have to stress about the budget every time a new mayor or council comes in. I think the current subsidy is around $350,000/year. So $10m should do just fine. Maybe more so there's money for upgrades and fun toys. :)
I'd pay off all my siblings' mortgages, and give them each $2m. Most of those would be outright. A couple would be trusts, due to some learning disabilities. It would be nice knowing they'll be taken care of.
Same for my parents, but $4m at least. I don't actually know how they'd spend it all.
Education trust fund for my nieces and nephews. It would cover half of tuition, books, fees, rent, etc. They'd need to earn the other half. Seems a bit petty, but from experience, they'll value the education more and work harder if they are helping to pay for it.
By my math, I've still got $60m left... I'll invest it, and take my 4% yearly. I spend $20,000/year now. I might be able to spend $100,000 if I tried REALLY hard, traveled a lot, bought the fanciest of ingredients, paid someone else to do the dishes... I'm sure other things would occur to me once I had all the money sitting there. Everything else? Various charities, scholarships, and community programs, randomly paying for people's groceries, angel investing, etc.
-
I would...
Buy a beachfront duplex (or pair of homes) in San Diego county; husband and I would live in one half, and I would give the other half to my parents.
Upgrade our camping gear (practically speaking, a pop-up camper and vehicle that can tow it).
Buy a couple of kayaks.
Put money in trust for my niece's and nephew's education (and maybe for the children of some of my financially challenged cousins).
Set up a scholarship fund at my undergrad alma mater.
Set up a research grant program for biomed PhD students at my grad alma mater.
Set up a music library endowment for the choir I helped to found.
Give significant amounts of money to a few charitable and social service organizations in my current city that do amazing work.
Um...maybe another pair of Frye boots? The ones I have still look almost new after 6 winters.
-
Assuming after taxes/lump sum we're landing at about $30M-35M? I'd give about $5M away to family (2x sets of parents, 3x sets of siblings between my wife and I, $1M each). Maybe give a million to my alma mater.
Then it's off to Hawaii, spend a month or two looking for the perfect little beach house on either Maui or Kauai, something like this looks about perfect for our needs:
https://www.realtor.com/realestateandhomes-detail/4786-Aliomanu-Rd_Anahola_HI_96703_M81837-71193
Then maybe a nice condo in downtown Chicago where we live, and then a small beach bungalow in one of the small New England beach towns where I grew up. $1M for each of those should do just fine.
Bounce around the three residences. Like to get a little boat, and spend some time working on my sports car. Take some cooking classes, learn to play guitar.
After a couple years, see what the cash requirements are to keep the lifestyle afloat, $10M in the bank should do it, give away the delta.
-
Hire a bitch ass trust and tax lawyer
Quit my job to hang out with my daughter more
Probably pull her out of school for a full year to travel (2nd or 3rd grade I can homeschool)
Buy a new pair of jeans.
Maybe a summer home.
Share a bunch of $$ with my friends. I am probably all good on new friends for a while too....
I'd still use coupons when I went out to dinner---I'd probably tip better now--not that I'm a bad tipper, but I could be more financially rewarding to those who provided good service
Hire a cleaning service occasionally 3-4 times a year to do stuff I don't want to do
Put new insulation in the house ceiling and maybe redo my 1980's style kitchen---maybe
-
Hire a bitch ass trust and tax lawyer
Pretty sure you've misunderstood the modifier "bitch ass."
Yeah, bitch ass is bad. Perhaps bitchin’ is more fitting, although from a different era.
-
I would spend a little time finding where the absolute bare minimum work required to keep my job is lol.
After being fired I would spend sometime traveling and doing whatever the hell I want for a little while.
Then I would like to set up or help a foundation that already exists that helps gets kids outside of the house and closer to nature. I can't stand seeing so many kids glued to screens all day.
I am sure I would buy a few toys but I don't want to have to take care of much more stuff than I do now. Probably would drive the same 20 year old pickup and do all maintenance work myself.
-
Quietly.
This...but in a castle....
-
Hire a bitch ass trust and tax lawyer
Pretty sure you've misunderstood the modifier "bitch ass."
Pretty certain in the neighborhood I grew up in bitch ass was an extremely good thing. Thanks for attempting to correct me.
I could teach you some more of the local lexicon; but likely you’d try and correct me. It’s not likely you’d need to learn the lingo—the hood lacks all refinement.
-
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.
This post belongs more in the Antimustachian wall of shame than anywhere else.
Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.
agreed this post is dumb and belongs on the antimustachian wall of shame and comedy. seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.
-
As a bitch ass trust and tax lawyer who is employed by a family with significant wealth, I found this thread to be quite interesting. One thing I never appreciated until I was exposed to it is the responsibility that comes with great wealth. Even if you are going to give it all away, it takes a an amazing amount of work to ensure that you are making the biggest impact with your donation and understand the ripple effect of your gift.
-
it's nice to fantasize sometimes, so here's my stab at a 15 point plan:
1-retire right now
2-take the lump sum, so assuming taxes take half, 50 million.
3-invest 40 million in the market in various endeavors (stock market, REITs, bonds) so that we can live very well on just the yield of the investments alone and continue to grow our incomes each year. (#80PercentSavingsRateLOL) -10M left
4-pay off the mortgage right now and finish renovations to the house (approx 500K) (9.5M left)
5-buy parents a condo or house of up to 500K so slash their retirement housing expense to zero (9M left)
6-re-evaluate whether we want to stay in NYC, and either sell the recently renovated house or double down on living here long term. If we stay, eventually use 5M to buy commercial real estate nearby and open a brewpub here (this includes operating expenses for the first few months until we get up and running). if we don't stay, evaluate doing same in the new locale. (3.5M for real estate, 1M for renovations/brewery equipment, 500K for various business expenses until we start generating income) (4M left)
7-send my wife to the grad school program she wants (100K) (3.9M left)
8-join an intramural type softball or baseball league (negligible)
9-also join a recreational ice hockey league at a rink nearby (a few hundred dollars) - that covers my physical activity for the year
10-consider buying a rental property (or two) in our neighborhood, and (if staying in NYC) consider doing a lease to own type arrangement with the one friend that hasn't moved out of NYC yet and wants to own property (1M max, if two properties, otherwise likely closer to 400-500K). if no to actual income properties, put this money in REITs. (2.9M - 3.9M left)
11-have a kid or two
12-run for the board of directors for 1-2 causes dear to me.
13-give back significantly to my tuition free high school which relies on donations to provide a quality education for students based on merit. (comes out of passive income until I start getting older and trying actively to reduce my wealth)
14-get involved with the neighborhood associations wherever I settle down, to try to continuously improve/maintain the neighborhood.
15-leave the remainder in a combination of 1 year CD's (while rates are trending up) and high yield savings/checking accounts for liquidity should anything else come up (2.9 - 3.9M)
-
I'd probably skim 5m off of the top to serve as my own ongoing extravagant income, source of ongoing personal donations/gifts, and the inheritance for my child. For the rest, I'd probably split it into two buckets. Investment income from one bucket to be used to help friends, family, and other individuals who I see potential in or feel compassion towards. Things like paying for children's college, wiping out student loans, paying off houses, seed money for impactful business ideas, covering ridiculously high medical expenses, seeking out those who will do amazing things with financial independence and helping them toward that goal. The second half would be used to design and build urban, multi-unit, sustainable housig projects in big cities.
-
I'll assume 100M after taxes.
1. Hire an attorney and figure out how to keep my name as hidden as possible since I'm not in KS or ND.
2. figure out how to pay for an aid to help my mother take care of my dad without it being obvious I won the lottery
3. <SHHHH!!!>
4. The first rule of lottery club is don't talk about lottery club!
After I've reasonably disappeared off everyone's radar, I'll buy a cruising sailboat and do the great circle, and I'll ride my bike across the US. Then travel with my kids. I can do all that on much less than $4m a year, so I'll donate a good deal of it also.
-
Quietly.
This...but in a castle....
Isn’t that your plan anyway?
Yes it is! Lol it would just accelerate my existing long term plan to right away.
-
Buy some politicians to try to fix some of the dumb things they (both parties) are doing:
1) Term limits
2) Universal Healthcare
3) Green/Renewable Energy
4) Parental Leave Policy
5) Universal Basic Income
6) etc...
Ding ding! We have a winner!
-
1. Quit my job.
2. Go to a day spa with my closest friend and start discussing our 40th birthday trip that we dreamif she would want to us to buy her an apartment in our town so she doesn't have to be lonely and she can have one in the middle of town so she can go to the shops without a car and without worries of doing.
3. Build a nice eco-friendly house on some land outside the town but within decent biking distance. Make the house real nice with little nooks and built in book shelves and other things I like and use good quality materials. I still would not want an unusually large house or have a lot of gadgets and such but a nice well-built beautiful house.
4. Buy MIL a flat in our town and include a little cabin for her on our land where she can come and stay for the night. Nope, I don't want her living there all the time but still give her a chance of being with us often.
5. Let my husband have his dream garage with a workshop and plenty of room for stupid veteran cars and mopeds. I would let him buy as many as he can fit into the garage and get us a nice family car too provided that one is as eco-friendly as possible. The veteran cars will not be eco-friendly but if they are only driven from time to time I am OK with that.
6. Set up some arrangement for my kids. One payment when they finish high school and an offer to pay them the same as a government loan if they go to university or any other school that may generate a job. Explain that when they turn 30 they may get more money but that will be if I can see that they are not pissing away their lives, they can make a living for themselves and that they are good people. If not they get to wait until I am dead.
7. Set up another protected arrangement for any grandchildren that may come. This will not be accessible for the parents and if there are no grandchildren this will be donated.
8. Get the perfect purse. I would get one tailored to my needs as I never find one that I like 100%.
9. Go on a trip with my husband wherever he wants to go. I assume some country with nice cars, beer and sausage if I know him.
10. Donate most of the money to charity. Clean water, education, health care, support for women, research for diseases that mainly affect poor people that are not profitable enough to find a cure for now etc.
These are the 10 things I can come up with now, ask me another day and I would give a different answer.
-
Buy some politicians to try to fix some of the dumb things they (both parties) are doing:
1) Term limits
2) Universal Healthcare
3) Green/Renewable Energy
4) Parental Leave Policy
5) Universal Basic Income
6) etc...
Ding ding! We have a winner!
There we go that's a great answer
-
I would either keep my house, pay it off and remodel, or buy a nicer house but not crazy, secure and private, maybe on a lake.
I might buy a second vacation home, or go to a lot of really nice vacation homes that other people own.
I would buy more theater tickets and go to many more shows and even concerts.
I would get a nice little BMW sporty car thing and maybe even a schmancy SUV thing.
I might get and board a horse somewhere.
I would also do some sort of improved schooling for my kids. Maybe a helper to give them more enrichment. Maybe help with cooking and meals.
We would do more travel.
-
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.
This post belongs more in the Antimustachian wall of shame than anywhere else.
Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.
agreed this post is dumb and belongs on the antimustachian wall of shame and comedy. seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.
I'm interested in the part that I bolded. I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.
On the flip side, there is this YouTube video (https://www.youtube.com/watch?v=6_ZiyhR1DfI) where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue. Especially starting at this point (https://youtu.be/6_ZiyhR1DfI?t=6m02s) in the clip...
I would love to happen upon said research, it would make life much easier for people if consumption (and even rampant consumption) really was terrible, but generally it is actually pretty great to be able to travel, live and eat as you please, and generally not ever worry about money even if your choices are significantly more pricey than, say, what most of the world considers to be reasonable.
Even when we praise Stoicism on this site and in our personal life, it comes from a position of abundance, which is a perversion of the philosophy... Maybe live a year without internet (and electricity and plumbing) and report back on if you still feel so enamored with the ideal in the modern age.
Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.
-
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.
This post belongs more in the Antimustachian wall of shame than anywhere else.
Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.
agreed this post is dumb and belongs on the antimustachian wall of shame and comedy. seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.
I'm interested in the part that I bolded. I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.
On the flip side, there is this YouTube video (https://www.youtube.com/watch?v=6_ZiyhR1DfI) where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue. Especially starting at this point (https://youtu.be/6_ZiyhR1DfI?t=6m02s) in the clip...
I would love to happen upon said research, it would make life much easier for people if consumption (and even rampant consumption) really was terrible, but generally it is actually pretty great to be able to travel, live and eat as you please, and generally not ever worry about money even if your choices are significantly more pricey than, say, what most of the world considers to be reasonable.
Even when we praise Stoicism on this site and in our personal life, it comes from a position of abundance, which is a perversion of the philosophy... Maybe live a year without internet (and electricity and plumbing) and report back on if you still feel so enamored with the ideal in the modern age.
Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.
So you're lumping a great many things together. There is a world of difference between
Buy a huge mansion with a river like swimming pool (that runs long), Huge (Few acres) back yard
Both the kids stop school and will be schooled for 3 hours daily by private tutors that come home
We all will have fun as family in the pool
Buy a baseball pitching machine plus a batting net / cage. Keep practicing playing with myself every day having fun
Have other games in the backyard like ping pong table, tennis court, basketball court, kids play area with pump it up or jumping style games
Hire Chefs cooking food; eat out often
Frequent vacationing at different places in the US and world
Lease cars and change every 1 year; not super expensive cars; <= 50k
Backyard biking and running trials and gym equipment
Go mall shopping and eat out at mall weekly twice; The spending won't be crazy, the kids learn some frugality and restraint
Ipad and other watching for entertainment is limited to kids; They will be encouraged to read books, initially it will start with story books and then more and more non fiction
And living a normal American standard of living which is already filled to the brim with excess.
Stoicism involves recognition that the things around us are impermanent and therefore fleeting and not what should make us happy. This does not require a person to reject luxury, just a recognition that it is easily taken away. That is different from asceticism which is a rejection of physical pleasures in order to obtain some spiritual goal, this is something you seem to be interpreting.
Furthermore let's not equate the internet with electricity and plumbing.
And now we maintain the illusion that living an extravagant lifestyle = dreaming big.
Blech.
-
Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.
I would much rather dream big about the ways I could make my city and the world a better place through carefully selected charitable enterprises, than "dream big" about a too-big house, paying people to cook all my meals (that sounds awful, actually, since cooking is one of my favorite hobbies), shopping at the mall every week (!!!) - basically all things that would make me significantly less happy, not more. The whole point of this site is to live your best life, and the fact that best =/= expensive.
We've got to stop buying in to the notion that more money is always better because then you can buy more things. Isn't our main goal here learning how much is "enough," and stopping there? 100 mill is so so much more than enough, there's nothing I could buy with it that would make my life better than if I had 5 mill.
-
agreed this post is dumb and belongs on the antimustachian wall of shame and comedy. seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.
I'm interested in the part that I bolded. I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.
I don't have the research in front of me but basically people were asked to rate their level of happiness and also their income levels. The results were that after a certain base level of income, I think it was $70k, there was no extra level of happiness self-reported.
Lots wrong with the research but it is meant to show that once you have enough money, having more won't increase your level of happiness.
-
I notice a lot of people are posting that they'd "Pay off the mortgages" of close friends. Your close friends probably have great, low rates on houses they bought within the past seven years. Or they might also have high loan balances because they've continuously cash-out-refi'd to support opulent lifestyles.
Instead offer to match the existing equity in their homes. That way, you're rewarding the ones who paid down debt the fastest based on an arbitrary measure that they couldn't possibly have gamed. And what fun is there in being super-rich if you cannot do this arbitrary kind of thing?
-
@matchewed Yes I'm lumping things together, but how do you separate having high speed internet from living in a modern abundant world? Sure, you don't need $100M or a mansion to enjoy internet connectivity, but it also is a signal as to how people (on this site even) are wedded to some pretty ridiculous wants that aren't needs. I basically agree that beyond a certain level of consumption, there are vastly diminishing returns. I also don't think there is 'statistical proof' that having too much money and being able to consume as you please is, in and of itself, a problem.
This is anecdotal, but the most miserable people I've ever met are also the most wealthy. Extreme wealth seems to really fuck people up on average.
Again, I don't agree 'on average', that wealthy people are screwed up. There are plenty of examples of folks that are screwed up that a poor, and well publicized examples of extremely rich that screw up, but lots of top 10% people that are just living great lives out of the lime light.
On one hand, I certainly agree that extreme wealth is not necessary to enjoy the good life, I'm just calling attention to the somewhat disproven fact (by general society) that having wealth makes you miserable. I think we are conflating anecdotes and personal bias with the 'working a crap job to live a high consumption lifestyle makes people miserable'. If you make smart choices and feel like your 100M windfall is making the world better (and you don't have to worry about money either way), then a lot of the answers I've read on both sides of the spending spectrum have been valid, not just the 'live on 25k and ignore the 100M extra' is the only right answer.
[edit for clarity and to add] It's a great discussion and one I wish more people were having. Watching things like 'The Magic Pill', modern society and abundance definitely comes with unrealized pitfalls. Balance and independent thinking are important and modern life seems hell bent on stripping away the middle and overly romanticizing the extremes.
-
Internet!=plumbing and electrical was more my point. I can divorce those things in my mind quite easily and am surprised that you seem to have difficulty doing so as well.
-
pay off mortgage
quit job
fund education
hire chef
hire trainer
slow travel
return to flying
invest to fund aggressive giving.
-
Immediately quit. Confide in close family and a couple good friends, then distribute a million or two to each of them. Global slow travel for a year or two or three (flying out friends and family to join for stretches) before returning home and buying a condo downtown and a modest house on a little property in the mountains (or perhaps islands). Split time between skill building/hobby indulging (language study, music study, more scuba certs and perhaps learn to fly, etc) and some more extended travel adventures (RV'ing national parks, sailing the Caribbean, PCT hike, etc). I'm not too into stuff but I'd dress a notch or two better (paying someone to figure that out for me) and have some very nice cameras, guitars, and cooking equipment. Hopefully somewhere along the line find a level headed lady with a heart of gold who doesn't bat an eye when I finally reveal I'm not just a just an early retired mid life semi-vagabond but a wildly rich one. After a few years of self and family/friend indulgence I'm sure I'd turn my attention to effectively putting much of the money to work in charitable and ethical for profit ways.
Pretty par for course, it seems.
-
I'd probably accelerate my FIRE plans by a few months, but otherwise live about the same as I do today. I might dabble in real estate development, buying up some properties and redeveloping them to make the neighborhood a better place without much regard for whether or not it's profitable.
-
I would conduct a thorough experiment on how much fun I could have in Las Vegas on $10 million.
-
Definitely not living a mustachian lifestyle. That only appeals to me so that I can be financial independent. No point in being frugal if you are FIRE by default.
Probably buy a 5m house, hire a live-in maid and cook, and budget a $200k a year for travel. Extravagant cars and high-end luxuries wouldn't appeal to me but would probably spend another $100k hosting dinner parties/cocktail parties basically 2x a month when I'm in town. Build huge social networks.
Offer 10-20 friends/family some agreed-upon 'buy-out' package where I would buy/rent properties close to my house give them a $200k/yr stipend renewable at 5 year intervals. Where they would be (for a lack of better word) part of my entourage to hang out and travel together. Yes, they would be leeching off me but i would be able to afford it and it would be way better than being rich and bored.
All of the above would be around the 4% rule or less. Figure the remaining money would grow fast enough that I would be able to make large endowments after I die.
-
Never said I don't have big dreams. Its just that my dreams wouldn't involve spending that money on myself on consumerist stuff that wouldn't enhance my life (already able to do everything I want) but rather donating it to causes near and dear to my heart.
And I don't have internet at home and haven't for years and have managed to survive (and perhaps thrive). But take away my flush toilet and running water and there will be tears ;-)
ETA I know you never believe me @EscapeVelocity when I say I'm happy, content and full filled by my life even if I don't spend much. But I am. There was nothing on this thread that I even.remotely long for or would want. Nothing. Its Weds. I'm on a pretty beach about to play some volleyball or maybe surf or ride my bike or maybe do nothing. I'm on my cheap ass Tracfone using data to talk to you. Maybe its boring to you and others but honestly its what I want to do and no fleet of chauffeur driven Ferraris compares imho. So giving that money to charities I'm involved in seems like a better use to me. Sorry to be Sparty the party pooper!
@spartana I do believe you about the part I bolded, yours was just the one post I recalled when I was thinking of an example of a response that basically said nothing would change given an extra 100M. Also definitely think the lifestyle you describe sounds like a lot of fun!
-
This thread has helped me think of some things that I can do now that aren't that crazy expensive. I said I would have more theater tickets. That's not that extravagant and something I can plan to do right now that would make my life a little richer. I might not buy a lake home but I can plan to rent a nice lake home once in a while, etc. I said I would improve my kids' education, I can work on improving their education now in ways that don't take a lot of cash...
-
When people at work start talking about winning / playing the lottery I really do not have much to add. I do not play it and know I would be better off not winning it so really have no desire to win it.
However what would I do? I would put money into a fund that would provide education assistance to my family that would hopefully grow and last forever. My hope would be that I could create a legacy and lift multiple generations. I would put conditions on it such as GPA but allow trade schools as well as traditional.
Would buy houses for myself, mom, sisters and FIL in the same town so we can be near each other.
Would buy a new truck for my mom
Would travel doing environmental projects and charity work to help communities in poor countries. Such as building Wells, schools, disaster relief, reef restoration, STEM classes and animal causes.
We already have everything we need the above mentioned items would just be icing on the cake.
Sent from my Pixel 2 XL using Tapatalk
-
This is a fun topic! I have fantasized about winning the lottery but would rather win a smaller amount because it’s less hassle figuring out what to do with it. But if I did win that much I would:
- probably have to buy a Ferrari for my man
- pay off the mortgage
- travel around the world
- buy some properties near our families
- college funds for nieces and nephews
- take my best girlfriends on a fabulous European vacation
- set a good portion aside which will cover retirement at a 2% withdrawal
- have to convince my man not to buy a jet and instead put the rest of the money in a charitable trust
-
Just chiming in to say, I feel like @Malkynn hit the nail on the head here.
-
Take care of the family members from both sides.
-
ETA: I'm also not talking top 10%, that strata is packed with people whom most would not consider ultra wealthy
Here's a calculator to determine net worth percentile in the USA by age. You might be surprised what the top 10% in net worth actually is.
https://www.shnugi.com/networth-percentile-calculator (https://www.shnugi.com/networth-percentile-calculator)
-
I, like a lot of people on this forum, already have an amazing life. I can't speak for everyone, but I buy anything I *want* already...
But, ever since I was a teenager, the 100 million number has been my day dream. I like the sound of it, and with the current value of the dollar, it is a ton of money.
I don't think I would buy much property. I would just rent, a Malibu beach house, a mountain estate.. maybe, if I found a place I REALLY love, I'd buy something, but then, it would impact my life when I wasn't using it... so probably not. It is easy to check Airbnb/VRBO/etc and rent an amazing place... Dealing with a property? No thanks. Same with cars, I would love a Bugatti.. but honestly? Probably only for a month...
I would also buy a bigger sailboat. A large catamaran, or trimaran. Not so much money that I would worry about it, say 250k... (which I could buy now, but it would represent too much of my net worth) So can visit places that are hard to get to. Cliperton is my goal, I am going to get there without the money, but it won't be comfortable :)
I don't think my life would improve much, honestly.
-
Same here,
I would travel everywhere business class (First is just a bad deal) and rather than doing all the trip planning we would hire somebody to do it for us.
Maintaining the yard?.. Forget that. The rental trailer house?.. I'd take $10,000 in cash and tell the renters to not be there by the end of the week..:)
I'd take more adventure trips for sure.
Might buy a light jet.. But then probably not.. Flying yourself is a bit of a PITA to be honest.
-
I would be researching sea-worthy yachts, sailing lessons and tips on perpetually sailing the world before the money even hit the bank.
-
When I say that I really don’t want to change my life, I’m not thinking small, it’s that I honestly love the life I have, and it doesn’t take millions of dollars to have that.
Of course I could spend money! So much stuff! But it seems like a lot of bother.
And I’m not living in a cave or something - I’m currently sitting in a resort, on a vacation for or whole family that we’ve treated them to, watching 2yo grandson while his parents sleep. (And more sleep seems to be their #1 dream!)
-
I would quit my job.
I would get stomach reduction surgery done and hire a personal trainer to make me exercise to get down to a healthier weight. I would get shoulder replacement surgery so that I was not in pain every moment.
I would buy a piece of property large enough that I could not hear other people in the center of it. I would have a medium sized monolithic dome house built on it. I would hire people to deal with it. I would stay in it most of the time, occasionally going on trips.
-
I would much rather dream big about the ways I could make my city and the world a better place through carefully selected charitable enterprises, than "dream big" about a too-big house, paying people to cook all my meals (that sounds awful, actually, since cooking is one of my favorite hobbies), shopping at the mall every week (!!!) - basically all things that would make me significantly less happy, not more. The whole point of this site is to live your best life, and the fact that best =/= expensive.
So much this. Buying yourself shiny shit seems pretty unambitious to me (unless your ambition is to turn yourself into even more of an environmental catastrophe than the average American/Western European).
Sure, I'd pull the trigger on a few capital intensive things that we're currently holding off on - putting enough solar PV and storage into the house to be more or less self sufficient, seeing how far it could be pushed towards Passivhaus levels of thermal efficiency, extending a little to prepare for the space the kids might 'need' as teenagers.
I'd probably get rid of the car, because we'd no longer be balancing frugality against environmentalism in the stupid situation where it's cheaper to own a car for a whole year than to either hire or take the train for a handful of family trips. Same for travel - we'd have time and budget to cross Europe by rail.
Something like a million GBP in the bank would cover that and the rest of our lifestyle indefinitely with plenty of headroom.
But then just start to dream...
- Our neighbourhood politics is dominated by an argument over plans for a supermarket on the high street on what is currently a church and a pub. Church wants to sell up so they can build bigger and better on a cheaper site, Residents Assoc is massively opposed because they're pissed about the pub. I'm indifferent-to-slightly-against the supermarket, but mostly frustrated because it's basically impossible to get anything else on the local agenda. Given a crapton of money I could just buy the damn land and maybe build something with real community value, then we could all move on to more pressing issues (except supermarket MegaCorp, but screw them).
- Our local library is on the verge of closure because the city council is broke. Its (the library, not the council) operating budget is maybe a few hundred k per year.
- I can think of several places where poor planning decisions have led to problems with foot/cycle permeability (and hence people driving everywhere), but this could be fixed by giving homeowners ridiculous cash offers to cede a few metres of garden to the city.
- I could bankroll the renewable energy R&D programme that I've been working on for the last couple of years but which we didn't get the next round of government funding for. Hell, I might even fund it anonymously and just stay in my job to work on it.
I could go on. The tricky thing would be balancing what I put into these things against the valid case for throwing it all at Givewell/Effective Altruism.
-
I like to think about this from time to time, and my thoughts have gone from more generous to less over the years, as people and organizations have revealed themselves more. My plans are more or less the same for a smaller vs. larger win.
Numbered, but not necessarily in order:
1. Stay anonymous as much as possible. DH quits his job, of course.
2. Sharing with family in the case of a larger win:
2x the yearly gift limit to each of parents/siblings for DH and I. Since I recently lost 2 on my side, their shares will be split between their children/siblings' families. If they bitch about this not being enough, a one time gift of $1M, and they will be done forever.
3. Sharing with organizations: nominal donation to my church. If they had been more supportive when I needed it, this would have been much larger.
With a larger win, I would create my own charity org, demolishing old dilapidated houses in the poor parts of town and planting trees.
4. Complete all desired renovations on my current home, and remain for a few years as this is the ideal place for young children. Plan to build a larger, custom home in the future, as that has been my life-long dream.
5. Go on long overdue vacations with my family. With bigger win, fund extended family vacations as well. Maybe buy a 5th wheel and truck to pull it for easier camping trips with yoing children.
6. Buy a new Odyssey or Sienna in color of my choice. New car for DH if he doesn't want to drive the truck all of the time.
7. Figure out what the heck is wrong with DH's hip. Maybe my shoulder too.
8. Get back to exercising nearly every day. Focus more on cooking healthy food.
9. Learn how to have fun again. Maybe get a boat once kids learn to swim really well.
10. Probably get some things done like laser hair removal on my legs and skin resurfacing for some acne scars. They're not terrible, but why not?
11. Completely declutter my home. It would be so much easier knowing that I could easily replace anything I needed later. Plenty of money for new clothes, too, so why hang on to the old ones?
So you might wonder why I'm not sharing more with family. I don't want to ruin their lives, and remove all their drive to support themselves. I think that amount will boost their SOL without making them too dependant on me.
-
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.
-
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.
It depends on the magnitude of the gift, and the status of the family currently.
For instance, if someone is flat broke living in a trailer addicted to meth, $1M will probably go up in smoke.
However, all of my family members are pretty successful in their own right, almost every last one of them has a six-figure salary, decent financial status, etc. $1M would allow things like paying off a mortgage and funding their kids' college educations.
There would have to be a signed waiver from each recipient stating "This is a nice generous gift, I recognize that and promise to understand this is all I'm getting forever and ever, when it's gone it's gone."
-
So much this. Buying yourself shiny shit seems pretty unambitious to me
For me, a lot of what I'd be interested in places, and that's what drives the cost.
I'd be happy to live in a $250k 4/3 house on the coast of Hawaii, but that turns a $250k house into a $3.25-5.25M house purely based on the value of the lot. IOW, the HOUSE doesn't need to be fancy, but the spot where it would be put would be very fancy, and that's what drives the resulting cost. I agree, a $5M 10,000sq ft house has no appeal, but a $5M 2500sq ft house might have a ton of appeal pending where it is situated.
-
If Warren Buffet with his $87Bn is not going to set his kids up in luxury then its probably a good idea not to spoil them.
It depends on the magnitude of the gift, and the status of the family currently.
For instance, if someone is flat broke living in a trailer addicted to meth, $1M will probably go up in smoke.
However, all of my family members are pretty successful in their own right, almost every last one of them has a six-figure salary, decent financial status, etc. $1M would allow things like paying off a mortgage and funding their kids' college educations.
There would have to be a signed waiver from each recipient stating "This is a nice generous gift, I recognize that and promise to understand this is all I'm getting forever and ever, when it's gone it's gone."
I think it depends. No one appreciates the value of money without a struggle. In this regard, trusts that require certain conditions be met (one of which should be age), can be very beneficial as it can force an heir to earn their keep on their own before they are just gifted an inheritance.
However, I believe in meritocracy, and that NO ONE should ever inherit so much wealth that they do not need to work. So if I truly was that rich, the goal would actually be to give most of it away, and leave money in trust for any heirs, with stipulations that need to be met for them to have the money. The trust needs to also be managed in such a way that the heirs don't learn the actual market value of their inheritance until it is due to them, so they operate with no safety net for a few years and learn fiscal responsibility.
-
Huge chunk of land, build a compound with a fancy house, create a school on part of it for underprivileged kids (free for them) that teach real world trade skills like coding and FI of course so they can get (and stay) out of poverty.
-
You're going to do all the above yet somehow teach frugality and restraint. I call bullshit. You'll be teaching the kids consumerism, flagrant opulence, and that money is what keeps people entertained, solves problems, and affords a lifestyle. You won't be teaching them how to think or develop skills.
This post belongs more in the Antimustachian wall of shame than anywhere else.
Well this is about dream life style. It is not about being mustachian or anti-mustachian. As I advise at the beginning of the post, we are trying to keep the mustachian tendencies aside and trying to have (imaginary) fun describing how a lot of money would be used. Yes it may be hard to teach kids frugality with all this money, but that's a hard (not impossible) problem and not the goal here.
agreed this post is dumb and belongs on the antimustachian wall of shame and comedy. seriously dude mustachianism isnt about just quitting work - its about finding out what truly brings happiness in your life and it sounds like your true happiness you will never attain b/c its rampant consumerism - which has statistically been proven to not make someone happy.
I'm interested in the part that I bolded. I think there are anecdotes (the big one being Pete and a site that he started which got incredibly popular), but I've never actually seen data showing that rampant consumerism in general (especially consumerism that one can afford by having a 100M windfall) cannot make a person happy.
On the flip side, there is this YouTube video (https://www.youtube.com/watch?v=6_ZiyhR1DfI) where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue. Especially starting at this point (https://youtu.be/6_ZiyhR1DfI?t=6m02s) in the clip...
I would love to happen upon said research, it would make life much easier for people if consumption (and even rampant consumption) really was terrible, but generally it is actually pretty great to be able to travel, live and eat as you please, and generally not ever worry about money even if your choices are significantly more pricey than, say, what most of the world considers to be reasonable.
Even when we praise Stoicism on this site and in our personal life, it comes from a position of abundance, which is a perversion of the philosophy... Maybe live a year without internet (and electricity and plumbing) and report back on if you still feel so enamored with the ideal in the modern age.
Just some random thoughts, as well as encouragement to dream big because that is way more interesting IMHO (even if the dream's unrealistic) than Spartana's (no offense, but quoting off your reply) confession of no big dreams even with 100M extra.
Being able to live as you please is certainly enjoyable, but spending more isn't necessarily more enjoyable.
This is anecdotal, but the most miserable people I've ever met are also the most wealthy. Extreme wealth seems to really fuck people up on average.
First, every increment of luxury costs radically and disproportionately more than the added level of experience it provides. It leaves a lot of luxury experiences feeling mediocre and crappy. Not a lot of it lives up to the hype compared to more reasonably priced alternatives, and people with money tend to hate wasting money. I often say that I'm not cheap, I'm just a snob about spending, and after having experienced a lot of luxuries, most are disappointing relative to the cost. I remember my first experiences with first class travel, private clubs, designer shopping and thinking "WTF? This is it??? THIS is what costs 10 times as much?"
I remember buying a $1000 pair of shoes and being so unimpressed that they came in a typical, boring cardboard box like a normal pair of shoes. I expected the experience of buying them to be glamorous and it was just a slightly fancier experience than buying any other shoes.
Second, hedonic adaptation makes it all just feel standard fare and boring. It also exaggerates when things are more mediocre and shitty. It's very hard to tolerate standard diner service when you are used to white glove, private club service. Having access to luxury makes the grind of existence feel that much more grating. Having to stand in line at a government office where there is no prestige line for preferred clients can feel unbearable to those who are used to their wealth providing them a separate standard of service.
Back when I drove a Jaguar, the staff at the dealership used to tell me all about the ridiculous Jaguar owners who would lose it when they had to drive a rental entry-level car whenever their Jag needed work (which was always). Put a Jag owner in a Ford Fiesta and watch what happens. It's pretty funny.
Third, they get stuck circulating with mostly other super wealthy, miserable assholes because non-wealthy people get so weird around them. Their wealth is then even more normalized and doesn't feel at all special. There's always someone richer and makes them say things like "well, we're not really rich, I mean, we don't even have a private plane."
Yes, I've known people worth 50-100M who felt poor and were treated like the poor friend.
Fourth, they fuck up their kids. So so many kids of very wealthy people are royally fucked up. It's unreal. It is so incredibly hard to raise a child with normal mental health in an environment of extreme privilege. Even if they aren't spoiled at all, even if they are made to work for everything they have, they are still raised with society treating them like they are special because of who their parents are. It messes them up. Plus, the chances of them being as successful is next to nothing unless they take over for their parent(s), so parents are stuck with facing that either their kid will have a drastically reduced quality of life from living by their own means, or they will be handed a business/trust fund/inheritance, which is problematic in and of itself. No matter what, all of the options are serious compromises.
Fifth, extended family resent them, use them, manipulate them, etc. They are often not seen as even people who have real feelings.
Sixth, there is SO MUCH responsibility in having that much wealth. Their decisions can make or break lives, communities, businesses, etc. The stress can be utterly crushing and so few people are able to understand it. When people depend on you for their livelihood, your decisions are no longer your own. You can't just do what you want, you need to account for the impact on others.
Overall, as I said in my previous post, whenever I start spending to entertain myself, my life starts feeling more empty and vacuous. It starts feeling pointless and I get existential angst about it. It's when I live frugally that I start challenging myself to live my life fuller, richer, and with more meaning. It's when I look for the fulfillment that can't be simply bought that I find the most satisfying experiences.
Pete lives a way richer life with far more adventure than most spendy people I know.
Ask Spartana what her life is actually like before you judge that what she aspires to isn't enough. You might be surprised.
The people saying that they wouldn't want that much money aren't saying it for lack of imagination or lack of ambition. Most are saying it because they know themselves and hold their lives to a higher standard and know that enormous wealth would erode that.
I've had the privilege of meeting so many amazing, interesting, and extreme people in my life, and I have never once envied the life of anyone ultra wealthy. I have mostly admired and envied the lives of people who have incredible skills, flexible lives full of adventure and who take on challenges that enrich their lives and give them purpose. Yes, a certain amount of wealth is necessary to live this way, but not a lot, just enough to be secure in that they don't need any given job and aren't tied to any given circumstance.
It's the freedom of wealth that helps people live their best lives, beyond that, wealth actually starts stripping life of freedom and placing more restrictions on your decisions.
Wow, that was fascinating to read. I am not wealthy, but I have family overseas in a poor nation, and sometimes I can relate to the feeling of feeling/knowing that a family member is being resentful or manipulative, or wondering if they really like me and want to know how my day is going...or if they're just winding up to asking me to wire money; there are only a few like that, and they were people I was close with as kids, so I still have good enough memories and thoughts of them to deal with it...but in the back of my mind, I know, and it changes some of our interactions.
I've never wanted absurd wealth, for most of the reasons you listed. When I think about the type of house I would live in if I had more wealth, I realize it's very similar to what I can afford now. I like living around a certain mix of people, and I feel you just don't find that in high-income habitats. When I visit my birth country, it's common to have a live-in or nearby maid and cook (for the upper middle class), and while sometimes it's nice I prefer to do things myself as I take pleasure in being involved in the daily "drudgeries", especially in slow village living where there isn't much else to do if you don't have to farm for your own food or cobble out a living.
I live far below my means now, initially because I wanted to save more than 50% of my income so that I could have more options for my future, but even when I allow myself money to spend, there just isn't anything I want to spend it on. I can't imagine why I wouldn't also live far below my needs, with more money. I realize it's time I want. And options, and to help others. Not downing others for whom things bring them pleasure, but unless they are things directly related to my passions NOW, I'm not suddenly going to get a hankering for luxury cars, swimming pools, mansions, 1st class (which would be a waste for me since I get knocked out on meds anyway), and tech toys. I've spent my life moving towards a simpler life, and I'd imagine (hope) I'd continue that trajectory no matter my financial situation.
-
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.
-
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.
Of course rich people have things they dream of/wish for. How about friends who genuinely like you for reasons not related to the money? How about a partner who is willing to stand by your side through thick and thin? How about children who make you proud? How about the satisfaction of completing something difficult all by yourself? Can you buy those things?
The beauty of it is, the things that are really valuable, we can all have. Money doesn't make it easier.
-
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.
Of course rich people have things they dream of/wish for. How about friends who genuinely like you for reasons not related to the money? How about a partner who is willing to stand by your side through thick and thin? How about children who make you proud? How about the satisfaction of completing something difficult all by yourself? Can you buy those things?
The beauty of it is, the things that are really valuable, we can all have. Money doesn't make it easier.
Not talking about non monetary things like kids, love, competing something difficult. Really just talking about stuff you wish for that money can buy. Once you have purchased enough homes, cars, luxury vacations, jewelry and other STUFF, your sense of 'what else is there' may kick in. You could run out of things to buy to bring you joy. My point is that being rich and being able to buy anything would just become a bore after you have bought everything.
-
When you have all the money in the world and you can buy anything you want; after a while it must be very ho hum and you wouldn't even have anything to dream of wishing for. When you aren't rich you dream of things you will never have.
Of course rich people have things they dream of/wish for. How about friends who genuinely like you for reasons not related to the money? How about a partner who is willing to stand by your side through thick and thin? How about children who make you proud? How about the satisfaction of completing something difficult all by yourself? Can you buy those things?
The beauty of it is, the things that are really valuable, we can all have. Money doesn't make it easier.
Not talking about non monetary things like kids, love, competing something difficult. Really just talking about stuff you wish for that money can buy. Once you have purchased enough homes, cars, luxury vacations, jewelry and other STUFF, your sense of 'what else is there' may kick in. You could run out of things to buy to bring you joy. My point is that being rich and being able to buy anything would just become a bore after you have bought everything.
Obviously the marginal utility of money decreases the more you have of it. I don't think anyone in this thread has said otherwise. Frankly, I think most of us would run out of things we could buy that would bring us genuine joy way before you've bought "everything." I don't want a boat, or jewelry, or a fancy car - I would start stressing out about it before the check was signed! No joy there. After all, the whole point of MMM is that buying things isn't what brings people genuine joy. It's the non-monetary things above that bring true happiness.
On the other hand, as several people have discussed above, you can shift to dreaming of improving your community and the world through charity. Donation is very satisfying, and the money has a much higher utility to the people you might give it to.
-
Give away a bunch.
I would probably buy a house that had more of the "nice to haves" than our current house.
I would likely quit my job.
I might replace our 2005 vehicle?
Hmmm. I feel like I am not ambitious enough since I really cannot think of much else I'd put on that list.
-
I'd stop worrying about the future of healthcare in the USA thats for damn sure.. In fact with a chunk of the $100M invested you would be making far more from the HC cartel than it would be costing you, no matter what illness you had.
-
As a bitch ass trust and tax lawyer who is employed by a family with significant wealth, I found this thread to be quite interesting. One thing I never appreciated until I was exposed to it is the responsibility that comes with great wealth. Even if you are going to give it all away, it takes a an amazing amount of work to ensure that you are making the biggest impact with your donation and understand the ripple effect of your gift.
Out of college I worked for an extraordinary wealthy family--think B not M's. They had so much stuff, and so much of that stuff required specialized maintenance. Homes, antiques, etc. There was SO many staff members and specialist. I would never want that level of opulence too many people in/out. Then there was all the charity obligations. Things to attend, finance, correct. Not to mention managing their assets--even with a full office of professionals was a job.
They thought I was hilarious because I could fix things outside of my hired job function (I'd also call out the contractors when they did crap work--there was a funny exchange with me asking a plumber if he would do this kind of work at HIS mother's house), and I was willing to walk the dog (despite not being a dog walker). Great family, but not the kind of life I would ever want---especially with all the weird money related fame and all the entitled people around them.
Every few years they ask me if I want to come back yet, I left to "live my own life". I would consider managing one of their properties once my daughter graduates high school--or earlier if I wanted her to attend an East cost elite school. For now, I politely decline. Any time they are in the Midwest we get lunch.
-
Am I the only one who would legit be terrified? I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified. I already alluded to possible family drama (mostly semi-extended family). There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom.
And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle.
Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing.
-
Am I the only one who would legit be terrified? I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified. I already alluded to possible family drama (mostly semi-extended family). There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom.
And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle.
Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing.
I don't know why you couldn't just ignore people who rub you the wrong way. I already do this and I don't have $100M. I can say it would sure be easier to tell people to screw off if I had that much.
-
How would I spend the money? Definitely not on stuff.
I think I'd focus first on things that add stress or difficulty to my life, and fix those. So I'd buy a two-post lift for the garage, because it's really annoying to have to use a jack and jack stands and lay on my back while I'm fixing my 23-year-old car (not to mention the risks). I'd certainly cut back on my work hours, so I can spend more time working on projects that catch my interest. I have a list of over 600 invention or business ideas, and I'd love to have time to pursue a few of them. In terms of personal benefit, having more time for my own interests is a much more enticing vision than buying more things.
I'd certainly have some fun with the money. I'd love to send some money as a "thank you" to some Youtubers who have brought me hours upon hours of entertainment and/or valuable education. I'd help out family members or friends who, though hard-working, have been through tough times. Anonymously, of course. Several years ago DW and I did it to a friend who had lost his job, and even though we never heard anything afterward (and never brought it up), it certainly was a thrill.
I'd like a "right-sized" home, a highly-energy-efficient one, with a fantastic layout, built with high-quality materials and workmanship, that requires as little maintenance as possible. Attractive, but not fancy. Functional, with an oversized garage. With a nice view, in a location that has a good climate and low taxes, because property taxes are like maintenance--an on-going cost to owning the property.
Speaking of property taxes, I'd like to run for school board (and maybe buy a few friends a seat on the board as well?) and clamp down on a lot of the stupid stuff our district spends money on. (No, you don't need seven assistant superintendents. No, you don't need a "Coordinator of Diversity and Inclusion." No, you don't need to have a huge auditorium at both high schools. No, you don't need to change out your entire curriculum every 2-3 years because some snake oil salesman convinced you their new brand of garbage is the new hotness. No, you don't need an Executive Assistant to the Assistant Superintendent of Business Development. Yes, that's a real title of someone who works in our district. No, your secretaries should not be earning more than your teachers.) Or, I could just not care, and move somewhere else so I don't have to think about it.
I'd spend more of my newly-freed time with DW and the kids. I'd work on learning new skills, like how to weld and machine. I'd spend more time playing the piano, take voice lessons, and learn to fly an airplane.
-
Am I the only one who would legit be terrified? I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified. I already alluded to possible family drama (mostly semi-extended family). There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom.
And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle.
Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing.
I don't know why you couldn't just ignore people who rub you the wrong way. I already do this and I don't have $100M. I can say it would sure be easier to tell people to screw off if I had that much.
Exactly, there is a perfect phrase already in the English language for those types of people. It goes as follows: "Go Fuck Yourself!"
-
How would I spend the money? Definitely not on stuff.
I think I'd focus first on things that add stress or difficulty to my life, and fix those. So I'd buy a two-post lift for the garage, because it's really annoying to have to use a jack and jack stands and lay on my back while I'm fixing my 23-year-old car (not to mention the risks). I'd certainly cut back on my work hours, so I can spend more time working on projects that catch my interest. I have a list of over 600 invention or business ideas, and I'd love to have time to pursue a few of them. In terms of personal benefit, having more time for my own interests is a much more enticing vision than buying more things.
I'd certainly have some fun with the money. I'd love to send some money as a "thank you" to some Youtubers who have brought me hours upon hours of entertainment and/or valuable education. I'd help out family members or friends who, though hard-working, have been through tough times. Anonymously, of course. Several years ago DW and I did it to a friend who had lost his job, and even though we never heard anything afterward (and never brought it up), it certainly was a thrill.
I'd like a "right-sized" home, a highly-energy-efficient one, with a fantastic layout, built with high-quality materials and workmanship, that requires as little maintenance as possible. Attractive, but not fancy. Functional, with an oversized garage. With a nice view, in a location that has a good climate and low taxes, because property taxes are like maintenance--an on-going cost to owning the property.
Speaking of property taxes, I'd like to run for school board (and maybe buy a few friends a seat on the board as well?) and clamp down on a lot of the stupid stuff our district spends money on. (No, you don't need seven assistant superintendents. No, you don't need a "Coordinator of Diversity and Inclusion." No, you don't need to have a huge auditorium at both high schools. No, you don't need to change out your entire curriculum every 2-3 years because some snake oil salesman convinced you their new brand of garbage is the new hotness. No, you don't need an Executive Assistant to the Assistant Superintendent of Business Development. Yes, that's a real title of someone who works in our district. No, your secretaries should not be earning more than your teachers.) Or, I could just not care, and move somewhere else so I don't have to think about it.
I'd spend more of my newly-freed time with DW and the kids. I'd work on learning new skills, like how to weld and machine. I'd spend more time playing the piano, take voice lessons, and learn to fly an airplane.
This is an excellent plan. Question: why would you keep any of your work hours?
-
Exactly, there is a perfect phrase already in the English language for those types of people. It goes as follows: "Go Fuck Yourself!"
This. If certain specific people showed up, I'd take particular joy in telling them the aforementioned, maybe even make them jump through some hoops for me first, just for my own amusement.
-
I'd have roughly the same lifestyle I do today, except I would have a much larger garage with a few more cars and I would spend far more time SCUBA diving and at dance exchanges.
-
Am I the only one who would legit be terrified? I don't know that I have the courage (or whatever noun applies) to turn it down, and yet I really would be terrified. I already alluded to possible family drama (mostly semi-extended family). There's a small component of the family that I think would feel entitled, be very vocal about it, and very aggressive about pushing for what they want, and likely never feeling like whatever we gave would be fair or enough. Then there would be the shirt-tail relatives, the acquaintances that suddenly claim to be besties (and of course, besties in dire need!), organizations hitting us up, and the likely arguments between DH and me about how much to give to whom.
And there would be a whole set of problems that would be new to us, and with which we would therefore be pretty ill-equipped to handle.
Like I said, I don't think I have the fortitude to actually turn it down, but I'm not sure that wouldn't be the best thing.
I don't know why you couldn't just ignore people who rub you the wrong way. I already do this and I don't have $100M. I can say it would sure be easier to tell people to screw off if I had that much.
Currently, family and friends aren't hitting us up for money. Writing off strangers or casual acquaintances wouldn't be so tough, but telling a sibling to screw off when one knows it would likely end the relationship? Simple, but far from easy. "Hey mom, go fuck yourself"?? It might come to that, which is exactly when it would be troubling and terrifying. I'm not saying we couldn't--or maybe even wouldn't, eventually--do those things. I'm saying that it would be awful to be in a position where that seemed like it might be the answer, because whether you do it or not, that relationship is very, very broken. Far more and far worse than it is now. And never being able to meet a new friend without wondering about their motives? That doesn't happen to stealthy mustachians, so no, it's not quite the same.
-
... I'd certainly cut back on my work hours, so I can spend more time working on projects that catch my interest. ...
This is an excellent plan. Question: why would you keep any of your work hours?
Great question! Two reasons:
1) I enjoy my job
2) I'm working on a project that I'm personally (emotionally) invested in, and I'd really like to see it to completion.
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.
You might want to visit ExFlyBoy's journal to see why that kind of decision would be...unwise. :)
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.
You might want to visit ExFlyBoy's journal to see why that kind of decision would be...unwise. :)
Apparently humans have not adapted to post on the internet :) More seriously, I was listening to an interesting podcast (http://files.libertyfund.org/econtalk/y2018/Robertsinformationrevolution.mp3) that talks about this on my commute this week, so maybe I'm biased :)
EconTalk host Russ Roberts does a monologue on how political discourse seems to have deteriorated in recent years and the growth in outrage, tribalism, and intolerance for those with different views from one's own. Roberts suggests that part of the problem is the revolution of the market for information caused by the internet that allows people to customize what they see to fit their own political narratives and worldview. In short, the market for news works to make us feel good rather than to help us to discover the truth. The monologue closes with some suggestions for how we might improve the way we consume information and interact with those we disagree with.
Sorry if this is off topic, just started going and couldn't stop...
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I won $100M I would certainly give my immediate family members $3M/ea. It's not like I need $100M.
You might want to visit ExFlyBoy's journal to see why that kind of decision would be...unwise. :)
In my In-laws case it would be an interesting experiment to find out just how fast $3M could be blown on prescription painkillers!..:)
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous. Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely. Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.) Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
-
If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous.
Did you see the one the other day? Pretty sad.
https://www.bbc.co.uk/news/world-us-canada-44801448
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous. Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely. Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.) Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
Which brings me back to my point about a release to be signed upon receipt of the money acknowledging "this is all I'm getting". Then when they come back you hold that up and say "remember when...?"
Honestly, I'd do this for charities too. I would imagine upon receipt of the jackpot, I'd sprinkle some cash around liberally to various charities, but I don't want that to be an invitation to hit me up again at a later date. My gifts would all have a clawback provision in the event they come back to me. I'd expect big one time gifts at the beginning and then smaller gifts over time (say $1M up front and then $50k a year or something) for 1-2-3 charities I'd want to support (cancer research, children's charities, etc).
-
1. Buy as much land as possible to protect it from human encroachment. Build nothing on it.
2. Stop working for pay and continue writing (I work in communications/marketing) for causes I care about.
3. Speed-up our house build and make it a bit bigger so that my parents can come live with us full-time and have their own space (currently planning on building them a small apartment that might not suffice for full-time living).
4. Have the time and energy to take physical and emotional care of my family for the rest of our lives (they don't need financial help, but I'd be there if it happened).
-
I haven't read all of the pages here, but here's what I would do:
- husband and I would both stop working, so kids wouldn't have to go to before/after school care and we could really travel during the summer
- volunteer a LOT more during the school year, in various ways
- pay off my brother and his wife's student loans so they can finally buy a house (they have $3000/mo student loans from grad school, 25+ more years)
- buy my mom a house, set her up with a monthly stipend, and buy her a puppy and a reasonable newer car
- help my sister get through college and pay for her to finally finish gender reassignment, which she is desperate for but can't afford yet
- stay where we are until the kids graduate high school, then downsize and move to Durango and buy a cute little house in downtown
- help out my best friend who is a teacher and single mom with two boys. I'd love to pay off her mortgage and fully fund college for her kids.
- contribute real, substantial money to causes that matter to me: environmental and refugee/immigration assistance, provide scholarships or tuition assistance somewhere for underprivileged kids
- travel a lot more often and a tad more lavishly; business or first class when we fly a red eye. Finally get to all 7 continents and do some crazy dream trips: watch bears in Katmai, Iceland campervan, New Zealand, African safari, hike the Salkantay Trail to Macchu Picchu, Everest Base Camp, all 50 states, visit the rest of the National Parks in the US (halfway there), thru-hike the PCT.
- go to yoga every day
- finally have the time to downsize and minimize all the stuff in the house
- run or hike most days
- go skiing at Mammoth again instead of going to Brian Head every year
- upgrade to a baby grand piano and play for at least a half hour every day
- spend at least a half hour every day working on learning a new language
- read, read, read
- buy a small RV for really great summer road trips
I rarely buy a lottery ticket; maybe a couple of times a year when there's a work pool (worth the $1-2 to make sure I wouldn't be the only one left in the office!), or my husband will buy one or two a year. For the under $10 a year it's well worth the detailed entertainment value I get from daydreaming about what I'd do. Aside from some of the more lavish travel and helping out friends, family, and important-to-me causes, I see on my list that what I really want is the TIME to do things that matter to me. That's why I keep working hard to achieve FIRE; it's the time that the money can buy that is the most valuable thing to me.
-
It wouldn't be much different. Mostly it would just speed up the current plans.
Buy the house we want without worrying about if I have to change jobs and end up with a longish commute
Take vacations to a few destinations that are little too expensive right now
Start up my brewpub without worrying if I'm taking too much of a risk and will end up ruining us financially.
Really, just things we are going to do anyway but without the stress involved.
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous. Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely. Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.) Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
You could always set up a trust fund of a million each with a $40K/ year drawn - paid monthly so they don't blow all the $40k at once - and a link to MMM ;-). Tell them you will be setting up a trust fund for yourself and for charity for the rest so nothing else will be available.
So, this is something I'm looking at doing with my inheritance from my folks eventually. They have a HUGE pile of cash, well ETFs, set aside for charity. I'll take over that once they're gone, and they've made their wishes known as to which charities they want it to go to. But no way in hell am I letting a place have all of it at once. I'd rather set up an endowment for a place that keeps on giving than let them blow $30M in a year and them come asking for more.
-
Well I might get a monkey butler to serve me cocktails on the veranda of my mountain abode but otherwise my life wouldn't change much with any increased amount of money.
@spartana - Normally I would say you couldn't afford me, but with lotto money, you probably could.
I would reevaluate the best way I could influence politics. Now I'm FI and working because it's the best I can do. But with that much money, I could have more influence doing something else.
A big chunk would go to charities, but keeping a substantial amount for politics is necessary right now.
I grew up in a conspicuous consumption household, and I don't want that shit. At most I would buy a better, recycled material backpack, a nicer phone, and some high end lingerie. Oh and nice socks.
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous. Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely. Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.) Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
You could always set up a trust fund of a million each with a $40K/ year drawn - paid monthly so they don't blow all the $40k at once - and a link to MMM ;-). Tell them you will be setting up a trust fund for yourself and for charity for the rest so nothing else will be available.
Yep, I would absolutely set up a trust for one family member. They are just learning about money now, so I'd want them to continue learning before dropping a couple mill in their laps. I'd want to set them up for success. I'm sure there would be hard feelings from their wife....but that's none of my concern.
-
I would set up a stand up paddle boarding business. I would run it during the summer, offering free/reduced lessons and rentals to clients of charities I like and trust. Any proceeds would go to local schools, and maybe schools in countries I've visited.
I would also create full ride scholarships for community college students. Do my part to reduce the student loan debt problem. I would also offer travel scholarships so kids could spend a week or two overseas.
I would eat more delicious pizza. Because pizza.
In the winter I would travel. :3
I'm not too crazy about the idea of giving money to family. My family has been extremely blessed and the one's who don't have money wasted it. However, my cousin has three daughters and I would pay for their educations provided they kept their GPAs above a certain point. Any my uncle has mentioned wanting to take his wife on vacation. He's been very, very patient, generous, and forgiving towards my aunt (his sister. her life is a Gawd awful shit show) and shouldered that burden for many years. They're not exactly rich and I'd like to make them happy.
I'd also give some to Catholic Charities. Not sure about the capacity though.
-
I think if you really did win $100M (is this before tax or after?) it might be worth tossing some $$ at the immediate family to get them off your back.. I dunno say $0.5M each or my Sister/BIL and Parents.
So for $1M the whining would be done forever. Not that my family would but DW's certainly would.
If I believed it would be done forever, I'd be 100% on board with that. But I suspect for some people, DH and me having $100m and them "only" getting $.5 million (or $1m, or $3m, or...) would be seen as unfair or ungenerous. Or they would blow that $.05 because in the back of their minds, the entire family is now rich!, and once their half mil was gone, they'd come with hands extended and be indignant that we weren't willing to give more. (In fact, I'd almost fear that giving them any of those large sums would make things worse, not better, because it would signify that they bank of Villanelle is open for business and that money flows freely. Wherease if was gave them $1000 at Christmas and maybe took everyone on a moderate vacation, they'd consider us cheap and stingy, but *might* get the message that this money is our money, not "family" money to be distributed upon request.) Most of my family (and friends, if we choose to share some with them) wouldn't be this way, but there are definitely a couple I'd worry about.
You could always set up a trust fund of a million each with a $40K/ year drawn - paid monthly so they don't blow all the $40k at once - and a link to MMM ;-). Tell them you will be setting up a trust fund for yourself and for charity for the rest so nothing else will be available.
Sadly, with a couple of them, I suspect when they $40k was gone (and it would be!), they would come to claim more, and anything we told them about that being it (before it was even given) wouldn't matter. There would be "we can't buy groceries to feed the kids and next month's payment is due for 3 weeks and is already earmarked for rent" sort of complaints.
Some people, no matter what you tell them, how many times you remind them that X is all they are getting, or how much you let them know this is *your* money, not theirs, are going to feel entitled, and I don't think any financial set up, or any conversation is going to prevent that.
So, since it is likely an unsolvable (hypothetical) problem, I think the best bet would be for DH and I to agree on what is reasonable for each person, and then he or I (depending on whose person it is) would be allowed to distribute however we see fit, with the agreement between us being that once the well runs dry, there will be absolutely no more. (Even that might be hard though. If your sibling comes to you saying he will literally be homeless because he's blown ever penny, it's surely damn hard to say, "sorry, but I'm not giving you another dollar even though I have tens of millions". But that would be why I would encourage each of us to never, ever reveal--or reveal honestly!--the total available, and to always keep some in reserve. In the end, it might kill the relationships, but if that's the case, they weren't great relationships anyway, though I suspect that's small comfort when cutting off or being cut off my family.)
My sister, for example, I would expect to be perfectly reasonable and entirely grateful for whatever I gave her. And fairly responsible. She's not especially frugal, but I am pretty sure their mortgage is their only debt. So I would feel comfortable giving her either all, or nearly all of her amount up front, not even with strings attached. (IOWs, no "use this to pay off the mortgage" or anything like that.) I suspect they'd use 75% of it fairly responsibly and travel and snag a few luxurieswith the other 25%.
Some others in our lives? That would be catastrophic and probably 90%+ would be blown on huge new trucks or jet skis or upgrading to a McMansion or lavish travel. It would be gone in a year or two (or less, depending on how much). So an annuity would probably be the way to go, and then just being ready to have hard conversations and say No.
-
On the flip side, the spendthrift might understand and sympathize if you told them that you blew through your part of the money as well, and then (maybe?) they wouldn't come asking for more. Right? One can dream, right?
-
Actually its worth remembering that you CAN actually blow $100M (one of the 5th grade educated NFL players blew $142M in a story I read).
So you could simply tell your spendy relatives that you spent it all.. They might actually believe you.
Just tell them you bought some really nice socks..:)
-
Well I might get a monkey butler to serve me cocktails on the veranda of my mountain abode but otherwise my life wouldn't change much with any increased amount of money.
@spartana - Normally I would say you couldn't afford me, but with lotto money, you probably could.
I would reevaluate the best way I could influence politics. Now I'm FI and working because it's the best I can do. But with that much money, I could have more influence doing something else.
A big chunk would go to charities, but keeping a substantial amount for politics is necessary right now.
I grew up in a conspicuous consumption household, and I don't want that shit. At most I would buy a better, recycled material backpack, a nicer phone, and some high end lingerie. Oh and nice socks.
I dunno. I heard it only take a bit of chocolate and some wine and perhaps a cute little doggie to pay you. Maybe a few other things (cough...men...cough) which are abundant in mountain towns ;-).
Chocolate and cute dogs, absolutely. Wine, no.
And as much fun as I'm sure mountain men are, by themselves they're not quite enough. Monkey Butler would be in it for the money. My socks are really, really old.
-
Definitely if I won the lottery and was giving money to friends or relatives I would either do it as a yearly, monthly, or even weekly payout thing rather than all at once. Even the ones I consider to be sensible about money still buy things I consider to be absolute nonsense on a regular basis - the house where I live with my parents and brother is full of barely-used clutter. So if I wanted to actually achieve my aim of setting them up for life, it'd definitely have to be either of the "buy them a house" nature (prevents homelessness) or in installments (maybe pay them yearly the amount I was keeping for myself yearly, except split it up to smaller installments to prevent them spending it all at once), which would prevent them needing a soul-crushing job, but would simulate the flow of money they were used to from a job.
If they wanted to spend more a year than I was keeping for myself, well, they'd just have to get a job to supplement it, because I'm not in the habit of subsidising shiny new cars, model railway layouts, and 1735871350 pairs of running shoes.
-
Of course rich people have things they dream of/wish for. How about friends who genuinely like you for reasons not related to the money? How about a partner who is willing to stand by your side through thick and thin? How about children who make you proud? How about the satisfaction of completing something difficult all by yourself? Can you buy those things?
The beauty of it is, the things that are really valuable, we can all have. Money doesn't make it easier.
Those things are definitely not things that anyone can have. I'd say you're extremely lucky to have one of those things.
After all, the whole point of MMM is that buying things isn't what brings people genuine joy. It's the non-monetary things above that bring true happiness.
Sort've...If we count "money" as a "monetary thing" then it is definitely valued on this site and by MMM. The reason to value it is different than most people's reasons, but it's still valuing money above a lot of things IMO. The primary motive is to feel secure and have as much freedom as possible but it's still focusing on money. Buying investments seems like a purchase to me.
-
Assuming that at the end of the day, I came away with about 30 million give or take...
DAY ONE after the check is in my hands - hire a tax lawyer, accountant, and probably an estate lawyer too. And then if possible, lie and say that I received a smaller amount than I did-- maybe 3-5 million, which is still a lot.
After getting my personal financial affairs sorted out, and most of it tucked away into investment accounts, I'd quit my job and give my closest friends 100k each and 50k to my good friends. I feel like that's enough to be generous and for a person to do a lot with, but also not so much that they'll wildly change their standard of living and then come crying to me when the money runs out.
For family... my mom would get about a million, my dad maybe half of that (he's got money and she doesn't), and I'd set up a trust fund for my sister for about half a million also. My grandparents would get any care they needed paid for. Reserve about 3 million for myself (that's an unimaginable amount of money for me already) and honestly... I might just go trawl the pages of sites like GoFundMe and YouCare and start fulfilling random people's requests-- for important things like surgeries, chemo, disability aids, things like that. The rest into conservation charities, charities that assist with training and poverty, and probably some political donations as well.
As for life changes, I honestly wouldn't change a lot about what we did/are doing now, at least not at first. In the long run, I would want to move out of our apartment, but I'd still want to keep living with my girlfriend and one of my current roommates. Maybe rent out an apartment or a house with a yard so I can garden, and a room we can designate a workroom for soap or crafts or art, as we're all pretty crafty people. Focus on my soap business on the side, as a hobby.
I'd eat out more-- maybe as much as 3-4 times a week, and tip like a madwoman when I do. I'd buy some fancier food ingredients and try cooking complicated recipes just because I can, and now I have the time. Travel more-- back to Taiwan to see relatives, to Japan, maybe stay there a month or two to just enjoy the sights, and go on the trip with a couple of friends. My big luxury spending would be trying out first class flights and going to fancy hot spring inns for a week, but I don't know if I would repeat the first class flight experience. None of this should add up to more than about ~25k a year (well, maybe not including the first class flight) so all the extra I'll funnel into charities or more direct donations to people who need it.
Learn new languages and skills-- car repair, armor making, Japanese, Spanish, re-learn my Mandarin. Read more. Hike more. Go to the beach more. But I'll be able to do all of those things after FIRE anyway, with or without a couple cool million.
When my current car gives out, I'll buy a fancy Prius with a back cam. Take my girlfriend out to a Michelin star restaurant at some point, and then hit up In N Out afterward.
-
For a start:
Invest:
- Invest the majority of the money in a Vanguard account with indexes
- Keep plenty of liquid cash in high yield accounts FDIC insured
- Possibly offshore some of the money.
Living:
- Buyout my condo and rent it out
- By a nice home in San Diego near my family that doesn't not have nearby neighbors. There are a number of wealthy community plans that have villas with no directly adjacent neighbors, but still central to the city.
- Make my home self sustaining and nearly off grid. Solar energy and back batteries. Possible back up water or gas as well.
Income:
- Use investments and my one rental to establish a baseline monthly income.
Work:
- Probably keep my job. Start exploring options to work in risky software startups. I don't have to worry about income so I can afford to work for edgy companies that have a high failure risk.
Budget a Higher but sustainable standard of living:
- Newer nicer stuff, but try to avoid falling into the designer luxury trap.
Money For Family:
Giving money to family I think is a slippery slope. Instead I would do a rough calculation for my wife and I's parents that have helped us and pay them back every cent they ever used to help us. Possibly with a opportunity cost adjustment. Then I would likely lay low and let the dust settle before possibly gifting money to any family.
I would consider buying another decent property and renting them out at cost if it would enable my closest friends to move back to San Diego who are avoiding it due to cost.
Charity or Research:
Look into funding charities, the community and or compelling research on an annual basis.
-
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola. Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.
-
Giving a franchise to problem relatives would be a really cruel thing to do to the employees of said franchise location.
-
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola. Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.
Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.
If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.
-
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola. Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.
Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.
If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.
Because some people are idiots with money and to protect them from themselves, those who have sense and are gifting money sometimes have to protect the idiot. Yes, it is not our responsibility. I might consider a trust fund and have it only disperse interest each year. For those who are responsible, these efforts wouldn't be necessary.
-
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola. Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.
Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.
If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.
Because some people are idiots with money and to protect them from themselves, those who have sense and are gifting money sometimes have to protect the idiot. Yes, it is not our responsibility. I might consider a trust fund and have it only disperse interest each year. For those who are responsible, these efforts wouldn't be necessary.
Those people would also be idiots with a franchise. They will be idiots with whatever you give them, and however much. Just as they spend every penny they make now rather than saving, they would do so with 2 and 5 and 10 times as much money. That's the problem and I don't think there is a solution. Monthly or weekly allotments? They can spend through that and be broke, too? Pay off their house? They can take out a HELOC or just increase their spending to eat up the former mortgage payment and then still be broke. There is no solution to this, which is why so many ten-and hundred-millionaires end up bankrupt. If the mindset is that of a someone who spends it all, changing what "all" looks like doesn't matter.
-
Instead of giving money to relatives, would it make sense to give them a franchise that would be a continuous source of income? The only problem with that is if they had to 'work' for their money they might not like it. Not sure how that would work out. They might just up and sell it to get the moola. Maybe you would have to set it up so you owned it and they had to work to get the proceeds. Some relatives are so lazy and sneaky you have to be prepared for that.
Why attach anything to it? Wouldn't that just be more work for you? It's not your responsibility to teach them financial skills. It would jut make them resentful that you are attaching all of these conditions to the gift. Which no longer sounds like a gift, but a business partnership, in which one party does most or all the work...profit or no. No thanks, you can keep your cash and conditions.
If they spend it all, they spent it all...because that's all they'll get. I might give advice or suggestions, and even offer my help, but they're adults and can do with it as they please, and they and they alone will be left with the consequences (good or bad). If I give a cash gift, I let it go with all my heart....so as to be free from any decision or responsibility regarding the money once it leaves my possessions. I'll still judge how it's spent, but I also do that for people who spend their own money in ways I find silly.
Because some people are idiots with money and to protect them from themselves, those who have sense and are gifting money sometimes have to protect the idiot. Yes, it is not our responsibility. I might consider a trust fund and have it only disperse interest each year. For those who are responsible, these efforts wouldn't be necessary.
Those people would also be idiots with a franchise. They will be idiots with whatever you give them, and however much. Just as they spend every penny they make now rather than saving, they would do so with 2 and 5 and 10 times as much money. That's the problem and I don't think there is a solution. Monthly or weekly allotments? They can spend through that and be broke, too? Pay off their house? They can take out a HELOC or just increase their spending to eat up the former mortgage payment and then still be broke. There is no solution to this, which is why so many ten-and hundred-millionaires end up bankrupt. If the mindset is that of a someone who spends it all, changing what "all" looks like doesn't matter.
Yeah, any solution which involves an idiot friend/relative having to do something smart that takes effort isn't going to work. I think if you really wanted to save a relative like that from a pit of no money, setting up a trust or something that literally paid them just like a weekly wage, but without them having to do much for it, is probably the only way that's going to work...
-
Why are these people mentally programmed to spend every penny and then some? I can see the thrill of taking a much needed vacation then settle down into reality. You came into a windfall and now to maintain a nice lifestyle you have to settle down and realize the money will run out at some point if no restraint is made to curb spending. Most of us have gone to school and know basic math. I guess they don't teach common sense in school.
I have read enough stories on athletes and actors who were on top of the world and had to buy everything on earth then gone broke. I will never understand this!
-
I think that for some people, the thrill of having *anything* is really strong.
Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)
They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.
But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.
-
I think that for some people, the thrill of having *anything* is really strong.
Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)
They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.
But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.
Regarding your last sentence, I think working for your money has something to do with that. When I was a kid I wanted all of the things and dreamed about how when I was an adult I was going to buy anything I wanted. Now that I’m an adult and I see how quickly money can go and how slowly it can come, I don’t want as many things as I did. Not to the point of just going out and buying them because I had the money to.
-
I think that for some people, the thrill of having *anything* is really strong.
Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)
They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.
But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.
Regarding your last sentence, I think working for your money has something to do with that. When I was a kid I wanted all of the things and dreamed about how when I was an adult I was going to buy anything I wanted. Now that I’m an adult and I see how quickly money can go and how slowly it can come, I don’t want as many things as I did. Not to the point of just going out and buying them because I had the money to.
I'll second this. I used to want ALL THE THINGS. Then I started working for my own money and was like, I don't want anything.
...Except a stand up paddle board. I really want a stand up paddle board.
-
Well, if there's one thing that I've never wanted, it's a stand up paddleboard!
-
I think that for some people, the thrill of having *anything* is really strong.
Back in the 80's, we had neighbors who got $60,000 in some sort of settlement. It wasn't millions, but it was a good chunk of change (about 3 x my dh's salary as a postdoc, for instance.)
They blew through it in a matter of month. A fair amount of it went up their noses, I think, but they bought a big car and a bunch of jewelry and stuff. And then the car got repo'd and they got evicted, so they were worse off than when they started, really.
But I know that I used to *want* stuff much more, because I couldn't have it. Now that I really can buy whatever, most of the time - eh.
Regarding your last sentence, I think working for your money has something to do with that. When I was a kid I wanted all of the things and dreamed about how when I was an adult I was going to buy anything I wanted. Now that I’m an adult and I see how quickly money can go and how slowly it can come, I don’t want as many things as I did. Not to the point of just going out and buying them because I had the money to.
I'll second this. I used to want ALL THE THINGS. Then I started working for my own money and was like, I don't want anything.
...Except a stand up paddle board. I really want a stand up paddle board.
LOL. Yeah, I have very few 'things' I want, and it's easy for me to roll my eyes when people talk about buying cars or bigger houses or whatever, but then when you said this I immediately thought, 'HELL YES (and access to some real water to use it on, which requires relocating to some other part of the country).'
-
Sheds. Lots and lots of lovely big sheds and barns. I see no point in having a huge house, but you can never have enough outbuildings!
-
The only major life change would be I'd like to live in a nicer home, maybe one with a small guest house for guests and rental purposes.
Oh, also, my spouse and I would FIRE immediately.
-
The only major life change would be I'd like to live in a nicer home, maybe one with a small guest house for guests and rental purposes.
Oh, also, my spouse and I would FIRE immediately.
A bunch of people have mentioned rental properties/purposes, which I find interesting. They are great for building stach but what's the appeal when you have $100mil? For me, the 'pain in the ass: ROI' ratio wouldn't be worth it. I mean, unless it's somewhere where you can turn the $100mil into $500mil, or what have you.
So legit question to those who mentioned this: why would you bother with something that would net so little relative to your net worth?
-
The only major life change would be I'd like to live in a nicer home, maybe one with a small guest house for guests and rental purposes.
Oh, also, my spouse and I would FIRE immediately.
A bunch of people have mentioned rental properties/purposes, which I find interesting. They are great for building stach but what's the appeal when you have $100mil? For me, the 'pain in the ass: ROI' ratio wouldn't be worth it. I mean, unless it's somewhere where you can turn the $100mil into $500mil, or what have you.
So legit question to those who mentioned this: why would you bother with something that would net so little relative to your net worth?
I am into rental properties because I have always been obsessed with the idea fixing up old homes, and I like the neighborhood revitalization aspect of it. Also I would buy up land and build affordable, a.k.a. smaller homes, integrated with the natural landscape before mega developers can get it and make entire communities of big ass ugly houses and lawns, and cut down old growth trees to replace them with puny, spaced out ornamentals.
-
The only major life change would be I'd like to live in a nicer home, maybe one with a small guest house for guests and rental purposes.
Oh, also, my spouse and I would FIRE immediately.
A bunch of people have mentioned rental properties/purposes, which I find interesting. They are great for building stach but what's the appeal when you have $100mil? For me, the 'pain in the ass: ROI' ratio wouldn't be worth it. I mean, unless it's somewhere where you can turn the $100mil into $500mil, or what have you.
So legit question to those who mentioned this: why would you bother with something that would net so little relative to your net worth?
I am into rental properties because I have always been obsessed with the idea fixing up old homes, and I like the neighborhood revitalization aspect of it. Also I would buy up land and build affordable, a.k.a. smaller homes, integrated with the natural landscape before mega developers can get it and make entire communities of big ass ugly houses and lawns, and cut down old growth trees to replace them with puny, spaced out ornamentals.
Awesome idea!
-
The only major life change would be I'd like to live in a nicer home, maybe one with a small guest house for guests and rental purposes.
Oh, also, my spouse and I would FIRE immediately.
A bunch of people have mentioned rental properties/purposes, which I find interesting. They are great for building stach but what's the appeal when you have $100mil? For me, the 'pain in the ass: ROI' ratio wouldn't be worth it. I mean, unless it's somewhere where you can turn the $100mil into $500mil, or what have you.
So legit question to those who mentioned this: why would you bother with something that would net so little relative to your net worth?
I don't know if this is quite your question, but I did mention rentals. I said I'd buy a few properties around the world at our most favorite travel destinations and the places we are most likely to want to return to year after year (Scotland, Venice...). And I would set them up as vacation rentals when we weren't using them, even though with $100m, I'd never need the income. It just seems wasteful to me to have them sitting empty, and I'd pay someone to manage them so it would be very little work on my part. And I like the idea of paying a neighbor to do it, if possible so that perhaps I can foster some goodwill in a place where I'd be a semi-outsider. Bringing money and work to the community would feel great, and having a property I could offer up for things like Make-A-Wish would perhaps help assuage my guilt at the extravagance of owning a bunch of houses I stayed in for a month or so every year or two.
Also, I think I'd be mindful that a mindset of "I don't need to worry about money" turning into exactly the reason I would eventually need to worry about money again. That's what gets the Johnny Depp's and MC Hammers and Pro Athletes in so much trouble. The assume they are set for life and act accordingly. Forcing myself to make smart financial choices that decrease my reliance, even it is it only by a few percent, on that stashe would also be a way of reminding myself to not be an idiot about money just because I've "made it".
And having more money to give to favorite charities and pet projects is a great problem to have. If I can buy more of that problem by having some rentals (and paying a manager, meaning my workload is very minimal), of course I'm going to do it.
-
I would set up trusts for my kids and relative who is disabled. My kids are clearly frugal and I think would handle the $ well.. My other relative not so much but it would put my mind at ease.
I would buy the 3 BR. house in my neighborhood I've been eyeing for 3 years and renovate it, decking it out with a new kitchen and at least one of the baths and finishng the basement and I'd hire a decorator to help wth colors and fabrics because I hate making mistakes with that stuff.
Then I'd start a small business that I've been thinking about.
And I'd give $$ to the 3-4 charities in my town that work to end food insecurity for children.
I'd give $ to a few arts outlets here as well. Alumni giving as well.
We'd travel and spend a month or two in different cities.
And I'd hire people to do things like clean the house (and make the bed with clean sheets all the time--such a luxury) and cook a couple of nights a week with lots of leftovers. DH would probably hire the kid down the street to cut the lawn. Personal trainer to get us back in gear.
I think it would be fun to secretly pay off mortgages of friends and play dumb. But yeah, it would all have to be pretty secret.
-
I think I would invest in various franchise's maybe 20 or more. I would keep a good eye on trends so that if some franchise's become 'stale' I would sell and buy others to replace them. Just so there was a steady stream of income and to insure I would never go bankrupt like these fools you read about.
-
I'd take a few months and really try to get used to the idea of being much more attractive to women.
-
-I would quit my job immediately, and never work again.
- give enough to my parents so they can move into a cute house in the desert and retire
- buy a little cottage on some land in Crested Butte or Carbondale, CO
- buy a little adobe house in the Sonoran desert in Tucson, AZ
- spend all of my time training for bike racing in AZ, and ski racing in CO
- go back to school and get Masters and PHD without debt
- rescue as many dogs as possible
- keep whatever I need to live on for the rest of my life on about 30k a year and donate the rest.
that'd about do it.
-
One of the fun things about FI and fat-FI is that you don't buy "the things". You no longer have to buy things (and maintain them). Once you can waste money, you can do frivolous things like rent a super-car for a day or mansion for a week. Sure, it's $400 down the drain for the car (or more for the house), but you also got to spend a day in a $100k car to see how much you really value it.
In the least, you figured out how to rent these things at a time that they may benefit you (like impressing a client, where your investment pays off with landing a really great gig or job)... Nothing makes you look more successful than being successful!
Sadly, at 60M post-tax, you can also rent or buy a lot of outrageous things and be OK. 60M at the 4% rule = 2.4M/yr. Pretty easy retirement budget to manage for most of us :)
-
Start a business with my sister that designs and manufactures awesome robots. Enlist brother-in-law to cajole her into it, if necessary. Probably build some sort of medical robots. It would be really great to be part of a group that brings technology to medicine as a force multiplier.
Pitch Atul Gawande to get our medical robots in the hands of competent technicians providing care to Amazon, Berkshire Hathaway, and JP Morgan employees. Hope they can help lobby the government to bring change into how the medical care is provided.
Look into a partnership with IBM Watson Health.
If it looks like there is extra money once we figure out what kind of awesome robots to make, open a cat rescue to live our dream of being crazy cat people. When the stress of dealing with the FDA and AMA is too much, cuddle all the cats.
Damn, does anyone have 100M I can borrow. I am getting really sad about never realizing this dream.
-
The only major life change would be I'd like to live in a nicer home, maybe one with a small guest house for guests and rental purposes.
Oh, also, my spouse and I would FIRE immediately.
A bunch of people have mentioned rental properties/purposes, which I find interesting. They are great for building stach but what's the appeal when you have $100mil? For me, the 'pain in the ass: ROI' ratio wouldn't be worth it. I mean, unless it's somewhere where you can turn the $100mil into $500mil, or what have you.
So legit question to those who mentioned this: why would you bother with something that would net so little relative to your net worth?
I don't know if this is quite your question, but I did mention rentals. I said I'd buy a few properties around the world at our most favorite travel destinations and the places we are most likely to want to return to year after year (Scotland, Venice...). And I would set them up as vacation rentals when we weren't using them, even though with $100m, I'd never need the income. It just seems wasteful to me to have them sitting empty, and I'd pay someone to manage them so it would be very little work on my part. And I like the idea of paying a neighbor to do it, if possible so that perhaps I can foster some goodwill in a place where I'd be a semi-outsider. Bringing money and work to the community would feel great, and having a property I could offer up for things like Make-A-Wish would perhaps help assuage my guilt at the extravagance of owning a bunch of houses I stayed in for a month or so every year or two.
Also, I think I'd be mindful that a mindset of "I don't need to worry about money" turning into exactly the reason I would eventually need to worry about money again. That's what gets the Johnny Depp's and MC Hammers and Pro Athletes in so much trouble. The assume they are set for life and act accordingly. Forcing myself to make smart financial choices that decrease my reliance, even it is it only by a few percent, on that stashe would also be a way of reminding myself to not be an idiot about money just because I've "made it".
And having more money to give to favorite charities and pet projects is a great problem to have. If I can buy more of that problem by having some rentals (and paying a manager, meaning my workload is very minimal), of course I'm going to do it.
Awesome answer, thank you. And great point about not wanting end up like the MC Hammer's of the world. You've given me pause for thought (on this hypothetical question).
-
I'd definitely want to give some to family. It would be tough to figure out exactly how to do so, given that some are struggling and could legitimately use some help; some are struggling but only due to excessive personal spending that will never rein in (and I know would try to keep the gravy train coming regardless of how much they were given); some are well-to-do.
Personally, I'd probably want to move to the same sorts of places I'm considering early retirement in - easy access to outdoors, much lower traffic. Trying to be honest with myself, adjustments I'd make vs. my current plan -
(a) Retire now rather than in 3-5 years
(b) Would purchase a nicer house in a nice neighborhood
(c) Probably would purchase a second house to snowbird or be near friends/family
(d) Would travel internationally more (and schedule more expensive trips like skiing), and I'm sure would travel first class
(e) I'm sure I'd want to buy a nice car. Probably one for DW as well. Nothing ridiculous, but something nice enough.
(f) I'd relent and let DW decorate as she saw fit - furniture, remodeling.
-
I've actually run the numbers of what I would do if I got this.
First things first - get my ass back up to my office and keep working until the end of the day, because making any sudden shifts would, I feel, make things horrible. Also, I feel like I'd just need to put it out of my mind and get a hold of myself first. Working would help do that right away.
Then, seek out a lawyer and set up a trust fund. 75% would immediately go there, invested in some sort of balanced growth index fund portfolio and I will live off the interest. No one would be able to touch that 75%. It would live there, I'd be able to get a portion of it (4% divided by 12) a month to live off of. Maybe have it designated to go to certain charities after my death. 10% would be set up in a trust for my parents to help them 1) pay off their (mountain) of debt and then 2) provide a similar monthly income contingent on the fact that they remain debt free.
Maybe set up a small trust for "gifts" for friends and family. Things like paying for a portion of tuition or professional certification.
From there, I don't think it'd change much.
- I'd buy a house hacking-suitable home in a central-ish neighborhood in my city ($350-450k), spend my time learning to renovate/handyman it. Rent out the basement.
- Set aside money for a dog (ultimately two or three, but start with one).
- Go on a vacation to some mountain resort or hostel.
- Take my parents on an all-inclusive vacation somewhere that isn't a tourist trap.
- Volunteer at the local humane society and learn how to train dogs.
- Devote more time to my karate club, maybe set up a bit of an "emergency fund" for the club since we're facing financial difficulties, and sponsor a summer training camp.
- Rescue a dog and spend all the time in the world with him.
Most of those I can plan for either the item exactly or an approximation of when I FIRE (no idea how far off that is yet, but it's gonna happen). What would be unique to the lotto scenario would be helping my parents pay off their debt, taking them out to an all-inclusive, and financially supporting my karate club. Heck, I don't think my karate club would even accept my financial support though.
I do want every home I live in to be a house hack (the idea of making money off a mortgage is too appealing to not do that, plus I don't need a lot of room to myself, I'm finding), I can go vacationing for cheap at hostels or AirBnBs (I don't like regular hotels anyways), and 90% of my reason for FIREing right now is to get a dog and be able to spend time with him. My current car is amazing - I might buy a more current version of it, like a 2010+ Honda Fit (currently have an '07) - and I like how I live right now. I don't need a lot more than what I have. In fact, I daresay that by not working I might be able to create businesses and income streams that would bring me much more satisfaction than my current full-time job does for the same take-home money. But it would take time and the lotto would give me that stability (so would FIRE, though).
-
Sheds. Lots and lots of lovely big sheds and barns. I see no point in having a huge house, but you can never have enough outbuildings!
I thought I was the only one! I love the look of a residential “campus”. I have a small shed and detached studio (converted from garage), and I can’t wait to add a gazebo with a sleeping loft at the back of the lot, and a green house/ outdoor kitchen.
Neighborhoods without backyard sheds and workshops sticking up over the fence...look dead to me.
-
Sheds. Lots and lots of lovely big sheds and barns. I see no point in having a huge house, but you can never have enough outbuildings!
I thought I was the only one! I love the look of a residential “campus”. I have a small shed and detached studio (converted from garage), and I can’t wait to add a gazebo with a sleeping loft at the back of the lot, and a green house/ outdoor kitchen.
Neighborhoods without backyard sheds and workshops sticking up over the fence...look dead to me.
I would have a compound!
One shed for all my beer making stuff. Set up with floor drain so I can just hose the whole place down when done. No more big ass mop for me!
One garage complete with lift and any mechanic tool I would ever need. I would also have metal working equipment in there.
Another wood working facility with a bad ass dust collection system. I hate cleaning saw dust up after sawing and planing. I could build whatever furniture/cabinetry I felt like using lumber from my saw mill I already own.
A bad ass garage gym. This would be the only one I would put AC in. The mornings here have been brutal. They haven't stopped me from getting out there and throwing some iron around but it does make me question my sanity.
Bad ass man cave to kick back and watch some football. complete with full kitchen for entertaining purposes.
Last but not least an art/photography studio for my wife.
I currently have one shed that handles all these task but we are constantly converting from one hobby to the next. I have to get pretty creative with storage to accommodate all these different ventures. Of course I could build all of these myself just for the shear joy of DIY. I'd hire the concrete work done though. With that amount of money I would never pour another yard of concrete in my life.
-
Well, if there's one thing that I've never wanted, it's a stand up paddleboard!
Prayer circle for Cranky.
-
The Mega Millions jackpot is now over half a billion. I'm going to have a totally different lifestyle compared to my previous response to winning only a tenth of a billion. Would the rules of the forum allow me to change my response here or would I need to start a new thread?
-
The Mega Millions jackpot is now over half a billion. I'm going to have a totally different lifestyle compared to my previous response to winning only a tenth of a billion. Would the rules of the forum allow me to change my response here or would I need to start a new thread?
If I won $500 million I'd buy MMM and turn it into a blog about low mileage SUVs and high end watches :-)
-
Since I never buy lottery tickets, I am unlikely to ever find out the answer.
I am afraid coming into 100 million (or even 30) would ruin my life. I can say I'd do responsible things but I probably wouldn't. I'd like to think that I've tamed my urges and passions enough to handle the ultimate life challenge, but I know better.
I'd likely end up a homeless, divorced drunk with no friends and no children who would speak to me. The pressures of managing that kind of power without proper preparation would be overwhelming. I don't want to be a mega-millionaire, most of them seem miserable, misguided, confused or lost. Many of the other ones earned their money through dedication and effort and have mentally prepared themselves for handling wealth of this magnitude. Most of them, it seems, still have frequent problems with children and other family members whose characters are overtaken by the presence of unlimited wealth. I know there are notable exceptions to this rule but that's my perception.
I'll just keep my 'stache and enjoy living my life with that.
-
Indeed I remember a story about a small business owner in Florida. Before winning the lottery, he'd already built a $1 mm business, yet even his life became a shambles with the cash infusion. He ultimately divorced and committed suicide.
and he wasn't the kind of in-debt mouth-breather who's usually sterotyped as not being able to handle lottery-type winnings.
-
Well, if there's one thing that I've never wanted, it's a stand up paddleboard!
Prayer circle for Cranky.
I’m pretty sure I could manage to get seasick on a paddle board. ;-) also, they don’t look that expensive. Are they really?
-
Had to jump a head and post, great read so far.
Shortish term:
1) Get an electric classic Mustang that will do 0-60 in under 2.5.
2) See how living in San Francisco feels.
3) Train like a pro-athlete.
Longer term:
4) Higher about 100 English Majors to flood social media with phonetic spelling and random homonym swappings. Yeah I would attack standard english. This might need to be a generational project where we focus on young people and get Alans English to gradually take over. Just for fun I might add some Klingon and a bit of FireFly mandarin cursing. Oh and I would probably eliminate silent letters - dont say them; dont type them.
5) Do a deep dive into machine learning, see how many video games I can make an AI solve.
-
4) Higher about 100 English Majors to flood social media with phonetic spelling and random homonym swappings.
I was considering correcting your spelling but based on context perhaps it was intentional?
-
I would buy a radio station and constantly annoy my employees while doing no work, while also involving them in elaborate schemes to trick women into dating me.
-
If you have $100 million, I doubt you'll have to trick women into dating you.
-
I would buy a radio station and constantly annoy my employees while doing no work, while also involving them in elaborate schemes to trick women into dating me.
Really cool that Howard Stern is a member of this forum.
-
I always love these topics and I love seeing how differently everyone would use the money!
First and foremost, I strongly believe in the sentiment that you should live your life now the same way you would live if you had ALL THE MONEY. Meaning - create a lifestyle that you are happy enough with so that it is not dependent on having ALL THE MONEY. (My husband always likes to tell our friends who question our slightly alternative lifestyle that we "are always aiming to live our best, 'poor' life"). :-)
That being said, I do have some plans I am working towards that would happen a lot sooner if I had access to ALL THE MONEY including:
1. Go get tacos and fancy-ass local craft beer to celebrate good fortune
2. Hire accountant/lawyer to make a plan for the money; set aside at least 80% of the money to grow/invest.
3. Quit the job that requires sitting in front of a screen and on my ass all day... Pronto.
4. Pay off parents mortgage and build them the front porch which they have wanted for years now. Make sure there is enough money to always take care of them (I'm an only child).
5. Buy a smallish used RV and set off with the hubs and pups for a year-long American Road Trip
6. Train for and participate in this: https://www.clipperroundtheworld.com
7. After completing Clipper Race, move ourselves back to Scotland and buy or build a small house near the mountains and ocean.
8. Travel to exotic locale and complete dive-master training.
9. Dedicate rest of life and money to cleaning the oceans and educating people on how to live in harmony with our planet.
10. Once my time is up, donate ALL THE MONEY to no-kill animal shelters around the world and the Surfrider Foundation (unless I have started a foundation of my own by then)!
For reference, me and the hubs are DINKS, early 40s, perpetual renters, dual UK/US citizens, have two fur-babies with no plans for kids.
-
Well, if there's one thing that I've never wanted, it's a stand up paddleboard!
Prayer circle for Cranky.
I’m pretty sure I could manage to get seasick on a paddle board. ;-) also, they don’t look that expensive. Are they really?
Well you need this to carry your paddleboards otherwise you're just doing it wrong ;-)
Spartana knows what's up.
Paddle boards run between $100 and $1,000+. The hundred dollar stuff will sink soon after launching, or at the very least be hard to steer/paddle. The one I WANTWANTWANT is $949 on sale.
-
So I'm bumping this thread because of the remarkable jackpots in both Mega Millions ($1,600 million) and Power Ball ($620 million).
I think I've cracked the code to a mustachian lottery office pool: the conventional Mustachian wisdom is don't play the lottery because tickets have a negative expected value. Even with very large jackpots, the chances of splitting a prize jump to where it's probably still negative.
But equally important is cultivating relationships with the people around us. And shared lottery exposure is one of those ways. So I've been buying 1/2 share in my office lottery. Every cycle, a whole series of people put in $4, and I--along with a like-minded co-worker--only put in $2. So we still have the correlated income with our co-workers, but it's coming at half the price.
-
I just found out about "The Bucket List Family"
He sold an app for many millions. They put it all in savings, sold everything they owned and traveled the world.
Theyade traveling their business, and never touched the original money.
I think I'd want to do that. Selling everything and setting out would be easier with a giant cushion
-
Invest say $3M so that the dividends pay my living costs. Then the fun starts. Charity is an obvious possibility, but a few have suggested buying politicians to pursue an agenda. Interesting idea.
If I had enough money, I might consider buying an ocean research ship. The ship would be a normal business venture, so that I would rent it to research organisations who need such a ship. But I would have the option of joining the ship on a particular voyage that caught my fancy.
-
4 million dollars: I immediately retire.
96 million dollars: my 24 closest friends do to.
You have 24 close friends? You are already rich.
+1
-
As I told a co-worker, I'd just mountain bike more.
-
I don't think anyone should underestimate the array of problems that kind of wealth can create for people.
Unfortunately I live in a state where I'd have to claim it with my real name . . .
the scammers and the crazies would come out of the wood work. I'd wear a bag over my head at the claiming photo, but there are enough picture of me on the web already (due to my job) that people would be able to hunt me down from those anyway.
I would consult with the person I know with a family fortune of billions. They are noted philanthropists, but keep a very low profile in terms of how they dress, what they drive, etc. I'd ask him and his Dad what I should do to protect myself and my family. I'd hire the lawyer they recommend, get a new trust and new will in place, and I'd call up Vanguard. Vanguard would help me decide what to do for the security of immediate family (Mom, Dad, sibling, children, etc.) Then I'd get out of my current state and try a stealth move to where no strangers can find me, find a small place walking distance to a decent grocery/restaurant area, and set up a routine that is similar to my current routine, but with fancier grocery items. If necessary, I'd change my name.
Things I have had in the past that I definitely do NOT want again:
Large home
expensive car
Things I have done in the past that I would do more of:
private jet travel
business class travel
-
If travel is cheap, you can move out of the area you live, but then come back all the time to maintain the relationships with people you trust from that area.
Does this really sound like a net improvement?
-
Legal name change first, then claim prize, then change name back?
-
Build an eco-friendly lodge in the mountains somewhere near good skiing and climbing, and another place in Costa Rica near good surf. Buy a sailboat and learn to sail. Travel a shitload, and probably first class because, why not?
To be sure, I'd commit at least half to a charitable trust to support causes near to my heart.
-
Legal name change first, then claim prize, then change name back?
Can you move to a state that doesn't require disclosure, then claim it?
-
I'd buy 20 pairs of Darn Tough socks.
Then I'd put a million$ into my index funds following my AA (pushing us well past FI).
The remainder would go into a fund to support various organizations and charities (mostly local and regional) over the next 30 years.
-
It’s fun to dream so I will bite.
Besides the usual, should go without saying, bits about sharing with family and setting up a charity foundation, I would like to have 2-3 places to live. Not big houses mind you, I don’t like having staff (had it for years as an expectation when I was an expat, don’t like the privacy invasion), so I need places of easy to manage size, and in a situation where security isn’t a huge concern when the place is left vacant. I am thinking something like a townhouse condo on Vancouver island so I can have a bit of a yard, a loft condo in Montreal for the culture, and an apartment condo in Halifax for as long as my mother is alive.
I would, of course, quit my job, then start to chip away at my bucket list of things I want to do as per my journal entries. And I would buy a lot of art in addition to that.
-
Legal name change first, then claim prize, then change name back?
Can you move to a state that doesn't require disclosure, then claim it?
That is an interesting question -- I'm not sure if they go by the date you won, or the date it was redeemed...
This seems to indicate it'd be the date of the check, which makes sense: https://money.stackexchange.com/questions/57082/are-lottery-winnings-taxed-based-on-the-ticket-date-or-the-redemption-date
-
I would install a self sustaining solar system in my house and take it off the grid.
Hell for that money, I'd buy some land and take my whole neighborhood off the grid.
Then Charity.
-
Legal name change first, then claim prize, then change name back?
Can you move to a state that doesn't require disclosure, then claim it?
That is an interesting question -- I'm not sure if they go by the date you won, or the date it was redeemed...
This seems to indicate it'd be the date of the check, which makes sense: https://money.stackexchange.com/questions/57082/are-lottery-winnings-taxed-based-on-the-ticket-date-or-the-redemption-date
I know that some people have remained anonymous by setting up a LLC and having a attorney or fiduciary claim the price on behalf of the corporation.
There was a woman in New Hampshire who won the Powerball jackpot of $500MM+ and then successfully sued to remain anonymous. She successed even though she had signed the back of hte ticket, which normally would have prevented her from having a fiduciary claim the prize anonymously on her behalf.
https://www.npr.org/sections/thetwo-way/2018/03/13/593141325/call-her-jane-dough-new-hampshire-lottery-winner-can-stay-anonymous-court-says (https://www.npr.org/sections/thetwo-way/2018/03/13/593141325/call-her-jane-dough-new-hampshire-lottery-winner-can-stay-anonymous-court-says)
On a longer-term strategy, lottery winners seem to make news for just a few months. Put it into a trust fund, tell people you gave most to charity, whatever and in a couple of years people will stop caring or coming to you with their hands out. The more flashy you are the more attention you draw.
-
I cannot help but recall an episode of "The Simpsons" in which Homer buys a winning lottery ticket, but he cannot reveal he won to Marge, because he'd promised her he was running some other errand in a totally different part of town when the ticket was bought. So he hides all the cash in a hollow tree and just takes everyone on really expensive balloon rides.
-
(https://i.imgur.com/48gXZrB.jpg)
Sage advice.
-
I'd help family and friends. Then create affordable housing for poor seniors.
People over age 65 are the fastest growing segment of the homeless population in the US.
My alma mater's endowment fund would be my main heir.
-
My alma mater's endowment fund would be my main heir.
Who is your alma mater?
-
I stopped donating to one of my universities when Bertie Buffet (the last name is no coincidence) established a $100,000,000 center for international business studies. If they are getting Buffet money, then talltexan money will not move the needle.
-
I'd have a trust get the ticket so my name wouldn't be known and I wouldn't tell anyone. Throw it all in savings. Donate 90% of it to charity when I do. I'd buy things I felt I truly needed. I might get a larger home but not much larger.. maybe a $300k home instead of 100k home that I have now. I'd probably buy a Tesla as well :)