Author Topic: THe Millionaire Next Door  (Read 6634 times)

Rpesek6904

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THe Millionaire Next Door
« on: June 01, 2014, 06:50:34 AM »

Old guy died with lots of money and no heirs. 5.8 million dollar estate that shocked some people.

http://www.omaha.com/news/metro/omahan-went-to-his-grave-with-a-secret-he-was/article_2e7460ba-b32f-5374-beac-bd0647a8d43c.html

I couldn't help but drop my jaw with the very last line of the article: one of the people who received the inheritance bought a 120k car with it. Whatever.

homeymomma

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Re: THe Millionaire Next Door
« Reply #1 on: June 01, 2014, 07:30:08 AM »
I'm sure there's more to the story, but reading this doensn't make me think, "oh! A secret mustachian!" Rather, it seems like this guy was a hoarder of money and didn't seem to have a rationale behind it. Having his wife on a strict allowance sounds extreme and controlling. The article doesn't make it sound like he ever did anything to enhance his or others lives with the money he saved, so what was the point? Maybe it's just me, but he certainly doesn't come across as a person I want to emulate.

Mrs.FamilyFinances

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Re: THe Millionaire Next Door
« Reply #2 on: June 01, 2014, 09:12:27 AM »
Pretty sad to hear what he sacrificed to keep his money a secret. Then to have an 18 year old will, thus turning over $602k in taxes to the state also seems like such a waste.

dude

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Re: THe Millionaire Next Door
« Reply #3 on: June 02, 2014, 07:47:40 AM »
wow

rebel100

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Re: THe Millionaire Next Door
« Reply #4 on: June 02, 2014, 08:45:13 AM »
I'm sure there's more to the story, but reading this doensn't make me think, "oh! A secret mustachian!" Rather, it seems like this guy was a hoarder of money and didn't seem to have a rationale behind it. Having his wife on a strict allowance sounds extreme and controlling. The article doesn't make it sound like he ever did anything to enhance his or others lives with the money he saved, so what was the point? Maybe it's just me, but he certainly doesn't come across as a person I want to emulate.
I'm not sure we know enough to take a stand one way or another.  The part about the wife's strict allowance could mean he only gave her $5/week and was a jerk about $$$ or it could mean he lavished hundreds of dollars on her a week, a statement like that is all about perspective.

I can certainly see an 80+ year old guy who has no personal heirs not really caring enough about the will to keep it up to date.  Note that he died with a will...he had done the planning, just hadn't let everyone know what was in it.  He once owned 20 rental units but was down to the Arizona property and the house he lived in....and he had made plans for the Arizona property.  Perhaps he knew the Arizona heirs were dead and was quite happy for their portion to pass on to the couples children.

The only disgusting part was the inordinate share the government stole, and how the guy that put the deal together got screwed by the 5 heirs (who maybe wouldn't have had an inheritance if this guy hadn't acted). 

clarkm04

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Re: THe Millionaire Next Door
« Reply #5 on: June 02, 2014, 09:03:36 AM »
The only disgusting part was the inordinate share the government stole, and how the guy that put the deal together got screwed by the 5 heirs (who maybe wouldn't have had an inheritance if this guy hadn't acted). 

I agree that the guy who did all the work should have gotten more.

I disagree about the government's take.  Governments need money to pay for stuff.  One of the better ways IMHO to get money for services is from rich dead people with no direct heirs who fail to do one of dozens of legal things to shelter or hide their money from taxation upon death.

trailrated

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Re: THe Millionaire Next Door
« Reply #6 on: June 02, 2014, 10:15:11 AM »
The part I didn't "get" was that his family member said he was acting strange in the last few months of his life and that the "money went to his head". That just boggles my mind when we find that he didn't spend it on anything lavish, and come to find out his wife died a month and a half prior, I think that is a perfectly good excuse for acting strange.

MrsPete

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Re: THe Millionaire Next Door
« Reply #7 on: June 03, 2014, 06:24:37 AM »
This story doesn't strike me as odd.  I come from a place way out in the country where people have money . . . but don't spend it.  Growing up, I knew LOTS of friends who lived in a house originally built by their great-grandparents . . . then their grandparents added indoor plumbing . . . and their parents added a family room and an extra bedroom.  In fact, we were second-generation family living in our house. 

LOTS of these people lived frugal lives in small houses on the old farms, usually multi-generational families.  And when they died, they left big bucks.  Not that their children would spend it!  And everyone's prized possession is his or her land -- when I was a kid, no one would sell an inch of land to anyone outside the family. 

That mindset is changing a bit as the older generations have died off, and with the sale of some family farms, neighborhoods of new houses are being built.  Professionals who want to live in the country are moving into that quiet area -- and since we're just a little over an hour from "the big city", it's very possible for them to tele-commute and go into the city just occasionally. 

But, yeah, I know people who've lived like this.  But not without family ties.  I'm thinking this guy must've been a little OCD -- perhaps even a hoarder.  You can hoard money, you know.  It sounds like he may've valued his money for itself, not for its buying power or security. 

BlueMR2

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Re: THe Millionaire Next Door
« Reply #8 on: June 06, 2014, 03:22:06 PM »
Pretty sad to hear what he sacrificed to keep his money a secret. Then to have an 18 year old will, thus turning over $602k in taxes to the state also seems like such a waste.

Not really.  State needs the money.  They all do.  Tax income is way down, but cost of providing existing infrastructure is climbing.  If anything we need to eliminate all those death tax loopholes.  Depending on someone to die and leave you a pile o' cash is a very poor retirement strategy and should be actively discouraged.

Mrs.FamilyFinances

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Re: THe Millionaire Next Door
« Reply #9 on: June 06, 2014, 04:59:46 PM »
Pretty sad to hear what he sacrificed to keep his money a secret. Then to have an 18 year old will, thus turning over $602k in taxes to the state also seems like such a waste.

Not really.  State needs the money.  They all do.  Tax income is way down, but cost of providing existing infrastructure is climbing.  If anything we need to eliminate all those death tax loopholes.  Depending on someone to die and leave you a pile o' cash is a very poor retirement strategy and should be actively discouraged.

Yes, states do need the money, but $602k struck me as not only excessive, but a reflection of poor planing. I don't think anybody mentioned in the story was "depending on someone to die and leave a pile o'cash"

William

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Re: THe Millionaire Next Door
« Reply #10 on: June 06, 2014, 06:53:15 PM »
The last line of that article... what a jerk... naming his idiotic Audi after the man who saved that money by working hard.

Just terrible.

And I live near Omaha and it's true, boasting your wealth isn't common.  I like that.

kkbmustang

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Re: THe Millionaire Next Door
« Reply #11 on: June 30, 2014, 09:01:10 PM »
The last line of that article... what a jerk... naming his idiotic Audi after the man who saved that money by working hard.

Just terrible.

And I live near Omaha and it's true, boasting your wealth isn't common.  I like that.

Totally agree. I hate that the dude blew that much on a car. But what I hate more is that instead of it being distributed to people he cared about, it could have been sheltered better from a tax perspective and designated to someone or somewhere who could have done something really great with the money.

This article was just depressing and sad.