Author Topic: How would you live if you hit a 100 mill lottery?  (Read 7588 times)

spartana

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Re: How would you live if you hit a 100 mill lottery?
« Reply #150 on: July 12, 2018, 07:37:43 AM »
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!
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. Part of that is I already have done, or could do, many of the things listed above if I wanted. And the things that I want to do are very inexpensive (like bike tour around the world for a couple of years) and the only reason I'm not doing that is because I have a BF who still works and a dog and I'd miss one of them too much if I was gone that long. And there's the desperation and poverty I've seen in the world that I could help abate a little bit with that money.
« Last Edit: July 12, 2018, 07:40:31 AM by spartana »
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dashuk

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Re: How would you live if you hit a 100 mill lottery?
« Reply #151 on: July 12, 2018, 08:04:52 AM »
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.

Milizard

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Re: How would you live if you hit a 100 mill lottery?
« Reply #152 on: July 12, 2018, 09:45:52 AM »
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.

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #153 on: July 12, 2018, 10:12:10 AM »
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.

Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #154 on: July 12, 2018, 10:18:19 AM »
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." 
"If I could get all the money back I ever spent on cars, I'd spend it on cars." - Nick Mason

Chris22

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Re: How would you live if you hit a 100 mill lottery?
« Reply #155 on: July 12, 2018, 10:22:39 AM »
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.
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Raymond Reddington

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Re: How would you live if you hit a 100 mill lottery?
« Reply #156 on: July 12, 2018, 10:32:01 AM »
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.
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effigy98

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Re: How would you live if you hit a 100 mill lottery?
« Reply #157 on: July 12, 2018, 06:48:18 PM »
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.

Lmoot

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Re: How would you live if you hit a 100 mill lottery?
« Reply #158 on: July 13, 2018, 02:22:10 AM »
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 where it's suggested that YouTube leverages a human blindspot to maximize advertising revenue.  Especially starting at this point 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.

Roadrunner53

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Re: How would you live if you hit a 100 mill lottery?
« Reply #159 on: Today at 06:02:24 AM »
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.

Raenia

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Re: How would you live if you hit a 100 mill lottery?
« Reply #160 on: Today at 06:26:37 AM »
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.

Roadrunner53

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Re: How would you live if you hit a 100 mill lottery?
« Reply #161 on: Today at 06:36:35 AM »
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.

Raenia

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Re: How would you live if you hit a 100 mill lottery?
« Reply #162 on: Today at 06:44:20 AM »
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.

Malkynn

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Re: How would you live if you hit a 100 mill lottery?
« Reply #163 on: Today at 10:09:04 AM »
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.

This is not my experience with very wealthy people at all. Most that Iíve met have felt poor compared to someone with infinitely more wealth and influence than they have.
Thereís always someone wealthier, and if itís not a specific person, then thereís always a wealthier entity like a business or a country.

Thereís always something that people canít afford or that canít be easily bought.
Thereís always some ambition or desire just beyond a personís reach. Money doesnít change that, it just changes the scale.

ender

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Re: How would you live if you hit a 100 mill lottery?
« Reply #164 on: Today at 11:57:10 AM »
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.

Exflyboy

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Re: How would you live if you hit a 100 mill lottery?
« Reply #165 on: Today at 12:01:47 PM »
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.

frugalmom

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Re: How would you live if you hit a 100 mill lottery?
« Reply #166 on: Today at 12:23:00 PM »
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.