Can you handle a windfall of $? I'm starting to believe that I cant

[JEDI]

You should probably cash that out while you're still ahead, and put half of it into stable/safer investments. Put the other half into savings and budget out what you do with it.

i already have 1yr expenses in the bank/cd/US Bonds.

yeah, i could cash out and pay off my mortgage. but it's at 4% and right now i'm making more than that in the market.

Note: This is excess cash. i am not gambling w/my monthly mortgage payment. A few days of my paycheck still pays my monthly mortgage bill.

I know that I can handle it no prob. I made that sort of money in the dotcom boom in the market. I lost almost all of it during the dotcom boom though.

I'm a skinflint so I pinch pennies even if those pennies are actually thousands of dollars. Last time I went to vegas I think I gambled $20.

Op, it's good that you recognize that you have the sort of psych profile that is in danger of losing money. I reckon you are the thrill seeking type even though you probably don't realize it because people always consider themselves to be normal. First thing to do is to end the leverage. Got me? No more leverage! Then, stop fricken gambling. That's a total waste of money. Never set foot in a casino again. Next, buy yourself some property. That market is getting to be a little expensive but residential real estate is still cheap.

the margin rate is like at 3% so it's cheap $. but yeah w/the current market choppiness, not going to add to the 50% margin. i have a stop loss set so i guarentee that i will exit w/profit in case the maket trends down.

everyone has their own thoughts on what is entertainment.
to me, gambling is entertainment and not a waste of $.
it's like spending $ to see a movie.

 

[Red Squirrel]

Money you have in stocks is money you don't actually have. It's money you would have if you cashed now.

So spending money you don't have is definitely not a wise move. I lol when stocks crash and people say they lost money. No they didn't, they never owned that money in first place. They owned something that was worth that money, and now it's not worth that anymore. It's like having a 200k house and saying you have 200k. No you don't, you only have 200k if you sell the house.

 

[DaWhim]

it is called discipline and you sound like you don't have much.

I can handle large sum 7-8 figures. I work in the realm of private banking. It took me a few months to get used to seeing income verification letters from different firms saying our clients really makes over 1 million a year (majority of them).

it gives u a new prespectives of how little money you make for sure. lol

 

[DaWhim]

to OP, don't forget your taxes! i have a few grands in cap gains last year, damn, almost wipe out my refunds.

 

[manimal]

keep stacks on deck like your saving up

 

[jupiter57]

LOL!
Is this like breaking your leg playing Fantasy Football?

 

[ViviTheMage]

easy

 

[rh71]

I don't gamble, so yes, I can handle it. If I ever get it in the first place.

 

[kranky]

How are things going now, OP?

 

[SillyOReilly]

Someone give me a financial windfall so I can test it out.

And I could handle it.

 

[JEDI]

How are things going now, OP?

eh.. lost some profits. but got out b4 the bloodbath on Fri

 

[jagec]

everyone has their own thoughts on what is entertainment.
to me, gambling is entertainment and not a waste of $.
it's like spending $ to see a movie.

Movies don't cost $2,000 for a couple of hours' entertainment. No matter how much popcorn you buy.

Gambling may be entertainment for you, which is fine, but you have to think long and hard about whether it's a good value in entertainment.

I mean, $2,000 buys a lot of high-adrenaline outings, which for me personally would be much, MUCH more fun than gambling.

 

[Doppel]

If you didn't really earn you don't really respect it. Case in point many lotto winners, a sh*tload of athletes, musicians, etc.

 

[zinfamous]

in the past 7months i've made almost 6figures in the stock market. (non-retirement)

its all on paper. i havent cashed out yet. in fact i went the other way and leveraged it.

yet im spending the $ like it's in my bank acct.

what got me to realize that i'm following the path of those broke lotto winners:
i lost $3000 over the weekend in atlantic city playing various games yet i'm acting like i just spent $1 on Megamillions and didnt win.

if this was Summer 2011 i would never believe i would act soooo irresponsibly 7months later with $ and just blowing it w/o batting an eyelash.

now to google the psych profile of broke lotto winners and not do the same thing as them

I find this hard to believe.

From what I've gathered here, you can barely tie your shoes.


Then again, this could explain the idiotic carelessness of our society's turning over world economic fortunes to the "wizards" of finance.
:hmm:

 

[zinfamous]

Movies don't cost $2,000 for a couple of hours' entertainment. No matter how much popcorn you buy.

Gambling may be entertainment for you, which is fine, but you have to think long and hard about whether it's a good value in entertainment.

I mean, $2,000 buys a lot of high-adrenaline outings, which for me personally would be much, MUCH more fun than gambling.

Think of all the hookers you could buy for $2k.

That's pretty much gambling, too.

 

[BoT]

Think of all the hookers you could buy for $2k.

That's pretty much gambling, too.

gambling with your life?

the market has been on a down trend in general. all sectors have been effected. i stuck with what i have and probably will sit on it for a while.
depending on when you believe the market will bottom out, this might actually be a good time to buy.

 

[JEDI]

gambling with your life?

the market has been on a down trend in general. all sectors have been effected. i stuck with what i have and probably will sit on it for a while.
depending on when you believe the market will bottom out, this might actually be a good time to buy.

predicting the bottom.. harder than it sounds.
how do you like catching falling knives?

and zimfamous made a logical post and didnt babble?!
wow...
(i have him on my ignore list)

 

[KingGheedora]

You need to snap out of it immediately. I'd handle it fine. I'd maybe buy a couple not too expensive items like a new monitor and replace my shitty inkjet whose ink cartidges always dry out by the next time I need to use it, but other than that every thing goes into savings immediately. And maybe some new clothes. Overall the silly purchases would not exceed 3k, and that 3k is something I could afford now if I wanted to but I'm saving up for future goals so I choose not to spend it.

 

[KingGheedora]

Seriously, OP, don't be a moron.

 

[GTaudiophile]

I haven't read the thread but have you considered capital gains? Will your 6-figure gain still be 6 figures after Uncle Sugar gets his well-deserved cut?

 

[Ronstang]

Of course I could. I did not get this far in life without being extremely responsible with money. Give me a couple of million today and in ten years not only would I be living a much nicer lifestyle I would also have tens of millions if not more.

 

[alkemyst]

Of course I could. I did not get this far in life without being extremely responsible with money. Give me a couple of million today and in ten years not only would I be living a much nicer lifestyle I would also have tens of millions if not more.

I think most would agree that having four cars in a sig would not be a sign of responsibility.

 

[Baked]

I splurge on things that will make my home look nice. I don't gamble until the stakes are super high like 100 million on mega million. I think I bought scratcher lottery ticket twice in my life time.

 

[Ronstang]

I think most would agree that having four cars in a sig would not be a sign of responsibility.

Really? I bought them all when they were cheap, do all the work myself, and have been offered $150K for the T-Bird by a serious collector who claims mine is the best he has ever seen. I have never lost a dime on a classic car. I know which ones to own.

Don't you have a cat to rescue somewhere? Not my kind of pussy but to each their own.

 

[Dr. Zaus]

predicting the bottom.. harder than it sounds.
how do you like catching falling knives?

and zimfamous made a logical post and didnt babble?!
wow...
(i have him on my ignore list)

This makes you a raging idiot; no doubt an appreciated raging idiot: but a raging idiot none the less.

I think most would agree that having four cars in a sig would not be a sign of responsibility.

False.

I think most would agree that a sig about fighting would not be a sign of responsibility.

Fact.