• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Family blows $10M windfall in 10yrs

Page 7 - Seeking answers? Join the AnandTech community: where nearly half-a-million members share solutions and discuss the latest tech.
When my grandfather passed away all of his assets; two businesses, several S. Florida properties, his investments, and most of his cash, was sold off and split between all of his children (3) and grandchildren (7). While I didn't get $10M, it was still sizable, and about the only thing I've done is invest it... after buying a decent house, a nice car, and a few various toys. So, now I just live off the income from work, use a little of the interest to have some fun on occasion, but leave the rest of it the hell alone.

When/if these types of things come along, you have to be smart and realize it's never going to happen again. Personally, I can't imagine just going out and blowing what I received, I would feel like I was dishonoring my grandfather's memory. The bad part is, most of the others who were given a chunk are back where they started. Some even had the stones to ask me if I'd loan them money to bail them out, so that they wouldn't lose all the stupid shit that they'd bought. It's caused friction, but I wouldn't do it. They dug the hole, they could climb out of it.
 
MagickMan said:
When my grandfather passed away all of his assets; two businesses, several S. Florida properties, his investments, and most of his cash, was sold off and split between all of his children (3) and grandchildren (7). While I didn't get $10M, it was still sizable, and about the only thing I've done is invest it... after buying a decent house, a nice car, and a few various toys. So, now I just live off the income from work, use a little of the interest to have some fun on occasion, but leave the rest of it the hell alone.

When/if these types of things come along, you have to be smart and realize it's never going to happen again. Personally, I can't imagine just going out and blowing what I received, I would feel like I was dishonoring my grandfather's memory. The bad part is, most of the others who were given a chunk are back where they started. Some even had the stones to ask me if I'd loan them money to bail them out, so that they wouldn't lose all the stupid shit that they'd bought. It's caused friction, but I wouldn't do it. They dug the hole, they could climb out of it.
Click to expand...

The difference between you and the people in the story is that I bet before you inherited that money you had little debt, didn't live beyond your means, and only owned modest toys you could afford.

People who think that large sums of money will solve their inability to manage money are always the fools who wind up back where they started in a few years.
 
Stupid white trash.

I would have lived my life as is. I would take a bullshit job at some comic book store. Or work as a waiter 2 to 3 times a week. I'd also go back to school for computer animation / special effects. I would dump most of the money into investments.

And spend some of it on expensive items. Like a huge LED HD TV, super fast gaming PC, games, hookers, trips to Eastern Europe to deflower a bunch of virgins. Bang a porn star or two. And, hire a personal trainer to get me into tip top shape. I'd hire someone to show me how to cook as well.

I would not try to get into any rich "inner circles"; the rich in America are mostly drugged out slime that make awful personal and business decisions.
 
BeauJangles said:
The difference between you and the people in the story is that I bet before you inherited that money you had little debt, didn't live beyond your means, and only owned modest toys you could afford.

People who think that large sums of money will solve their inability to manage money are always the fools who wind up back where they started in a few years.
Click to expand...

For the most part, you're correct. I had no debt, aside from a few $1000 split between a couple credit cards, and I drove a beat up Honda Accord that I'd paid cash for. I didn't own a house yet, though, I was still living in an apartment, but I was saving for one.

Money doesn't change who you are, it only makes your flaws or virtues more obvious.
 
Macamus Prime said:
Stupid white trash.

I would have lived my life as is. I would take a bullshit job at some comic book store. Or work as a waiter 2 to 3 times a week. I'd also go back to school for computer animation / special effects. I would dump most of the money into investments.

And spend some of it on expensive items. Like a huge LED HD TV, super fast gaming PC, games, hookers, trips to Eastern Europe to deflower a bunch of virgins. Bang a porn star or two. And, hire a personal trainer to get me into tip top shape. I'd hire someone to show me how to cook as well.

I would not try to get into any rich "inner circles"; the rich in America are mostly drugged out slime that make awful personal and business decisions.
Click to expand...


pretty much what i would do. if i could afford it i would love to have a comic book shop or arcade.

do nothing but sit around and enjoy the day "working"
 
Svnla said:
<<<---- is a strong believer in "moderation". Not spending every dime and swiming in debt or eating ramen noodles while saving 99% of the money. Live and enjoy life, stay healthy, and plan toward the uncertain future.
Click to expand...

i'm with this guy.

i turn 30 this year and my wife turns 28 and we talked to a financial advisor somewhat recently, and we found out that if we both started to save right now by maxing our 401k, and maxing out my roth IRA, then maybe doing something else on the side with a few hundered every month, that if we get the historical average of 10% on our invesments by the time we turn 60 we can have nearly 5 million in retirement.

and that is basically if we were to keep our same salaries right now, which of course will only go up as we get older.

we also enjoy traveling a lot while doing this too. sure, we could save MORE per month, but we like to go on vacations at least once a year where we spend $3-4k usually for a week vacation. it is fun to splurge every now and then and enjoy it in our youths, also while saving enough to be okay in the future.
 
MagickMan said:
For the most part, you're correct. I had no debt, aside from a few $1000 split between a couple credit cards, and I drove a beat up Honda Accord that I'd paid cash for. I didn't own a house yet, though, I was still living in an apartment, but I was saving for one.

Money doesn't change who you are, it only makes your flaws or virtues more obvious.
Click to expand...

Agree 100%. Ive said this for years (well, my version is "Money makes good people better and bad people worse, and magnifies flaws or traits you already have")
 
JMapleton said:
It's about how you raise your kids. If a person raises their kids to be smart with money, the OP's story won't happen.
Click to expand...

Wonder what kind of income the guy was getting from his share of the business. He might have been much better getting something like $150K/yr than selling for $14 million.
 
Vic Vega said:
Different priorities I guess.

Here's how I look at it. I like sailing - a lot. Right now, I can't afford the 700k sailboat I want and sail it all over the globe. Right now, spending the money I have today, I can't do this, I can't come close. But, if I am diligent with my money, and make it work for me, instead of me working for it, when I retire, I can sail around the world. Life doesn't end at 55-60. People these days are living longer than ever.
Click to expand...

heh, me too. Just a quick comment, and I don't mean to preach, but I hope you don't wait until retirement age to start blue water cruising.
 
Seems like they fell into the trap of not seeing the whole picture. It's easy to look at purchasing some $200,000 horse and seeing that it's only 2&#37; of the money you just made. You think, "Oh, only 2%? Not a problem!" The problem is... that's not the only time you're going to say that 😛.
 
Aikouka said:
Seems like they fell into the trap of not seeing the whole picture. It's easy to look at purchasing some $200,000 horse and seeing that it's only 2% of the money you just made. You think, "Oh, only 2%? Not a problem!" The problem is... that's not the only time you're going to say that 😛.
Click to expand...

I don't know about that. If I was thinking of spending 2% of my worth, I would be thinking long and hard. It's not like the horses are cheap to maintain either.
 
JTsyo said:
I don't know about that. If I was thinking of spending 2% of my worth, I would be thinking long and hard. It's not like the horses are cheap to maintain either.
Click to expand...

I don't believe that everyone would fall into that "trap", but I can see how it could happen. I'm certainly not trying to be overly sympathetic for him making a ton of terrible choices, but I guess I can understand.
 
My biggest purchase would be an airplane... in most cases they do not depreciate as long as you don't crash it.
 
To those above...it's really rare you live better than your prime years in retirement.

If you can't do that world vacation now due to money, it's doubtful you will do it later.

Retirement at the higher end is more about not having the time to do it now.

You have to realize when you retire, supply and demand is still in play. The best of life gets pushed up.
 
MagickMan said:
The bad part is, most of the others who were given a chunk are back where they started. Some even had the stones to ask me if I'd loan them money to bail them out, so that they wouldn't lose all the stupid shit that they'd bought. It's caused friction, but I wouldn't do it. They dug the hole, they could climb out of it.
Click to expand...

Best way out of this is to never let anyone know you have money.
"Sorry bro, I spent all of mine too :'("


To those above...it's really rare you live better than your prime years in retirement.

If you can't do that world vacation now due to money, it's doubtful you will do it later.

Retirement at the higher end is more about not having the time to do it now.

You have to realize when you retire, supply and demand is still in play. The best of life gets pushed up.
Click to expand...
My ultimate dream is stability. It would be nice to sit on a huge pile of cashing knowing that I never need to worry about money again.
I thought it was pretty tits when I got a real job and could afford infinite amounts of gasoline and food. I can drive anywhere I want, eat any time I want. Fuck yeah! Now if that extended to things like movie tickets or going on vacations, that would be lovely.
 
If you live in the US and you think money doesn't matter you are a fucking retard.

Those that say money can't buy happiness are at the top of the food chain or a fucking retard.

that's all.
 
alkemyst said:
If you live in the US and you think money doesn't matter you are a fucking retard.

Those that say money can't buy happiness are at the top of the food chain or a fucking retard.

that's all.
Click to expand...

Money can't buy happiness... but it can rent a lot of it for a long time?

nkgreen said:
yup. i'd open a cigar shop with a full bar. 😎
Click to expand...

That'd be something I'd like to do as well actually. I think it'd be fun times.
 
The only people that say money can't buy happiness are the poor who are trying to justify their position in life as a choice rather than fate and those that are wealthy with insane health problems or fucked up families.

For most of the country, if $50,000,000 USD showed up in their "Totally Free Checking" accounts; they'd probably be the winner for the most happy sonofabitch in the world ever contest.
 
MagickMan said:
When my grandfather passed away all of his assets; two businesses, several S. Florida properties, his investments, and most of his cash, was sold off and split between all of his children (3) and grandchildren (7). While I didn't get $10M, it was still sizable, and about the only thing I've done is invest it... after buying a decent house, a nice car, and a few various toys. So, now I just live off the income from work, use a little of the interest to have some fun on occasion, but leave the rest of it the hell alone.

When/if these types of things come along, you have to be smart and realize it's never going to happen again. Personally, I can't imagine just going out and blowing what I received, I would feel like I was dishonoring my grandfather's memory. The bad part is, most of the others who were given a chunk are back where they started. Some even had the stones to ask me if I'd loan them money to bail them out, so that they wouldn't lose all the stupid shit that they'd bought. It's caused friction, but I wouldn't do it. They dug the hole, they could climb out of it.
Click to expand...

That's what most people do, that's why this story is news.
 
I'd probably buy a little nicer house. Maybe about a half a mil close to my family that was efficient on fuel use...maybe with geothermal heat. It'd have an expensive kitchen to keep the wife happy. After that all I really want to do is not work. I'd do something, but more like a fuck around business that is actually a hobby didn't really make any money.

What the hell would I buy a bunch of classic cars for? I hate driving. And who the hell needs even one crappy horse, much less a 200,000 one. It isn't 1850, the internal combustion engine is an old invention at this point.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top