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If you got real rich real quick, what would you do?

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jlee said:
Yup, Warren Buffet surely isn't making generating any real income. He's just holding onto 'stay rich money'. :colbert:
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You're not Warren and most money managers aren't either. Good luck finding one if you do get that nest egg.

You also completely misunderstood what I said about the ultra rich. They have play money, investments, and stay rich money. The stay rich money is the reserve that they have in case everything craps out. It's purpose is not to generate a real return, only to preserve it's value.


stlc8tr said:
You didn't mention that $8M was in 2055 dollars.

Otherwise, the rule of thumb when withdrawing from retirement funds is an annual 3%-4% rate, indexed for inflation. That means if you have $8M banked, you should withdraw anywhere from $240K to $320K, depending on how aggressive you want to be.
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Its not 2055 dollars, it's 2015 dollars assuming 0 real return from investments after inflation and tax on any gains that make up for inflation. This is how I do planning for my retirement. If I have more left over in the end then good for my future kids, but at least I won't get caught short.
 
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gotsmack said:
You're not Warren and most money managers aren't either. Good luck finding one if you do get that nest egg.

You also completely misunderstood what I said about the ultra rich. They have play money, investments, and stay rich money. The stay rich money is the reserve that they have in case everything craps out. It's purpose is not to generate a real return, only to preserve it's value.





Its not 2055 dollars, it's 2015 dollars assuming 0 real return from investments after inflation and tax on any gains that make up for inflation. This is how I do planning for my retirement. If I have more left over in the end then good for my future kids, but at least I won't get caught short.
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So you're stashing 200k/y over the next 40 years in I-bonds.

That's fucking brilliant; another ATOT fucking gifted and talented student.
 
DixyCrat said:
So you're stashing 200k/y over the next 40 years in I-bonds.

That's fucking brilliant; another ATOT fucking gifted and talented student.
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That's the safe way to play the long game. You already got the windfall that will carry you for the rest of tour life, why risk it?

And I'm not stashing 200k a year. I'm putting it all in now and drawing down the principle as needed so that I will end up with 0 at end of life. I want to enjoy my life not spend it worrying about the market.

It only takes 1 bad year to wipe out a decade of gains.
 
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start an LLC or corporation and claim the money under that. Never tell anyone I have a large amount of money.
 
gotsmack said:
Its not 2055 dollars, it's 2015 dollars assuming 0 real return from investments after inflation and tax on any gains that make up for inflation. This is how I do planning for my retirement. If I have more left over in the end then good for my future kids, but at least I won't get caught short.
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It's your money. You can invest/spend it anyway you want.

But most people would rather spend down using the 3%-4% rule of thumb. They want to live life, not just accumulate wealth.
 
first pay off my churches remaining debt on their buildings
pay off my families debt, homes cars etc..
quit work and open the bar I've always wanted to open and enjoy life.
 
gotsmack said:
That's the safe way to play the long game. You already got the windfall that will carry you for the rest of tour life, why risk it?

And I'm not stashing 200k a year. I'm putting it all in now and drawing down the principle as needed so that I will end up with 0 at end of life. I want to enjoy my life not spend it worrying about the market.

It only takes 1 bad year to wipe out a decade of gains.
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Got it. Some how at 2am I forgot the title/pretext of the thread.

That said, you'd be foolish not to swap all those I-bonds for stocks next time we hit a 50% drop in the market.

brianmanahan said:
duh, you cant buy any more than 10$k/year in ibonds per person (or trust)

i buy the max every year - saving that money for a house
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Yes I thought about that as I typed it, but I honestly couldn't imagine a more wussy investment... How much of a house are you targeting? You know you an do 5% on Fanny/Freddy loan and most jumbo's are happy with 10% recently?
 
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Man, thats pretty much my list, just a few tweeks.

twinrider1 said:
01. Hire finance team.
02. Pay off debt.
03. Hire medical team.
04. Hire health team (chef/workout coach).
05. Hire personal ball washer.
06. Hire tutors for kids.
07. Pay off friend's /family debts.
08. Buy new home, excellent quality, but not crazy big.
09. Buy new vehicle, a modern kid hauler.and 2 1966 Mustangs one to keep original and one to go crazy on. then a 1968 Camero, 1969 nova ss, and many other cars
10. Buy commercial building for wood shop, metal /blacksmith shop, hot rod shop, firing range, commercial kitchen.
11. Travel, travel, travel. Mostly for the kids; a mix of historic (DC, Boston) and modern (Dubai).
12. Make donations to a mix of charities, some research and some feet-on-the-ground help real people right now types.
13. Purchase ATOT, just ATOT not the whole site or forums, just ATOT
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