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

[BUTCH1]

I never understood why people who hit it rich go into business. In a few years their business has failed and the money that they invested into their enterprise has vanished.

Why? If you are suddenly a millionaire you don't need to work. I would open a retirement package and make safe investments. Live off the interest. Why people risk their wealth in risky business ventures is beyond me.

Yea, it happens, Curt Shilling had amassed a $50 million savings from his many years in MLB then invested all of it in a video game Co. that did a huge bell-flop and he lost everything, things got so bad he had to ask for his bloody sock from the hall of fame museum and auction it off, he was hoping for around $500K but it sold for only $92K, (still a lot for a dirty, old, blood-stained sock LOL)http://www.celebritynetworth.com/articles/celebrity/curt-schilling-will-los-entire-50-million-fortune-failed-video-game-company/

 

[Imp]

Yea, it happens, Curt Shilling had amassed a $50 million savings from his many years in MLB then invested all of it in a video game Co. that did a huge bell-flop and he lost everything, things got so bad he had to ask for his bloody sock from the hall of fame museum and auction it off, he was hoping for around $500K but it sold for only $92K, (still a lot for a dirty, old, blood-stained sock LOL)http://www.celebritynetworth.com/articles/celebrity/curt-schilling-will-los-entire-50-million-fortune-failed-video-game-company/

Should have just opened up a few McDonalds and gyms.

Probably wanted to become a billionaire.

 

[MongGrel]

What's LOL about the "Superbird" is Dodge made one for every dealer in the USA to qualify it for NASCAR, most people didn't like the huge wing back there so dealers took it off and sold them as regular Roadrunner's, now they are so rare it's a $500K and up car, people that own them take them to shows and such but it's worth too much $$ to be a DD..

I'd still do it just because I could

 

[Mai72]

Yea, it happens, Curt Shilling had amassed a $50 million savings from his many years in MLB then invested all of it in a video game Co. that did a huge bell-flop and he lost everything, things got so bad he had to ask for his bloody sock from the hall of fame museum and auction it off, he was hoping for around $500K but it sold for only $92K, (still a lot for a dirty, old, blood-stained sock LOL)http://www.celebritynetworth.com/articles/celebrity/curt-schilling-will-los-entire-50-million-fortune-failed-video-game-company/

I know about Curt's misfortune. How the hell do you go thru 50 million so quickly? Jesus.

 

[BUTCH1]

I know about Curt's misfortune. How the hell do you go thru 50 million so quickly? Jesus.

The company tried to grow to big, too fast, hired 400+ employees, accepted a $72 million loan from the state of RI, they wanted to compete with the likes of EA but couldn't put out a decent product, then a $1.2 million payment came due and he didn't have it so he had to close the Co. and lay off everyone. :'(

 

[MagnusTheBrewer]

I never understood why people who hit it rich go into business. In a few years their business has failed and the money that they invested into their enterprise has vanished.

Why? If you are suddenly a millionaire you don't need to work. I would open a retirement package and make safe investments. Live off the interest. Why people risk their wealth in risky business ventures is beyond me.

This the crux of the issue and why the American economy is in the poor shape it is. I'm not picking on you specifically, I'm talking about 99% of that infamous 1% who do nothing with their money. They don't build anything, create anything and, they most certainly don't take risks. They are more afraid of being poor than they are motivated by anything else. They are fat nodules clogging the arteries of the body politic.

 

[Jeff7]

I don't know.
Move to Nevada?

Buy huge tracts of land.

Would you insist on dry land, or would a swamp be ok?



More realistic: I'd probably start here, once the adrenaline wore off.

 

[IronWing]

Would you insist on dry land, or would a swamp be ok?

People might call me daft but I'd buy the swamp.

 

[lxskllr]

People might call me daft but I'd buy the swamp.

Cheaper, with fewer neighbors. I don't have anything especially against swamps, but it's hard to find one that isn't completely infested with bugs; especially mosquitoes.

 

[disappoint]

This the crux of the issue and why the American economy is in the poor shape it is. I'm not picking on you specifically, I'm talking about 99% of that infamous 1% who do nothing with their money. They don't build anything, create anything and, they most certainly don't take risks. They are more afraid of being poor than they are motivated by anything else. They are fat nodules clogging the arteries of the body politic.

 

[Mai72]

This the crux of the issue and why the American economy is in the poor shape it is. I'm not picking on you specifically, I'm talking about 99% of that infamous 1% who do nothing with their money. They don't build anything, create anything and, they most certainly don't take risks. They are more afraid of being poor than they are motivated by anything else. They are fat nodules clogging the arteries of the body politic.

Not everyone needs to take risks to succeed in life. My brother works for the post office. He makes $26 an hour. He has full medical and a generous 401k. Why should he risk what he has? He's far from a risk taker, but he's perfectly happy. He works his job and goes home to his family.

My parent's took risks for 20 years, and they aren't the 1%. They have owned businesses and most have failed. Finally, 12 years ago they opened a restaurant in a wealthy district and did very well. It took a long time to get in that position. My father sold the business 2 years ago because my mom died.

Again, it depends on the person. Some people are perfectly happy mopping the floors and talking out the trash. Other people are risk takers. They grab the world by the balls and reap the rewards.

 

[MagnusTheBrewer]

Not everyone needs to take risks to succeed in life. My brother works for the post office. He makes $26 an hour. He has full medical and a generous 401k. Why should he risk what he has? He's far from a risk taker, but he's perfectly happy. He works his job and goes home to his family.

My parent's took risks for 20 years, and they aren't the 1%. They have owned businesses and most have failed. Finally, 12 years ago they opened a restaurant in a wealthy district and did very well. It took a long time to get in that position. My father sold the business 2 years ago because my mom died.

Again, it depends on the person. Some people are perfectly happy mopping the floors and talking out the trash. Other people are risk takers. They grab the world by the balls and reap the rewards.

There are many levels of risk taking. Typically the poor are greater risk takers than the wealthy because they have to be. In regards to the given scenario, this is new found wealth. If everything was lost you'd be right where you are now. Why not risk it to build /create something to better your life?

 

[RaistlinZ]

Assuming I won $10 million or more...

1. Quit job and volunteer part time at an animal rescue
2. Pay off my parent's mortgage
3. Give a small sum of cash to my brother and sister
4. Buy a nice house with ocean views
5. Live off the interest

I would NOT try to make my fortune grow. People get greedy when they fall into money and try to become even wealthier; that's usually when things go awry.

If I had no heirs when I die my fortune would go to charities for battered women, injured veterans, and abused animals.

 

[sandorski]

Two chicks at the same time

This, but 2 different ones than you.

 

[HeXen]

Very first thing!.....change my phone number.
Then say to all my friends...haha, i'm rich and I don't remember any of you guys helping me move furniture, so see ya. haha I'm riiich!

 

[Kaido]

"I wish I'd just paid her off"

Oh to be rich

 

[Kaido]

http://richkidsofinstagram.tumblr.com/

 

[Kaido]

I would NOT try to make my fortune grow. People get greedy when they fall into money and try to become even wealthier; that's usually when things go awry.

Having worked for a variety of extremely wealthy people over the years, that is unfortunately usually the case - "enough is never enough". I've never understood this. I mean, I understand the psychological trap, especially for Type A people who are very driven workaholics, but I'm also not a party person & don't need to show off cars or have parties at my "castles" or stuff like that. Except for the mod parties. Those are awesome :thumbsup:

I can understand owning a nice house and maybe a vacation home or two, but what do you need like five mansions for? I mean, for the price of a few of those multi-million-dollar mansions, you can stay in hotels for the rest of your life if you wanted to and basically travel anywhere on earth and never have to be locked into those few locations. I'm not sure if that type of thinking makes me too practical, or else less ambitious

 

[Twitchy]

Buy this http://forums.anandtech.com/showthread.php?t=2353407

 

[HeXen]

Having worked for a variety of extremely wealthy people over the years, that is unfortunately usually the case - "enough is never enough". I've never understood this. I mean, I understand the psychological trap, especially for Type A people who are very driven workaholics, but I'm also not a party person & don't need to show off cars or have parties at my "castles" or stuff like that. Except for the mod parties. Those are awesome :thumbsup:

I can understand owning a nice house and maybe a vacation home or two, but what do you need like five mansions for? I mean, for the price of a few of those multi-million-dollar mansions, you can stay in hotels for the rest of your life if you wanted to and basically travel anywhere on earth and never have to be locked into those few locations. I'm not sure if that type of thinking makes me too practical, or else less ambitious

It makes you sound un-American.

 

[Kaido]

It makes you sound un-American.

I know right? I was thinking that as I posted that last line

But seriously...I've worked for people who own several jets, or multiple million-dollar homes, or whatever, and it's great that they're enjoying the fruits of their labor. I mean on one hand, they're contributing to the economy not only by providing jobs to people at their business, but also by helping jobs at other places for the people who build their expensive cars, jet airplanes, large homes, etc. On the other hand, I dunno...I guess everyone's tastes are different.

In most cases, the richer you get, the more you want. I don't remember the name of the TV show, but it was about people who had become rich and the different levels of being rich. One lady sold her business and pocked $10 million dollars. She had no idea what to do, so she decided to splurge a little bit and then tuck the rest away with a financial advisor. For the splurge, she called her super-rich clients and asked for suggestions. Some of them had hundreds of millions of dollars and suggested things like 2-week cruises in exotic places that cost $1 million. She realized that there are different levels of wealth even among the wealthy, because that amount was 1/10th of her newfound riches.

But you have to keep up with the joneses! :awe:

 

[HeXen]

Yeah, probably not a good idea to rub noses with other rich people, either you'll want more of what they have or they of you. There are certain expectations to uphold and you have to be able to have rich people conversations...like if you own 1 yacht and everyone else owns 10 and some islands, might make you a bit more of a listener than a talker I'd guess.

 

[shortylickens]

Realistically, low risk mutual funds, low yield bonds, maybe use a little bit to play with risky stocks for fun.

 

[MagnusTheBrewer]

Realistically, low risk mutual funds, low yield bonds, maybe use a little bit to play with risky stocks for fun.

You're dead already, your money manager just hasn't notified you yet.

 

[Jeff7]

People might call me daft but I'd buy the swamp.

Cheaper, with fewer neighbors. I don't have anything especially against swamps, but it's hard to find one that isn't completely infested with bugs; especially mosquitoes.

And some of them might contain the sunken remains of two or three castles.