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View Full Version : You became a millionaire, what will you do?



clearskies
30-05-08, 05:57 AM
hi there, a weird idea came upon me. imagine you live with parents and have a decent car and good job.
Either you won a lottery or even inherited million pounds or
you got a job that earns you much so u made a million bucks in a year time..
What is the difference? which is sweeter or dearer?
The main question what will you do with this awful lot of money..
take care if you ate much cakes, fruits and sweets you might be diabetic or get high cholesterol... etc.

Kromat
30-05-08, 06:12 AM
I'll see when i get it or get there.
I could imagine it, but if it doesn't happen, it's not worth my time.
Right now I'm studying for Real Estate and going to see how that goes and then start thinking financially.
I just want enough where I'm happy and not stressed out about paying the bills. ( Financially Stable )
Nice house, decent car, nothing over the top and just give the rest to my family members or save some to invest.

clearskies
30-05-08, 06:22 AM
what about a flat in each big city? resorts and city centre flats, one for summer and the other for winter.. 4x4 Cherokee car and bmw ... what else... big bank balance... definitely NO BILLS
what else..............

DoesntMatter
30-05-08, 06:22 AM
Invest it, duh


.... And buy a whore with the spare change

clearskies
30-05-08, 06:23 AM
hows ur teeth man?

Kiechi
30-05-08, 06:29 AM
^ Rofl


_____________

Junket
30-05-08, 06:34 AM
A million dollars?

I guess that's still a nice sum of money.

But not enough to survive the rest of my life.

Kiechi
30-05-08, 06:44 AM
How about a million pounds? Then it'd be 2 million dollars?

clearskies
30-05-08, 06:44 AM
ahhhh then how mucj will do u fine ? How many years do u intend to live so we can compute it right?

Junket
30-05-08, 06:45 AM
ahhhh then how mucj will do u fine ? How many years do u intend to live so we can compute it right?

You're a communist Chinawoman aren't you?

Gigabitch
30-05-08, 06:47 AM
How about sending all of the LF regs a ticket to Vegas?

clearskies
30-05-08, 07:02 AM
Let us be good, and give half a mil to charity.. what about that?

Junket
30-05-08, 07:05 AM
Charity is gay.

Too much donated money goes to overhead costs.

There are better ways of spending that money in a charitable manner.

clearskies
30-05-08, 07:08 AM
NEVER been and dnt even like to go to China.. earthquakes man...

GrkScorp
30-05-08, 07:31 AM
Either you won a lottery or even inherited million pounds

The main question what will you do with this awful lot of money..

Well.., if I won the lottery.., then it would be an award.., line 21 on your 1040.., taxable.., and that would leave you with roughly $560,000 in NYC..

(vs.)

If you inherited the million dollars.., it's a gift.., and as the recipient of this gift.., it's not taxable.., which would leave you with $1,000,000..

(So.., it DOES make a difference.., and i'll take the gift)

What would "I" do with that money? Seriously?

1. Form an irrevocable Trust; my father being the trustee.., and me being the beneficiary

2. Place the $1,000,000 into the Trust

3. Allow the Trust to use the funds to acquire four (4) investment properties (2 family + 1 store).., using $250,000 to satisfy 20% of the down payment and any closing costs for each of the four properties

4. Rent all properties.., satisfy all property expenses.., preform any necessary repairs.., and maintain a positive cash flow on each investment property (to be deposited into the "income" account of the Trust)

5. Receive 50% of the outstanding balance in the "income" account (transfered directly to my personal account.., as the beneficiary of the Trust).., and reclassify the remaining 50% of the balance into the "principal" account where it is to be used to maintaining investments and for the acquisition of any future investments

Note: The $1,000,000 in cash.., will be used to purchase Real-estate investments worth $4,000,000.., with an outstanding debt of $3,200,000.., (8% interest on a commercial loan).., and with an estimated average 10% appreciation for the properties over a 40 year period (the average in NYC is 15%.., however.., we use significantly lower appreciation to keep our projections conservative)

This means that in one year.., the $4,000,000 of assets.., would have an appreciated value of $4,400,000.., in effect.., earning us $400,000 on our $1,000,000 investment.., in just one year.., (a 40% rate of return)..

Notice: (In just one year.., this $400,000 in equity.., can be used to acquire yet an other investment property.., and this process can be repeated each year)

Upon my death.., I can assign new beneficiaries.., without and estate or transfer tax.., and so the Trust can keep growing and growing.., passing down from generation.., to generation..

(No.., this is not my idea.., this is what rich-people do.., to keep their children rich.., it's not like they're going to sell earning assets.., just collect the income.., so why pay taxes? Why own it? Just have the right to collect any income they produce.., and keep shifting that right over to your children.., forever and ever and ever..)

Legal note: "what you don't own, can't be taken from you"

The moment you put your assets into an irrevocable Trust.., you no longer own them.., they are no longer yours.., all you have.., is the rights to receive any income or benefit they may produce..

If worst comes to worst.., and you get married.., and then get divorced.., and in a timeless display of love.., your spouse has their attorney ask for 50% of your assets.., you can go ahead and let them have 100% of what you own.., (which will probably by your clothes.., you car.., and "maybe" your primary residence).., but they can't touch anything that's inside the Trust..

(But of course.., that shouldn't impact your spouse's decision in marrying you.., unless they were more interested in marrying your money.., and not you.., :D )

You can all feel free to see how much the value of this Trust would be in just 5 years.., 10 years.., 15 years.., 20 years.., 30 years.., 40 years..

Best,

GrkScorp

Illusional
30-05-08, 10:15 AM
fly to japan and buy a lot of women. then buy more women, and hopefully be smart enough to invest most of it so that i can continue to buy more japanese women.

raverboy

boobaa
30-05-08, 08:12 PM
I would buy you and use you.

My own little army would also be nice, but tank will do as well if I don't manage to get everything.

clearskies
30-05-08, 09:32 PM
GrkScorp
what a genius financial manager u thought as?

Gribble
30-05-08, 09:35 PM
On the Chesapeake every other guy you meet has a million dollar home.

A million bucks doesn't really mean much these days. Sure, you could invest it. Maybe make some real money. But it isn't as sure a thing as maybe it once was.

Give me a hundred million, though, and I'd wag it in front of my parents' noses, see to it my sister never has to worry, and then, well, I dunno. Probably do about the same thing I'm trying to do now.

clearskies
31-05-08, 01:20 AM
Hi Gribble, do u have a LOVELY or extremely NICE parents and sis like mine? i doube i have the worst....:)

bluesummer
31-05-08, 02:45 AM
I would never expect to have the kind of money, although it's not impossible. My bf makes incredibly good money, and he's still early in his career. I will be doing very well when I finish school. Then we just plan to keep dumping money into investments and retirement savings, and by the time we retire we could potentially be sitting on well more than a million dollars (that's including house). Very good chance of it.

Then it will be nothing but travel and golf and hanging out with our friends.

DoesntMatter
31-05-08, 02:49 AM
Don't forget charity work blue. Always charity work.

Gribble
31-05-08, 06:24 AM
My parents are shit. If I were rich I'd estimate how much money they spent raising me, pay it back and tell them now we're even. Get the **** out of my life and don't let the door hit you on the way out.

DarkDwarf
31-05-08, 06:32 AM
Invest in hedgefunds, with 80% of the cash in the fund. Reinvest every month, sticking at 80%

DarkDwarf
31-05-08, 06:34 AM
Charity is gay.


I support this statement...

clearskies
31-05-08, 06:35 AM
Agree on what u say Gribble, what i will do better than paying them what they paid is to go away and run from them all.. leave the whole universe for them if it were in my hand.. they made me hate getting out of my room.. sometimes i feel like i am not living in a family flat but in a B&B room!

Pears
31-05-08, 07:59 AM
Buy a nice house. Splurge every now a then. Give 75% of my money to family members.

Illusional
31-05-08, 10:12 AM
a million dollars could pay off a lot of debts though.

raverboy

lastwish
31-05-08, 11:34 PM
pay off my tuition fees and save the rest for future studies.

Charlie Boy II
31-05-08, 11:55 PM
Spend a year in a dark room doing outrageous quantities of coke, playing World of Warcraft and looking up progressively bizarre and degrading porn on the internet. I'd like to explore the hidden caverns of rock bottom you can only get to with large amounts of wealth.

Pears
01-06-08, 12:13 AM
Is it possible to get to rock bottom with wealth? I thought it's only possible when you're out of money.

Charlie Boy II
01-06-08, 12:16 AM
No because when you run out of money you have to get up and go to work. The fun stops. Limited resources place natural boundaries on our behaviour.

anachronistic
01-06-08, 03:36 AM
Haha, I think people would spend the million dollars very foolishly, buying things they don't need, and spending the rest of their life doing stupid things that render their life meaningless. I don't understand how someone can live like that. Some people would save it up, but what are you saving it for? Are you planning on buying a country with it? Jesus, how can ANYTHING you want be worth more than a million dollars?

Well, for the most part, I would not pay off all my bills, buy a new house or anything. I would certainly keep some of it so that I have a life to return to when I came back, but only enough.

First of all, I would take some time off work... maybe even a few years... and then take my money with me, all over the world. Of course, this would be no vacation for me. In my life, vacation would be nonexistent; I would have weekends off, but that's all I need. Anything else and I start to bore myself. Anyway, I would get to see the world. I would learn the language of the place where I would go, and then go to a very poor area, and visit with each of these people. I would ask them what kind of life they live, what kind of things they need, etc. Then I would simply buy them everything that they needed, and enough to last them for 2 years. Then I would help them set up a life for themselves; I would get them a bank account, proper identification, a job, I would get their kids into school, and I would visit them until I thought they were ready to continue without me. I would continue going to different countries, and helping people, until the funding simply ran out. And then I would go back home, continue my life, until another such opportunity rose.

Then I would take all the pictures, writing, artwork, and I would compile a book, and have it published. I would sell the book at a price that would pay for printing expenses, and maybe $5 dollars extra, which would go towards funding other trips like that. I wouldn't write this book for fame, but instead, to try and get other people to go out and do the same thing... try to eliminate this foolish spending of money, and spend it on something that seems more useful. Not to eliminate poverty, but to give people a chance, who deserve it.

Think of all the things I would learn, the places I would go, the things I would experience. To me, that is priceless, and worth way more than a million dollars (which technically really isn't a lot of money today) And that is what I would really enjoy about it.

Off2College
02-06-08, 07:11 AM
Life becomes pretty meaningless if you simply inherit a ton of money

Gribble
02-06-08, 01:15 PM
That's what you tell yourself so you don't feel so bad about working your ass off, making that other man rich so he can travel the world, sample new and exotic food, and bang blonds with big fake titties.

Tedel
02-06-08, 11:04 PM
mm... I think I'd rather earn it by myself than receive it in "donation".

Anyway, I would invest it in cotton. Peruvian pima cotton is the best or the second-best cotton in the world, but its crops are reducing because Chinese cotton is much cheaper.

clearskies
03-06-08, 03:40 AM
what about Egyptian cotton Tedel?

Lipp
03-06-08, 09:49 PM
hi there, a weird idea came upon me. imagine you live with parents and have a decent car and good job.
Either you won a lottery or even inherited million pounds or
you got a job that earns you much so u made a million bucks in a year time..
What is the difference? which is sweeter or dearer?
The main question what will you do with this awful lot of money..
take care if you ate much cakes, fruits and sweets you might be diabetic or get high cholesterol... etc.


Err, well. I'd buy something that amuses me for instant gratification just for the hell of it (like a whole lot of neat clothes), and wouldn't bother to look for a part-time job for the next uni semester, but apart from that I'd save it all in a bank account until I find something worth it to spend it on.

Oh, and I'd go for the job if it was a decent job when it comes to workload and hours as well. A million pounds wont keep you going for all that long if you decide to buy a lot of stuff and stop working.

IndiReloaded
04-06-08, 02:56 AM
Spend a year in a dark room doing outrageous quantities of coke, playing World of Warcraft and looking up progressively bizarre and degrading porn on the internet. I'd like to explore the hidden caverns of rock bottom you can only get to with large amounts of wealth.

YouTube - Robin Williams - Live At The Met - Cocaine

Tedel
06-06-08, 12:28 AM
what about Egyptian cotton Tedel?

That's just where rivality is. Some say Egyptian cotton is the world's best; others say Peruvian pima cotton is the world's best.

Jbleezyj
21-06-08, 03:35 PM
I would quit my part time job as a server at a restaurant. Although I go to school full time, I would probably just start doing 20+ units a semester since I don't got to work. Get done with school asap! Have my degree. (wait wait, buy nice ass car while going to school) Then with my money move to LA and pursue my career in acting. If that doesn't work out I still have a degree to fall back on and some money invested in Mutual funds, IRA's and other stuff. One million is not enough to keep me happy for the rest of my life.

charmie_18
21-06-08, 06:55 PM
if i have a chance ,i will travel around the world and help charitable institution :D

clearskies
22-06-08, 03:37 AM
I would quit my part time job as a server at a restaurant. Although I go to school full time, I would probably just start doing 20+ units a semester since I don't got to work. Get done with school asap! Have my degree. (wait wait, buy nice ass car while going to school) Then with my money move to LA and pursue my career in acting. If that doesn't work out I still have a degree to fall back on and some money invested in Mutual funds, IRA's and other stuff. One million is not enough to keep me happy for the rest of my life.

IRA :D , is that Irish Republic Army? will you invest in that ?

DoesntMatter
22-06-08, 04:58 AM
IRA :D , is that Irish Republic Army? will you invest in that ?

http://en.wikipedia.org/wiki/Individual_Retirement_Account

IndiReloaded
22-06-08, 06:59 AM
I think I'd probably just hire myself out to interesting companies/people who need good help but aren't quite at the stage where they could afford someone very technically capable & experienced. Kinda like what I do now, but I wouldn't care as much about whether they could afford me, or how it would contribute to my CV. I'd use the opportunity to sniff out good places to reinvest the money.

I'd probably move to someplace like Africa, South America or Asia to do this.

boobaa
22-06-08, 07:17 AM
You can buy some good stock with million dollars and make 100 milliion if you are smart enough. But big things always start from small things. One plan to get rich is that you start offering a pen to switch for something else that has actually more value. The trick is to find a point where people really need the pen. And the next thing you notice is that the pen has turned into a DVD player, a car, a house, a firm.

clearskies
22-06-08, 08:11 PM
What I seriously think of, if I got this one million , will be buying new flats and renting them through a estate agency. Since I do not trust agencies so much, I may think of establishing that business and hiring a number of honest people I do trust to work there.
On the personal side, I will buy a Villa by the sea in Spain or Portugal. Definitely I will have only one full time job rather than a number part time jobs in addition to my main job. I will not worry much about the future of my kid wrt education, I will not care if his dad might pay him a pence one day or not, I will not count on that ever.
A new prestigious car will do me fine. A driver will put an end to my repeated car accidents.
I will not eat much, just to stay fit.
Brand name clothes, bags and shoes will fill my wardrobes.
Nothing else I will think of until I get this money! :)