Mad money

Reply #24

sully16 — Sun, 16 Dec 2012 19:12:49 GMT

LOL, and Chili

Reply #23

sully16 — Sun, 16 Dec 2012 19:10:35 GMT

All of it.

Reply #22

Piaceri — Sun, 16 Dec 2012 14:37:37 GMT

I'd agree with the 10% of the net after taxes. Buy a home, a car, a nice first class vacation (never Vegas for the first trip). For a base win, that should be sufficient. 10% to charity. 20% gift to family including any gift taxes you cannot avoid. That leaves 60% after tax for investment and annual expenditures.

Reply #21

rdgrnr — Sun, 16 Dec 2012 13:27:36 GMT

When thinking of investments you always have to consider necessities that people will always have to have.

Like soup.

Reply #20

Artist77 — Sun, 16 Dec 2012 13:07:16 GMT

lol Thanks. It has been so long since a potential #1 for us, we are all beside ourselves

Reply #19

helpmewin — Sun, 16 Dec 2012 10:09:19 GMT

Reply #18

psykomo — Sun, 16 Dec 2012 08:26:52 GMT

BN:

great POST PSYKO'$$$$$$$$$$$$$$$$$$$$$$$$$

(1) we pay 5.oo a nite 4 each member of D band 2 stay in ono room {towel's extra]$$$

(2) the fincicial u LATTER get'$$$$$$$$$ THRIR %%%[towel's extra]$$$

(3) sometime' we must SUCK gas outtta ^^^^^car' MAD MONEY(2 get back on ROAD^^^

^^^^^^^^to ^^^^SUCK^D outta ^^^^BUS' ON^D^BIG USA^^ROAD again

Reply #17

dallascowboyfan — Sun, 16 Dec 2012 06:27:36 GMT

Artist, I use to like you but no more..... I just notice your Signature Line......

LOL..... I'm a Michigan fan.....

Reply #16

billionaire2bee — Sun, 16 Dec 2012 02:35:46 GMT

Well you can't really use David Edwards as an example....the first thing he did was hop on a private jet and fly to Vegas...but some advisors or so I heard on a couple of the LCML shows, that the advisors give you a little taste of the money to hopefully get that spend bug out of your system, to where you know what it's like to buy some things you always wanted...within reason...they don't want to kill the golden goose at first.......and maybe after youve spent a little money you will want to se... [ More ]

Reply #15

haymaker — Sun, 16 Dec 2012 00:42:48 GMT

No more then 10% of the clear, on a 4 mil. from MM that's 400k

On smaller JPs like my state pic6 the base JP is 2 mil. of which you'll clear about. 1.1 I'd probably make it even less, like 5%

which is about $50,000 so why bother ?

In fact the idea of mad money may be what gets some ppl. off on the wrong foot, I say set aside some amount for mad money,

and take care of business 1st.

the mad money may be the beginning of mad habits.

Ask David Edwards, he could'nt get it out of he... [ More ]

Reply #14

billionaire2bee — Sun, 16 Dec 2012 00:10:10 GMT

LOl either or your choice....what amount??? you pick....it's your imaginary win....hehehehehe redneck....

Reply #13

Uluska — Sat, 15 Dec 2012 20:14:12 GMT

Yes, paying off the house, new cars, clothes, some travel, that be it. The rest would gradually take care of child's college, the debts, getting dream home, helping relatives who are on a sticky spot. The main chunk would stay at the bank and make additional money through percentage, and I mean some good bank, with good percentage. No stocks, forget it. No new businesses. I would not risk hard won money

Reply #12

HoLeeKau — Sat, 15 Dec 2012 19:16:23 GMT

This is exactly what I was thinking. After getting the needs like a house and new furniture and someone to clean it and take care of the yard on a weekly basis, I might blow a bit of money on expensive shoes or a custom suit or toys like a new bike or maybe a long trip to another continent but I doubt it would be even close to 100K. I wouldn't even buy a new car for a while.

I'd probably put aside a couple hundred grand to pay my ongoing bills and for extras just in case before I invested the... [ More ]

Reply #11

RedStang — Sat, 15 Dec 2012 16:18:38 GMT

Like i said redneck. Depends on the pot. Is it 12mill or 40mill.

I'll be in nc saturday and we can figure this one out together.

Reply #10

billionaire2bee — Sat, 15 Dec 2012 15:11:45 GMT

Well Im just pointing out the facts...I gave the hypotheticals in my original post and then some one ask a question, when if they read and comprehended my original post they would have the answer....LOL......I just think it's funny people rush to respond before they know what they're responding to........I just dislike miscommunications is all

Reply #9

Artist77 — Sat, 15 Dec 2012 13:46:58 GMT

BB must be a school teacher. Read the example, respond to the facts presented only...or else. lol

BB, you have to allow for some creativity to these hypotheticals.

Reply #8

billionaire2bee — Sat, 15 Dec 2012 13:32:35 GMT

LOL I told you...the base jackpot....so either 12 million or 40 million.........

Reply #7

hearsetrax — Sat, 15 Dec 2012 12:35:28 GMT

@ the subject

I know for my self I'd need at least $250K in mad money and that would get it partly out of my system

Reply #6

Artist77 — Sat, 15 Dec 2012 12:28:31 GMT

Not sure if I need a bunch of mad money either.

Reply #5

dallascowboyfan — Sat, 15 Dec 2012 10:42:29 GMT

DH I are very conservative so we don't need Mad Money we would just go on a LONG vacation....

Reply #4

ttech10 — Sat, 15 Dec 2012 09:00:25 GMT

No more than 100k and probably a lot less. I think I would get my spending bug out once I had purchased a vehicle, new home and new furniture to fill said home. I'm pretty reserved on buying things. I see it as the less things owned the better (I like a clean and tidy house).

Reply #3

xaab — Sat, 15 Dec 2012 07:07:16 GMT

If I won 100 millions, my mad money would be 1 or 2 millions. If I won 12 millions, there would probably be no mad money left after my wife gives me a list of her needs.

Reply #2

RJOh — Sat, 15 Dec 2012 06:24:11 GMT

I bet their financial advisor is charging a lot more for his advice than he's allowing them to spend.

Reply #1

RedStang — Sat, 15 Dec 2012 06:10:48 GMT

Depends what the pot is but i'll say 500k.

Mad money

billionaire2bee — Sat, 15 Dec 2012 04:40:47 GMT

I've heard a couple times now that when people that have won a huge sum of money, that their financial advisor gives them what is usually reffered to as Mad Money ...which is a chunk for them to blow/spend how they choose, so they can experience how it feels to buy things they normally wouldn't be able to and maybe/ hopefully get the spending bug out of their system and settle down and hold onto the cash....My question is how much off the top would you consider mad money ....if you won a nice ja... [ More ]