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Mad money

Topic closed. 24 replies. Last post 4 years ago by sully16.

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Posted: December 14, 2012, 11:40 pm - IP Logged

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 jackpot...or even the base jackpot...

    RedStang's avatar - tallman zps6gf4inoc.jpg
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    Posted: December 15, 2012, 1:10 am - IP Logged

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

      RJOh's avatar - chipmunk
      mid-Ohio
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      Posted: December 15, 2012, 1:24 am - IP Logged

      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 jackpot...or even the base jackpot...

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

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

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        Posted: December 15, 2012, 2:07 am - IP Logged

        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 jackpot...or even the base jackpot...

        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.

          ttech10's avatar - blobdude
          Texas
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          Posted: December 15, 2012, 4:00 am - IP Logged

          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).

            dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
            Oklahoma
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            Posted: December 15, 2012, 5:42 am - IP Logged

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

            I Love Pink & Green 1908

              Artist77's avatar - batman14

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              Posted: December 15, 2012, 7:28 am - IP Logged

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

              J'aime La France.

                hearsetrax's avatar - 0118

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                Posted: December 15, 2012, 7:35 am - IP Logged

                LOL @ 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 


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                  Posted: December 15, 2012, 8:32 am - IP Logged

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

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

                    Artist77's avatar - batman14

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                    Posted: December 15, 2012, 8:46 am - IP Logged

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

                    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.

                    J'aime La France.


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                      Posted: December 15, 2012, 10:11 am - IP Logged

                      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.

                      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

                        RedStang's avatar - tallman zps6gf4inoc.jpg
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                        Posted: December 15, 2012, 11:18 am - IP Logged

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

                        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.

                          HoLeeKau's avatar - YheaShea
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                          Posted: December 15, 2012, 2:16 pm - IP Logged

                          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).

                          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 rest because many investments can't easily be accessed.  But I'd bet that at the end of the year when I got the proceeds from my investments I'd still have over half the money I had put aside.

                            Uluska's avatar - strawberry

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                            Posted: December 15, 2012, 3:14 pm - IP Logged

                            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!:)


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                              Posted: December 15, 2012, 7:10 pm - IP Logged

                              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.

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