Welcome Guest
Log In | Register )
You last visited January 24, 2017, 8:15 pm
All times shown are
Eastern Time (GMT-5:00)

Mad money

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

Page 2 of 2
51
PrintE-mailLink
haymaker's avatar - Lottery-012.jpg
Egg Harbor twp.south Jersey shore
United States
Member #112968
June 29, 2011
3857 Posts
Offline
Posted: December 15, 2012, 7:42 pm - IP Logged

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 system no matter what he spent.

Extraordinary Popular Delusions & the Madness of Crowds    -- Charles Mackay  LL.D.


    United States
    Member #130815
    July 25, 2012
    1636 Posts
    Offline
    Posted: December 15, 2012, 9:35 pm - IP Logged

    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 system no matter what he spent.

    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 settle down and try to hold on to your cash...

      dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
      Oklahoma
      United States
      Member #82391
      November 12, 2009
      6305 Posts
      Offline
      Posted: December 16, 2012, 1:27 am - IP Logged

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

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

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

      I Love Pink & Green 1908

        psykomo's avatar - animal shark.jpg

        United States
        Member #4877
        May 30, 2004
        5146 Posts
        Offline
        Posted: December 16, 2012, 3:26 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...

        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^^^

        Big Grin Angel^^^^^^^^to ^^^^SUCK^D<<<<outta ^^^^BUS' >>>>ON^D^BIG>>USA^^ROAD>again$$$

                                                                          LoviesJack-in-the-BoxLovies

          helpmewin's avatar - dandy
          u$a
          United States
          Member #106665
          February 22, 2011
          19967 Posts
          Offline
          Posted: December 16, 2012, 5:09 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.

                                             

          Patriot

            Artist77's avatar - batman14

            United States
            Member #121745
            January 16, 2012
            4990 Posts
            Offline
            Posted: December 16, 2012, 8:07 am - IP Logged

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

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

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

            J'aime La France.

              rdgrnr's avatar - walt
              Way back up in them dadgum hills, son!
              United States
              Member #73904
              April 28, 2009
              14903 Posts
              Offline
              Posted: December 16, 2012, 8:27 am - 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!:)

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

              Like soup.

                Avatar
                Republic of Texas
                United States
                Member #57557
                January 9, 2008
                1095 Posts
                Offline
                Posted: December 16, 2012, 9:37 am - IP Logged

                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.

                face

                singlewinnersinglewinnersinglewinner   

                  sully16's avatar - sharan
                  Ringleader
                  Michigan
                  United States
                  Member #81740
                  October 28, 2009
                  42228 Posts
                  Online
                  Posted: December 16, 2012, 2:10 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...

                  All of it.

                   HyperBe Happy.

                    sully16's avatar - sharan
                    Ringleader
                    Michigan
                    United States
                    Member #81740
                    October 28, 2009
                    42228 Posts
                    Online
                    Posted: December 16, 2012, 2:12 pm - IP Logged

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

                    Like soup.

                    LOL, and Chili

                     HyperBe Happy.