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How Long Would You Wait?

Already spending it.

[ 5 ]

[ 12.5% ]

Already spent.

[ 2 ]

[ 5.0% ]

About a minute.

[ 3 ]

[ 7.5% ]

Couple of hours.

[ 0 ]

[ 0.0% ]

Couple of days.

[ 7 ]

[ 17.5% ]

Couple of weeks.

[ 7 ]

[ 17.5% ]

Couple of months.

[ 5 ]

[ 12.5% ]

I don't spend principal.

[ 3 ]

[ 7.5% ]

If I invest it I haven't spent/lost it yet.

[ 6 ]

[ 15.0% ]

I am aready a multi-millionaire.

[ 2 ]

[ 5.0% ]

Total valid votes

[ 40 ]

Discarded votes

[ 2 ]

BobP

Dump Water Florida
United States
Member #380
June 5, 2002
3,580 Posts
Offline

Jan 1, 2019, 12:45 pm

Here's the setup: You've won a million after taxes, the check has cleared and a cool million dollars is sitting in your bank account. You have the bragging rights of being a real millionaire and all the relatives and neighbors you've told are jealous. Here's the problem, soon as you start spending it you are no longer a millionaire you are a thousandaire with no more bragging rights then the rest of us thousandaires. How long would you wait to spend your net worth down below a million?

BobP
Artist77

United States
Member #121,739
January 16, 2012
8,862 Posts
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Jan 1, 2019, 1:42 pm

With a million net, 875,000 would go into cds. I would not do frivolous spending but live in historic property and upgrades are always needed. Of course, and my trip to Paris. And a couple of large donations to 2 charities to offset taxes also.
TheMeatman2005

Brooklyn, NY
United States
Member #169,716
October 29, 2015
1,700 Posts
Offline

Jan 1, 2019, 3:17 pm

I would invest now and start spending earnings next year.

If it was more than $1 mil, it would be another ball game.

The Meatman 🥩🍗🍔🍖🍤🌭

“The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

Winning happens in a flash, Like A Bolt Of Lightning!
CDanaT

Central TN
United States
Member #121,187
January 4, 2012
7,773 Posts
Offline

Jan 1, 2019, 3:23 pm

House - paid off

Vehicle - perhaps a newer model

Rainy Day fund - $25,000

Remainder - retirement account

Si vis pacem, para bellum.
KY Floyd

NY
United States
Member #23,834
October 16, 2005
4,777 Posts
Offline

Jan 1, 2019, 5:39 pm

At an even million (or two or three) I probably wouldn't spend anything more than the after-tax income for at least a year.

My doctor keeps telling me I'm going to live to 100, and while I don't mind dying penniless I don't want to be broke for more than a couple of months before dying. Figuring the money is in a conservative investment and I want my income to go up by 3% every year, starting with only the after-tax income would let the principal dwindle to zero about the time I hit 100.

At some point I might figure I can get by with less as I get older, but I see a lot of people who are mid-80's and still healthy enough to get out and spend money on travel. Budgeting would be a continual process based on my own situation and investment criteria.
maximumfun

United States
Member #124,610
March 16, 2012
3,733 Posts
Offline

Jan 1, 2019, 11:17 pm

Quote: Originally posted by CDanaT on Jan 1, 2019
House - paid off

Vehicle - perhaps a newer model

Rainy Day fund - $25,000

Remainder - retirement account

with the possible adjustment of paying off the student loans... ... and I would paint the house... maybe a new fence in the back... :)
Rexer90

LA Ca.
United States
Member #172,743
February 3, 2016
189 Posts
Offline

Jan 1, 2019, 11:19 pm

$1Million sitting in the bank would be earning about 2% interest.... That's $20k/year or a little under $400/week... minus taxes....
Big Joey

United States
Member #191,892
August 27, 2018
994 Posts
Offline

Jan 2, 2019, 1:15 am

I would use Fisher Investments to invest the principal, with a certain amount of money deposited each month for everyday living, and payment for utilities, and household living bills, telephones, television, maintenance, lawncare, etc....
oate

United States
Member #193,169
October 22, 2018
489 Posts
Offline

Jan 2, 2019, 4:21 am

I would immediately start building the dream home I have wanted since I was a kid. Chock full secret passageways and hidden rooms, and an underground tunnel leading to another secret house.

Only my hairdresser knows for sure.
BobP

Dump Water Florida
United States
Member #380
June 5, 2002
3,580 Posts
Offline

Jan 2, 2019, 6:49 am

Quote: Originally posted by KY Floyd on Jan 1, 2019
At an even million (or two or three) I probably wouldn't spend anything more than the after-tax income for at least a year.

My doctor keeps telling me I'm going to live to 100, and while I don't mind dying penniless I don't want to be broke for more than a couple of months before dying. Figuring the money is in a conservative investment and I want my income to go up by 3% every year, starting with only the after-tax income would let the principal dwindle to zero about the time I hit 100.

At some point I might figure I can get by with less as I get older, but I see a lot of people who are mid-80's and still healthy enough to get out and spend money on travel. Budgeting would be a continual process based on my own situation and investment criteria.

Investing not spending does seem like the way to go as you never really lose it until you cash out your Enron stock.

Never sure about Doctors, my obese Doctor suggests I try his diet where you can eat all the protean and fat you like but no carbs or sugar, the review said; If it will eventually result in a heart attack eat it, if not, don't. Sounds good right up until the end. Mom is 98 dad died at 77 like a lottery to see where I end up in this puzzle.

BobP
KY Floyd

NY
United States
Member #23,834
October 16, 2005
4,777 Posts
Offline

Jan 3, 2019, 3:42 pm

"until you cash out your Enron stock."

That's one of many reason I favor conservative investments. And not putting all your eggs in one basket no matter how pretty the basket looks. At 30 or 40 you can recover if you lose 10 or 20% of your retirement funds with no chance they'll recover. As you get older a significant loss becomes much more problematic. Apple may still be a safe bet for now, but I'm seeing a lot of projections for diminishing iPhone sales. Almost anything with a lot of upside potential also has a lot of downside potential, and anything in the tech sector can change very quickly.

As for your fat doctor, maybe he was just eating too much of his good diet, and not getting enough exercise. The reports change frequently, but the current thinking does seem to favor protein and fat over carbs.

Every year I've got about a 1 in 600 chance of dying in some kind of accident, and I could still die of a heart attack in my mid 60's like my grandfather did. OTOH, it's too late to die of cancer by my mid 50s, so my family history says I've got a very good chance of seeing 90 and a decent chance at 100. And that's before accounting for better medical care and general increases in life expectancy. Until something changes I've got to make plans for my money to last a fairly long time.
Artist77

United States
Member #121,739
January 16, 2012
8,862 Posts
Offline

Jan 4, 2019, 6:04 pm

Quote: Originally posted by Big Joey on Jan 2, 2019
I would use Fisher Investments to invest the principal, with a certain amount of money deposited each month for everyday living, and payment for utilities, and household living bills, telephones, television, maintenance, lawncare, etc....

You might want to check out the reviews for Fisher investments.
music*

Fresno, California
United States
Member #157,849
August 2, 2014
3,959 Posts
Offline

Jan 5, 2019, 6:40 pm

Quote: Originally posted by Artist77 on Jan 4, 2019
You might want to check out the reviews for Fisher investments.

Thanks for the advice. Artist77 you do know about the yellow jacket protests in Paris. There is plenty of France left to explore.

"We are all in this together!"
noise-gate

* In hot pursuit of $ *

White Shores- California
United States
Member #136,471
December 12, 2012
7,040 Posts
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Jan 18, 2019, 1:05 pm

I would do what David Lee Edwards did: Purchase medieval swords as a long term investment.The demand down the road is mind boggling. That's gotta pay off in the long run..right?

* Voice of Reason *

* People who say it cannot be done should not interrupt those who are doing it- George Bernard Shaw.
Artist77

United States
Member #121,739
January 16, 2012
8,862 Posts
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Jan 18, 2019, 4:16 pm

Quote: Originally posted by music* on Jan 5, 2019
Thanks for the advice. Artist77 you do know about the yellow jacket protests in Paris. There is plenty of France left to explore.

Yes, Paris is a big city as well.

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