If I were Filthy Rich
By wegotthisonekidmongo+45 How much would your initial Splurge be? And also how much do you target for return on your investments in percentage per year?
I think I would probably spend a million or two on a house and then two or $300,000 on cars and then pay off the utilities and property tax in a trust that the utilities draw from so I literally do not have to worry about any payments at all going forward. Then I think I would Target a return of five to seven percent on the rest of the money but I would probably keep a hundred million personally to do whatever I want and invest the rest. What would you guys do?
Recent responses
+22 @TheWalkingDead91 Initial splurges would probably be: 2-3M on a house for myself that’s rural or suburban with a good chunk of land (or buy multiple lots so I can get said good chunk of land to plant fruit trees to my hearts content) 2-3M or so on an urban condo in a small to medium sized city like Tampa or Miami or something. Not really into mansions and wouldn’t really want huge bills on maintenance/taxes, so would keep any property I buy relatively modest vs what I could afford with that type of money. A house for each of the parents for probably 2-3M each. A one time “free” car of choice for each member of my immediate family (two of which are young men, so they would probably choose a Lambo or something else ridiculously expensive). Parents and I would probably choose something under 75k. A $1-$2M condo or house for my brother that’s just finishing up college, as his graduation present, or if he prefers, something more modest (like 500k) and the rest can be used to buy whatever. The choice he makes would be a good observation for my decision making on when he would have access to his trust fund. $25k for each and every one of the 400 or so members of my moms church. I’m not at all religious, but her church as a whole has been super supportive to our family, (to the point of even loaning us money during emergencies we couldn’t afford, interest-free) and as we are minorities and my parents are immigrants and the town is small, I feel like that would be a really efficient way to spread the wealth to my localized community a bit. Plus would be super entertaining to be able to see their reactions to learning they’re about to get that much free money. The show would be worth every cent all on its own 😂 $5M to each of the two charities closest to my heart. or set aside give them $1M annually for 5 years. A big family vacation somewhere nice. Trusts set up for my immediate family (25M+ each for 5 people) and one time checks for extended family ($500k per person for about 25-30 people) $10-20M for a multigenerational family college fund trust. So nobody in my entire family including extended family would have to worry about post secondary school tuition for a good while. Just for funsies, would like to set up a sham charity name to protect my identity, and physically go around to local community colleges here in central Florida and hand out free laptops and like $1,000 cash to people who are in the libraries to use the computers. Maybe do that till I give out like a thousand laptops. Help out students that can’t afford a laptop, who are doing their best to try to better their lives, and get to experience a little bit what it’s like to be one of those influencers who do similar things, except without a camera in their faces. Have always wanted to try doing something like that. Looks like it’d be fun and rewarding to try at least once. Other than that….lawyers/accountants fees……. Won’t do the math but probably would have at least 200M left after all those initial spendings and trust set ups. Just live off of safe dividends/interest…..even at 4% that’s probably over 500K PER MONTH. Since I probably wouldn’t even be able to spend half that if I tried, I’d probably just eventually die with more money than I started with, and if the world isnt completely fucked by then (I’m not that old), leave it all to charity.
+20 @SomethingClever2117 Well it’s at about $450m after lump sum and taxes right now. So my initial splurge has grown also. $30m on property. Lake front house, LA house, and NYC condo. $2m on vehicles - couple sports cars, boat, jet skis, suv, $5m on traveling around the world for 3 months. $100m to family $20m to friends Then $100m invested wisely should net me at minimum $4m a year. Should never go broke and have a large fortune left to leave when I die. That only accounts for just over half of the money total. So I still have a lot of spending and giving away to do. But that would require a lot more thought.