If you got real rich real quick, what would you do?

[jlee]

You guys are retiring too quickly with too small sums of money. I figured out that I need 6-8 million cash to retire and live a normal life. Any less than that and I'll be working.

If I won big money, the first thing I'd do is write a thank you letter to the Nigerian Prince that graced me with the opportunity to share in his father's wealth by assisting him to move it outside his country.

lol, "normal" for you is $300k+/yr? That's less than 4%, which is low enough to account for inflation/etc as well.

I'll happily retire 20 years before you and have 2-3x as much time in retirement instead of slaving away until I'm old.

 

[Chrispher]

buy a big house for my family
travel around the world
do what I love and make more money

 

[nageov3t]

if we're talking like ~10 million, I'd probably do something like...

buy a decent house in a very nice neighborhood ($400-500k)
either pay off my parents mortgage or offer to buy them a new house somewhere else
setup college trust funds for my nieces (maybe $250k each, to be used for either education expenses or given to them in cash when they're 35 if they decide not to go to college)
keep working, but look into switching to a lower-paying job that I might enjoy more (eg: teaching)
invest the rest of the money to pay for property taxes on the new house/retirement

if we're talking more money than I could possibly spend...

most of the above, except replace the decent house with a brownstone or penthouse in Manhattan and instead of working, traveling the world... if I were to do any kind of work, I'd maybe open up a business without the need for it to actually make money and do something like running a cafe or bookstore.

 

[Engineer]

lol, "normal" for you is $300k+/yr? That's less than 4%, which is low enough to account for inflation/etc as well.

I'll happily retire 20 years before you and have 2-3x as much time in retirement instead of slaving away until I'm old.

This...this...so much of thisssssssssssssssssssssssssssssssssssssssss!

 

[RaistlinZ]

I never understood why people who hit it rich go into business. In a few years their business has failed and the money that they invested into their enterprise has vanished.

Why? If you are suddenly a millionaire you don't need to work. I would open a retirement package and make safe investments. Live off the interest. Why people risk their wealth in risky business ventures is beyond me.

Exactly!

Having millions isn't enough for some people though. They want even more millions and start to get greedy. They think they can start many successful business ventures (even though they have no experience) and end up getting taken/deceived by people who were just after their money from the beginning.

1. Put winnings into a safe, low interest mutual fund
2. Live off interest
3. Don't get married
4. Don't get random women pregnant

It's not complicated.

 

[MongGrel]

Retire, and have some of the guys my wife works for invest it for starters.

Then decide what to do from there.

I still have an old SEP I should do something with, Fidelity sucks for investments in my experience.

 

[disappoint]

Startup a new company, design the Oculus Rift II and keep it away from that snot nosed dweeb Suckerburg and his cabal of Farmville and Minecrapft players.

 

[SteveGrabowski]

I'd buy Chipotle and make them start serving good tasting burritos.

 

[RossMAN]

Retire
Payoff bills
Travel
Buy lots of stuff
Buy ATOT from Anand and make Mosh the forum admin

Buy loads of property and eventually build a dream house after consulting with a certain someone from CT.

 

[Red Squirrel]

I'd save/invest a large chunk of it that is big enough to live off of for the rest of my life and set it aside, then I'd donate a lot of it to charity and family. I'd also look at building a data centre or other company here that could bring more tech jobs here, because the state of jobs here is just sad and it would be a feel good thing to know that I created lot of jobs. It would also be cool to actually own and run such operation.

Basically that money would then make even more money, and I'd just grow the operation from there. Perhaps start an ISP or get into other stuff. Could not do all that alone, but with enough money I could hire people to do all the leg work.

I'd then buy/build a kickass cottage and live there. I'd pay to have like 1gig internet and a cell tower put in. Heck if my company did become an ISP that part would practically be free anyway.

 

[Captante]

(1) Pay off my daughters student-loans

(2) Pay off all my outstanding debt.

(3) Set up large trust fund for younger daughter.

(4) Reasonable house in Connecticut.

(5) Condo in Lake Tahoe.

 

[Dr. Zaus]

Fund my and my wife's retirement; pay off the home; and hire a full time Applied Behavior Analyst for my autistic son.

Also, of course, give lots of money to everyone on ATOT that responded to my thread about what to do with all my money.

 

[Carson Dyle]

I want to know what's up the the OP's penchant for starting threads, not participating in them, then necroing them 8 months later as if the last reply was yesterday.

 

[Bubbleawsome]

Like how much? Like virtually infinite? Eh, put aside tons for later. College, house, etc. Right now though I'd blow probably $50k on PCs. Build a server farm, automate my house, build tons of gaming rigs for everyone. Spend a lot on games. I'd buy a GT-R, Ford GT, and Aston DBS for sure.

tl;dr blow it all way too fast.

 

[Mai72]

Exactly!

Having millions isn't enough for some people though. They want even more millions and start to get greedy. They think they can start many successful business ventures (even though they have no experience) and end up getting taken/deceived by people who were just after their money from the beginning.

1. Put winnings into a safe, low interest mutual fund
2. Live off interest
3. Don't get married
4. Don't get random women pregnant

It's not complicated.

Sounds like the problem most NBA starts fall into.

They get a ton of money, make risky investments, impregnant baby mamas, and give money to dead beat relatives.

 

[Smoblikat]

I would buy 10 - 20 acres of land, build a dirt track and a small ranch. Buy some beater cars and make crazy youtube videos.

 

[ultimatebob]

How am I suddenly becoming rich in this fictional scenario?

I guess that it shouldn't make much of a difference, but I would probably spend the money differently if I won a Powerball jackpot vs. getting windfall inheritance from a long lost family member.

Also, how much money are we talking here?

 

[z1ggy]

I would be doing as much hookers and blow as possible, then spiraling into depression.

 

[skyking]

find the right acreage out west and build a fly-in escape. The runway would double as the straightaway for the race course.
Buy a place in either Kona at 2500' elevation, or Anahola beach on Kauai. OR both.
A place on the San Juan islands.
Get some iron that can make Hawaii.

 

[BurnItDwn]

I would go back to sleep. Never would I wake before noon.

 

[SMOGZINN]

I would travel a lot. Spend a month in Paris, then move to London for a month or so. Keep moving to new cities until I was sick of travel and wanted to come home. Then I think I will build the walled village I've dreamed of and start my own commune.

 

[Subyman]

Buy huge tracts of land.

Yup. I'd buy 1000+ acres of farm land and collect around $150k-200k a year on leases.

 

[Subyman]

lol, "normal" for you is $300k+/yr? That's less than 4%, which is low enough to account for inflation/etc as well.

I'll happily retire 20 years before you and have 2-3x as much time in retirement instead of slaving away until I'm old.

I agree. I'd rather have free time than a bunch of money. Around $100k per year on retirement is enough to travel and have a really fun life with. I don't care to live in a city though, so that changes my perspective on wealth.

 

[blackdogdeek]

1. set up kids' college funds
2. pay off mortgage
3. pay off parents' mortgage
4. possibly move to town with better schools
5. index funds and short-term treasuries
6. retire

 

[Rhezuss]

Clear mortgage and car, invest a lot, give some to my family and keep some cash for fun.

I'd keep a job though but probably not what i'm doing right now. I'd need a job to keep me occupied and stimulated.