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

[NoTine42]

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.

Basically yes. With no debt and no need to invest more (above your already huge nest egg) $100k in living expenses is spending like an average person earning $200k salary.

 

[Hayabusa Rider]

I'd never ever work again. Ever. That does not mean do nothing, but there is charity work I could do, I have hobbies, and I would not owe one cent on anything. Ever.

I'd travel, maybe rent a nice place once in a while. I'm not interested in cruises but sailing appeals to me so maybe I'd rent a yacht once a year, maybe, but I'd never feel comfortable with the excess and lavish. Well, maybe an awesome kitchen redesign, and upgrades around the home. Our cars are getting older so I'd get something newer like we have.

I'd donate to charities and I'd every now and again find out who I know or who is my community who needs help and anonymously help them out. I'd rather do good without anyone knowing about it.

 

[Corporate Thug]

pay off school loans, buy a big house and put a custom gym in it.

 

[crownjules]

Buy a nice house, build a nice smoking lounge and walkin humidor in it, buy lots of Cubans I've wanted to get but can't justify buying at their prices. Buy a nice car. Take lots of trips. Give some to charity. Invest the rest to live comfortably the rest of my life and not have to work.

 

[Belegost]

So, to my mind basic rich takes about 4-5M these days, so real rich would be at least 20M.

From that, 5M goes into safe, low-return, bonds; this is the fallback position if more risky things go tits up.

5M goes into the market, a mix of index funds, blue chips, and riskier growth funds, I'll pay a FM to monitor this. The dividends on this and the bonds should be plenty to fund a very cushy lifestyle.

Another 5M gets invested similarly though more dividend focused, however all the dividends from this are earmarked for charity, whether it's family/friends that need (want) something, or causes, whatever, the principle here is not touched, but the proceeds all get donated somewhere every year.

That leaves 5M for fun money. A nice house here in Boulder and a second one in La Jolla will probably eat most of it, the rest goes into traveling, there's a lot of places to see in the world, and I would love to see them all. =)

 

[nageov3t]

this doesn't seem like a bad way to spend a couple years:

Woman Will Spend $164K In 2015 To Continue Living On Cruise Ship That’s Been Her Home For Last 7 Years

 

[RossMAN]

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.

I think that mostly applies to their OT threads but you may be onto something :hmm:

 

[ultimatebob]

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

Depending on how rich you are, you can just send your kids to a private school instead.

 

[Sonikku]

-pay off debts
-go to Thailand for a thing
-move to Japan

 

[dank69]

Depends how rich. I'd need $250M+ to retire, $1B+ would be better.

 

[jlee]

Depends how rich. I'd need $250M+ to retire, $1B+ would be better.

Yeah, that $20mil/yr in investment earnings is just not enough.

 

[Aikouka]

I've had a bunch of passion projects floating around in my head for a while, so having a ton of money would afford me the time to work on them.

 

[Atomic Playboy]

If I got rich real quick, I'm pretty sure I'd get poor real quick to balance things out. Like just enter random buildings and buy everyone a new car.

"How are you behind on rent? Didn't you just win the lottery?"
"Yeah, but I blew through it pretending to be Oprah."

 

[Jeff7]

Yeah, that $20mil/yr in investment earnings is just not enough.

You don't expect him to keep the same Gulfstream jet year over year, do you?

 

[blackdogdeek]

Depending on how rich you are, you can just send your kids to a private school instead.

This is true, but, we have suspicions that better universities like the good public schools near us more than the private schools (except for the one mega-rich private school).

 

[NoTine42]

You don't expect him to keep the same Gulfstream jet year over year, do you?

There is purchase cost, and then there is operational cost.

This article mentions the guideline that your yearly operational cost of a nice yacht is 1/10 it's cost. So you buy a $10m yacht, and pay $1m/YEAR to use it.
http://www.businessinsider.com/how-much-it-costs-to-operate-a-luxury-yacht-2013-3

I can rationalize the purchase prices of the big mansion, yacht, jet (once you've earned the money) ... But those yearly operational costs are always insane

 

[dank69]

There is purchase cost, and then there is operational cost.

This article mentions the guideline that your yearly operational cost of a nice yacht is 1/10 it's cost. So you buy a $10m yacht, and pay $1m/YEAR to use it.
http://www.businessinsider.com/how-much-it-costs-to-operate-a-luxury-yacht-2013-3

I can rationalize the purchase prices of the big mansion, yacht, jet (once you've earned the money) ... But those yearly operational costs are always insane

And the servants. Dear god think of all the servants I'd need.

And we haven't even gotten into the really expensive stuff like my own personal satellite...

 

[amdhunter]

Die from either hot woman AIDS or Supercar related death.

 

[IronWing]

Let's see, after last fall's Grand Canyon hike I splurged on a Magnum ice cream bar. I'm not sure there is anything left that money can buy.

 

[IronWing]

There is purchase cost, and then there is operational cost.

This article mentions the guideline that your yearly operational cost of a nice yacht is 1/10 it's cost. So you buy a $10m yacht, and pay $1m/YEAR to use it.
http://www.businessinsider.com/how-much-it-costs-to-operate-a-luxury-yacht-2013-3

I can rationalize the purchase prices of the big mansion, yacht, jet (once you've earned the money) ... But those yearly operational costs are always insane

We've covered three of the four Fs. Anyone buying a horse?

 

[Imp]

We've covered three of the four Fs. Anyone buying a horse?

I'd love one. Take it out every morning before sitting my ass back in front of the TV.

 

[Mai72]

Why do you people hate working so much?

It seems the people that live the longest are the people that stay active by working.

 

[MongGrel]

this doesn't seem like a bad way to spend a couple years:

Woman Will Spend $164K In 2015 To Continue Living On Cruise Ship That’s Been Her Home For Last 7 Years

I saw that one today.

For her situation it's one of the better things she should could do probably, I bet they treat her like a Queen everyday, is one of the best cruise lines, and I'll bet she's spoiled rotten non stop and enjoying the hell out of herself.

She can afford it.

People probably try to meet her, I imagine she knows the vast majority of the crew of that thing by now, even some of the ones that come and go.

 

[MongGrel]

Youks and away !!!!!

 

[jlee]

Why do you people hate working so much?

It seems the people that live the longest are the people that stay active by working.

I would counter and say those who live the longest, or at least live the most, are the ones who do what they love.

For me, that's not working.