JENNR8R 0 #26 June 14, 2006 QuoteIf they are going o blow their cash then maybe you should get paid. Make trades all day every day. Unethical? YES! Fun? YES YES! So I should get greedy like the people around the man in the book? "Greed takes over him and everyone around him, and his life falls apart." I sleep quite well now. I can't see where adding greed to my life would help me sleep any better. I really feel sorry for these people.What do you call a beautiful, sunny day that comes after two cloudy, rainy ones? -- Monday. Quote Share this post Link to post Share on other sites
Stevehend15 0 #27 June 14, 2006 If you did make trades like that ops would catch on soon enough. There is a client here that won the lottery and the account is almost nill. Some people have the right intention by putting the money away in a firm but having it corrupts their thinking and make horrible decisions. Winning 12 million dollars after making 30,000 a year would be a huge test for anybody. I hope that I would have enough foresight to make the right decision and not act on impulse. Quote Share this post Link to post Share on other sites
Rebecca 0 #28 June 14, 2006 Debt = Financial Cancer If I won a huge sum (well any sum, but let's say it's pretty big, like $10M after tax), my first goal would be to eliminate as much debt from my life as possible. Trusts for future children's college funds, a fully paid-off house with property taxes held seperate, the most kick-ass medical and life insurance I can find, and as many ways of maximizing my money as possible in a diverse and responsible portfolio. Before anything can happen to me or my estate, I'd have it as buttoned up as humanly and legally possible. After that, it's all about the travel, the experiences and the people you meet and help along the way. Pretty much what I'm working on now, just without the huge sum of money. you've got to ask yourself one question: 'Do I feel loquacious?' -- well do you, punk? Quote Share this post Link to post Share on other sites
freeflyimpaired 0 #29 June 14, 2006 Why would buy life insurance? Who is so dependent on you that 10M wouldn't take care of? I think the key to winning the lottery would be simple. Never spend any of it. Live off of less than the income that you can generate investing it. Unfortunately that does take some self control. Someone who can't live off of less than the make at 30K won't be able to do it at 400K either. "Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so." Quote Share this post Link to post Share on other sites
Rebecca 0 #30 June 14, 2006 QuoteWhy would buy life insurance? Who is so dependent on you that 10M wouldn't take care of? No one is, yet. I don't exactly know everything there is to know about life insurance though - could I not designate a fund or family member as a benificiary? What's the tax status of a life insurance payout? Could it be used to cover certain expenses or as an endowment? you've got to ask yourself one question: 'Do I feel loquacious?' -- well do you, punk? Quote Share this post Link to post Share on other sites
freeflyimpaired 0 #31 June 14, 2006 Insurance is basically gambling. Your betting your gonna die and they are betting you won't. One thing with gambling, if you play the odds, the house always wins! Life insurance is something I have to pay for because if I pass away what I leave behind won't take care of my wife. But, if I had 10M in the bank, she would be taken care of(rendering the life insurance unnecessary) and the money that I'm spending on life insurance would then be a waste of money as the chances of it profiting me are slim. The money would probably be better saved in a mutual fund. Probably just my opinion. I can think of things that you could use it for and I'm sure that there are many millionaires who have life insurance. It just seems pointless to me to gamble when you don't need the money that you would win. Joe. "Human beings, who are almost unique in having the ability to learn from the experience of others, are also remarkable for their apparent disinclination to do so." Quote Share this post Link to post Share on other sites
Rebecca 0 #32 June 14, 2006 OK, then scratch the life insurance. But I'm keeping the health insurance. I would set out to grow my fortune as much as possible, having as much fun along the way as I can. But if I die crossing the street or the Kalahari, I would want to protect that estate as much as possible from crappy bureaucratic fees and regulations and taxes. If I were to have children, I wouldn't want them or anyone else to be able to touch their education funds for example... you've got to ask yourself one question: 'Do I feel loquacious?' -- well do you, punk? Quote Share this post Link to post Share on other sites
JENNR8R 0 #33 June 14, 2006 QuoteOK, then scratch the life insurance. But I'm keeping the health insurance. I would set out to grow my fortune as much as possible, having as much fun along the way as I can. But if I die crossing the street or the Kalahari, I would want to protect that estate as much as possible from crappy bureaucratic fees and regulations and taxes. If I were to have children, I wouldn't want them or anyone else to be able to touch their education funds for example... Put your assets in a trust so it won't have to go through probate when you die.What do you call a beautiful, sunny day that comes after two cloudy, rainy ones? -- Monday. Quote Share this post Link to post Share on other sites
squirrel 0 #34 June 14, 2006 QuoteQuoteOK, then scratch the life insurance. But I'm keeping the health insurance. I would set out to grow my fortune as much as possible, having as much fun along the way as I can. But if I die crossing the street or the Kalahari, I would want to protect that estate as much as possible from crappy bureaucratic fees and regulations and taxes. If I were to have children, I wouldn't want them or anyone else to be able to touch their education funds for example... Put your assets in a trust so it won't have to go through probate when you die. thats what my parents did...a living trust. and, one step further. over the years they "gifted" the children the allowed 10k a year, tax free, but we dont really get the money, at least now. we set up the paper work and account right so the money goes right back into an investment account that should pay the taxes on thier trust when they pass on. it so SO SIMPLE to do proper financial planning....but hey, without big spender people with poor credit, my renatals might be empty. ________________________________ Where is Darwin when you need him? Quote Share this post Link to post Share on other sites
Racenic 0 #35 June 14, 2006 TWO Words, Nevada Corporation. There is no personal taxes in Nevada. Plus many, many more benefits to having your money in your own corporation. Nick D The key to Immortality is- first living a life worth remembering” Quote Share this post Link to post Share on other sites
