8 ms·

Yeah, try to ignore the fact that it's money; imagine it's some other asset the person wants to keep, like 100 ponies. You would definitely suggest reading up

Yeah, try to ignore the fact that it's money; imagine it's some other asset the person wants to keep, like 100 ponies. You would definitely suggest reading up on how to successfully keep ponies, right?

tekkk 8y ago
They are not closely similar. Ponies will die if you dont know how to handle them, money while being gobbled away by inflation will more or less hold its value. It's a smart thing to do learn money-management at any point of your life, even more with a sudden windfall like this. The OP seems like a straightforward guy who isnt really interested in money hence this post. So it's up to him what kind of impact he'd like to have to the world around him. If you really get down to it there's no wrong or right way to proceed. To maintain that wealth he should definitely learn how to manage it. To spend that money on things he deems important he probably doesnt need to learn much money-management. Wisest thing in my mind, and what others have suggested, is to wait and ponder what he really wants to do in life. Maybe read some money-management books, sure. To see if it's any interest to him.
- rsync 8y ago
  "... money while being gobbled away by inflation will more or less hold its value." This is a false statement. In fact, it is false ipso facto.
  - tekkk 8y ago
    It's quite silly to say something is false without providing a logical reasoning. And what is false about that statement, that it will absolutely not hold its value? Sure, but it wasn't my main point.
- C1sc0cat 8y ago
  Not always plenty of rich Boxers, Sports stars have lost vast amounts of money and ended up destitute.
jamesb93 8y ago
Ponies are not a fungible currency that underpins almost all of our day-to-day lives.
Majestic121 8y ago
If he's into ponies, yes, but most people don't care and would rather do something else. In this case, selling the ponies and do something they like with the money. Or selling some ponies, and pay someone to take care of the rest and make them reproduce/sell them, so that you can live with the pony-benefits. It might not be optimal pony-wise, but it definitely makes more sense life-wise.
maxerickson 8y ago
That's for the part where they need a hobby.

tekkk 8y ago

They are not closely similar. Ponies will die if you dont know how to handle them, money while being gobbled away by inflation will more or less hold its value. It's a smart thing to do learn money-management at any point of your life, even more with a sudden windfall like this. The OP seems like a straightforward guy who isnt really interested in money hence this post. So it's up to him what kind of impact he'd like to have to the world around him. If you really get down to it there's no wrong or right way to proceed. To maintain that wealth he should definitely learn how to manage it. To spend that money on things he deems important he probably doesnt need to learn much money-management. Wisest thing in my mind, and what others have suggested, is to wait and ponder what he really wants to do in life. Maybe read some money-management books, sure. To see if it's any interest to him.

rsync 8y ago
"... money while being gobbled away by inflation will more or less hold its value." This is a false statement. In fact, it is false ipso facto.
- tekkk 8y ago
  It's quite silly to say something is false without providing a logical reasoning. And what is false about that statement, that it will absolutely not hold its value? Sure, but it wasn't my main point.
C1sc0cat 8y ago
Not always plenty of rich Boxers, Sports stars have lost vast amounts of money and ended up destitute.

jamesb93 8y ago

Ponies are not a fungible currency that underpins almost all of our day-to-day lives.

Majestic121 8y ago

If he's into ponies, yes, but most people don't care and would rather do something else. In this case, selling the ponies and do something they like with the money. Or selling some ponies, and pay someone to take care of the rest and make them reproduce/sell them, so that you can live with the pony-benefits. It might not be optimal pony-wise, but it definitely makes more sense life-wise.

maxerickson 8y ago

That's for the part where they need a hobby.