ThrowHitJackpot

5 ms·

1.
by ThrowHitJackpot 7y ago
You raise a good point, I am wrong you are right. Of course the costs are on the entire principal, thank you for correcting me. Investing in PE/Hedge/VC again is not likely for me. So I agree, with an advisor at .35% and vanguar
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by ThrowHitJackpot 7y ago
3 Reasons: 1. The taxes wealthy people pay is both higher in amount and higher in percentage that non-wealthy folks. 2. The way the tax money is spent is inefficient 3. Because it is legal to minimize taxes, and to waste money is bad. Lots
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by ThrowHitJackpot 7y ago
Good point. However, as I understand it Vanguard's funds have < 0.2% management fee, so hopefully smaller than .35, e.g. https://investor.vanguard.com/etf/fees But you're right. If manager charges 0.5% a
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by ThrowHitJackpot 7y ago
At Buck's Restaurant in Woodside, CA there's a postcard on the wall (or there used to be) from a lady somewhere "else" who said since everyone there is wealthy - could they send her some money. Let me ask you, shifto, if
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by ThrowHitJackpot 7y ago
I love the Ember idea! Agree on the vig! If I'm making 5% and they get 2% well that's just not fair! Umbrella is looking good. Great input, thanks!
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by ThrowHitJackpot 7y ago
That's very kind of you to suggest it won't change me. I hope you're right and expect you are. Totally love the idea about buying time. Not entirely clear about what to buy access for, but I'll ponder that. Agree re: c
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by ThrowHitJackpot 7y ago
You seem to have it figured out- I'd love to talk with you privately. I like your point of view. One of my advisors said one of his clients spend $30k on an A/V room for playing video games. And although that seems excessive it&
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by ThrowHitJackpot 7y ago
1) Slowly makes sense but I need to diversify - which I probably will do more quickly than slowly. 2) I'm fairly literate financially but need more depth and breadth. 3) Revocable trust and wills are in the works. 4) Asked friends for
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by ThrowHitJackpot 7y ago
How has the real estate investment turned out?
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by ThrowHitJackpot 7y ago
How much of this did you follow when you made millions suddenly?
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by ThrowHitJackpot 7y ago
Wow that sounds super smart! Good for you!
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by ThrowHitJackpot 7y ago
I agree with you. I'm trying to decide how quickly to diversify, and also if I want to buy stock for LTCG (conclusion, I don't). Agree - 'life' money change to 'car' money is disheartening. Good perspective, t
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by ThrowHitJackpot 7y ago
I'm not the poster, but in my case, I don't plan to spend the Millions, I absolutely plan to work. You might have some folks working you worth >$20M if you work in Silicon Valley.
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by ThrowHitJackpot 7y ago
I did that too 15 years ago. I still have some of the 25 and 30 year MacAllan left :-) Agree with buying quality - sometimes spending 2-3 times as much lasts 5-10 times longer. Agree it's a lot of fun, but I've sowed those oats
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by ThrowHitJackpot 7y ago
agreed re keeping it is harder than making it. Made a fair bit in the past and didn't keep it. Agree re: insurance - raised umbrella to +$3M and car to $1M. Perhaps raise home though umbrella helps that? Agree re: tax optimizing. For
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by ThrowHitJackpot 7y ago
Betting on the come with all the winnings is dangerous. Sorry you lost things. Good to put some away for sure. Glad you are working on something you enjoy and have the level of control you're looking for!
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by ThrowHitJackpot 7y ago
great summary, thank you! That you ended up burning through it all is somewhat disheartening. Glad you had fun though!
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by ThrowHitJackpot 7y ago
I've read this before. And it's good, but it's more about what to do if you make >$100M. It strikes me as something somebody writes from hypothetical, not from experience.
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by ThrowHitJackpot 7y ago
agree. now that the pressure isn't there to get cash/retirement taken care of, it is a great idea to invest more time and energy into diet, exercise and health!
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by ThrowHitJackpot 7y ago
Very familiar w/ Bogleheads and agree that it's a great resource. Will check out the book. The advisor I'm looking at is 0.35%-0.7% depending on lots of things. Is that 'hefty?' The Bogleheads mentality is certai
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by ThrowHitJackpot 7y ago
Hey congrats and that's great! Appreciate your perspective and your perspective on how everyone wants to take your money. It's not the same thing, but there's an old essay from the 1920s or so - I can't find it - perha
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by ThrowHitJackpot 7y ago
Great comment. I anticipate I'll agree that nothing really changes and it doesn't make you happier. The literature says after you make $70-$120k/year it doesn't get much better. Joe Rogan says once you can buy a nice
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by ThrowHitJackpot 7y ago
I probably won't pay off the mortgage as the interest rate is 3% and I think I can probably get better return in the market. Startup is a neat idea. Agree re: banks/bonds. I like your approach - keep on doing what it means to be
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by ThrowHitJackpot 7y ago
Agree re restaurant = bad. Agree $5M isn't rich. But I make fairly good money and live in a moderate LCOL, so with good continual salary plus this (which is quite a bit more than $5M actually) it should be good. Agree trading a lot is
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by ThrowHitJackpot 7y ago
Agree re: put money away for taxes - I've made the mistake of not doing that in the past and it leads to more problems. As for conservative - general plan is to put enough money into 3-fund portfolio to be 'set for life' - th
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by ThrowHitJackpot 7y ago
Thank you! This is quite good detail. I especially appreciate that you told me what you did - versus what I should do :-) Insurance is maxed out. Agree that putting tax money in super safe savings method is good. Got an accountant, not s
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Ask HN: What did you do when you suddenly got rich?
248 points by ThrowHitJackpot 7y ago|183 comments