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Old 11-04-2014, 01:47 PM
 
13,675 posts, read 13,496,882 times
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Quote:
Originally Posted by MckinneyOwnr View Post
With one million dollars, I'd be set for life. Whoever says that is not a lot of money is the type of person that would blow it and have nothing to show for it.

I make over $100k a year. After you factor in taxes, I make about $100k even. So $1mil represents 10 years of 6 figure income. That money would pay off my house, and all the money I pay in interest would now be going towards investments for me instead of my bank.

Sure, it's not enough to be able to quit my job, but that amount of money would put ANYONE living a decent middle class lifestyle well down the road to financial security.

As far as people changing... A person's financial situation can change, but that doesn't mean they necessarily do. There was a good article on this on CNN I think not too long ago... the writer talked to several people who had won the lottery, or had received a large inheritance. A lot of them mentioned that they got new friends and stopped hanging out with old friends. Not because they changed as people, but because their old friends couldn't afford to do the same things they wanted to do anymore, they had to make new friends who also had money to have fun with. That, or have to bankroll their old friends all the time. That's a surefire way to blow all your money quickly. Some people went crazy and spent and lost it all, while others were prudent and set budgets and limits, just on a higher scale than they had before. They still had their money.
You know, I think $1 million is basically just enough to "buy happiness."

I don't believe money CAN buy happiness, but I think many people who would otherwise be happy are stressed out by debt and concerns as to what disaster is going to happen next. $1 million is just what someone needs to start over debt free and bring themselves to a point in their life where they wouldn't have to worry about money ever again - if they spent it wisely.

I'm in a really good place, but I wouldn't sneeze at a million bucks. I'd pay off my house, car and credit cards. I'd pre-emptively fix some of the things in my house that are going to need fixing soon. I'd probably enter an MBA program. I'd build up my IRA and start a personal investment account consisting mainly of index funds. I'd set aside some money to help out my parents and some of my other family members.

And if I'm really being honest, I'd go on an insane book-buying spree.
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Old 11-04-2014, 02:21 PM
 
Location: East Coast of the United States
17,105 posts, read 19,432,373 times
Reputation: 12829
Becoming richer changes one's perspective on things. When I was 20 and had no money of my own, I used to think that going from Maryland to Texas was an impossibly long trip that I would never be able to take.

Now, I look back and smile at those thoughts.
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Old 11-04-2014, 02:23 PM
 
2,181 posts, read 2,131,364 times
Reputation: 3148
Quote:
Originally Posted by ovi8 View Post
a mil isn't a lot these days. I would pay off the mortgage, buy a $100k car (I like cars), and put the rest toward home renovations and savings (I don't gamble). Can't even buy a bigger house here nor do we have a need for one.
Why would you spend 100k on a car when you can get a 997 911s with low miles for 50k? Only fools buy sports cars off the showroom floor, might as well rip up 50 grand (or more).
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Old 11-04-2014, 02:37 PM
 
51,684 posts, read 41,621,215 times
Reputation: 32273
Quote:
Originally Posted by luckygirl15 View Post
I know someone who is about to inherit over 1 million dollars. A family member died and left her the money.

Is she going to change?

Have you ever known someone who won the lottery or inherited money?

What were they like after they got all their money?
Depends.

How old is she, what does she do for a living, is she responsible?

It wouldn't effect me at all, however my (late) relative came into a lot of money and blew through it all in just a couple years on motorcycles, tats and partying.

If she's a regular joe that is responsible and worked a steady job etc. you might see her get a new car and maybe move to a nicer house, vacations etc. but no major changes.

If she's a rarely employed party gal with a love for booze\drugs then you are about to see one heckuva bender ending in a couple years after she's spent it all.
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Old 11-04-2014, 03:15 PM
 
5,426 posts, read 2,896,792 times
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I don't always think the people change....I think friends change towards the person who has suddenly become rich.
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Old 11-04-2014, 04:11 PM
 
1,933 posts, read 1,325,160 times
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Like other posters have mentioned, it's more the family, friends, and acquaintances that change rather then the person who got rich.
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Old 11-04-2014, 04:19 PM
 
Location: Long Island
8,743 posts, read 12,128,889 times
Reputation: 5039
Quote:
Originally Posted by tofur View Post
Why would you spend 100k on a car when you can get a 997 911s with low miles for 50k? Only fools buy sports cars off the showroom floor, might as well rip up 50 grand (or more).
I am against spending anything over $10k of my hard-earned money on a USED anything (other than a house). That is why. Even if the money is inherited, it was somebody else's (whom I care for) hard-earned money. Principle.
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Old 11-04-2014, 04:56 PM
 
Location: Greenbelt, MD
8,934 posts, read 6,467,365 times
Reputation: 44212
Quote:
Originally Posted by MckinneyOwnr View Post
With one million dollars, I'd be set for life. Whoever says that is not a lot of money is the type of person that would blow it and have nothing to show for it.

I make over $100k a year. After you factor in taxes, I make about $100k even. So $1mil represents 10 years of 6 figure income. That money would pay off my house, and all the money I pay in interest would now be going towards investments for me instead of my bank.

Sure, it's not enough to be able to quit my job, but that amount of money would put ANYONE living a decent middle class lifestyle well down the road to financial security.

As far as people changing... A person's financial situation can change, but that doesn't mean they necessarily do. There was a good article on this on CNN I think not too long ago... the writer talked to several people who had won the lottery, or had received a large inheritance. A lot of them mentioned that they got new friends and stopped hanging out with old friends. Not because they changed as people, but because their old friends couldn't afford to do the same things they wanted to do anymore, they had to make new friends who also had money to have fun with. That, or have to bankroll their old friends all the time. That's a surefire way to blow all your money quickly. Some people went crazy and spent and lost it all, while others were prudent and set budgets and limits, just on a higher scale than they had before. They still had their money.
A classic example on how money can change people. He doesn't have to "bankroll his old friends all the time." That is just silly and a cop-out.

Nothing wrong with new friends but to blow your old ones off is wrong. Even at the million dollar level I guarantee that if I ever came into that kind of money my friends will share in it and I will continue to live a modest lifestyle. This cheap bastard can afford to treat his friends once in a while but chooses to step on them instead.
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Old 11-04-2014, 05:27 PM
 
822 posts, read 983,372 times
Reputation: 627
Antoine Walker Explains How He Lost $110 Million: Video - Bloomberg
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Old 11-04-2014, 06:23 PM
 
Location: Greenbelt, MD
8,934 posts, read 6,467,365 times
Reputation: 44212
Dumb.

Dude got what he asked for.

Even with all that money gone he currently has a lot more going for him than most people do.
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