Counterpoint:
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what angle? being poor? i know lots of people here have been poor. maybe not more than your typical subsection of the internet.
for the most part we are insanely privileged though, like, I had to catch myself multiple times this week complaining about how I was having to check price labels for the first time in a while at target because of inflation and some questionable financial decisions. i’m barely 5 years removed from a reality where my bank account balance was a factor in every single decision throughout my day, and I’m already this spoiled. money does shit things to people and i dont even have that much on an absolute scale.
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Me from 10-20 years ago would say “yes”. However current day me would probably set aside something like $10M for myself to live on in perpetuity.
The remaining I would invest in some index funds and setup a charitable-like organization that distributes ~4-5% (should be north of $16M) of the funds yearly. The idea here is that it is invested so it will gain interest, but with a withdrawal rate that low the money could last for a very, very long time (maybe even forever) given most market conditions. I’m not really sure how I would determine to give how much to whom, but that almost sounds like a full-time job for myself in the future to figure that out. This is more of an alternative way to burn $20 rather than a serious thought experiment, so I haven’t fully considered the options.
The idea that money doesn’t equal happiness.
They also show that all the way up the income ladder people usually say that doubling their income will solve their financial needs
Oh, I’d set aside a little bit for the Unstuck Politics Super PAC as well. Just imagine all the RFCs we would make to determine how to distribute it!
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To quote,someone, “People who say money can’t buy happiness don’t have any.”
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For most people here, the pathway to $1-10ish million and the pathway too hundreds of millions is basically the same: a big lucky score on the lottery or the like. We can be pedantic that the odds of winning 5 million in a lottery are probably better than those of winning $700 million, but that’s not really a reason to look down on people buying a lottery ticket.
I don’t care if people buy lottery tickets. If anything, it benefits me by keeping taxes a bit lower. But I do find it weird how quickly people will defend the idea that more money is always better. Especially when it is so at odds with how we usually discuss wealth around here.
Just send 8900 women to the Main Event.
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I’m taking the annuity every time. Fuck trying to manage that shit yourself and all the stress that comes with that.
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Nobody would see how they could use the money to help people and make a positive impact on the world? I’m not saying I’m a saint, but doing good deeds is fun as shit. I’d have sweet houses in different places all over the world, don’t get me wrong, but I would definitely do some awesome philanthropic stuff too.
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I can’t really blame a bunch of former poker players for doing EV calculations, no. And if you’re right, that a few million is optimal, that’s a solvable problem when you have $800 million.
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If I win the lottery, I’ve got an enemies list that needs taking care of.
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?
I would do the same thing I do now: stick roughly 58 percent in stocks, 40 percent in bonds, and a couple of percent in crypto. Check my balances once per month or so and enjoy.
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Hey man, I think your poker posts are wonderful and my comment a couple days ago was tongue in cheek and not indicative of how I actually feel.
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Can’t see winning the lotto and putting the funds into equities. Gotta let that ride imo. Maybe take out 4 bucks to lock up a profit and put the rest into scatchers. My favorite is Monopoloy Madness
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It’s 45MM a year on the annuity. Does that make it any easier?
This is very sensible and everything but when you have a lot of money you do get sucked into some extra “work” managing stuff like taxes and estate planning. Of course if you had millions and millions of dollars you’d want to outsource this as much as possible, but you also don’t want it completely fucked up by incompetent professionals and you also need to spend time making sure you’re getting trustworthy advice. I agree that you definitely wouldn’t spend “all your time managing your wealth” but there is a more pressure to spend time on protecting your wealth when you have a lot of it, which is kind of ironic.
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