I 100% agree and think my basic plan would have me donating nearly half a billion dollars over the next 30 years. After conversations with my partner, our plan would be closer to $40M off the top:
$10M for us to live on forever
another $10M for us to purchase real estate in the places we want to live
$10M trust for my extended family
$10M trust for her extended family
The rest goes towards charitable giving over the long-haul. The extended family trusts would be invested similarly with the idea that we could help pay for college and any medical things that come up.
To some other posters’ concerns, I can definitely see how like this would become a headache to manage but is it more or less of a headache than working a standard job that you may or may not like?
This is one of those things where it seems like it would be easy to say, but maybe harder in practice with daily swongs of millions of dollars. I’d like to think I could do it though.
Doesn’t it stand to reason that degenerate gamblers are more likely to win the lottery then not degenerate gamblers? And as a follow-up, doesn’t it also stand to reason that degenerate gamblers will generally stay degenerate gamblers?
Should be fine unless they are illegally mixing customers holdings with operating cash. Tons of brokerages go bankrupt and everybody remains whole.
Edit: maybe not tons so a better way of saying it is that most brokerages that go bankrupt don’t fuck their customers because they have been properly segregating accounts.
Putting that kind of money into regular investment vehicles is a bad idea. That much money opens up whole other opportunities with much better average returns.
Ha ha maybe ZZ is right and you guys will waste your lives managing the new money. Not me! Brokerages are “good enough”. I don’t need any fancy play if I have a cool billion.
It’s not just the extra work of estate planning and taxes. Once you have hundreds of millions you’re going to have every single person you’ve ever known and plenty you don’t constantly trying to get in touch with you. Even if you tell them all to fuck off, you’re going to spending a lot of time doing that. Want to hire somebody to tell them to fuck off for you? Now you have to manage that person. You want to escape to one of your properties to get away from it all? Somebody needs to manage it while you’re not there, and somebody needs to manage your primary home while you’re away. Want to hire somebody to take care of all that? Now you need to manage them as well.
I don’t have a great feeling for how much security you need once you’re worth hundreds of millions, but I bet it’s a whole lot more than none. You don’t really have true privacy anymore because you constantly have security around. Do you have kids? Holy shit, imagine how much you’re going to worry about them getting kidnapped. Now they need security too. I bet that’s a fucked up way to grow up.
Do you have a spouse? What are they thinking, now that you have a 9 figure net worth? Don’t currently have a significant other? Good luck ever finding one you can truly trust. Good luck ever having a relationship with anybody that isn’t tainted by your wealth, except maybe with other really rich people, and they’re all assholes.
I wouldn’t want any of that. Not even for one second.