You REALLY need to read this, most famous advice I know of on the subject:
https://www.reddit.com/r/AskReddit/comments/24vo34/comment/chb38xf/
Thanks for sharing this, ended up reading the whole thing wow lol. Fingers crossed that someday the advice can be used by someone (re: hopefully/not hopefully me) who’s read this…
I always read that when it’s linked. It’s absolutely genius and really helpful advice I’ll never need
Can I have $1?
I would look into the people who win the lotto and make sure you learn from their mistakes
In the Star Trek Deep Space Nine episode “In the pale moonlight”, do you think Captain Sisko was justified in attacking Garak for his role in the assassination of the Romulan Ambassador, considering Sisko not only new the lengths Garak would go from his time in the obsidian order and the fact Sisko told Garak to “just get it done”, even though it was the turning point to defeating the dominion and saving the alpha quadrant?
Don’t forget to support FOSS software you’re using, including lemmy & your home instance
Hi Mari
Congratulations on graduating soon! I’m also sorry for your loss I know loosing my grand father was tough and I can only imagine the wedge his will has created between you and your family.
We’re not well equipped to make decisions of that magnitude at 18 and many of us don’t develop the skills to make them later in life 😅
How you really doing?
DMs are always open if you have any questions you’d rather bounce of a stranger :)
I’m okay. A little stressed. Everyone has an idea of what I should do with it all and they’re all different ideas. So just trying to sift through all that and decide what I want. But really more than anything just ready to graduate
How much cheese do you intend to buy? Will you use very expensive cheese for grilled cheese? If you had to pick three cheeses to invest in, which ones would you go for? Sorry for all the financial questions.
I’m a cheese fiend, so if there’s a Cheese shortage in the bendy month you know that was me
Can you give me some money?
I can try
That is nice of you.
Here’s hoping you get some money!
Hello sir or madame I have a crypto project you might be interested in!
Get ready for alot of that.
How much do you plan to use to help people? You know, the homeless, hungry, uninsured, debt-hell suffering people who just want to live their fucking lives but can’t because we live in a capitalist hell?
I honestly don’t have a plan. Of course I’d love to say “I’m only taking what I need to live and giving the rest to charity” but until I do that it’s not true and I’ve just been trying to finish school and haven’t put near as much planning into this as I probably should have
I’ve thought about this quite a bit and should I come into a windfall of money I would put most of the money in a trust that only pays me a set amount for living and maybe other distributions for family or charity. But I have yet to have this problem so it’s all a head experiment for me.
If you’re open for suggestions: Buy several flats that you can rent out at maintenance cost to people that need it (+ a small premium so that you have an income to live off). You can target students or other people that need a temporary home.
If you are a dollar multi-millionaire, you should be able to afford maybe 10-20 small flats, if you take an annual premium of 5k per year that gives you an income of 50-100k, and likely still lets you rent out cheap. If you prefer to not spend all your time managing rental properties, and to have normal job instead, you can hire someone to manage the rentals and bake the price of that into maintenance costs, while you live off your ordinary income.
Alternatively, I’ve heard of a “rent-to-own” type deal, where people pay maintenance cost + some sum each month, and they own the apartment once the total payment equals the price of the apartment (obviously, percentage ownership increases gradually throughout the down-payment time). It’s a deal designed to help people that struggle to get a loan into the housing market.
To summarise: With enough starting capital, you can essentially start a self sustaining non-profit that rents out flats to people at maintenance cost. If you have enough flats and take a small premium from each flat, you can even make enough money from that to buy more and help more people. By giving people cheap and secure housing you can change lives.
If you are a dollar multi-millionaire, you should be able to afford maybe 10-20 small flats
Hahahaha~hahaha sendhelp~
Edit: I kept reading. It’s 25mil, so that’s actually a reasonable estimate.
I made the quick estimate that you can get a small flat (i.e. one- or two-rooms) for something like 300k-600k (completely depending on location of course). 10-20 of those should then cost somewhere from 3-12 million USD. I would say that assuming “multi-millionaire” puts you somewhere in that range is reasonable.
English isn’t my first language though, maybe “flat” is the wrong word when I’m thinking of a one-room or two-room apartment that’s about 30 m^2 (325 sq. ft.)? Is that what you would call a studio apartment?
Good luck! I’ve heard one should get a good financial planner and shit for that.
Or just chuck a large amount into some savings thing regardless. I’ve known of those even with financial planners to have it all go horribly wrong.
That sounds like it could really complicate dating because you wouldn’t know if they were with you for you or for the money.
Uh, that’s not a question.
How are you doing?
Good, but overwhelmed. It all caused drama when he first passed and we read his will. Then it settled but now that I’m about to graduate people are getting angry again
I imagine that kind of money could really tear a family apart. It’s ridiculous really what it turns people into.
I hope things go well for you.
Congrats, how old are you? How will this money change the way you live your life?
I am 18, and this means I’ll probably never have to worry about finances in the future. So hopefully that means I can pursue passions and not have to worry about work
Firstly, fuck you.
Secondly, depending how multi we’re talking about on the millions, it might not be enough to just live life however you want. Look up the 4% rule and FIRE (Financially Independent, Retired Early) to really work out the maths of it all.
Secondly, while it’s tempting to jump into abandoned hedonism and drink away the years, I’d strongly argue for still finishing your studies and then working. But you get to only work for things you want to do, not have to.
Either start your own things or join others, maybe NGO work, maybe something manual and small, maybe art, whatever floats your boat.
I recommend you put it away and pretend it doesnt exist for a minimum of 10 years.
You might have a concept of how lucky you are, but you’ll never truly understand without having worked away years of your life first.
Hopefully you can understand why some people close to you are upset. It’s a raw deal busting your ass in a 9-5 your entire life then seeing someone inherit millions when they turn 18. You didn’t earn it, and as long as you know that, you can probably avoid becoming an asshole.
I don’t even know you and I hate your guts. But at the same time, I would love to be in your place. So I also don’t hate you. If I was in the family and watched this happen to you, I’d probably just hate you.
I get it. I have no argument why I deserved it.
Mate, living the dream!
What’s your favourite dinosaur?
Raptors
Oooooh fiesty
Congratulations. Hope you have a great life!
Get external financial advice. Pay for it. It’s easy to piss away what seem like vast amounts of money.
