Quantcast
WWBD? come into alot of money.... - Beyond.ca - Car Forums
Page 1 of 5 1 2 ... LastLast
Results 1 to 20 of 94

Thread: WWBD? come into alot of money....

  1. #1
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default WWBD? come into alot of money....

    So, a very good friend of mine is coming into a 7 figure inheritance. He has never had money in his life. Everything he has, was bought by dad or from his dad's pension after he passed.

    We've had alot of convos about what he is going to do with the money, ill keep my thoughts to myself on what I think.

    But, he is thinking he will pay off his house. Now he just refinanced for another 5 years just a couple of months ago. For you guys that seem to be good with their money, just wondering if this is something you would do in this situation and, if so/not, why?

  2. #2
    Join Date
    Jun 2009
    Location
    Calgary
    My Ride
    X5D, Fiesta ST
    Posts
    7,542
    Rep Power
    56

    Default

    I would tell him to put it in a trust and live life/make payments based on that since he likely doesn’t know how to take care of money.

  3. #3
    Join Date
    Jan 2008
    Location
    Upstairs
    My Ride
    Natural Gas.
    Posts
    13,332
    Rep Power
    100

    Default

    He single? He want a spouse? I'm available, or I coukd be.

    No but seriously, he should do everything he can to keep it out of his hands day to day. He should make a promise to himself to not invest in anything for 12 months. Paying off current debts is a reasonable and conservative option. If the bulk of the money sits for a year, it's not hurting him.
    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  4. #4
    Join Date
    Jan 2004
    Location
    Calgary, Alberta
    My Ride
    Bicycle
    Posts
    9,271
    Rep Power
    49

    Default

    GME and yolo.

    It's hard to say but there are a lot of variables like his earning power, age, retirement horizon and risk tolerance.

    And 7 digits means $1M or $7.2M? All that may have difference strats.

    If he is conservative, clear all debt from highest to lowest interest, dump as much to fill out RRSP/TFSA room to get into shelter 1st.

    On the other end, debt is cheap, get into crypto or stonks.

    He has never had money in his life
    Given 70% lottery winners lost it all, he is primed to be part of that stat. He better start learning how to manage wealth.

  5. #5
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    ute
    Posts
    4,937
    Rep Power
    100

    Default


  6. #6
    Join Date
    Jan 2008
    Location
    Upstairs
    My Ride
    Natural Gas.
    Posts
    13,332
    Rep Power
    100

    Default

    I'm better off than a lot of people, and between paying off my mortgage, then TFSA, RRSP, RESP etc, I could use up the majority of a million bucks without even buying myself anything.
    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  7. #7
    Join Date
    May 2006
    Location
    calgary ab
    My Ride
    4x4
    Posts
    2,396
    Rep Power
    24

    Default

    I'd convince myself I'm terrible money manager and find someone trustworthy to manage it for me. I'd make a trust fund for myself so I can't spend it on land in strathmore etc

  8. #8
    Join Date
    Oct 2006
    Location
    Parked in Baygirl's garage.
    My Ride
    '21 F150 PowerBoost
    Posts
    4,592
    Rep Power
    29

    Default

    Quote Originally Posted by Twin_Cam_Turbo View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I would tell him to put it in a trust and live life/make payments based on that since he likely doesn’t know how to take care of money.
    This man knows what's up.

    Done properly, in a low risk investment trust that pays him a montly allowance for the rest of his life. Perfect thing to do.

    I would advise to NOT pay off the mortgage though, as that extra money in the investment portfolio would likely earn more than the interest amounts from the mortgage.
    Boosted life tip #329
    Girlfriends cost money
    Turbos cost money
    Both make whining noises
    Make the smart choice.

    Originally posted by Mibz
    Always a fucking awful experience seeing spikers. Extra awful when he laps me.

  9. #9
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    9,598
    Rep Power
    100

    Default

    Leave Calgary
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  10. #10
    Join Date
    Oct 2003
    Location
    Calgary
    My Ride
    ute
    Posts
    4,937
    Rep Power
    100

    Default

    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Leave Calgary
    ... And leave your wife behind.

  11. #11
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    9,598
    Rep Power
    100

    Default

    Quote Originally Posted by Buster View Post
    This quote is hidden because you are ignoring this member. Show Quote
    ... And leave your wife behind.
    Now that sounds expensive
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  12. #12
    Join Date
    May 2009
    Location
    Medicine Hat AB
    My Ride
    General Motors Competizione
    Posts
    1,460
    Rep Power
    100

    Default

    I'd pay off my mortgage, and then who gives a shit if I lose the rest because I won't owe anybody anything.

    I daydream now about things I can't afford. If I had money, and invested it and made more money, I'd just be daydreaming about more expensive things I can't afford. I wouldn't be any further ahead.

    Alternatively, a fun answer: I'd spend whatever it took to fuck Lexi Belle. Then the mortgage, then waste the rest.
    Last edited by SKR; 05-06-2021 at 07:50 PM.
    2007 GMC 2500 Duramax
    1981 GMC C1500 454

  13. #13
    Join Date
    May 2006
    Location
    Only 15min from Aspen!
    My Ride
    Nothing interesting anymore
    Posts
    8,406
    Rep Power
    100

    Default

    Coke and hookers
    Quote Originally Posted by DonJuan View Post
    This quote is hidden because you are ignoring this member. Show Quote
    Came back to ogle 2Legit2Quit wife's buns...
    Quote Originally Posted by Kloubek View Post
    This quote is hidden because you are ignoring this member. Show Quote
    They're certainly big, but I don't know if they are the BEST I've tasted.

  14. #14
    Join Date
    Jan 2008
    Location
    Upstairs
    My Ride
    Natural Gas.
    Posts
    13,332
    Rep Power
    100

    Default

    Theres the rigger legend of the dude who won the lottery, spent it all on cocaine and used it all without paying off truck loan or mortgage.

    So paying off your debts is not the worst idea.
    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  15. #15
    Join Date
    Dec 2008
    Location
    Calgary
    Posts
    264
    Rep Power
    18

    Default

    I love how you guys give advice based on little to no info lol.

    How old is he, what does he do for a living (if he works), wife/kids, businesses, etc.

    His life stage should dictate his investment decisions.
    Originally posted by beyond_ban
    Yo Kanye, ima let you finish, but 50 Cent had the best concert cancellation of all time.

  16. #16
    Join Date
    Jan 2008
    Location
    Upstairs
    My Ride
    Natural Gas.
    Posts
    13,332
    Rep Power
    100

    Default

    Quote Originally Posted by Power_Of_Rotary View Post
    This quote is hidden because you are ignoring this member. Show Quote
    I love how you guys give advice based on little to no info lol.

    How old is he, what does he do for a living (if he works), wife/kids, businesses, etc.

    His life stage should dictate his investment decisions.
    I think we are responding appropriately to the posted question.
    Quote Originally Posted by killramos View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  17. #17
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Alright, most of the answers are not answers at all lol so let me ask again with more info. He is married with 1 kid, and they both work.

    With the low interest rate and an already locked in mortgage of 2.1% for 5 years, would you really pay your mortgage off, or invest for the term of that mortgage and see where interest rates are in 5 years and decide then?

    In this market, I wouldn't think paying off the mortgage right now is the best financial decision, is it?

    Fir reference, let's say it's 1.5mm and the mortgage is 350k.

  18. #18
    Join Date
    Jul 2010
    Location
    Homeless
    My Ride
    Blue Dabadee
    Posts
    9,598
    Rep Power
    100

    Default

    You asked WWBD. Beyond told you what they would do.

    The correct answer is invest in a well diversified portfolio commensurate with his risk tolerance. If his risk tolerance is extremely low, then throwing some money against the house isn’t a terrible investment. Very few people have the discipline to actually do any of this, for someone financially illiterate I think there is an argument to be made that just paying off the house is the smartest thing he can do and potentially a good decision in “portfolio diversification”

    What’s actually going to happen? Something closer to a new Denali and a super air nautique or maybe a pavati is my guess.
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
    This quote is hidden because you are ignoring this member. Show Quote

    guessing who I might be, psychologizing me with your non existent degree.

  19. #19
    Join Date
    May 2002
    Location
    Calgary, Alberta
    My Ride
    (maah raahde)
    Posts
    5,799
    Rep Power
    44

    Default

    You know what I would do if I had a million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

    Or two chicks at the same time, man.

  20. #20
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Quote Originally Posted by D'z Nutz View Post
    This quote is hidden because you are ignoring this member. Show Quote
    You know what I would do if I had a million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...

    Or two chicks at the same time, man.
    Lol well played!

Page 1 of 5 1 2 ... LastLast

Similar Threads

  1. WWBD...handicap spots

    By 03ozwhip in forum Society / Law / Current Events / Politics
    Replies: 42
    Latest Threads: 02-02-2021, 05:35 PM
  2. WWBD (What Would Beyond Do?) - Garage Sizing

    By prae in forum Home and Garden
    Replies: 11
    Latest Threads: 01-31-2021, 01:38 PM
  3. WWBD? (what would Beyond do?)

    By spikerS in forum Society / Law / Current Events / Politics
    Replies: 55
    Latest Threads: 12-14-2010, 04:06 PM
  4. May 27 - Charity Car Wash - Come One! Come All!

    By robpark in forum Events and Meets
    Replies: 20
    Latest Threads: 05-30-2006, 12:48 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •