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

  1. #61
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    Quote Originally Posted by D'z Nutz View Post
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    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.
    Can't believe I missed this post originally. This is 100% the correct answer.

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    My advice -> Contact an accountant first. Figure out a tax plan based on their life situation and income for how they should invest things. Clear off his debts is a good deal first, then max out TFSA & RRSP into proper investment funds and not just a high interest savings account. Then take large chunks of it, say 50k amounts and invest it into a spread of GICs. 3 year, 5 year, 7 year, and 10 year. This will lock up the money so he can't touch so even if he blows a lot if it he'll get mini bursts of it down the road at various intervals. These amounts aren't meant to yield high investment returns but rather to protect the investments. He could also go through a trust lawyer instead and put the money into better investments but the key is to make sure the money is allocated in a way he can't just keep pulling it out on a whim.

    Then take a remaining chunk and enjoy life as he wants.

    If he's financially literate he could also pay off his whole house then pull a line of credit out against his house and then use that to reinvest the money as tax deductible (and keep a float separately invested in a lower risk security to cover any dips if the market tanks).
    Last edited by pheoxs; 05-07-2021 at 10:24 AM.

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    Quote Originally Posted by Manhattan View Post
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    Curious how the inheritance was taxed. Not a tax expert by any means but I believe there's no estate tax in Canada however he'd have to report that inheritance as income (deemed disposition) and taxed at his marginal tax rate which could eat up a big chunk at tax time. I'm really fun at parties.
    There’s no estate taxes but definitely deemed dispositions if there were any stocks in his estate. But that’s a problem that the executor of the estate has to worry about.

    The inheritance that OP’s buddy gets is not taxable as far as I’m aware.

  4. #64
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    Quote Originally Posted by 03ozwhip View Post
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    Lol I'll ask. I'm sure he'll say yes. But I do agree with your statement, the weight if that much debt off your shoulders has got to be huge.

    I was just thinking more long term, is it worth it to just pay off the mortgage with historically low interest rates or put it in somewhere to gain interest until the interest rates go up, then pay it off. I dunno. I guess it'll be a different answer from everyone.
    Thats a good question. Is it worth it? A lot of us don't have that choice. We have to pay the mortgage and even having home is a blessing.

    So Financial planning is not a bad thing. Write down between now and 77 some of the life events and maintenance items that will happen. Newer car, son going to university, House maintenance (i.e new roof, hot water tank, windows.), retirement, Midlife crisis, parents passing etc. Then structure the finances in such a way to achieve those goals or when those events happen they don't hit as hard. Its mostly a path into property or stocks. This takes a bit of work. But its a prudent way to do things.

    One factor that gets left out so often (I have noticed it a lot with former clients) and I can throw in my own experience.. is the value of 'now'. Its a equation that gets left out at times.
    Don't take the property and roof over your head for granted. Just don't. When I was saving for my place I almost had to sleep in the back of my CRV as I could not find a room to rent.
    Not only that, but before my sister died last November. We spent so much time planning for the future and helping her. We had no money and she was dead broke, single mother & two kids. So we were helping her and seeing her when we could(it was not often as she was in the UK). Its one of the reasons I took a small pay cut for my current job. It was stable for me, and stable enough that we could help her.
    I remember she would always go to Nandos because in terms of cost vs amount of food you get it was a good deal for her and the kids when going out. One of the last times I saw her alive was taking her and the kids out for lunch. I said they can order whatever they like. It was great spending time with them. She still kept picking the cheapest items, fighting with me when I paid.
    Just before she died, she got her degree and started her own business. She was doing well, I got to a place where I was financially stable. NOW We could focus on family time. But its too late. She's now gone. What was the point?
    Now dad passed away. We always used to say we would travel. But dad was always worried about my work. By the time we go to that place of stability, the pandemic happened and dads health declined.
    So what value is this money, financial planning when you don't have people to share it with or at least to have experiences with once you get there? I am glad over the last three years I just paid the high price of the flight tickets over Christmas. Looking back it was money well spent.

    Thats why I say get your buddy to pay off the mortgage. USE that opportunity to take the gas off working so hard and spend the time with his wife and son. Before his son hits 18, do all the experiences with him (travel, days out, rafting, random funny shit etc), he won't value it, but his son asure as hell will when he gets old. I and many other here on Beyond did not get that as our parents worked all the time.

    If your buddy focuses on whats important now. No amount of gains on VGRO, Crypto, or property will ever match the value and memories of spending time with his family and not having mental burden of a debit on his head. Nothing will come close to that.

    (FYI, I'd like a CRV comes in red. I like that colour.. )

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    I never knew a thread about coming into a pile of money could be so depressing.
    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
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    guessing who I might be, psychologizing me with your non existent degree.

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    I so OP, what did he do? It all spent yet?
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    I so OP, what did he do? It all spent yet?
    Yea! What color is the boat?
    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
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    guessing who I might be, psychologizing me with your non existent degree.

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    This one is subtle.
    Name:  pavati-wake-AL26-HERO-800x800.jpg
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    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    This one is subtle.
    Name:  pavati-wake-AL26-HERO-800x800.jpg
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    Told ya Pavati was an excellent option

    Is it even a wake boat if you don’t have bow thrusters?
    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
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    guessing who I might be, psychologizing me with your non existent degree.

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    The Malibu I borrow is so plebian.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by killramos View Post
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    I never knew a thread about coming into a pile of money could be so depressing.
    No shit. At $300/hour, on a million dollars you can fuck an escort every day for 9 years.

    "Invest in GRPCs and DVIDs." You fuckin nerds.
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    Quote Originally Posted by SKR View Post
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    No shit. At $300/hour, on a million dollars you can fuck an escort every day for 9 years.

    "Invest in GRPCs and DVIDs." You fuckin nerds.
    Is that the going rate? And what do you do for the other 48 minutes?
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    Quote Originally Posted by ExtraSlow View Post
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    Is that the going rate? And what do you do for the other 48 minutes?
    Cuddle
    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
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    guessing who I might be, psychologizing me with your non existent degree.

  14. #74
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    Quote Originally Posted by ExtraSlow View Post
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    Is that the going rate? And what do you do for the other 48 minutes?
    That's about it, $250-350 an hour. Just take your time and relax. Don't be one of those ham and eggers that book half hours.

    I do 2 hours but I'm travelling from out of town.
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    Quote Originally Posted by SKR View Post
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    That's about it, $250-350 an hour. Just take your time and relax. Don't be one of those ham and eggers that book half hours.

    I do 2 hours but I'm travelling from out of town.
    How much are the ones that don’t come with SKR sloppy seconds?

  16. #76
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    I don't know, try LeoList. Maybe you won't get robbed or caught in a police sting. I wouldn't go that route, but I guess there's a chance that there's a budget gem out there.
    2007 GMC 2500 Duramax
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    .
    Last edited by DustanS; 09-22-2022 at 11:03 AM.

  18. #78
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    i'd buy a condo complex or industrial bay complex, pay someone to manage it, and and live the life for the rest of my life.
    User title molested by Rage2.

    Quote Originally Posted by rage2 View Post
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    It's not the size that matters, it's the taste it leaves in your mouth.

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    I say stupid shit all the time.
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    No logic, thought, input, etc from cult member...

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    Where is Buster to mention his favourite asset class
    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
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by killramos View Post
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    Where is Buster to mention his favourite asset class
    Bicycles?
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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