If you had $10 Million...

Stealing this topic from one of the Wizard's posts:

If you had $10 million in cash...

1. Where would you live?

2. What would your home be like?

3. What would your lifestyle be like?

4. How big would your gambling budget be? And what would your average bet be?

For the sake of arguement, let's assume that you are earning $1,000,000 per year in addition to the $10 million you have for lifestyle upkeep (since I know someone would ask this) or about $700,000 a year after taxes.

Edited to clarify money.

So the $10MM is spread out as $1MM annual payments over 10 years? Or you have $10MM in the bank, and an annual income of $1MM?

Or is the $1m a rate of return that will go down if I spend principal?

I'll rephrase this as $10 million in the bank with $1million earned per year.

Quote: gambler

If you had $10 million...

1. Where would you live?

Legally in some small island in the Caribbean or the North Sea or some other tax heaven. Actually very likely in Vegas or elsewhere in Nevada. Unless I found a forested land with a secluded and clean lake.

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2. What would your home be like?

Small, likely two stories with one guest bedroom and a large pool.

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3. What would your lifestyle be like?

I'd take it easy and write. from time to time I'd play at the casinos

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4. How big would your gambling budget be? And what would your average bet be?

Not very big. I guess I'd play larger bets, say around $100 or $200 a hand. I'd hit the high limit VP, too. Having that much money gambling would be more for fun than it already is.

Quote:

For the sake of arguement, let's assume that you are earning $1,000,000 per year (since I know someone would ask this) or about $700,000 a year after taxes.

See point one about where I'd live.

But for the sake of completeness, I'll rehash Asimov's answer to "what would you do with one billion dollars?" The Good Doctor said he'd give the whole thing to the government, on the condition they considered all his taxes paid for life and never bother him again.

The North Sea? Are you kidding?

Quote: Alan

The North Sea? Are you kidding?

I've never been big on European geography. Maybe I meant the Irish Sea or the English Channel. There are a bunch of tiny tax heavens there. It's not as if I'll ever set foot there, just use it as a legal residence.

Quote: Nareed

I've never been big on European geography. Maybe I meant the Irish Sea or the English Channel. There are a bunch of tiny tax heavens there. It's not as if I'll ever set foot there, just use it as a legal residence.

Careful about that Isle of Man ... they publicly flog drunks there! Particularly tourists.

1. - Still in WNY, and damn the taxes.

2. - The same simple house I have, but set in the middle of 200-300 acres of NY's old growth forests. Fresh air, peace and quiet, beautiful scenery. Somewhere away from the limits of society, where I could walk straight from the shower to the back yard on a hot summer night or shoot propane tanks with tracer rounds without getting hasseled. Dig out and dam a creek for my own boggy, swampy, bug-frog-and-snake infested bass pond. Cut miles of 4wheeler trails through the woods. And probably wear in a .5 mile dirt track until I my investments pay off enough for a paved road course ;).

3. Pretty much exactly the same, except a reciprocal of my current 12:1 work to activity ratio. "Work" can be replaced with "philanthropy". I often fantasize of hitting the numbers and being able to bulldoze some rotten areas of my town for green space, youth centers and active places. Factory demolition site? POOF! Skate park. Rundown mill? POOF! Hockey rink. My new 300 acres? POOF! Summer camp. 80acre sawgrass field owned by the town? POOF! Soccer/football/baseball/lacrosse compound. Something for the kids to do other than sit under the bridge in a haze of chemicals.

4. Just big enough to take in a WovCon or WovCon East. Table mins with a random "macho bet" of max on Banker.

Quote: gambler

Stealing this topic from one of the Wizard's posts:

If you had $10 million in cash...

1. Where would you live?

I would actually move back closer to the Midwest and my family. I live in Ohio now for work and really miss the lifestyle of Kansas City, St Louis, or Chicago. I thought about this a lot at work after lunch, and it would definitely be one of those cities.

Quote: gambler

2. What would your home be like?

I was debating between a 3 and 4 bedroom home, but settled on 4-bedroom, 3 baths, with one giant one in the Master suite with a jacuuzi tub. I'd also have an indoor hot tub with a nice game den for poker games.

Quote: gambler

3. What would your lifestyle be like?

I would probably play poker more, but I would maintain a part-time job in sales of some sort. I like the interaction and the challenge of selling things is always fun.

I decided early on that I would hire a full-time chef though. 2 meals a day, breakfast or lunch and dinner, 5 days a week. I would make the position with a salary of about $30,000 a year. Since I currently live alone, this would be a very easy task, although I'd make them responsible for grocery shopping as well. I'd also hire a personal trainer part-time, and probably have some surgery.

I would drive a nice car, but not too nice. I'm not one for a ton of extra features, though I'd have a car with a video for my niece.

Quote: gambler

4. How big would your gambling budget be? And what would your average bet be?

I'd probably have a gambling budget of $200,000. I'd plan for a trip a month (the chef would be off). Probably a half dozen to Tunica, MS, 3-4 to Vegas, and 1-2 to Atlantic City. At some point, I'd hit up random markets via car/plane (like Oklahoma or Arizona), and a trip to Macau would be in order.

I'd play high-limit BJ, 100-200 a hand. For poker, I'd probably start at 2-5 NL Hold Em, but move up as my skills improve. Again, I would like to make that a full-time job, so I guess I'd have to get to the higher stakes eventually.

I think that with the improvements in a home and my looks (thanks, personal trainer!) I'd be able to land myself a partner in no time. Then I'd have somebody to take the trips with.

Quote: Tiltpoul

I'd probably have a gambling budget of $200,000. I'd plan for a trip a month (the chef would be off). Probably a half dozen to Tunica, MS, 3-4 to Vegas, and 1-2 to Atlantic City. At some point, I'd hit up random markets via car/plane (like Oklahoma or Arizona), and a trip to Macau would be in order.

With an annual dividend income of $700k after taxes, putting 28% of it on the line each year is pretty serious action.


I don't think $10 million is enough to quit working these days. 10 yr Treasury Bonds were yielding 1.7% today. I think you'd have to dip into principal to maintain a jetsetter's lifestyle. Annual property tax on your $10 million oceanview home would be $300,000. Ouch!

Quote: gambler

like?

3. What would your lifestyle be like?

I think I'd do nothing and see if it is everything I imagine it can be.

I would probable move to the Isle of Mann, but you could look for me at the Keeneland Thoroughbred sales !

I buy a couple rooms at Binions and make a suite
and live there. I'd make them an offer they can't
refuse.

Quote: AZDuffman

I think I'd do nothing and see if it is everything I imagine it can be.

Doing nothing is absolutely terrible. People need a purpose, which is why I suppose so many retirees end up getting a job within a few months of calling it quits. Even with millions and no worries, I doubt the average person could make it a month. I'd give you 4 days.

Quote: Face

Doing nothing is absolutely terrible. People need a purpose, which is why I suppose so many retirees end up getting a job within a few months of calling it quits. Even with millions and no worries, I doubt the average person could make it a month. I'd give you 4 days.

You missed the reference. "Office Space."

Quote: AZDuffman

You missed the reference. "Office Space."

Bah. I'll voluntarily remove my talking privileges. 2 minutes for missing a classic.

Quote: Face

Bah. I'll voluntarily remove my talking privileges. 2 minutes for missing a classic.

I know a couple who won 4mil in the lottery
20 years ago. They immediately quit their jobs
and started living a 10mil lifestyle. They lasted
4 years before their creditors had the sheriff evict
them from their mansion so it could be sold to
pay their bills. The man barricaded himself
in the house with a shotgun and it took state
police 3 days to get him out. They had run out of
money after 3 years and lived on credit cards
till the end.

Quote: EvenBob

I know a couple who won 4mil in the lottery
20 years ago. They immediately quit their jobs
and started living a 10mil lifestyle. They lasted
4 years before their creditors had the sheriff evict
them from their mansion so it could be sold to
pay their bills. The man barricaded himself
in the house with a shotgun and it took state
police 3 days to get him out. They had run out of
money after 3 years and lived on credit cards
till the end.

I see those stories on the TV and couldn't imagine. Even with my relatively simple life style I wouldn't quit working and gamble with $4mm lasting me a lifetime. And even with $100mm, going from some backwoods redneck to jet-setting playboy? Not bloody likely.

Quote: Ayecarumba

With an annual dividend income of $700k after taxes, putting 28% of it on the line each year is pretty serious action.


I don't think $10 million is enough to quit working these days. 10 yr Treasury Bonds were yielding 1.7% today. I think you'd have to dip into principal to maintain a jetsetter's lifestyle. Annual property tax on your $10 million oceanview home would be $300,000. Ouch!

The ten million nest egg and 700k a year income would do you alright.

I'd buy a small property close to downtown where I live. Buy out my favorite shop, and start developing my own business with a couple of very talented friends who need an investor and project manager.

I'd probably make a couple of trips to Vegas each year and give green chip action rather than red chip, as that'd let me play at most casinos, at most tables. I see no reason to give higher action than necessary, not when I have no special advantage, and it's the mechanics of gambling that interest and entertain me rather than winning or losing large amounts of cash.

Quote: AZDuffman

You missed the reference. "Office Space."

Michael Bolton: Peter, you're in deep shit. You were supposed to come in on Saturday. What were you doing?
Peter Gibbons: Michael, I did nothing. I did absolutely nothing, and it was everything that I thought it could be.

Quote: EvenBob

I know a couple who won 4mil in the lottery
20 years ago. They immediately quit their jobs
and started living a 10mil lifestyle. They lasted
4 years before their creditors had the sheriff evict
them from their mansion so it could be sold to
pay their bills. The man barricaded himself
in the house with a shotgun and it took state
police 3 days to get him out. They had run out of
money after 3 years and lived on credit cards
till the end.

This stuff happens on all kinds of levels, people without money seem to think "the rich" work in some office where people bring in a wheelbarrow full of $20s and $100s a few times a day out of nothing like clocckwork. They never learned how to budget $25,000 a year so why learn to budget a $4MM windfall?

When I was doing taxes I saw this all the time. People making $21K would get a check for $5K due to EIC refund. Remember, that is a check for $5K total no taxes! A normal person would put aside a few months rent, maybe save and invest the checks a few years to work towards getting a house (which you could for $60K or less in the same neighborhood at the time) or something else. Nope, rarely did they do that. First, they pay $150+ to get their money the next day. Then they pay $15+ to cash the check at the check cashing place down the street since they don't use a bank, even after we set up the mortgage meltdown forcing banks to lend in the neighborhood regardless of ability to pay. Then they call the furnitire rental place and load up the house. A normal person would buy the furnitre, but you can rent more furniture than you can buy if you do not care about losing it by summer. The next year the cycle continued.

One guy at my day job got those refunds, took a big vacation with his family yearly. Hawaii, etc. Lives hand to mouth, but for a week a year lives upper-middle class all the way. Showed me the danger of unearned income.