What Would You do With $10 Million?

pay for the kids' college, and then travel.

"Two chicks at the same time"

Pass $5M of the money over to the Brojos and take the headache of owning and running letsrun off their hands.

That is a great story, and an amazingly lucky guy.

First, I'd pay of my debts (mortgage, etc), and help my kids pay for school and get started. I'm a big believer in self-sufficiency, so I would do it in a way that encouraged them to work hard, such as matching investments or giving gifts to help them get started in a career (help them move to a new location, first few months rent, etc).

Second, I would consider retiring, or working reduced hours in either my current job or a job that I found more preferential. I would travel and purchase some "things" that I have wanted (car, bicycles, whatever, nothing extravagant).

I would potentially use some of it to help good friends out or to treat them to something, like a big paid-for trip or something.

I would donate some to charity, but I would be very selective in what charities I chose.

Finally, I would leave a significant amount (with interest due to smart investing) to my kids. It is not unlikely that I would set it up in such a way that they inherited even more than I had (given 20-40 years to compound interest).

Unlucky Bastard wrote:

Finally, I would leave a significant amount (with interest due to smart investing) to my kids. It is not unlikely that I would set it up in such a way that they inherited even more than I had (given 20-40 years to compound interest).

What is the best way of doing this without having the inheritors pay inheritance taxes? Also, if you want to leave a house behind. Can you do this in such a way that it could be passed down through generations?

What are the specifics of the inheritance tax when it comes back?

Unlucky Bastard wrote:

Finally, I would leave a significant amount (with interest due to smart investing) to my kids. It is not unlikely that I would set it up in such a way that they inherited even more than I had (given 20-40 years to compound interest).

This. My father had a good friend who inherited a sizeable fund (not $10M, but closer to $3-5) in his early 20s and spent nearly all of it immediately on cars, a house, pool, and unnecessary luxuries. Needless to say the money is all but gone now and his kids will likely share no benefit from the inheritance. In reality you could save 1/3 to 1/2 of the money, invest wisely, and have subsequent generations inherit the same or larger sums many times over simply with wise investments.

Why should you save money for future generations, if a potential result is that those you save it for will spend it all away?

I can think of lots wrote:

One of my friends, who is around 50 years old with 2 college-aged kids, just inherited about $10 million dollars (after taxes). He knew his parents were well off, but had no idea they had this much.

What would you do if you were just handed this kind of money? Quit your job? Travel all the time? Move to another country?

Flagpole, what would the appropriate plan in this situation.

Get a ranch someplace warmish and affordable, build a lodge style abode on it, with lots of large one room "residence inn" type apartments in it... and tell all my friends "you're retired if you want to be, your room is waiting."

Pool, spa, gym, putting and chipping range, Bob's your uncle, good times.

PS, doing two women at one time is free. I know. Several times.

...Well if you don't include the wine and fine foods costs.

[quote]Unlucky Bastard wrote:

That is a great story, and an amazingly lucky guy.

quote]

You do realize that his mom or dad must just have died, right? So, he may be lucky, but its not the most heartwarming story ever.

Personally, I would move from the northeast to the west coast, San Fran or Portland maybe. Then I would buy a ranch somewhere like Eastern Oregon.

Maybe I would keep an appartment in NYC to visit.

I guess the key is maintaining a nice sized principle that could be left to my kids.

Nothing. I'd pay any debts, mine and my father's, then invest the remaining amount. It would change too much to have anything I want on a whim. I'd prefer security in the future.

not spend any and just use the fact of beiing rich to get fish tacos

selfless generosity. I would invest/save half for my own loved ones so that they would have the chance to enjoy such a gift

squandering a fortune wrote:

Why should you save money for future generations, if a potential result is that those you save it for will spend it all away?

bruinboy wrote:

"Two chicks at the same time"

I bet w/ $10 million you could hook something like that up, too. Cause chicks dig a dude with money.

I would get a ranch someplace warm, not warmish.

Spend at least $6 to $7 million on helping people who need it.

Mr. Obvious wrote:

bruinboy wrote:

"Two chicks at the same time"

I bet w/ $10 million you could hook something like that up, too. Cause chicks dig a dude with money.

I'd do nothing. Well shit, My brother's broke, don't do shit

Surprisingly a number of you would apparently waste a part of the 10MM. The recipient mentioned in the original post is 50 which is certainly age at which capital preservation becomes paramount. I guess if you are young enough to fantasize about a night with two strippers it's a little different. Howver, if this any or any other substantial windfall should happen to you please take my advice and contact either of the two below:

https://www.renfund.com/

http://www.falconmgt.com/

Mr. Obvious wrote:

bruinboy wrote:

"Two chicks at the same time"

I bet w/ $10 million you could hook something like that up, too. Cause chicks dig a dude with money.

Not all chicks.

Peter Gibbons: What would you do if you had a million dollars?

Lawrence: I'll tell you what I'd do, man: two chicks at the same time, man.

Peter Gibbons: That's it? If you had a million dollars, you'd do two chicks at the same time?

Lawrence: Damn straight. I always wanted to do that, man. And I think if I were a millionaire I could hook that up, too; 'cause chicks dig dudes with money.

Peter Gibbons: Well, not all chicks.

Lawrence: Well, the type of chicks that'd double up on a dude like me do.

Peter Gibbons: Good point.