Today's Over/Under is 10Raz Over/Under is 13
Quote from: razgueado on October 11, 2023, 02:05:10 PMQuote from: LuvTooGolf on October 11, 2023, 01:31:52 PMQuote from: razgueado on October 11, 2023, 01:25:39 PMQuote from: A Friend of Charlie on October 11, 2023, 01:01:08 PMQuote from: razgueado on October 11, 2023, 12:50:48 PMMy wife's grandfather won a significant lottery prize at some point - we estimate it was probably about a million bucks - and nobody ever knew it until he was in hospice with dementia and his affairs had to be sorted. We couldn't even be sure when it happened, but it was sometime in the late 80's or early 90s. His second wife and her family ended up with most of the money that was left, because marriage. My mother-in-law and her sister got a few grand each. I don't know the details but by kids' first grade teacher won twice. Both significant amounts. Rumor had it that she eventually wound up declaring bankruptcy.The vast majority of lottery winners end up broke, because most people simply have no idea how to manage money or personal security. So they get that money in their grubby little hands as soon as possible, get their picture in the papers, maybe do the talk show circuit, make sure all their friends know about their good fortune, pay cash for the McMansion without thinking for a moment what the ongoing costs are, buy European sports cars without thinking about the ongoing costs, take their friends out for a good time, buy or invest in businesses they have no idea how to run, yadda, yadda, yadda. They don't understand cash flow, they don't understand liquidity, they don't understand taxation, and they don't understand Gordon Gekko's advice that "If you need a friend, buy a dog." They don't understand fiduciaries, so they get sketchy financial advisors who dollar them to death in batches of dozens of thousands of dollars. Or worse.I learned a lot when I got a significant legal settlement in 2016. But even so, I made mistakes that cost me nearly 15% of it - the same mistakes lottery winners usually make, like investing money with friends. I still have half the settlement invested properly, and have earned back via growth about 5% of what I wasted, so I'll give myself a solid C+, the plus because I learned the lessons.The lump sum on this lottery is going to be in excess of $600M. If you drop that into a savings account at current interest rates, it'll earn, what, $25M a year? That's an unimaginable sum of money in its own right. Most people have zero idea how to manage that. Try to do it in public, and you'll go insane.And even if you hire all the right people, a non-zero amount of your time will be spent wondering if they're trying to screw you anyways and relieve you of some of the money. Not that even a modest amount of loss of the figures we're talking would make a dent, but the mental strain would be taxing.That being said, I'm not gonna pretend I wouldn't like a shot at trying.Sure. But here's the paradox that must be kept in mind. The very thing that might make us able to manage that wealth effectively - namely the fact that we are mostly self-made men here who have had to figure out how to pay our own way in life and managed to get ourselves solidly into the upper-middle class - may be completely lost on our children if they know about the money. There's no way in hell I'm going to let my children entertain even the hopeful notion that they'll end up trust-fund babies. My wife and I know that our sons are going to get significant inheritances from her sister, one of my uncles and much farther down the road from my wealthy sister, and we aren't even telling them that. We're watching them very carefully to see if they have developed good financial habits. #1 son is doing pretty well, #2 son less so (he's carrying a credit card balance that we are trying to get him to liquidate) but still solidly out of irresponsible territory. My sister is the one person in whom who I might confide were I to win the lottery. She's a CPA, and solidly in "wealthy" territory. None of us know exactly what her net worth is, but a conservative estimate is somewhere north of $3M. But the thing that defines my clan is an inclination to hard work, and were I to come into big money, I'd be absolutely loathe to threaten that quality. You're right, that would certainly be something that would be difficult to navigate. Luckily, the odds of ever having to deal with that for any reason, lotto or otherwise, are probably pretty small.I'm not even buying a ticket for tonight. The wife is picking the kids up from school today and the youngest has a volleyball game tonight, so I won't be stopping anywhere to get one. Perhaps this weekend if it carries over again.
Quote from: LuvTooGolf on October 11, 2023, 01:31:52 PMQuote from: razgueado on October 11, 2023, 01:25:39 PMQuote from: A Friend of Charlie on October 11, 2023, 01:01:08 PMQuote from: razgueado on October 11, 2023, 12:50:48 PMMy wife's grandfather won a significant lottery prize at some point - we estimate it was probably about a million bucks - and nobody ever knew it until he was in hospice with dementia and his affairs had to be sorted. We couldn't even be sure when it happened, but it was sometime in the late 80's or early 90s. His second wife and her family ended up with most of the money that was left, because marriage. My mother-in-law and her sister got a few grand each. I don't know the details but by kids' first grade teacher won twice. Both significant amounts. Rumor had it that she eventually wound up declaring bankruptcy.The vast majority of lottery winners end up broke, because most people simply have no idea how to manage money or personal security. So they get that money in their grubby little hands as soon as possible, get their picture in the papers, maybe do the talk show circuit, make sure all their friends know about their good fortune, pay cash for the McMansion without thinking for a moment what the ongoing costs are, buy European sports cars without thinking about the ongoing costs, take their friends out for a good time, buy or invest in businesses they have no idea how to run, yadda, yadda, yadda. They don't understand cash flow, they don't understand liquidity, they don't understand taxation, and they don't understand Gordon Gekko's advice that "If you need a friend, buy a dog." They don't understand fiduciaries, so they get sketchy financial advisors who dollar them to death in batches of dozens of thousands of dollars. Or worse.I learned a lot when I got a significant legal settlement in 2016. But even so, I made mistakes that cost me nearly 15% of it - the same mistakes lottery winners usually make, like investing money with friends. I still have half the settlement invested properly, and have earned back via growth about 5% of what I wasted, so I'll give myself a solid C+, the plus because I learned the lessons.The lump sum on this lottery is going to be in excess of $600M. If you drop that into a savings account at current interest rates, it'll earn, what, $25M a year? That's an unimaginable sum of money in its own right. Most people have zero idea how to manage that. Try to do it in public, and you'll go insane.And even if you hire all the right people, a non-zero amount of your time will be spent wondering if they're trying to screw you anyways and relieve you of some of the money. Not that even a modest amount of loss of the figures we're talking would make a dent, but the mental strain would be taxing.That being said, I'm not gonna pretend I wouldn't like a shot at trying.Sure. But here's the paradox that must be kept in mind. The very thing that might make us able to manage that wealth effectively - namely the fact that we are mostly self-made men here who have had to figure out how to pay our own way in life and managed to get ourselves solidly into the upper-middle class - may be completely lost on our children if they know about the money. There's no way in hell I'm going to let my children entertain even the hopeful notion that they'll end up trust-fund babies. My wife and I know that our sons are going to get significant inheritances from her sister, one of my uncles and much farther down the road from my wealthy sister, and we aren't even telling them that. We're watching them very carefully to see if they have developed good financial habits. #1 son is doing pretty well, #2 son less so (he's carrying a credit card balance that we are trying to get him to liquidate) but still solidly out of irresponsible territory. My sister is the one person in whom who I might confide were I to win the lottery. She's a CPA, and solidly in "wealthy" territory. None of us know exactly what her net worth is, but a conservative estimate is somewhere north of $3M. But the thing that defines my clan is an inclination to hard work, and were I to come into big money, I'd be absolutely loathe to threaten that quality.
Quote from: razgueado on October 11, 2023, 01:25:39 PMQuote from: A Friend of Charlie on October 11, 2023, 01:01:08 PMQuote from: razgueado on October 11, 2023, 12:50:48 PMMy wife's grandfather won a significant lottery prize at some point - we estimate it was probably about a million bucks - and nobody ever knew it until he was in hospice with dementia and his affairs had to be sorted. We couldn't even be sure when it happened, but it was sometime in the late 80's or early 90s. His second wife and her family ended up with most of the money that was left, because marriage. My mother-in-law and her sister got a few grand each. I don't know the details but by kids' first grade teacher won twice. Both significant amounts. Rumor had it that she eventually wound up declaring bankruptcy.The vast majority of lottery winners end up broke, because most people simply have no idea how to manage money or personal security. So they get that money in their grubby little hands as soon as possible, get their picture in the papers, maybe do the talk show circuit, make sure all their friends know about their good fortune, pay cash for the McMansion without thinking for a moment what the ongoing costs are, buy European sports cars without thinking about the ongoing costs, take their friends out for a good time, buy or invest in businesses they have no idea how to run, yadda, yadda, yadda. They don't understand cash flow, they don't understand liquidity, they don't understand taxation, and they don't understand Gordon Gekko's advice that "If you need a friend, buy a dog." They don't understand fiduciaries, so they get sketchy financial advisors who dollar them to death in batches of dozens of thousands of dollars. Or worse.I learned a lot when I got a significant legal settlement in 2016. But even so, I made mistakes that cost me nearly 15% of it - the same mistakes lottery winners usually make, like investing money with friends. I still have half the settlement invested properly, and have earned back via growth about 5% of what I wasted, so I'll give myself a solid C+, the plus because I learned the lessons.The lump sum on this lottery is going to be in excess of $600M. If you drop that into a savings account at current interest rates, it'll earn, what, $25M a year? That's an unimaginable sum of money in its own right. Most people have zero idea how to manage that. Try to do it in public, and you'll go insane.And even if you hire all the right people, a non-zero amount of your time will be spent wondering if they're trying to screw you anyways and relieve you of some of the money. Not that even a modest amount of loss of the figures we're talking would make a dent, but the mental strain would be taxing.That being said, I'm not gonna pretend I wouldn't like a shot at trying.
Quote from: A Friend of Charlie on October 11, 2023, 01:01:08 PMQuote from: razgueado on October 11, 2023, 12:50:48 PMMy wife's grandfather won a significant lottery prize at some point - we estimate it was probably about a million bucks - and nobody ever knew it until he was in hospice with dementia and his affairs had to be sorted. We couldn't even be sure when it happened, but it was sometime in the late 80's or early 90s. His second wife and her family ended up with most of the money that was left, because marriage. My mother-in-law and her sister got a few grand each. I don't know the details but by kids' first grade teacher won twice. Both significant amounts. Rumor had it that she eventually wound up declaring bankruptcy.The vast majority of lottery winners end up broke, because most people simply have no idea how to manage money or personal security. So they get that money in their grubby little hands as soon as possible, get their picture in the papers, maybe do the talk show circuit, make sure all their friends know about their good fortune, pay cash for the McMansion without thinking for a moment what the ongoing costs are, buy European sports cars without thinking about the ongoing costs, take their friends out for a good time, buy or invest in businesses they have no idea how to run, yadda, yadda, yadda. They don't understand cash flow, they don't understand liquidity, they don't understand taxation, and they don't understand Gordon Gekko's advice that "If you need a friend, buy a dog." They don't understand fiduciaries, so they get sketchy financial advisors who dollar them to death in batches of dozens of thousands of dollars. Or worse.I learned a lot when I got a significant legal settlement in 2016. But even so, I made mistakes that cost me nearly 15% of it - the same mistakes lottery winners usually make, like investing money with friends. I still have half the settlement invested properly, and have earned back via growth about 5% of what I wasted, so I'll give myself a solid C+, the plus because I learned the lessons.The lump sum on this lottery is going to be in excess of $600M. If you drop that into a savings account at current interest rates, it'll earn, what, $25M a year? That's an unimaginable sum of money in its own right. Most people have zero idea how to manage that. Try to do it in public, and you'll go insane.
Quote from: razgueado on October 11, 2023, 12:50:48 PMMy wife's grandfather won a significant lottery prize at some point - we estimate it was probably about a million bucks - and nobody ever knew it until he was in hospice with dementia and his affairs had to be sorted. We couldn't even be sure when it happened, but it was sometime in the late 80's or early 90s. His second wife and her family ended up with most of the money that was left, because marriage. My mother-in-law and her sister got a few grand each. I don't know the details but by kids' first grade teacher won twice. Both significant amounts. Rumor had it that she eventually wound up declaring bankruptcy.
My wife's grandfather won a significant lottery prize at some point - we estimate it was probably about a million bucks - and nobody ever knew it until he was in hospice with dementia and his affairs had to be sorted. We couldn't even be sure when it happened, but it was sometime in the late 80's or early 90s. His second wife and her family ended up with most of the money that was left, because marriage. My mother-in-law and her sister got a few grand each.
17K.
Today’s Birthdays:Former U.S. Defense Secretary William Perry is 96.
Page 6 by Hazzuh time isn't too shabby with a 25% reduction in workforce.
Struggled with this one but eventually it was clear. I originally was heading in a completely different direction.Connections Puzzle #122🟨🟨🟨🟨🟩🟩🟩🟩🟪🟪🟪🟪🟦🟦🟦🟦
