How should I spend all this money?
How should I spend all this money?
Now retired, I struggle with moving my spending patterns from acquisition to distribution. I've always been thrifty, so splurging on almost anything is hard for me. My savings exceed my needs by a lot. I donate to charities and families in need and help my children and support causes and organizations I believe in. I endow a scholarship at a nursing college and contribute to an orphanage. I volunteer my time in hospice work. My highest expense since retirement has been travel. Not so much lately.
At my current rate I will never outlive my savings. I fantasize about Buffet, Gates and others that pledge to give away their wealth. Profligate spending like a $10,000 watch or a $100,000 boat or $200 wine don't appeal to me. What creative spending ideas have you considered if your needs are well met?
At my current rate I will never outlive my savings. I fantasize about Buffet, Gates and others that pledge to give away their wealth. Profligate spending like a $10,000 watch or a $100,000 boat or $200 wine don't appeal to me. What creative spending ideas have you considered if your needs are well met?
Re: How should I spend all this money?
Why spend for things you don't want? Not being flippant, just saying if you are happy with how things are, well . . . . consider worthwhile charities you can support, hiring for lawn, landscaping (we did that last summer with a local high school student saving up for college, he did a great job and I didn't have to get on my knees weeding for days on end), plan for a really nice small boat cruise in a couple years, get your car detailed so it's like new, hire a window washer for a great view, once a week housekeeping, that's all I can think of off the top of my head in this COVID era.
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Re: How should I spend all this money?
I think travel is the most common one. If you fly first class, the costs add up very quickly - though I totally get that flying first class isn't everyone's cup of tea, even if they can afford to.
Re: How should I spend all this money?
Endow another scholarship and donate to a second orphanage. You're already discovered excellent ways to spend your money... Why stop at one each?
"The best tools available to us are shovels, not scalpels. Don't get carried away." - vanBogle59
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Re: How should I spend all this money?
We're trying to spend more money too. The only area I'm allowing myself to splurge or on things to make my life easier or safer.
We spent a good chunk on a new car for the wife. 4wheel drive and all the newest safety features.
I'm now paying for things like oil and brake changes. I'm going to hire a handy man to do some easy carpentry work around the house.
We're spending more on travel now too. Things like taking a taxi from airport to hotel instead of public transportation. Still can't pay for extra leg room but in a few years, when we are older, we'll pop for that too.
And in a few years a new home. We've been in our stater home for 20 years. Time to spend more on a house with a few more luxuries.
We spent a good chunk on a new car for the wife. 4wheel drive and all the newest safety features.
I'm now paying for things like oil and brake changes. I'm going to hire a handy man to do some easy carpentry work around the house.
We're spending more on travel now too. Things like taking a taxi from airport to hotel instead of public transportation. Still can't pay for extra leg room but in a few years, when we are older, we'll pop for that too.
And in a few years a new home. We've been in our stater home for 20 years. Time to spend more on a house with a few more luxuries.
We plan. G-d laughs.
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Re: How should I spend all this money?
Establish a scholarship at the high school level. There are many deserving kids who excel in the sciences but may not want to attend nursing school but other science oriented fields.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
Re: How should I spend all this money?
I am in a similar boat. And similar personality. And have thought about this often enough. I do splurge a lot now. We travel (used to pre-covid) a lot. Over 1/3 of our annual expense was in travel. But still spending no where near where I could. We help family and friends. But most of them are doing well.praxis wrote: ↑Tue Feb 16, 2021 3:41 pm Now retired, I struggle with moving my spending patterns from acquisition to distribution. I've always been thrifty, so splurging on almost anything is hard for me. My savings exceed my needs by a lot. I donate to charities and families in need and help my children and support causes and organizations I believe in. I endow a scholarship at a nursing college and contribute to an orphanage. I volunteer my time in hospice work. My highest expense since retirement has been travel. Not so much lately.
At my current rate I will never outlive my savings. I fantasize about Buffet, Gates and others that pledge to give away their wealth. Profligate spending like a $10,000 watch or a $100,000 boat or $200 wine don't appeal to me. What creative spending ideas have you considered if your needs are well met?
Here is the challenge I have with donating money. I feel immense satisfaction in contributing my time volunteering. But when we donate money to different causes, it has never given me that level of satisfaction. In fact once a check clears, I rarely thing about the charity. However, I ended up being on a board of a small start up non-profit related to cancer, and when I give them money it feels closer to home. I think in a longer run I will consider creating a non-profit and use my money to run it for a specific cause close to our heart.
I will follow this thread to see what other avenues people suggest.
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Re: How should I spend all this money?
You may establish an endowed professorship at your favorite university. Generally speaking, it will cost a minimum of $500,000, about 5 QCD's.
Re: How should I spend all this money?
Donate to an interest you have that will help foster that interest in youth. We love sports and it is so expensive in our area and kids work so hard to afford to play. We give what we can but hope to setup scholarships and such in the future to help kids be able to participate in something that we/they love.
Re: How should I spend all this money?
You didn't mention family, but one thing we are planning in retirement (post-COVID) is to pay for group family vacations for extended family: our siblings, children, nieces, & their kids. Looking to rent a group of cabins in an area with lots of outdoor activities and invite the others to join. We pay the cabin/hotel +/- meals, they travel to the site.
Buying experiences.
Buying experiences.
"Pretired", working 20 h/wk. AA 75/25: 30% TSM, 19% value (VFVA/AVUV), 18% Int'l LC, 8% emerging, 25% GFund/VBTLX. Military pension ≈60% of expenses. Pension+SS@age 70 ≈100% of expenses.
Re: How should I spend all this money?
I don't know your situation but my father is in his 80s and my uncle is 80. They both were of the generation to have a nice pension. Both are single (my mom passed away a while ago) and neither has expensive hobbies/habits/desires. My uncle has more money than he can spend. I don't know the details but certainly millions. He was always very good with investing in stocks and never married or had children.praxis wrote: ↑Tue Feb 16, 2021 3:41 pm Now retired, I struggle with moving my spending patterns from acquisition to distribution. I've always been thrifty, so splurging on almost anything is hard for me. My savings exceed my needs by a lot. I donate to charities and families in need and help my children and support causes and organizations I believe in. I endow a scholarship at a nursing college and contribute to an orphanage. I volunteer my time in hospice work. My highest expense since retirement has been travel. Not so much lately.
At my current rate I will never outlive my savings. I fantasize about Buffet, Gates and others that pledge to give away their wealth. Profligate spending like a $10,000 watch or a $100,000 boat or $200 wine don't appeal to me. What creative spending ideas have you considered if your needs are well met?
My father was always a good saver and helped put us (myself and my brother) through college. His savings probably are in the $1M range but social security and the pension covers his expenses. He actually got a few letters warning him that due to inactivity his accounts would be turned over to the state so he had to call and fix that!
If I was in a similar situation I certainly would help out family and friends who had unfortunate expenses (medical bills). I would also look at charities that interest me. I guess I was inspired by one of the Christmas movies where the guy lived in a normal apartment but was very wealthy and would help people with medical bills and gifts at Christmas.
It sounds like you are doing a lot of that and congratulations on it. I know if I inherited any money, one of the first things I would do (along with consulting a tax person/attorney) would be to tell my GF to figure out who in her family would need money. They would have to be people with jobs and working hard but just need some help. Then I would do as above and look at medical facilities, especially children.
My expenses aren't very high end either. I do like flying business/first class but I often do that via credit card points but that would be my major splurge. Or maybe rent for a weekend a high end car but I can't see myself buying an expensive car and having to park it in a public parking lot.
I think the biggest thing for you, and you may have already done this, is to consider where to leave your money once you are gone.
(I just logged out of Fidelity's retirement planner site and if my GF and I quit at 60, in about 22 months, their projections indicate we would die at 99 with almost as much money as we have today. So maybe I'll be in a similar situation soon.)
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If you think something is important and it doesn't involve the health of someone, think again. Life goes too fast, enjoy it and be nice.
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Re: How should I spend all this money?
Do you have family to pass this on to? Grandkids? Nieces? Nephews? Not much information on that inner circle, but maybe leaving a legacy through your family is something to consider.
Re: How should I spend all this money?
Buying experiences, not stuff, is my recommendation as well.calmaniac wrote: ↑Tue Feb 16, 2021 4:25 pm You didn't mention family, but one thing we are planning in retirement (post-COVID) is to pay for group family vacations for extended family: our siblings, children, nieces, & their kids. Looking to rent a group of cabins in an area with lots of outdoor activities and invite the others to join. We pay the cabin/hotel +/- meals, they travel to the site.
Buying experiences.
Re: How should I spend all this money?
+1calmaniac wrote: ↑Tue Feb 16, 2021 4:25 pm You didn't mention family, but one thing we are planning in retirement (post-COVID) is to pay for group family vacations for extended family: our siblings, children, nieces, & their kids. Looking to rent a group of cabins in an area with lots of outdoor activities and invite the others to join. We pay the cabin/hotel +/- meals, they travel to the site.
Buying experiences.
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Re: How should I spend all this money?
I think it’s time to fill that ocelot-shaped hole in your heart.
Re: How should I spend all this money?
One way we plan to "spend" all this money is to donate our entire traditional IRA account to charity.
The current discussion my wife and I are having is the timing. Should we make the donation after our deaths, or begin now?
Donating now provides us with a current tax benefit and the good feeling of seeing our donation doing some good for others. The only downside is that our nestegg will be lower while we are still alive.
Donating after we're both gone reverses the above. No tax benefit, no "good feeling", but our nest egg would be all there for us in case we needed it.
In a previous post, the recommendation from fellow BH's was to consider the size of our portfolio. If we had way more than we would need, go ahead and donate now. If our portfolio was "just enough", then proceed with caution.
We are analyzing this at the present.
Good luck in however you decide to spend "all this money".
The current discussion my wife and I are having is the timing. Should we make the donation after our deaths, or begin now?
Donating now provides us with a current tax benefit and the good feeling of seeing our donation doing some good for others. The only downside is that our nestegg will be lower while we are still alive.
Donating after we're both gone reverses the above. No tax benefit, no "good feeling", but our nest egg would be all there for us in case we needed it.
In a previous post, the recommendation from fellow BH's was to consider the size of our portfolio. If we had way more than we would need, go ahead and donate now. If our portfolio was "just enough", then proceed with caution.
We are analyzing this at the present.
Good luck in however you decide to spend "all this money".
Re: How should I spend all this money?
My dad was sort of like that, until the year he decided to buy four cars. I'm still not sure why he didn't buy one or two very nice cars instead of four pretty nice cars.
Anyway, the way I see rich people with too much money is that their they tend to pursue experiences that they haven't done before. As an example, people find it worthwhile to spend $500 for the tasting menu at Masa or 11 Madison because the restaurant makes sure to prepare a dish in a way that no other place does. So, unless you are a truly jaded person, there will be at least a couple of times where you get to see something new, and at least say "oh that was interesting".
Something new for you might be seeing how a 3 Michelin starred chef can surprise you. It could be travelling to a new place, as you have been doing. It could be driving a Porsche Turbo. I have a friend who got into flying in a wing suit (not for everyone). Just make it a point to do something new.
Anyway, the way I see rich people with too much money is that their they tend to pursue experiences that they haven't done before. As an example, people find it worthwhile to spend $500 for the tasting menu at Masa or 11 Madison because the restaurant makes sure to prepare a dish in a way that no other place does. So, unless you are a truly jaded person, there will be at least a couple of times where you get to see something new, and at least say "oh that was interesting".
Something new for you might be seeing how a 3 Michelin starred chef can surprise you. It could be travelling to a new place, as you have been doing. It could be driving a Porsche Turbo. I have a friend who got into flying in a wing suit (not for everyone). Just make it a point to do something new.
Re: How should I spend all this money?
You already have mine. I was at a wake for a relative. A bachelor, retired engineer for Lockheed. There were several families that no one knew there and it was a bit curious. After a while the floor was opened for people to speak. The mystery people came up and explained that they had attended a high profile engineering school with a full ride from an anonymous sponsor. When the man died, the school contacted the recipients and let them know who he was and that he had died.
They showed up and told the most beautiful stories about their lives and families and the track to wealth and happiness he had put them on. It was very powerful.
Even his relatives did not know that he was sponsoring 1 student per grade and had been doing it for more than a decade. That's anonymous!
I own the next hot stock- VTSAX
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Re: How should I spend all this money?
It may depend somewhat on how much excess there really is, and I don't see much detail. Some nice thoughts added by "WhyNotUs' in the last few posts. I would add that if the OP is serious about it, I would suggest doing some research and thinking about what impact you'd like the money to have, beyond what it does for you. So, that is charity or supporting a cause, but, what I would want to know is what kind of cause would OP want to support? Is it just doubling down on the good deeds OP is already doing, or perhaps with research and creative thinking something more, for example, think about what impact relatively small money can have in certain poverty stricken international areas. Although it might not have Gates impact, it could be multiples more than another endowed chair. Some would not like that, some would not, just depends on how you see it. A nice problem to have.
Last edited by CloseEnough on Tue Feb 16, 2021 5:08 pm, edited 1 time in total.
Re: How should I spend all this money?
+1 Quality time with family is a great way to spend some bucks!!calmaniac wrote: ↑Tue Feb 16, 2021 4:25 pm You didn't mention family, but one thing we are planning in retirement (post-COVID) is to pay for group family vacations for extended family: our siblings, children, nieces, & their kids. Looking to rent a group of cabins in an area with lots of outdoor activities and invite the others to join. We pay the cabin/hotel +/- meals, they travel to the site.
Buying experiences.
The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” |
— Warren Buffett
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Re: How should I spend all this money?
Quality time with family is nice, but if you overdo it they quickly sense your motive.
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Re: How should I spend all this money?
Do you have nice pairs of shoes and a nice bed? Two things that are well worth the money, but things that those of a thriftier disposition sometimes avoid indulging in.
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Re: How should I spend all this money?
Join them. Donate more to the existing charities you cherish.
Have you thought about Legacy Giving Plan through a Donor Advised Fund? You can 1) Donate your assets to charities upon your passing. OR 2) Continue to write grant checks to your favorite charities each year until the money runs out.
Here's Vanguard's version https://www.vanguardcharitable.org/givi ... y-planning
Felix is a wonderful, wonderful cat.
Re: How should I spend all this money?
+1! A good mattress really makes for good sleep.MittensMoney wrote: ↑Tue Feb 16, 2021 5:09 pm Do you have nice pairs of shoes and a nice bed? Two things that are well worth the money, but things that those of a thriftier disposition sometimes avoid indulging in.
Also, think about making your home comfortable & welcoming for older people -- both friends & relatives now, but also your future self. House renovations now are a pain. House renovations when you are 90 may be so difficult that you can't stay in your home. Do simple things like rails in the shower and wider door ways.
Ipsa scientia potestas est. Bacon F.
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Re: How should I spend all this money?
I am thrifty by nature so deliberately spending money on things would only bother me not make me happier so I really felt the need to get rid of some I'd give it to family or charity.
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Re: How should I spend all this money?
Keep doing what you are comfortable with but you don't need to spend money just to make it go away. If you think of a thing or an experience that interests you, then do it. Plan to leave the remainder of your estate to continue your giving with whatever is left in whatever way you choose.
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Re: How should I spend all this money?
I've always thought/hoped that when I am in this situation, I would start making small but perhaps semi-life changing contributions to people in my circle but not family. Anonymously paying off someone's student loans or making a mortgage payment, that sort of thing.
Aside from charity, consider making strategic upgrades to your home environment. Perhaps your kitchen is dated or a new powder room would be nice or your electrical panel could use an overhaul. Maybe landscape your yard so you can enjoy it more and entertain. Anything that might make spending more time at home enjoyable, more comfortable, more convenient or pretty. On top of that, it helps to chip away at projects that will make it easier to sell your house when it is time.
Aside from charity, consider making strategic upgrades to your home environment. Perhaps your kitchen is dated or a new powder room would be nice or your electrical panel could use an overhaul. Maybe landscape your yard so you can enjoy it more and entertain. Anything that might make spending more time at home enjoyable, more comfortable, more convenient or pretty. On top of that, it helps to chip away at projects that will make it easier to sell your house when it is time.
Re: How should I spend all this money?
reading a few Universities near me are becoming 'free' for limited income folks so not sure I'd bother setting up a scholarship (?)
let it grow for an heir.
Or buy chunks of land and donate to local DNR to create/preserve greenspace/parks etc.
let it grow for an heir.
Or buy chunks of land and donate to local DNR to create/preserve greenspace/parks etc.
Re: How should I spend all this money?
At the end of every year, deposit a hefty chunk of “surplus” money into a spending account. Don’t use the account for your usual expenses. Spend it - donate it - travel with it - gift it - but do something with it you have a connection to by the end of the next year.
Re: How should I spend all this money?
You lost me at "not interested in a boat."
I like to spend money on gifts and things/experiences I can share with other people. Went a little crazy with some of the Christmas gifts in 2020, since I could share the time with the people I care about. I spent more money at 1800 flowers than I usually do for all my Christmas gifts. In the before times, I also liked to host very small dinner parties. That doesn't always work as a net spend. Sometimes our guests leave more behind than they ate in the first place.
I like to spend money on gifts and things/experiences I can share with other people. Went a little crazy with some of the Christmas gifts in 2020, since I could share the time with the people I care about. I spent more money at 1800 flowers than I usually do for all my Christmas gifts. In the before times, I also liked to host very small dinner parties. That doesn't always work as a net spend. Sometimes our guests leave more behind than they ate in the first place.
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Re: How should I spend all this money?
I cannot help with your original question.praxis wrote: ↑Tue Feb 16, 2021 3:41 pm Now retired, I struggle with moving my spending patterns from acquisition to distribution. I've always been thrifty, so splurging on almost anything is hard for me. My savings exceed my needs by a lot. I donate to charities and families in need and help my children and support causes and organizations I believe in. I endow a scholarship at a nursing college and contribute to an orphanage. I volunteer my time in hospice work. My highest expense since retirement has been travel. Not so much lately.
At my current rate I will never outlive my savings. I fantasize about Buffet, Gates and others that pledge to give away their wealth. Profligate spending like a $10,000 watch or a $100,000 boat or $200 wine don't appeal to me. What creative spending ideas have you considered if your needs are well met?
Since you have too much money to spend, I am just wondering if you regret working too long?
Re: How should I spend all this money?
We are much better savers than spenders. Had normal jobs in IT. No stock options or crazy big salaries. I’m not a big fan of bonds, but I’m trying them out for the first time. LOL. 32 years in the market treated us well. I retired at 56. My DW grew up on a farm where family was plentiful, but money was not. DW will finally join me in retirement at the end of year.
We donate to charities and our church. Somebody mentioned high school scholarships. We will look into that.
We donate to charities and our church. Somebody mentioned high school scholarships. We will look into that.
"I started with nothing and I still have most of it left."
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Re: How should I spend all this money?
My favorite suggestion has also been the scholarships (there can never be enough!) or even establishing a professorship in a field that you care about.
Here are some more ideas:
In case you haven't already renovated recently, now is the perfect time to upgrade your home since we're spending so much time at home! That also includes energy efficiency upgrades such as a modern energy efficient heat pump, floor heating (it's the absolute best!) and ideally making your home smart and self-sufficient. If your location and your roof allow, get solar panels and and a power wall!
Combine it with an electric car and feel the freedom of being self-reliant
Then you never need to worry about blackouts again, and you can feel pride in that fact that you never need to support the demand for foreign oil again.
Here are some more ideas:
In case you haven't already renovated recently, now is the perfect time to upgrade your home since we're spending so much time at home! That also includes energy efficiency upgrades such as a modern energy efficient heat pump, floor heating (it's the absolute best!) and ideally making your home smart and self-sufficient. If your location and your roof allow, get solar panels and and a power wall!
Combine it with an electric car and feel the freedom of being self-reliant
Then you never need to worry about blackouts again, and you can feel pride in that fact that you never need to support the demand for foreign oil again.
Re: How should I spend all this money?
What a great position to be in. Congratulations! In addition to all the suggestions of scholarships, consider endowment gifts to other local organizations you may have an interest in (human services, arts, culture, whatever it may be) - most will gladly accept gifts to their endowment, and some may even allow you to name a fund for yourself or a loved one. A wonderful way to have an impact that will go on in perpetuity (as long as you select a stable and well managed nonprofit organization to contribute to).
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Re: How should I spend all this money?
My Twitter feed has more than one person who gives away money. They post something to the affect of: “I know times are hard for so many, and if you’re struggling leave me your CashApp, Venmo, or PayPal and let me know what you need”.
As you might imagine they get hundreds of replies.
I read through these responses and, through an anonymous Venmo account, send money to people who’s stories move me.
As you might imagine they get hundreds of replies.
I read through these responses and, through an anonymous Venmo account, send money to people who’s stories move me.
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Re: How should I spend all this money?
Donate what you do not need! Consider those less fortunate.
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Re: How should I spend all this money?
Donating would be the right thing to do.
Of course, a NetJets Card would be awfully nice too. https://www.netjets.com/en-us/private-j ... lsrc=aw.ds
Of course, a NetJets Card would be awfully nice too. https://www.netjets.com/en-us/private-j ... lsrc=aw.ds
Re: How should I spend all this money?
Let me help:
1. Ditch that garbage TV you have and buy an LG OLED CX series TV
2. Buy a new automobile - Volvo or Volkswagen if you want to be under the radar. Or a nice F150 Lariat. The car you wish you had as a teenager or in your 20s .
3. First class — all the time.
4. 3.5 star or higher hotels — all the time.
5. Buy the best steak when you go out to eat.
6. Two words: beach house.
7. Buy high quality clothes in the style you prefer. And no, not those trashy consumer luxury brands, but the under the radar logo-less brands which are high quality.
8. All those things you see profligaters doing.... do THAT.
... honestly.... shirt sleeves to shirt sleeves in 3 generations. If you don’t, your grandkids or kids will blow it for you. Probably way more recklessly, so enjoy it, you earned it.
1. Ditch that garbage TV you have and buy an LG OLED CX series TV
2. Buy a new automobile - Volvo or Volkswagen if you want to be under the radar. Or a nice F150 Lariat. The car you wish you had as a teenager or in your 20s .
3. First class — all the time.
4. 3.5 star or higher hotels — all the time.
5. Buy the best steak when you go out to eat.
6. Two words: beach house.
7. Buy high quality clothes in the style you prefer. And no, not those trashy consumer luxury brands, but the under the radar logo-less brands which are high quality.
8. All those things you see profligaters doing.... do THAT.
... honestly.... shirt sleeves to shirt sleeves in 3 generations. If you don’t, your grandkids or kids will blow it for you. Probably way more recklessly, so enjoy it, you earned it.
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Re: How should I spend all this money?
+1. There's so much need in the world this can multiplied several times over.
Visit the orphanage as Santa one year; take an excessive amount of candy.
Take up a correspondence with one of your recent scholarship recipients or some of the orphans you help.
Payoff a struggling family's mortgage, or buy them a house.
“The strong cannot be brave. Only the weak can be brave; and yet again, in practice, only those who can be brave can be trusted, in time of doubt, to be strong.“ - GK Chesterton
Re: How should I spend all this money?
I haven't considered any creative spending ideas - I don't see the point.
My wife and I have more money than we'll ever need. We help out the children and grandchildren. We buy what we want, spend what we want, give what we want. We are very happy - spending more wouldn't make us any happier. I haven't ever felt compelled to "spend more" and I'm not going to start now.
It doesn't bother me at all that we'll die with a lot of money. It will all go to our family to use as they see fit.
This isn't just my wallet. It's an organizer, a memory and an old friend.
Re: How should I spend all this money?
Another idea. Poor kids trying to get thru undergrad or professional school often fail to finish because they run out of money. Once they are out, the same lack of money often keeps them out.
The dean at my med school back in the seventies had access to a loan fund that could be made available to students who ran out of money late in their education. The money was a loan and recipients were expected to repay the loan with what was then a modest interest rate. I had been donating to the school's diagnostic mannequin unit, but after a few years I tried to redirect my donation to that revolving loan fund, but learned that it has gone extinct. If I were to leave a bequest to the school, it would be to reestablish such a revolving loan fund. Schools of nursing, social work, education, divinity, etc could probably use a similar fund to defray expenses of students who run out of money when well along toward their educational goals.
The dean at my med school back in the seventies had access to a loan fund that could be made available to students who ran out of money late in their education. The money was a loan and recipients were expected to repay the loan with what was then a modest interest rate. I had been donating to the school's diagnostic mannequin unit, but after a few years I tried to redirect my donation to that revolving loan fund, but learned that it has gone extinct. If I were to leave a bequest to the school, it would be to reestablish such a revolving loan fund. Schools of nursing, social work, education, divinity, etc could probably use a similar fund to defray expenses of students who run out of money when well along toward their educational goals.
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Re: How should I spend all this money?
Spend $20k on a cruise.
Learn to spend your money and enjoy it. Otherwise someone else will.
Learn to spend your money and enjoy it. Otherwise someone else will.
Rules to investing: |
1. Don't lose money. |
2. Don't forget rule number 1.
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Re: How should I spend all this money?
^ This. Like a Seadream or Seabourn, Silver Sea small ships.Brianmcg321 wrote: ↑Wed Feb 17, 2021 9:07 pm Spend $20k on a cruise.
Learn to spend your money and enjoy it. Otherwise someone else will.
It's nice to have someone know your name and what you like throughout the cruise - "Mr. Jello, thought you might like a Balvenie Double Cask with a large round cube just like you always order at 5".
That sure beats, " hey guys, I'm Josh, I'm your server tonight. Celebrating anything?" Yes I am, celebrating I'm alive and will be leaving this establishment in an hour. Thanks Josh
Re: How should I spend all this money?
That is really beautiful.WhyNotUs wrote: ↑Tue Feb 16, 2021 4:52 pm You already have mine. I was at a wake for a relative. A bachelor, retired engineer for Lockheed. There were several families that no one knew there and it was a bit curious. After a while the floor was opened for people to speak. The mystery people came up and explained that they had attended a high profile engineering school with a full ride from an anonymous sponsor. When the man died, the school contacted the recipients and let them know who he was and that he had died.
They showed up and told the most beautiful stories about their lives and families and the track to wealth and happiness he had put them on. It was very powerful.
Even his relatives did not know that he was sponsoring 1 student per grade and had been doing it for more than a decade. That's anonymous!
OP, your charitable giving is a wonderful gift. I hope to be in a position to be able to do the same some day. I think if you can think of no better way to use your hard-earned money, increasing your charitable contributions is a fine choice.
Re: How should I spend all this money?
You have a lot of extra money and now you are trying to decide how to use that extra money to bring joy in to your life. Scholarships, charities, boats, watches or rescue dogs will not do it. Most people expect form (in this case money) to bring them joy by exchanging it for another form (charities, watches, etc) sorry does not work the way . You can only be joyful by being present at that particular moment. How you spend your money is not all that important.
Re: How should I spend all this money?
+1Wricha wrote: ↑Thu Feb 18, 2021 6:04 am You have a lot of extra money and now you are trying to decide how to use that extra money to bring joy in to your life. Scholarships, charities, boats, watches or rescue dogs will not do it. Most people expect form (in this case money) to bring them joy by exchanging it for another form (charities, watches, etc) sorry does not work the way . You can only be joyful by being present at that particular moment. How you spend your money is not all that important.
Re: How should I spend all this money?
It must be nice to know what won't bring joy to someone else's life...
This isn't just my wallet. It's an organizer, a memory and an old friend.
Re: How should I spend all this money?
Some of us do get joy from giving and nurturing. We like feeling the world is a better place. I do think it makes sense to do the giving before you die. That way you have the experiences that go along with nurturing.Wricha wrote: ↑Thu Feb 18, 2021 6:04 am You have a lot of extra money and now you are trying to decide how to use that extra money to bring joy in to your life. Scholarships, charities, boats, watches or rescue dogs will not do it. Most people expect form (in this case money) to bring them joy by exchanging it for another form (charities, watches, etc) sorry does not work the way . You can only be joyful by being present at that particular moment. How you spend your money is not all that important.
Re: How should I spend all this money?
The last one seems an odd addition, something which costs almost nothing in $'s for anyone who'd say they have 'extra money' (as I also would) and brought me the most joy of anything ever besides my human family. Although also pain eventually, it's too bad they don't live longer. I'm not sure I even understand your later statements 'being present at that particular moment' (what moment?). You're probably more sophisticated than I am. But seriously, the question isn't whether stuff that actually involves significant amounts of money (scholarships, charities, boats or some watches) turns desolation into joy. It's whether spending more on those things would make a given person at least marginally happier than not spending on them. It well might. It's not actually entirely irrational IMO that the overwhelming majority of people put some emphasis on accumulating money.
Re: How should I spend all this money?
How's your tipping amount?
Also, are there any businesses whose service you value? I have a specialty store for one of my hobbies that's really handy when I need something same day. But I've now started buying everything from them regardless of if I could get it online for cheaper.
I'm also less worried about sales/deals in general than I used to be.
I see all of this as helping others: both the workers/owners as well as younger people like I once was who liked these businesses but had to be more cost conscious.
Also, are there any businesses whose service you value? I have a specialty store for one of my hobbies that's really handy when I need something same day. But I've now started buying everything from them regardless of if I could get it online for cheaper.
I'm also less worried about sales/deals in general than I used to be.
I see all of this as helping others: both the workers/owners as well as younger people like I once was who liked these businesses but had to be more cost conscious.