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| Saturday, December 29, 2007 |
| Put your money somewhere not idiotic and leave it alone as much as possible |
 The New York Times article: Instant Fortunes, and Sudden Headaches profiles people who have a problem I can only dream of one day having - windfalls of wealth. It was pretty interesting to read how some who suddenly had nine or ten million in the bank learned that they are not really that wealthy after all - at least not private jet, Manhattan apartment, car with driver, kind of wealthy. I could handle just being considered well-off if it meant I would be handed a multi-million dollar check (plus the cash goes so much further in Boston than in New York City!)
I also liked reading how your current net worth plays a part in your physical response to learning of a windfall. Ms. Donohue advises clients to spend 5 to 10 percent at once, to have a little fun. “For anyone with a net worth of $250,000 or less, a windfall can be a real shock,” she said. Coronary kind of shock or mental impairment shock? Perhaps that explains the crazy decisions so many lottery winners make which always seems to see them penniless, family-less, and friendless a couple of years after a major windfall. It was not faulty judgement, but brain damage from low net worth shock...
But best of all was this quote from the million dollar Jeopardy champion:Mr. Jennings said, “The fun part for me was seeing my face with some seven-figure number below it,” when he was on “Jeopardy.” “It was like playing Pac-Man. It never felt real, but when Alex Trebek pulled a seven-figure check from his pocket, I almost fainted. It wasn’t a video game score. I was now ‘the millionaire guy.’”
His advice now? “Put your money somewhere not idiotic and leave it alone as much as possible.” Labels: Money Stories |
| posted by Boston Gal @ 12:27 AM *
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I would think it would be better to somehow get a windfall without the whole world knowing about it. Becoming suddenly wealthy makes it harder to act like you used to do if you are now being followed, harrassed, and peppered for dontations and handouts. I would like a silent windfall so that I wouldn't have to incorporate to escape frivilous lawsuits.
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I would think it would be better to somehow get a windfall without the whole world knowing about it. Becoming suddenly wealthy makes it harder to act like you used to do if you are now being followed, harrassed, and peppered for dontations and handouts. I would like a silent windfall so that I wouldn't have to incorporate to escape frivilous lawsuits.