Wamba's Millions

Discuss those "what if" or "what would you do" scenarios you've been wondering about.

Moderator: ZS Global Moderators

wamba
* * *
Posts: 425
Joined: Tue Sep 28, 2010 12:32 pm
Favorite Zombie Movies: Shawn of the Dead, Zombieland, & Walking Dead (if that counts).
Location: Kansas (edge of the Flint Hills

Wamba's Millions

Post by wamba » Tue Feb 03, 2015 5:54 pm

I was recently reminded of the Richard Pryor movie "Brewsters Millions", where a down on his luck minor leauge pitcher finds out he's the soul heir to a fortune with a catch. To win the inheritance he has to spend a small fortune in a limited time frame without gaining any material possessions. (I bet you all see where this is going. :wink: )

You're given 10 million dollars to spend in one year, you can only give away 10% to charity, all the money must be spent, & at the end of the year you can't have gained any more possessions than what you had to start with. In short you have to blow it like the most financially irresponsible lottery winner ever.

So what would you do? Please keep the forum COC in mind but feel free to get creative & have fun. I'll try to wait a few days before sharing my brilliant ideas. :D
Those who ignore history are doomed to repeat it, & you can bet they'll whine that nobody warned them.

User avatar
raptor
ZS Global Moderator
ZS Global Moderator
Posts: 17053
Joined: Sun Mar 04, 2007 10:18 pm
Location: Greater New Orleans Area

Re: Wamba's Millions

Post by raptor » Tue Feb 03, 2015 6:58 pm

Three strategies:

1)Buy 30 day "out of the money" put and/or calls on stocks not likely to be in the money. Upon expiration the puts and/or calls simply evaporate. In the event that they are in the money when they expire then repeat for the next 12 months until the money is gone.

2) Go to a casino and go to the roulette wheel and keep betting on '00' until the money is gone. On those odd times you win throw that money back on the table. You could also get them to waive the house limit and put it all on one spin of the wheel.

3) Buy 1,000's of lottery tickets with the same number. With the same number your odds of winning remain at silly unlikely levels. You will not be able to buy 10 million in one week but if you pay 100 people $1,000 per week to buy 1,000 tickets per week at $2 per ticket unless you win the jackpot you will be through the $10 million in less than a year.

I always found that movie bothersome. I likely would have simply kept the $10 million and used it to hire an attorney to invalidate the will on the basis that the testator was insane when the will was written. That BTW is a forth way to piss away $10 million, but it may take more than a year.

zero11010
* * *
Posts: 586
Joined: Mon Jul 14, 2014 4:24 pm

Re: Wamba's Millions

Post by zero11010 » Tue Feb 03, 2015 7:47 pm

I liked this idea a lot as a kid. Then I got older, saw more of the world, and realized how easy it is to spend money.

Single Plan:
* You can pay an actor (or anyone) $10,000,000 to set your out going voice mail. Done.

* You can back a politician. Now that money is free speech you can put all $10,000,000 into a 501C to back a person. Stephen Colbert 2016!

* You could call up Donald Trump and ask for advice, he's REALLY good at losing money. He'll give you the classiest and best plan for losing millions.

* You can spend your money to back a racing team. A WRC car costs about a million dollars, and they don't really last a long time. Throw in salaries for the driver and crew, tools, spare parts and the like and I don't imagine your $10,000,000 would make it through a full racing season. Work into the crew's contracts that all of the purchased physical goods will be a part of their salary and you don't keep anything that is purchased.

Examples:
Here's a home rental nearby that costs $24,000 per month. That will be $288k in rent for the year. You can hire a staff and pay them any sum you want (say all of the rest of your money to the cent). You can hire a professional race car driver to be your driver, a bunch of porn stars to be your nannies, TV celebrity chefs to do your cooking, you can hire a private security team to be your body guards, you can hire professional musicians to do private shows, and you can hire actors to be your family. I'd love to have Morgan Freeman and William Shatner as uncles, they can work that out any way they want, but I want to hear the two of them speaking to each other on a regular basis, maybe I could work Keeanu Reeves in as a cousin.
http://www.zillow.com/homes/for_rent/ho ... /?view=map

Here's a yacht for rent, it costs $687,000 per week. 14 weeks of rental would blow through 9.63 million and that's if you never dock anywhere (docking is very expensive).
http://www.charterfleet.com/charter-yac ... hHistory=1

I didn't look too far into it, but renting a jet is expensive on a level like renting a yacht. I don't think it would be difficult to set up a 30 day vacation that cost you $10,000,000. I'm not going to spend the time to research it, between private jets, yachts, submarine rentals, renting private homes instead of staying in luxury hotels, and bringing your own staff with you to attend to your needs (doctor, chef, security, personal assistant, translators, driver/pilot). I can't imagine that $10million would last very long.

Here's a local exotic car for rent. At $2099 per day renting it every day for the year will cost you $764k plus tax and such (the car's value is less than $300k new).
http://www.bhsanfrancisco.com/car_info/ ... talia.html

If the goal is to cheat the system a little, you can spend thousands of dollars (a drop in the bucket compared to what must be spent) for training. That training would last, but nothing material would be held. I could certainly see spending 40-50k on training courses for advanced racing technique for cars and motorcycles. It costs a fortune to learn how to fly an airplane or helicopter, and you could throw that in, too.

You could just go to the a private care hospital and pay out of pocket. They'd be happy to take your money for whatever tests you'd like to have done, and don't forget to go to a different facility for a second opinion.

User avatar
Stercutus
* * * * *
Posts: 14250
Joined: Wed Feb 10, 2010 8:16 pm
Location: Safe On Base

Re: Wamba's Millions

Post by Stercutus » Tue Feb 03, 2015 7:53 pm

raptor wrote:Three strategies:

1)Buy 30 day "out of the money" put and/or calls on stocks not likely to be in the money. Upon expiration the puts and/or calls simply evaporate. In the event that they are in the money when they expire then repeat for the next 12 months until the money is gone.
Gonna party like it is 2008!
2) Go to a casino and go to the roulette wheel and keep betting on '00' until the money is gone. On those odd times you win throw that money back on the table. You could also get them to waive the house limit and put it all on one spin of the wheel.

3) Buy 1,000's of lottery tickets with the same number. With the same number your odds of winning remain at silly unlikely levels. You will not be able to buy 10 million in one week but if you pay 100 people $1,000 per week to buy 1,000 tickets per week at $2 per ticket unless you win the jackpot you will be through the $10 million in less than a year.
Just about any gambling scheme will work well. The house always wins.
You go 'round and around it
You go over and under
I go through

User avatar
12_Gauge_Chimp
ZS Global Moderator
ZS Global Moderator
Posts: 7608
Joined: Thu Apr 09, 2009 4:21 pm
Location: Middle of nowhere, West Texas

Re: Wamba's Millions

Post by 12_Gauge_Chimp » Tue Feb 03, 2015 8:00 pm

I'd give Uwe Boll the 10 million bucks and tell him to remake "Gone with the Wind" or some other Old Hollywood movie. I'm almost guaranteed to lose money there. :lol:

User avatar
raptor
ZS Global Moderator
ZS Global Moderator
Posts: 17053
Joined: Sun Mar 04, 2007 10:18 pm
Location: Greater New Orleans Area

Re: Wamba's Millions

Post by raptor » Tue Feb 03, 2015 9:05 pm

Stercutus wrote: Just about any gambling scheme will work well. The house always wins.
It is not gambling when you on the house. :D

That said I personally like the abject futility of buying 100,000 lottery tickets with the same number for the same drawing. :clap:
Last edited by raptor on Tue Feb 03, 2015 9:06 pm, edited 1 time in total.

User avatar
ZombieGranny
* * * * *
Posts: 7382
Joined: Sat Sep 08, 2007 2:53 pm
Favorite Zombie Movies: eh - heck with it, I'm not leaving - I like it here, and the regular folks like me being here.
Location: PNW

Re: Wamba's Millions

Post by ZombieGranny » Tue Feb 03, 2015 9:06 pm

Never saw the remake but the original had rules as to the amount to charity, paying inflated prices for items or services, duplicate items or services, and gambling.
In my day, we didn't have virtual reality.
If a one-eyed razorback barbarian warrior was chasing you with an ax, you just had to hope you could outrun him.
-
Preps buy us time. Time to learn how and time to remember how. Time to figure out what is a want, what is a need.

User avatar
duodecima
ZS Lifetime Member
ZS Lifetime Member
Posts: 2951
Joined: Tue Aug 23, 2011 1:18 pm

Re: Wamba's Millions

Post by duodecima » Tue Feb 03, 2015 11:06 pm

Yeah, I was googling the rules on the remake. That was 30 mill in 30 days, couldn't tell anyone, only 5% to charity and only 5% gambling, couldn't buy something with the intent to destroy, etc.

10 mill in a year seems doable, that's about 750,000/month.

I'm going to assume the estate taxes have been taken care of by the estate. And I realize this list wouldn't make a good movie, because my idea of fun is boring, but it'd make me happy!

Take a sabbatical from the job, paying my usual bills isn't that much but doesn't result in anything tangible.
TRAVEL! Nicely. this can be made quite expensive and enjoyable, since we'd love to bring friends and family (for our own enjoyment, so I would argue we'd get value).
Hire a staff, pay them top wages, pay for their housing, with full benefits. Pay an agency for this.
Training and education, as people have pointed out. Ammo, by the way, is relatively expensive and the guns could be rented so there'd be no addition to physical possessions.
Throw parties at places we usually go to parties anyway, we'll pay for them to be super nice this time!
Could do an all-expenses paid ZS campout where everybody is provided with their own nice tent&equipment. Hire some fun instructors and some great campfire cooks to provide awesome food (and drink). Pay someone to organize it.
Take people out to restaurants a lot. Tip well.
Plan for next year - consult and retain lawyers, financial planners, investment advisors. Also interior decorators, architect,
An urban sustainability planner to plan for my edible permaculture city yard/house, implement as much as I can within the no-new physical possessions law. (Fruit trees might count, annual garden plants probably don't, hard to say about perennials. What about soil improvements???)
I want a compost consultant!!!
Renting kids clothes! I have 2 growing kids, I can't end with any new possessions but they'll need clothes still.
Lease our dream cars, rent garage space to store them in. Possibly hire a driver.
Sponsor/commission performance art.
There's some medical research I would LOVE to see done, that's really damn pricey.
Hire a real ad firm to do PSA's for whatever your favorite hobbyhorses are! Or just to make the Superbowl ad you always wanted to see but nobody ever did...

If that didn't cover it I have more ideas, or I could invest in impractical things that I like anyway. If that did cover it, could make some actual investments or let go of some of the over-the-top stuff.

Things I'd love to do that probably wouldn't be allowed...
Pay off loans and prepay tuition for various family members.
House maintenance! It doesn't create any additional physical possession, but tuck pointed brick, leaky plumbing and suspicious wiring fixed, roof updated, replace 30 year old AC unit and 20 year old furnace, better insulation, etc.

I actually think it would be an extremely busy and slightly stressful year, but it'd be a nice problem to have!
"When someone shows you who they are believe them" M. Angelou

User avatar
JeeperCreeper
ZS Member
ZS Member
Posts: 2572
Joined: Mon Aug 25, 2014 2:49 am
Favorite Zombie Movies: Twilight... making zombies of our future generations
Location: Yo Momma's House

Re: Wamba's Millions

Post by JeeperCreeper » Tue Feb 03, 2015 11:35 pm

I'd ask Victoria's Secret which models wanted to make 10 million that year.... just saying, I'm only human.

Of course, I'm only talking about a 10 million dollar chess game. And I'm not very good at chess.
They see me trollin', they hatin'.... keyboardin' tryna catch me typin' dirty
Halfapint wrote:There are some exceptions like myself and jeepercreeper.... but we are the forum asshats. We protect our positions with gusto
zero11010 wrote:The girlfriend is a good shot with a 10/22.
Her secondary offense will be nagging.

User avatar
Towanda
* * * * *
Posts: 3681
Joined: Mon Jan 15, 2007 2:02 am
Location: Ypsilanti, MI

Re: Wamba's Millions

Post by Towanda » Tue Feb 03, 2015 11:40 pm

If I'm reading the rules correctly, I can do anything I like with this money except buy material possessions for myself?
  • Donate the 10% to my favorite charity.
  • Off the top of my head, I can think of ten of my friends who still have a lot of student debt and/or mortgage payments. Pay them all.
  • Generously endow college funds for the kids of a friend of mine who died a couple years ago. His widow is doing a fantastic job with them so far, and she's held onto the house, but I know things are harder than she makes them look.
  • Pre-pay the tuition to get my bachelor's.
  • Make a generous donation to a local community-supported radio station on the condition that they play classical 24/7, instead of the classical days/jazz nights they do now.
Holding a grudge is like swallowing poison and expecting someone else to die.

Image
SMoAF wrote:You could have your very own Trunk SMoAF. That'd HAVE to have some practical value for you.

Murphman
ZS Member
ZS Member
Posts: 922
Joined: Thu Feb 14, 2013 4:10 pm

Re: Wamba's Millions

Post by Murphman » Wed Feb 04, 2015 8:41 am

Where there are legal stipulations, there are legal loopholes.

Based upon your rules, I would set up irrevocable trusts for my children for $4.9mm each (after attorney fees and gift tax return fees), fund them (money spent on investments contributed to the trusts) and call it a day. I would make sure my most trusted non-family member is the trustee to avoid any possible doubts of control.

http://www.investopedia.com/terms/i/irr ... etrust.asp

Brewster's Millions was a turd. The attorney who became the girlfriend should have known 10 other easy ways to get around such an inane idea.
"If you are prepped for pandemic flu, you are more than prepped for Ebola. And pandemic flu is hella more likely, that's the one that scares me, personally." - Duodecima...and she's a freaking doctor. What are you?

User avatar
raptor
ZS Global Moderator
ZS Global Moderator
Posts: 17053
Joined: Sun Mar 04, 2007 10:18 pm
Location: Greater New Orleans Area

Re: Wamba's Millions

Post by raptor » Wed Feb 04, 2015 2:12 pm

Murphman wrote:Where there are legal stipulations, there are legal loopholes.

Based upon your rules, I would set up irrevocable trusts for my children for $4.9mm each (after attorney fees and gift tax return fees), fund them (money spent on investments contributed to the trusts) and call it a day. I would make sure my most trusted non-family member is the trustee to avoid any possible doubts of control.

http://www.investopedia.com/terms/i/irr ... etrust.asp

Brewster's Millions was a turd. The attorney who became the girlfriend should have known 10 other easy ways to get around such an inane idea.
Good plan but in the movie there was no spouse and no children. You could also do this more simply by hiring the kids at the pay rate $1 million per day and simply avoid the whole complexity of the trust and trustee. However if they are minors you technically have some control of the assets even in the trust as the parent. You would have to emancipate them if they were minors.

One key point the movie overlooks is Gift Tax. Any gifts over $14,000 is taxable to the gift giver. It would suck to have given away all $10 million and then get a tax bill for $10 million of gift taxes. at least by hiring the people you could 1099 them and they have to pay the taxes.

I have a better idea...buy a car with the cash, put the remaining $10 million in cash in your car, have a friend take the car and the money and set fire to the car ..."Cash? What cash? It is gone!" :clap:

If the friend happens to take the cash with him before the car burns and does not tell you, well what can I say. :wink:

User avatar
duodecima
ZS Lifetime Member
ZS Lifetime Member
Posts: 2951
Joined: Tue Aug 23, 2011 1:18 pm

Re: Wamba's Millions

Post by duodecima » Wed Feb 04, 2015 2:56 pm

raptor wrote:[I have a better idea...buy a car with the cash, put the remaining $10 million in cash in your car, have a friend take the car and the money and set fire to the car ..."Cash? What cash? It is gone!" :clap:

If the friend happens to take the cash with him before the car burns and does not tell you, well what can I say. :wink:
Rules also stated no purchasing something to destroy it. (He bought a expensive rare stamp and used it to mail a postcard to the law firm, thus negating its value without destruction). I'm not sure gifts were allowed, you had to "get value" for the money somehow. Which still leaves a lot of room to play.

I think the bigger problem was that in the movie it was more money in a lot less time and you were forbidden to tell anyone, so in my case my family would think I'd lost my mind. (Then I could pay the lawyer for the competency stuff as an expense!!!).
"When someone shows you who they are believe them" M. Angelou

User avatar
raptor
ZS Global Moderator
ZS Global Moderator
Posts: 17053
Joined: Sun Mar 04, 2007 10:18 pm
Location: Greater New Orleans Area

Re: Wamba's Millions

Post by raptor » Wed Feb 04, 2015 3:11 pm

duodecima wrote:
raptor wrote:[I have a better idea...buy a car with the cash, put the remaining $10 million in cash in your car, have a friend take the car and the money and set fire to the car ..."Cash? What cash? It is gone!" :clap:

If the friend happens to take the cash with him before the car burns and does not tell you, well what can I say. :wink:
Rules also stated no purchasing something to destroy it. (He bought a expensive rare stamp and used it to mail a postcard to the law firm, thus negating its value without destruction). I'm not sure gifts were allowed, you had to "get value" for the money somehow. Which still leaves a lot of room to play.

I think the bigger problem was that in the movie it was more money in a lot less time and you were forbidden to tell anyone, so in my case my family would think I'd lost my mind. (Then I could pay the lawyer for the competency stuff as an expense!!!).
Yes you are correct on all counts.
Brewster is challenged to either take $1 million upfront, or spend $30 million within 30 days to inherit $300 million. If he chooses the former, the law firm becomes the executor of the estate and divides the money among charities (after taking a sizable fee). In the latter case, after 30 days, he may not own any assets that are not already his, and he must get value for the services of anyone he hires; he also cannot buy anything with the intent to destroy it. He may donate only 5% to charity and lose 5% by gambling. And he is not allowed to tell anyone, even Spike. Brewster decides to take the $30 million challenge. Angela Drake, a paralegal from the law firm must accompany him to keep tabs on all spending.
Ok so would writing a check to the US government for a $30 million voluntary reduction in the deficit qualify. He would get nothing of value, it is not a charity, it is not services and he cannot reclaim the money.

http://www.treasurydirect.gov/govt/repo ... t/gift.htm


BTW anyone who wants to make such a payment, PM me first...I will get you drug tested and talk you out of it. :D

wamba
* * *
Posts: 425
Joined: Tue Sep 28, 2010 12:32 pm
Favorite Zombie Movies: Shawn of the Dead, Zombieland, & Walking Dead (if that counts).
Location: Kansas (edge of the Flint Hills

Re: Wamba's Millions

Post by wamba » Wed Feb 04, 2015 3:22 pm

Looks like I badly misremembered a couple of key aspects of the movie, note to self next time take a few minutes for research. :oops:

Some of you are showing a fair bit of creative (& positive) thinking, makes me feel ashamed that my first thoughts were of expensive pranks & little else. For example one thought I had was to hire protesters to annoy people/groups that either irritate me or that I feel need taking down a peg or two.
Those who ignore history are doomed to repeat it, & you can bet they'll whine that nobody warned them.

KGBrick
* *
Posts: 275
Joined: Tue Aug 05, 2014 6:33 am

Re: Wamba's Millions

Post by KGBrick » Wed Feb 04, 2015 5:43 pm

raptor wrote:BTW anyone who wants to make such a payment, PM me first...I will get you drug tested and talk you out of it.* :D
*For an insignificant fee.

User avatar
duodecima
ZS Lifetime Member
ZS Lifetime Member
Posts: 2951
Joined: Tue Aug 23, 2011 1:18 pm

Re: Wamba's Millions

Post by duodecima » Wed Feb 04, 2015 6:50 pm

KGBrick wrote:
raptor wrote:BTW anyone who wants to make such a payment, PM me first...I will get you drug tested and talk you out of it.* :D
*For an insignificant fee.
But you would get significant value for the money!!! :crazy:

Raptor, it could be 11:59th hour move if somehow you had NOT significantly ditched enough money. I had been thinking of income tax implications (there goes 4.6/10M under ordinary income tax) before I remembered it was inheritance and the estate should take care of the estate taxes before the money came to me.
wamba wrote:For example one thought I had was to hire protesters to annoy people/groups that either irritate me or that I feel need taking down a peg or two.
That was my thought on the PSA's, you think you couldn't drive some folks nuts with them? (The original and the remake of the movie were both done pre-Citizen's United. :clownshoes: )
"When someone shows you who they are believe them" M. Angelou

User avatar
raptor
ZS Global Moderator
ZS Global Moderator
Posts: 17053
Joined: Sun Mar 04, 2007 10:18 pm
Location: Greater New Orleans Area

Re: Wamba's Millions

Post by raptor » Wed Feb 04, 2015 7:32 pm

duodecima wrote:
Raptor, it could be 11:59th hour move if somehow you had NOT significantly ditched enough money. I had been thinking of income tax implications (there goes 4.6/10M under ordinary income tax) before I remembered it was inheritance and the estate should take care of the estate taxes before the money came to me.
The estate would have to deal with the tax issue of the $10 million given to you. However, once it was in your control you become responsible for the gift tax issues. It is likely though to simplify the tax issues that the estate would give you authority to disburse the funds on its behalf and thus retain any tax issues for gifts, etc.thus making it harder to capture the gift tax as part of the disbursements.

Giving money to the government is IMO about as sensible as giving a case of beer and car keys to a teenager and saying "Now be responsible with both of those items." :wink:

User avatar
DarkAxel
* * * * *
Posts: 3868
Joined: Fri Feb 19, 2010 2:25 am
Favorite Zombie Movies: The Evil Dead Series, Dawn of the Dead, Shawn of the Dead, NOTLD, Resident Evil Series
Location: Jackson, KY
Contact:

Re: Wamba's Millions

Post by DarkAxel » Wed Feb 04, 2015 8:53 pm

This one is kind of easy. 1 million to charity and the rest in a for-profit job retraining program with a negligible profit margin. Rental agreements for all of the tools, buildings, and utilities, plus salary and benefits for employees would make that money vanish in a heartbeat.
vyadmirer wrote:Call me the paranoid type, but remember I'm on a post apocalyptic website prepared for zombies.
Fleet #: ZS 0180

Browncoat

Imma Fudd, and proud of it.

ZS Wiki

User avatar
minengr
* * * * *
Posts: 1338
Joined: Thu Jun 10, 2004 9:10 am
Location: Southern Illinois
Contact:

Re: Wamba's Millions

Post by minengr » Thu Feb 05, 2015 10:01 am

If you're talking just like the movie where you piss away $30mil to inherit $300mil, I'd book the Sky Villa at the Palms. At $37,000 a night, you'll be through that money in less than a year.
Bullet drop is physics, reading wind is voodoo

User avatar
Mikeyboy
* * * * *
Posts: 2265
Joined: Wed May 04, 2011 8:00 am

Re: Wamba's Millions

Post by Mikeyboy » Thu Feb 05, 2015 10:52 am

For the record The Richard Pryor Brewster's Million is bases on a book written in 1902 by the same name, and there was another Brewster's Millions movie in 1945

http://en.wikipedia.org/wiki/Brewster%27s_Millions

http://en.wikipedia.org/wiki/Brewster's ... 1945_film)

http://en.wikipedia.org/wiki/Brewster's ... 1985_film)

Its neat to see how the values and time frame was has raise over time. I wonder if the amount would need to be raise to match the 2015 dollar?

In the 1985 version Brewster needed to spend, $30 million within 30 days to inherit $300 million. Also he could only give 5% to Charity and Gamble up to 5% (5% of $30 million is 1.5 million)

The 1945 version Brewster needed to spend, $1 million within 2 months (his 30th birthday) to inherit $8 million

The original 1902 book he needed to spend $1 million over the course of 1 year to inherit $7 million


$30 million in $30 Days, I might be able to pull it off, but I would need to go to Dubai to buy stupidly expensive stuff for friends and family, and on the way back go to Monte Carlo for stupid bets at a high roller casino. That part would be kind of fun, playing a game of Baccarat in Monte Carlo, and yelling "Blackjack" and "Go Fish". Pre pay college for everyone I know. Then I would attempt to do some funky scheme business, leasing expensive retail space for a month at multiple locations and paying homeless people real good money to teach interpretive dance.
Last edited by Mikeyboy on Thu Feb 05, 2015 11:23 am, edited 2 times in total.

User avatar
raptor
ZS Global Moderator
ZS Global Moderator
Posts: 17053
Joined: Sun Mar 04, 2007 10:18 pm
Location: Greater New Orleans Area

Re: Wamba's Millions

Post by raptor » Thu Feb 05, 2015 11:01 am

Mikeyboy wrote: Its neat to see how the values and time frame was has raise over time. I wonder if the amount would need to be raise to match the 2015 dollar?

In the 1985 version Brewster needed to spend, $30 million within 30 days to inherit $300 million. Also he could only give 5% to Charity and Gamble up to 5% (5% of $30 million is 1.5 million)

The 1945 version Brewster needed to spend, $1 million within 2 months (his 30th birthday) to inherit $8 million

The original 1902 book he needed to spend $1 million over the course of 1 year to inherit $7 million
The sums adjusted to 2014 - would be a need to spend $66 million to get $660 million.

http://data.bls.gov/cgi-bin/cpicalc.pl

BTW let that sink in ...the dollar that you saved in 1985 (29 years later) today buys ~ $.54 worth of goods today.

zero11010
* * *
Posts: 586
Joined: Mon Jul 14, 2014 4:24 pm

Re: Wamba's Millions

Post by zero11010 » Thu Feb 05, 2015 1:00 pm

raptor wrote:BTW let that sink in ...the dollar that you saved in 1985 (29 years later) today buys ~ $.54 worth of goods today.
You're making it sound like you think saving money, potentially instead of buying things, is a bad idea.

User avatar
raptor
ZS Global Moderator
ZS Global Moderator
Posts: 17053
Joined: Sun Mar 04, 2007 10:18 pm
Location: Greater New Orleans Area

Re: Wamba's Millions

Post by raptor » Thu Feb 05, 2015 1:30 pm

zero11010 wrote:
raptor wrote:BTW let that sink in ...the dollar that you saved in 1985 (29 years later) today buys ~ $.54 worth of goods today.
You're making it sound like you think saving money, potentially instead of buying things, is a bad idea.
Not at all. What I am saying is if your money around sitting around safe in a non-interest bearing account for 29 years your safe money would have lost 46% of it value. I am also saying that even at low inflation rates your money's value is being eroded away daily.

If you are not making at least 6% per year on your money, it is losing value. The average inflation rate over 29 was less than 2% but that is the core CPI rate and recent years even the core CPI rate is above 3%.

Buying depreciating assets and/or non-durable goods is generally not the answer either.

Post Reply

Return to “What Would You Do?”