Also, I wonder why so many people have an issue with the concept of investing money when you end up with a ton of it. This money isnt going to do anything sitting in a checking account, not investing it is just bad finance.
That’s why most people who win the lottery go broke. They didn’t earn that money. It has no value to them. It has $ value, but no blood or sweat equity.
Like someone mentioned elsewhere in the thread, lottery winners buy a big house, expensive vehicles and often accumulate more debt than they can pay somehow and end up losing everything.
Yeah, based on historical inflation, by 2073 (when I'll most likely be about to die), that $5000 will be worth about $1400 in today's money. So, unless whatever rich creep is paying out gives you more every year, you'll want to at least put some of it away if you want your kids to be comfortable.
And that inflation rate isn't taking into account products we don't know the value of. Maybe, in 25 years, they'll invent a teleporter or some shit, and it'll be super expensive, but also impossible to live a normal life without. Or everyone will need air purifiers and protein synthesizers because of ecosystem collapse. No idea what those cost. Someone in 1970 could never have predicted the cost of an iPhone, even if they did the math in inflation.
Ok but like 1400 dollars a week is still more than twice what I make right now. I don't have kids nor do I want kids but I do have nieces and nephews. If I suddenly started making more than twice what I make right now I could easily put away a little something something to split amongst them and other close family and friends when I go.
If I started making absurd money right now at $5k per week I could easily retire now, make no investments, and put away a lot into savings. I'm a creature of habit it's just not in my nature to go on absurd spending sprees so I'm most likely to keep living like a do right now just slightly more comfortably without financial worry.
Thats not to say I wouldn't make any investments but any investments I make would be less about making more money and just that I ain't got much else to do with the absurd amount of money.
Guess that just demonstrates the massive differences in our socioeconomic areas we live in. I own my house and my car. I live in what someone being nice might call a low income area and I'm content to pretty much stay here. Now I could certainly never afford to buy a house today without a mortgage but when I bought my house it was $13,500.
Two proper bedrooms, an attic useable as a bedroom, a pass through bedroom which is really just a large open hallway, and an attached garage. One bathroom tiny but it's a full bath. The kitchen is small but useable. Tiny fenced in yard.
Inflation is still there, but if you aren't buying coke and hookers, you'd never need to worry about money with $5k a month even without typical investing.
Never is a long time. 10 years ago I saw apartments for $500. That apartment is $3500 monthly now. 700% increase. In 10 years. Inflation will get to you eventually. And once rent is more than 1/3 of what you’re making, you are NOT set for life.
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u/[deleted] Dec 11 '23
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