Shes just grieving! BiGoTs! She spends money as a way to cope with stress!
(media.patriots.win)
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It's not irrelevant. You're completely missing the point. Rather than buy a house that fulfilled their needs and met their income level, they went hog-wild and bought themselves a McMansion, which is going to inherently cost much more in general maintenance and property taxes. I would be surprised if they're still there in 5 years, compared to something more affordable they could likely live in the rest of their lives. Point being, they're squandering their money instead of investing it properly, not that anyone is remotely surprised.
You are exactly right. Plus the Bentley. Those are about 200K. You can get premium Tesla’s, Mercedes, and BMWs starting at 35-40 brand new. She is way over spending on basic shit, proving she is gonna blow it all.
She tells herself she still has 11 million dollars and that is what she’ll live on for the rest of her life...but her spending habits are going to be sucked bit by bit to high prices for everything. Expensive restaurants, big liquor bills, expensive daily coffees, 12 vacations a year at expensive hotels, expensive clothes, etc.
And before she knows it she will have whittled a mountain of cash into nothing with irresponsible purchases.
She probably won’t though. Many athletes go bankrupt and that’s with financial advice onboarding seminars, they just ignore it and spend $5000K at a bar and buy luxury everything
This. A few hundred K for house, bills and some modest frivolities, and the rest into the bank with an annuity plan, some low-risk investments and dividends, and they could live very comfortably the rest of their lives, and still have something left to leave their kids and grandchildren. At the rate they're going however they're probably gonna wind up in debt.
You guys are missing the reality of how much $12m dollars is. Easily $500k-$1M in passive income every year. That is enough to qualify someone for a $1.5m mortgage. Paying cash for half that is a good buy. And as for the car - a $200k Bentley for someone with $10m in the bank is like a $2k car for someone with $100k net worth. Really not that bad of a decision.
It's not as much as you think. Between taxes and lawyer fees, they're probably only walking away with a few million.
Not even close. Federal interest rates are practically zero, maybe a couple % depending on account type. Investments are another story, but even then your typical low-risk mutual funds will yield around 3-4%. Nobody intelligent would have all their money tied up in investments anyway.
A nice big house is potentially a good buy when you have supplemental income to justify the purchase and can afford it's maintenance and tax rate, not when you're coming from low-income with no equity or investments of any kind, and need to stretch your money over the course of decades.
As for the car, cars in general are a terrible investment, especially a Bentley that will be worth 1/2 as much in 3 years. Literally $100k down the drain just like that, and the depreciation will only get worse, which might be ok if you're making millions of dollars a year, but not when you only have a few million in the bank and that's all you're ever going to get.
Again, they're squandering their money.