Shes just grieving! BiGoTs! She spends money as a way to cope with stress!
(media.patriots.win)
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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.
Oh I hear the argument. I just know that at those numbers an $800k house and Bentley on their own aren’t going to destroy her financially. All those friends coming out of the woodwork could definitely do it. As well as vacataions and luxury shopping if she can’t keep it under control.
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.
Yea the lawyers may have gotten a lot of it I can concede that. But people with millions are in elite funds and easily make 5%. I don’t have near that much and I’m getting near 18% returns lately. 5% is easy at that level.
You can’t rely on spikes in the market to get you by. We’ve had an amazing few years but that’s not really the standard. I think anyone reasonably intelligent would say the same thing as me, that spending probably a quarter of your settlement in the first month on a McMansion and Bentley is a very poor use of your money.