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Thread: What would be "Life Changing Money" for You?

  1. #41

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    Re: What would be "Life Changing Money" for You?

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    Quote Originally Posted by Lightcycle View Post
    So true about the "realistic world order". Canada has been lucky to average 2-3% inflation over the last 25 years. It's been quite an ideal environment for savers and investors. Most people under the age of 50 don't remember anything else.

    We've been traveling through some countries recently that have experienced 30% year-over-year inflation.

    So all this talk about "$2MM and I'm set for life" becomes meaningless if after 5 years, that stash effectively becomes worth $500K. In that new world order, it's more cost-effective to hold onto a job that gives you a 30% cost-of-living raise every year, immediately spend every $ that they pay you instead of trying to save that $ and have it be worth $0.70 the next year...
    Eons ago in college one of my instructors was Dutch and old enough to have gone through the inflation ravages of pre WWII war in Europe. He said prices of groceries doubled every day. Wives went to the factories at noon every day to get their husbands pay and buy food because prices would double overnight.

    A guy inherited the family farm before the craziness started, sold the farm and put the money into a fixed investment at a modest interest. When he cashed in the bond a few years later he was able to buy a a pack of smokes with the payout.

    I've wondered about having a high interest savings account in Venezuela. With an inflation rate of 2600% it's a thousand times better than here. Security?? Not so good.

  2. #42
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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by Baggsy View Post
    Every time I don't play the lottery, I win a buck or two, guaranteed.
    Lotteries are a tax on the poor.

  3. #43
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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by nobbie48 View Post
    I've wondered about having a high interest savings account in Venezuela. With an inflation rate of 2600% it's a thousand times better than here. Security?? Not so good.
    High interest savings account in Venezuela is only 20% though! Losing out slightly behind the inflation rate...

    Also try getting your money out of the bank:

    You can't get $1 out of the bank in Venezuela. I tried.



    Crazy sh1t

  4. #44

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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by Lightcycle View Post
    High interest savings account in Venezuela is only 20% though! Losing out slightly behind the inflation rate...

    Also try getting your money out of the bank:

    You can't get $1 out of the bank in Venezuela. I tried.



    Crazy sh1t
    https://www.youtube.com/watch?v=cfA2sEMue7g

    And that was a year ago. It's worse now.

  5. #45
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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by Lightcycle View Post
    Lotteries are a voluntary tax on the poor.
    fify
    Ignorance is curable, Apathy not so much, but I don't care, I'll try anyway.

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  6. #46
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    Re: What would be "Life Changing Money" for You?

    I'm a miserable SOB 30%er.

  7. #47
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    Re: What would be "Life Changing Money" for You?

    Rich people don't win the lottery.

    There is a post on Reddit that circulates every few months about the major downsides of winning the lottery. Mainly the fact that you are 120x more likely to be killed by a family member, or having people sue you for nothing to make a few bucks, or be a subject of financial stalkers. People write letters and emails to lottery winners asking for cash for their sick family members, the cops recognize their cars are write tickets for everything because you have the money to pay them. Its crazy...

    This is the post. Its actually an interesting read.
    https://www.reddit.com/r/AskReddit/c..._hear/chb4v05/
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  8. #48
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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by 48Connor View Post
    Rich people don't win the lottery.
    One of the guys I use to race with's father is a major name in Toronto Industrial real estate, They're always buying tickets in the PM Hospital and Sick Kids lotteries. They've won numerous cars, trips, etc. (like they need them). Mind you, they're not buying one or two tickets, and the odds are better, but they're buying them.
    "Money can't buy you happiness, but it can buy you a big enough boat that you can sail right up next to it" - David Lee Roth

  9. #49
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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by 48Connor View Post
    Rich people don't win the lottery.

    There is a post on Reddit that circulates every few months about the major downsides of winning the lottery. Mainly the fact that you are 120x more likely to be killed by a family member, or having people sue you for nothing to make a few bucks, or be a subject of financial stalkers. People write letters and emails to lottery winners asking for cash for their sick family members, the cops recognize their cars are write tickets for everything because you have the money to pay them. Its crazy...
    A funny thing happened to me a few years back - someone local with the exact same name as me won the lottery...a not insignifigant amount, either.

    I woke up and my phone was losing it's **** beeping nearly constantly. All sorts of "Congratulations!" and "What are you going to do with the money!" posts on my wall, etc etc. A lot of friend requests from strangers, and a lot of PM's from people I hadn't heard from in ages. For a few minutes I thought I'd actually won something I may have forgot I'd bought a ticket for...until I realized the mistake and posted on my own wall that it wasn't me.

    But I made a lot of friends in that few hours.

    I read an article once that listed off the things you should do if you win the lottery. Closing all your social media accounts, changing your phone numbers, and hiring security at your home for the first 6 or 8 months was top of list, then hire a crisis manager/PR firm, and a wealth management advisor.

    Understandable.

    There was a court case somwhere in the USA recently where someone who'd won a lottery that required them to be publicly identified as the "big winner" sued to remain private. They won. Makes sense...and potentially saves a LOT of the above hassle so long as you tactfully handle things afterwards...IE don't have 2 Lambo's in the driveway a week later, etc etc.
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  10. #50

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    Re: What would be "Life Changing Money" for You?

    Quote Originally Posted by PrivatePilot View Post
    A funny thing happened to me a few years back - someone local with the exact same name as me won the lottery...a not insignifigant amount, either.

    I woke up and my phone was losing it's **** beeping nearly constantly. All sorts of "Congratulations!" and "What are you going to do with the money!" posts on my wall, etc etc. A lot of friend requests from strangers, and a lot of PM's from people I hadn't heard from in ages. For a few minutes I thought I'd actually won something I may have forgot I'd bought a ticket for...until I realized the mistake and posted on my own wall that it wasn't me.

    But I made a lot of friends in that few hours.

    I read an article once that listed off the things you should do if you win the lottery. Closing all your social media accounts, changing your phone numbers, and hiring security at your home for the first 6 or 8 months was top of list, then hire a crisis manager/PR firm, and a wealth management advisor.

    Understandable.

    There was a court case somwhere in the USA recently where someone who'd won a lottery that required them to be publicly identified as the "big winner" sued to remain private. They won. Makes sense...and potentially saves a LOT of the above hassle so long as you tactfully handle things afterwards...IE don't have 2 Lambo's in the driveway a week later, etc etc.
    There's numerous anonymous winners in the US. Some states allow it and others have taken it to court and won the right.
    I don't think you can remain annoymous in Canada.. someone tried recently, or is still trying.

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