White people problem: Too much money and what to do with it all?

  • Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!



    Go here and give us your nominations!
    Who's been the biggest Asshat in the last year? Give us your worst ones!
Singh'sSpot

Singh'sSpot

Blackwing Lair Raider
1,208
1,709
You could take up street racing, get a jdm and customize the shit out of it, that's what Smokey Nagata did to his Supra.
 
  • 1Like
Reactions: 1 user
Mist

Mist

REEEEeyore
<Gold Donor>
31,359
23,777
Oh I have an idea, and it's very white.

Build some kind of very large oddball tourist attraction, like a gigantic model train set, but make everyone in the model town a furry.
 
  • 3Like
  • 2Worf
  • 2Solidarity
Reactions: 6 users
Control

Control

Bronze Baronet of the Realm
3,109
8,223
AladainAF said:
This is a truly serious post, am looking for some advice here. I'm going to get specific, so I'm going to spoil it if you don't want to be bothered with the specifics. But what I'm trying to figure out is -- what the fuck do you do when you have too much money?

Yes, I can invest it and I do, but I'm running into complex problems and legitimately don't know what to do. I'm now running into issues with feeling forced to keep over 250K in the bank on my business which is stupid, dumb, and something I shouldn't do but I dont know where else or what else to move this to. Anyway, onto specifics.

Currently, I have a lot invested with a financial advisor overseeing it (Very low fee of 0.29% and I don't want to have to deal with all of it), and have already maxed out I Bonds for the year (10k for me, 10k for wife, and we allocated 5k from our tax refund toward ibonds, so 25k this year). I have no savings account, but have a gigantic line of credit (750K, LOL) available for any emergency with a 0 balance so its unnecessary to get a savings account since I can access the line immediately if I even needed to.

I own two companies which we'll call my SL company and my real estate company. We have six rental properties at this point, so we're covered there - 2 of them are paid off so they are pure cash flow but I have no need to mortgage them because I dont need more cash but at the same time I have equity not being put to use but what can I even do with all this? Plus its not my equity, it's my real estate companies. Both kids college 529s have 150K in them (maybe I can fund this more, but they aren't even 10 yet...), I have around a quarter million in gold (St gaudens, beautiful coins btw), and several firearms. I have one employee at my company, and have a SEP 401K already maxed, and I also offer it to my employee (required to) but he doesnt want it.

Taxes are all done, and my business has about 236K in the bank, *after* I withdrew all my retained earnings through 2021 and simply threw into my brokerage account. Next month my business will break 250K in the bank, but I have no idea what to do with this money. It's not mine till 2022 taxes are done, and there's frankly nothing I need to buy or invest into the business. Wife's job handles health insurance, so this isn't an expense I need to bother with. She maxes every contribution to everything she can (ESPP, 401K, HSA, etc). She makes like 150k a year and her paycheck is like 1800 every 2 weeks lol.

What the fuck do I do? What CAN I do? I don't have long-term care prepared, maybe that? I don't need more houses, and we live in a nice place already and don't really wanna move on anywhere and investment homes as of recently are not a good buy in my eyes. I have tried to get my wife to be on board with a live-in nanny or at least a full time nanny to take care of all the bullshit house work, but my wife actually LIKES doing this shit so I can't. I've thought about buying a franchise of something, but I am completely spoiled on passive income since my SL business and real estate business are both passive income. I literally play video games 8 hours a day because there's nothing else I know to do. We have older cars, but they work, why would I buy new ones? (I have a 2012 and she has a 2015). Do I just talk to my financial advisor and say "derp, help me out here?".

Edit: I've thought about going to college just for the sake of learning new shit, but with the state of college today, I'd rather pay for an online lesson based solely on facts and not instructor based.

Any advice is appreciated.
Click to expand...
Couple of random thoughts for whatever they're worth: The people that I know who've built businesses never stop building businesses. Instead of playing games, start building the next thing, knowing that you're not under the gun to get something profitable asafp. Also, if you want to do something that helps society, do it via a business instead of politics. A profitable business can be an influence engine much more than anything else since profits are ultimately what buys the politicians and enables social perception shifts.

It sounds like you've got shit taken care of, but in terms of your personal/family's risk management, have you got that sorted out? For your income, there's passive and there's passive. If all of your business income and your wife's job went away tomorrow, are you ok indefinitely? Are you as protected as you could be from liability/litigation? What about things going fully tits-up societally? Have a suitable bugout location/infrastructure? Have second passports/international banks in case you really need to gtfo? Or international business infrastructure in case taxes/regulations here become untenable? (Offshore incorporation for your SL business might be worthwhile regardless, if you haven't already tackled that.)
 
  • 1Like
Reactions: 1 user
Lumi

Lumi

Vyemm Raider
4,411
3,183
AladainAF said:
This is a truly serious post, am looking for some advice here. I'm going to get specific, so I'm going to spoil it if you don't want to be bothered with the specifics. But what I'm trying to figure out is -- what the fuck do you do when you have too much money?

Yes, I can invest it and I do, but I'm running into complex problems and legitimately don't know what to do. I'm now running into issues with feeling forced to keep over 250K in the bank on my business which is stupid, dumb, and something I shouldn't do but I dont know where else or what else to move this to. Anyway, onto specifics.

Currently, I have a lot invested with a financial advisor overseeing it (Very low fee of 0.29% and I don't want to have to deal with all of it), and have already maxed out I Bonds for the year (10k for me, 10k for wife, and we allocated 5k from our tax refund toward ibonds, so 25k this year). I have no savings account, but have a gigantic line of credit (750K, LOL) available for any emergency with a 0 balance so its unnecessary to get a savings account since I can access the line immediately if I even needed to.

I own two companies which we'll call my SL company and my real estate company. We have six rental properties at this point, so we're covered there - 2 of them are paid off so they are pure cash flow but I have no need to mortgage them because I dont need more cash but at the same time I have equity not being put to use but what can I even do with all this? Plus its not my equity, it's my real estate companies. Both kids college 529s have 150K in them (maybe I can fund this more, but they aren't even 10 yet...), I have around a quarter million in gold (St gaudens, beautiful coins btw), and several firearms. I have one employee at my company, and have a SEP 401K already maxed, and I also offer it to my employee (required to) but he doesnt want it.

Taxes are all done, and my business has about 236K in the bank, *after* I withdrew all my retained earnings through 2021 and simply threw into my brokerage account. Next month my business will break 250K in the bank, but I have no idea what to do with this money. It's not mine till 2022 taxes are done, and there's frankly nothing I need to buy or invest into the business. Wife's job handles health insurance, so this isn't an expense I need to bother with. She maxes every contribution to everything she can (ESPP, 401K, HSA, etc). She makes like 150k a year and her paycheck is like 1800 every 2 weeks lol.

What the fuck do I do? What CAN I do? I don't have long-term care prepared, maybe that? I don't need more houses, and we live in a nice place already and don't really wanna move on anywhere and investment homes as of recently are not a good buy in my eyes. I have tried to get my wife to be on board with a live-in nanny or at least a full time nanny to take care of all the bullshit house work, but my wife actually LIKES doing this shit so I can't. I've thought about buying a franchise of something, but I am completely spoiled on passive income since my SL business and real estate business are both passive income. I literally play video games 8 hours a day because there's nothing else I know to do. We have older cars, but they work, why would I buy new ones? (I have a 2012 and she has a 2015). Do I just talk to my financial advisor and say "derp, help me out here?".

Edit: I've thought about going to college just for the sake of learning new shit, but with the state of college today, I'd rather pay for an online lesson based solely on facts and not instructor based.

Any advice is appreciated.
Click to expand...
Invest in Pantheon or maybe Star Citizen imo.
 
  • 1Rimshot
Reactions: 1 user
Mist

Mist

REEEEeyore
<Gold Donor>
31,359
23,777
Mist said:
Oh I have an idea, and it's very white.

Build some kind of very large oddball tourist attraction, like a gigantic model train set, but make everyone in the model town a furry.
Click to expand...
1654398768360.png
 
  • 1Worf
Reactions: 1 user
Hateyou

Hateyou

Not Great, Not Terrible
<Bronze Donator>
16,912
44,351
AladainAF said:
This is a truly serious post, am looking for some advice here. I'm going to get specific, so I'm going to spoil it if you don't want to be bothered with the specifics. But what I'm trying to figure out is -- what the fuck do you do when you have too much money?

Yes, I can invest it and I do, but I'm running into complex problems and legitimately don't know what to do. I'm now running into issues with feeling forced to keep over 250K in the bank on my business which is stupid, dumb, and something I shouldn't do but I dont know where else or what else to move this to. Anyway, onto specifics.

Currently, I have a lot invested with a financial advisor overseeing it (Very low fee of 0.29% and I don't want to have to deal with all of it), and have already maxed out I Bonds for the year (10k for me, 10k for wife, and we allocated 5k from our tax refund toward ibonds, so 25k this year). I have no savings account, but have a gigantic line of credit (750K, LOL) available for any emergency with a 0 balance so its unnecessary to get a savings account since I can access the line immediately if I even needed to.

I own two companies which we'll call my SL company and my real estate company. We have six rental properties at this point, so we're covered there - 2 of them are paid off so they are pure cash flow but I have no need to mortgage them because I dont need more cash but at the same time I have equity not being put to use but what can I even do with all this? Plus its not my equity, it's my real estate companies. Both kids college 529s have 150K in them (maybe I can fund this more, but they aren't even 10 yet...), I have around a quarter million in gold (St gaudens, beautiful coins btw), and several firearms. I have one employee at my company, and have a SEP 401K already maxed, and I also offer it to my employee (required to) but he doesnt want it.

Taxes are all done, and my business has about 236K in the bank, *after* I withdrew all my retained earnings through 2021 and simply threw into my brokerage account. Next month my business will break 250K in the bank, but I have no idea what to do with this money. It's not mine till 2022 taxes are done, and there's frankly nothing I need to buy or invest into the business. Wife's job handles health insurance, so this isn't an expense I need to bother with. She maxes every contribution to everything she can (ESPP, 401K, HSA, etc). She makes like 150k a year and her paycheck is like 1800 every 2 weeks lol.

What the fuck do I do? What CAN I do? I don't have long-term care prepared, maybe that? I don't need more houses, and we live in a nice place already and don't really wanna move on anywhere and investment homes as of recently are not a good buy in my eyes. I have tried to get my wife to be on board with a live-in nanny or at least a full time nanny to take care of all the bullshit house work, but my wife actually LIKES doing this shit so I can't. I've thought about buying a franchise of something, but I am completely spoiled on passive income since my SL business and real estate business are both passive income. I literally play video games 8 hours a day because there's nothing else I know to do. We have older cars, but they work, why would I buy new ones? (I have a 2012 and she has a 2015). Do I just talk to my financial advisor and say "derp, help me out here?".

Edit: I've thought about going to college just for the sake of learning new shit, but with the state of college today, I'd rather pay for an online lesson based solely on facts and not instructor based.

Any advice is appreciated.
Click to expand...
In all honestly, buy up and hold nearby farmland. Local farmers will pay to farm it for you if you want it to be used. It will either get farmed and you make more money, or some company building mcmansions buys it from you down the road.
 
  • 1Like
Reactions: 1 user
Tmac

Tmac

Adventurer
<Aristocrat╭ರ_•́>
10,026
17,087
Kirun said:
Holy fuck, boomer. Goddamn, I thought @Chukzombi was the only fossil on these boards. You shouldn't be allowed to have a license to drive that Tesla, gramps.
Click to expand...

Breh. Teslas drive themselves. Why do you think he got it??
 
  • 1Truth!
Reactions: 1 user
Rajaah

Rajaah

Honorable Member
<Gold Donor>
12,658
16,744
Sanrith Descartes said:
You being white ain't got nothing to do with it. I have seen your investment strategy. :trollface:
Click to expand...

Mistakes were made. There is always room for improvement. My first year in investments ended badly, but we'll see how I'm looking at the end of this next year.
 
  • 1Like
Reactions: 1 user
Cad

Cad

scientia potentia est
<Bronze Donator>
25,726
50,310
AladainAF said:
This is a truly serious post, am looking for some advice here. I'm going to get specific, so I'm going to spoil it if you don't want to be bothered with the specifics. But what I'm trying to figure out is -- what the fuck do you do when you have too much money?

Yes, I can invest it and I do, but I'm running into complex problems and legitimately don't know what to do. I'm now running into issues with feeling forced to keep over 250K in the bank on my business which is stupid, dumb, and something I shouldn't do but I dont know where else or what else to move this to. Anyway, onto specifics.

Currently, I have a lot invested with a financial advisor overseeing it (Very low fee of 0.29% and I don't want to have to deal with all of it), and have already maxed out I Bonds for the year (10k for me, 10k for wife, and we allocated 5k from our tax refund toward ibonds, so 25k this year). I have no savings account, but have a gigantic line of credit (750K, LOL) available for any emergency with a 0 balance so its unnecessary to get a savings account since I can access the line immediately if I even needed to.

I own two companies which we'll call my SL company and my real estate company. We have six rental properties at this point, so we're covered there - 2 of them are paid off so they are pure cash flow but I have no need to mortgage them because I dont need more cash but at the same time I have equity not being put to use but what can I even do with all this? Plus its not my equity, it's my real estate companies. Both kids college 529s have 150K in them (maybe I can fund this more, but they aren't even 10 yet...), I have around a quarter million in gold (St gaudens, beautiful coins btw), and several firearms. I have one employee at my company, and have a SEP 401K already maxed, and I also offer it to my employee (required to) but he doesnt want it.

Taxes are all done, and my business has about 236K in the bank, *after* I withdrew all my retained earnings through 2021 and simply threw into my brokerage account. Next month my business will break 250K in the bank, but I have no idea what to do with this money. It's not mine till 2022 taxes are done, and there's frankly nothing I need to buy or invest into the business. Wife's job handles health insurance, so this isn't an expense I need to bother with. She maxes every contribution to everything she can (ESPP, 401K, HSA, etc). She makes like 150k a year and her paycheck is like 1800 every 2 weeks lol.

What the fuck do I do? What CAN I do? I don't have long-term care prepared, maybe that? I don't need more houses, and we live in a nice place already and don't really wanna move on anywhere and investment homes as of recently are not a good buy in my eyes. I have tried to get my wife to be on board with a live-in nanny or at least a full time nanny to take care of all the bullshit house work, but my wife actually LIKES doing this shit so I can't. I've thought about buying a franchise of something, but I am completely spoiled on passive income since my SL business and real estate business are both passive income. I literally play video games 8 hours a day because there's nothing else I know to do. We have older cars, but they work, why would I buy new ones? (I have a 2012 and she has a 2015). Do I just talk to my financial advisor and say "derp, help me out here?".

Edit: I've thought about going to college just for the sake of learning new shit, but with the state of college today, I'd rather pay for an online lesson based solely on facts and not instructor based.

Any advice is appreciated.
Click to expand...
Open up regular taxable brokerages and take 25% of your money and put it on things you think might take off at some point, your moon shots. This would be Tesla in 2017, Apple anytime, so on and so forth. These don't have to be winners, but I wouldn't pick dogs here either. Just stuff you can "play with". Take the remaining 75% and spread it around the usual indexes.. VTI, VOO, VXUS, etc.

Basically you want to have your money growing for you at all times. You don't need more services, nannies, shit like that. It's fine, but I wouldn't spend them just to spend them. Keep putting your money into your funds until you have enough that you reasonably don't need to work anymore. Then work for fun if you want... or not.

I can't tell if you're looking for investment or life advice here but I'm largely in the same boat and for a lot of the day wondering why I'm still working, so I've been doing a lot of thinking on this too.
 
  • 1Like
Reactions: 1 user
Ossoi

Ossoi

Potato del Grande
<Rickshaw Potatoes>
17,819
8,777
Can't you pivot your SL stuff into the zuckerverse as your next project?
 
Mist

Mist

REEEEeyore
<Gold Donor>
31,359
23,777
Ossoi said:
Can't you pivot your SL stuff into the zuckerverse as your next project?
Click to expand...
I still like the idea of pivoting the SL experience into becoming a Metaverse Consultant and making a ton more money.
 
Lendarios

Lendarios

Trump's Staff
<Gold Donor>
19,360
-17,424
You have two barriers, First the language and model of the SL assets. Right now i dont believe there is a direct path bettween Linden Scripting and what facebook metaverse uses.

and the second is the content... a lot of of SL content may not be family friendly
 
Xarpolis

Xarpolis

Life's a Dream
14,780
16,569
While I would love to be even REMOTELY close to your financial freedom (to have any would be kind of nice), I'll say that the reason we live at this point is for experiences. So you should make it your goal to have experiences. It doesn't matter what the experience is, but give it a shot, as long as it's within your moral range. I'm not saying have a 5-some with druggies on the corner, but maybe... Try hitch hiking some day. Or take a vacation without any destination in mind. Just head over to the airport and find the flight that's leaving soonest that has seats available next to each other. Then congratulations, that's where you're going.

That's a great way to have experiences. Just putting yourself in uncomfortable situations causes you to make the most of it, and that will give you stories for the rest of your life.
 
  • 1Solidarity
  • 1Like
Reactions: 1 users
ToeMissile

ToeMissile

Pronouns: zie/zhem/zer
<Gold Donor>
3,255
2,125
Xarpolis said:
While I would love to be even REMOTELY close to your financial freedom (to have any would be kind of nice), I'll say that the reason we live at this point is for experiences. So you should make it your goal to have experiences. It doesn't matter what the experience is, but give it a shot, as long as it's within your moral range. I'm not saying have a 5-some with druggies on the corner, but maybe... Try hitch hiking some day. Or take a vacation without any destination in mind. Just head over to the airport and find the flight that's leaving soonest that has seats available next to each other. Then congratulations, that's where you're going.

That's a great way to have experiences. Just putting yourself in uncomfortable situations causes you to make the most of it, and that will give you stories for the rest of your life.
Click to expand...
This is basically what I would do in a similar financial situation

- A mixture of travel/experiences with my immediate and extended families
- Take classes/lessons/etc for whatever interests me: music, cooking, sports
- Get more involved in the community and/or some sort of charitable work focusing on early health/education of children.
 
You must log in or register to reply here.