What would you do if you came into a good amount of money.
- Thread starter Oerdin
- Start date
I have a 2016 Tacoma but now it needs a new windsheild as a rock got kicked up by an 18 wheeler and broke my windshield. I have to admit they did make the color scheme on that picture you posted look a lot like the official Toyota truck campers sold at Toyota dealers in the 1980's though.
jack
The Legendary Troll Kingdom
There's only about 10 or 12 of the originals still floating around, but after the national car show last year Toyota showed a demo model that blew everyone away. Now....if Toyota would JUST put it into production. Tacoma is a nice vehicle.
The price would be about 32-40k. But it's a perfect two person camper. shower, toilet, dishwasher, fridge, bed...everything. Very modular.
The price would be about 32-40k. But it's a perfect two person camper. shower, toilet, dishwasher, fridge, bed...everything. Very modular.
jack
The Legendary Troll Kingdom
Yeah it's weird. I bought a '17 Silverado maxed last year for about 31k. 37k miles on it and cherry body, just lovely.
I can flip it for 40-45k currently if i'm willing to give it up. It's similar to the housing situation. You got to know when to hold 'em and know when to fold 'em.
Loktar
Pinata Whacker
Breathe easier and not be worried all the time about being broke or near broke until my next paycheck.
I'm hoping right now to get a couple thousand from my Dad's life insurance, but the reality is the bank, lawyer, and Medicaid will probably take it all.
Volpone
Zombie Hunter
Vanguard. Get a no-load index fund that is tied to the Dow or the S&P 500 or something. I've got the VASGX (forget the name, "Lifestrategy Growth"?) fund. Then figure out an amount to invest every week/day/month. Because then you can use dollar-cost-averaging to outperform the market without even thinking. That's the advantage stocks have over houses. Buy a house today and the bubble bursts and you take a beating. But you can spend a lot less at a time in stocks--especially with a mutual fund. If you invest the same amount at regular increments, you automatically buy less shares when prices are up and more when prices are down. As long as you aren't buying companies that are going to go out of business (which is why you do indexed mutual funds--you get a portion of a cross-section of companies) you do quite nicely.
The other thing you can do is keep an eye out for stocks that you have some kind of angle to get. For example, my Aunt worked for General Mills, so when each of us was born, we got, like, 1 share of General Mills Stock. I set it up as a DRIP (Dividend ReInvestment Plan), so instead of getting dividends, I got more shares. At one point they spun off Kenner Toys (although I wasn't old enough to control the stocks and my Aunt sold my Kenner Toys shares). They also spun off Darden Restaurants--Red Lobster, Olive Garden, etc. So I have shares in that company. When I was in college, the town I lived in offered utility customers a chance to buy shares in the utility, so I got some of those too.
Anyway, I had a good job during the 'rona and Darden Restaurant stock was understandably in the toilet. It pained me to cut a big check every week and watch the price continue to drop, but it has since recovered to it's pre-'rona levels, making those shares I got in 2020 worth around 3x what I paid for them.
The other thing you can do is keep an eye out for stocks that you have some kind of angle to get. For example, my Aunt worked for General Mills, so when each of us was born, we got, like, 1 share of General Mills Stock. I set it up as a DRIP (Dividend ReInvestment Plan), so instead of getting dividends, I got more shares. At one point they spun off Kenner Toys (although I wasn't old enough to control the stocks and my Aunt sold my Kenner Toys shares). They also spun off Darden Restaurants--Red Lobster, Olive Garden, etc. So I have shares in that company. When I was in college, the town I lived in offered utility customers a chance to buy shares in the utility, so I got some of those too.
Anyway, I had a good job during the 'rona and Darden Restaurant stock was understandably in the toilet. It pained me to cut a big check every week and watch the price continue to drop, but it has since recovered to it's pre-'rona levels, making those shares I got in 2020 worth around 3x what I paid for them.
jack
The Legendary Troll Kingdom
I bought into SPY back when the S&P was 2400. That was pre covid. It spiked to 3200 and then dipped to 1900 during the Covid "crash". I also bought the dip. I use Schwab, because it's no fee and I don't "day trade". It's currently at about 4400, but the forecast for that fund is somewhere around 5000 by years end, so that seems like a smart bet for some diveristy. It can be a wild ride the way the market gyrates, but it has proven to be a good hold last two years. I put in about 5k and have probably added another 2k and its worth about 26k currently. It pays quarterly dividends which I just put back in.
I realize that's not a large investment, but I have a few other things I also do. I still have tons of old comics from when I was into them and they still appreciate nicely, though selling them is a bit tricky. I also collect old tin toys and have a nice set of "Chien" tin toys which are worth quite a bit.
I realize that's not a large investment, but I have a few other things I also do. I still have tons of old comics from when I was into them and they still appreciate nicely, though selling them is a bit tricky. I also collect old tin toys and have a nice set of "Chien" tin toys which are worth quite a bit.
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Volpone
Zombie Hunter
Oh, and one other thing, besides that dollar-cost-averaging and DRIPs are good: Amplification on the "no load indexed mutual fund." (Actually, on dollar-cost-averaging too): If you're my age, you're raised on the cliche of Scrooge McDuck with the stock ticker in his office and the bank of phones, yelling "BUY! BUY! SELL! SELL!" And when you think about investing in stocks, you *want* to go "Well, Zenith is the last TV company that makes their product in America..." Or "even in bad times, people will eat fast food so McDonald's..." But there are people that are a lot smarter than you or I. With a lot more time to research stocks. And apart from the occasional Warren Buffet, there aren't that many that are insanely rich. If they can't pick winners and "time" the market, you and I aren't going to either. That's the beauty of the index fund: It does however well the index you've chosen is doing. No more, no less. And since it is an index fund, you're not paying some monkey 7 figures to try to pick winners and losers--and then the management costs of buying and selling said "winners" and "losers." It just quietly chugs along on autopilot, doing as well as the market does. And if anyone tries to tell you the market doesn't do that well... Back in 1988 or so, when there was a big crash, I was upset. The Dow was...I forget...something like 1,500 then. These days--not that much later, on a scale of things--it's over 34,000. So creation of the NYSE-1987=0-1,500. 1987-2022=1,500-34,000+. So you'll do pretty well if you just quietly put a set amount into a no load index fund on a regular interval--unless the stock market collapses. And if the stock market collapses, you'll have a lot more to worry about than losing your investment. Because it'll be Mad Max.
And just one last thing on dollar-cost-averaging versus trying to time the market...nah, I'm too lazy to do even the simplest example. But it's a fun exercise. Plug in some stock prices--or better still, have a friend put them on flash cards or something--and then try to decide when to buy and when to sell, while also just buying the same amount every month (you could add in a DRIP to really drive the point home, but just a simple buy and hold will give plenty of proof) and see how often you wind up buying high and selling low. It's just human nature. A stock starts diving--and with Darden, it lost like, 2/3 of its value during the 'rona--and you go "I gotta get out of this and cut my losses." And you sell when the stock is in the toilet. And a stock starts taking off and you spend a lot of money when the money isn't getting you a lot. If you just always buy and always buy the same amount at regular intervals, you will do...shit, I can't guarantee these things, but I've been drinking, and I'm not a financial planner, so I'll say you'll do better than 7% without even thinking. But you've got to be able to ride out the scary times. Kind of like the poker concept that, as long as you can always keep doubling, eventually you'll come out ahead (is that a thing? I forget.) You can get a Nixon-Ford-Carter run that decimates the economy. Or a, you know, Joe Biden, run. But...shit, I'm rambling. OK. First thing: If you can ride it out, things will turn and pick up.
OK. Had to reread because I almost lost the tangent I was going down. I've been a bit surprised by how well the Dow has been doing with Biden in office. But then I remembered "The Smartest Guys in the Room," the book about Enron. In California you had a bunch of legislators who were figuring out crony capitalist ways to "stick it to" Enron and come out ahead. But the thing is, Enron has a bunch of really smart, high paid lawyers and accountants that know a lot more about California laws than California lawmakers. Hell, they probably wrote the laws the California lawmakers were so smug about. So they knew all the loopholes and workarounds to come out ahead--in spite of "tough on Big Business" legislation. OK. Gotta go. Zoom-zoom.
And just one last thing on dollar-cost-averaging versus trying to time the market...nah, I'm too lazy to do even the simplest example. But it's a fun exercise. Plug in some stock prices--or better still, have a friend put them on flash cards or something--and then try to decide when to buy and when to sell, while also just buying the same amount every month (you could add in a DRIP to really drive the point home, but just a simple buy and hold will give plenty of proof) and see how often you wind up buying high and selling low. It's just human nature. A stock starts diving--and with Darden, it lost like, 2/3 of its value during the 'rona--and you go "I gotta get out of this and cut my losses." And you sell when the stock is in the toilet. And a stock starts taking off and you spend a lot of money when the money isn't getting you a lot. If you just always buy and always buy the same amount at regular intervals, you will do...shit, I can't guarantee these things, but I've been drinking, and I'm not a financial planner, so I'll say you'll do better than 7% without even thinking. But you've got to be able to ride out the scary times. Kind of like the poker concept that, as long as you can always keep doubling, eventually you'll come out ahead (is that a thing? I forget.) You can get a Nixon-Ford-Carter run that decimates the economy. Or a, you know, Joe Biden, run. But...shit, I'm rambling. OK. First thing: If you can ride it out, things will turn and pick up.
OK. Had to reread because I almost lost the tangent I was going down. I've been a bit surprised by how well the Dow has been doing with Biden in office. But then I remembered "The Smartest Guys in the Room," the book about Enron. In California you had a bunch of legislators who were figuring out crony capitalist ways to "stick it to" Enron and come out ahead. But the thing is, Enron has a bunch of really smart, high paid lawyers and accountants that know a lot more about California laws than California lawmakers. Hell, they probably wrote the laws the California lawmakers were so smug about. So they knew all the loopholes and workarounds to come out ahead--in spite of "tough on Big Business" legislation. OK. Gotta go. Zoom-zoom.
Figures, the bank put a hold on my check. I deposited it ylthe other day and the next day it cleared. I then spent about $8k paying off bills (a car loan, a bit of student loan debt, mine and my wife's credit cards, utilities, etc...) plus bought my sons a SP5 to share. Other than that, not much. So this afternoon I get an email saying my deposit has been put on hold due to "unusually high activity" and that it might take up to a week for them to verify the check is not fraudulent.
I imagine it has to do with the amounts involved but that is frustrating given that most of that money that did get spent went to the bank itself.
I imagine it has to do with the amounts involved but that is frustrating given that most of that money that did get spent went to the bank itself.
USUC
Trollzilla
My husband’s in the business (and has both CIMA and CFPA designations). I thought about asking him about Volpone’s ideas until I saw how much information was there. Fuck that. I’d rather pour gasoline on myself and light a match then have a deep conversation about the pros and cons of dollar cost averaging.
Good luck!
Good luck!
C-40
NEW AGE POSTING
I'll add it to the pile of money I already have. If I don't earn a dime, thus year, I'll still be good for another 10 years.
4 bedroom, 3 bath, 3 car garage Condo. √ (paid in full)
4 Vehicles ✓ - 3 Hummer H2's + Hummer EV (all paid in full)
Boat ✓ (paid in full)
2 ATV's ✓ (paid in full)
Debt free ✓ (don't owe nobody nothing
$$$,$$$ Money in the bank ✓ (Paid-In-Full)
Investments ✓
No credit cards ✓ ( I pay everything in cash $$$
Single ✓
No kids ✓
4 bedroom, 3 bath, 3 car garage Condo. √ (paid in full)
4 Vehicles ✓ - 3 Hummer H2's + Hummer EV (all paid in full)
Boat ✓ (paid in full)
2 ATV's ✓ (paid in full)
Debt free ✓ (don't owe nobody nothing
$$$,$$$ Money in the bank ✓ (Paid-In-Full)
Investments ✓
No credit cards ✓ ( I pay everything in cash $$$
Single ✓
No kids ✓
Loktar
Pinata Whacker
Bullshit. Whose condo you squatting at? Whose cars/ATV did you steal?
The Question
Eternal
Get thrown out of the bank for masturbating in their vault.
Again.
This week.
Again.
This week.
C-40
NEW AGE POSTING
AÀ
If I won $350,000 I would be $106.669 from being an actual millionaire. If you won $350,000 you'll still owe us (The American tax payers) by your poor pathetic ass collecting Government assistance (welfare, trailer park housing, give me free health care (Obama assistant), food-stamp having, my mama tricked that ass-out so I can live like a cupcakea/redneck/jew.. Get a job, We are tired of paying your ex sins gangs for you living as an American.
If I won $350,000 I would be $106.669 from being an actual millionaire. If you won $350,000 you'll still owe us (The American tax payers) by your poor pathetic ass collecting Government assistance (welfare, trailer park housing, give me free health care (Obama assistant), food-stamp having, my mama tricked that ass-out so I can live like a cupcakea/
