Don't know how to increase your father's wealth, but Pooh has some really good tips on how you can get that $500k quickly.
Don't know how to increase your father's wealth, but Pooh has some really good tips on how you can get that $500k quickly.
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Originally Posted by GambleBotsChafedPenis
invest aggressive when you're young (only money, you will always make more etc) and conservative when you've amassed a sum of money and are ready to sit back and enjoy life. like daly said nbh's father shouldn't be looking to get max return on the 500k. that would require a lot more gambling w/ your investments.
agreed...when you are in your 60s you aren't looking for growth so to speak...preserve the capital and make sure inflation doesn't kill the base...
invest aggressive when you're young (only money, you will always make more etc) and conservative when you've amassed a sum of money and are ready to sit back and enjoy life. like daly said nbh's father shouldn't be looking to get max return on the 500k. that would require a lot more gambling w/ your investments.
Learn to live off his social security for a while.
Until the market takes a dump, then invest in good dividend companies who haven't lowered dividends in decades.
His SS won't come close to paying his expenses. If he takes SS at 62 the absolute max he can get is $2102 a month. And he probably isn't getting that, maybe $1500. It is expensive as shit to live where we do, that isn't covering much.
After taking in all these responses and thinking about it, he is pretty much going to have to take some risk, or be forced to downgrade his current lifestyle/housing. There is no way what he has coming will sustain him for as long as he needs it to with his current obligations. The house he is in now is worth 750k right on the water and his dream house basically, no way he wants to move. Tough decisions looming me thinks.
He want to eat pasta for the rest of his life and live in his house or sell and move to an ocean front condo down south and have over a million in the bank?
It's a legit question.
Why is it a given that he retires at 62? Sounds young if he's healthy.
I always kinda assumed it was 67 or more.
I would target the business he just sold.
500k on blackjack at a reno casino with generous room comps
he wins he lives like a weird howard hughes he loses literally social security probably gets him a 2 bedroom next to some nice old ladies who leave their ice tea outside to brew in the sun
He has mentioned retiring down to South Carolina before. He could live like a king down there for the same money spent up here getting by.
One other thing I just thought of was he could conceivably draw down the assets over the next 10 years and then hope the appreciation on his house will give him money for the rest of the way. That property could easily be worth 900k in 10 years even at a very conservative appreciation rate. By that time the mortgage would be paid down to about 450k I am guessing. Maybe he can make it work after all, but that is a hell of a roll of the dice.
you need to literally buy your father a boat and murder him on it and collect the whole 9
just a traaaaaaaaagic fishing accident bro hes had a good run
He sold a bar/restaurant and he is damn lucky he did it 3 years ago. No chance he is getting back in that business they are dropping like flies. Almost unsustainable, he was losing money on a long established place by the end. Lots of factors but you wouldn't catch me dead in that business right now. The only way you can make it work is if you have insane money, and own like 10 of them at once.
so were set on you killing your father for the insurance right its better for him longterm anyways
I personally am with Daly, I aspire for ocean front condo retirement (cheap one) and sit on a pile of cash.He has mentioned retiring down to South Carolina before. He could live like a king down there for the same money spent up here getting by.
One other thing I just thought of was he could conceivably draw down the assets over the next 10 years and then hope the appreciation on his house will give him money for the rest of the way. That property could easily be worth 900k in 10 years even at a very conservative appreciation rate. By that time the mortgage would be paid down to about 450k I am guessing. Maybe he can make it work after all, but that is a hell of a roll of the dice.
He may need to just keep working, even PT to keep busy and bring in 20-40k. If the place he just sold runs on hard times, he could go back and work PT and offer to help manage it, and buy the place back for pennies on the dollar at some point, and you take over with Dad training you. Its a tried and true way many families have made $. Just a thought.He has mentioned retiring down to South Carolina before. He could live like a king down there for the same money spent up here getting by.
One other thing I just thought of was he could conceivably draw down the assets over the next 10 years and then hope the appreciation on his house will give him money for the rest of the way. That property could easily be worth 900k in 10 years even at a very conservative appreciation rate. By that time the mortgage would be paid down to about 450k I am guessing. Maybe he can make it work after all, but that is a hell of a roll of the dice.
Are you saying the mortgage on his house is near $750k too? Yeah, no way he's retiring in that place with only $500k.
Have him open an account at Fidelity. Take that $500k and buy roughly 125k shares of IVH on triple margin. That many shares will get him $15,625 per month in dividends. Margin interest run him around 4k per month so he'd be able to live on like $11k per month before taxes. That plan would work well for him....until it doesn't.
He may need to just keep working, even PT to keep busy and bring in 20-40k. If the place he just sold runs on hard times, he could go back and work PT and offer to help manage it, and buy the place back for pennies on the dollar at some point, and you take over with Dad training you. Its a tried and true way many families have made $. Just a thought.
LOL the day he signed the agreement both of us thought about the dream scenario.....where the new owner can't come up with the final payment and he can take the bar back. Would be like hitting the lottery.
The new guys are Iranians who own all these gas stations I heard, they don't fuck with anyone else but their own. Which makes me think there isn't a chance in hell they are defaulting on that last payment. But we can dream. I'm guessing they are using it for a write off, there is no way they are making any money in that place. A lot of the money my Dad made when he was killing it came from the video poker machines. Once the economy died those customers went away, and so did a large chunk of what was keeping the place afloat. He had a hell of a run though, bought the place dead broke pretty much, not that long ago either.
Actually this isn't far fetched and can be done. Have him buy a shitty unprofitable pizza place for cheap. Then sell to Spartard for 3X what he paid. Two months later he buys back at 1X. Rinse and repeat.
LOL the day he signed the agreement both of us thought about the dream scenario.....where the new owner can't come up with the final payment and he can take the bar back. Would be like hitting the lottery.
The new guys are Iranians who own all these gas stations I heard, they don't fuck with anyone else but their own. Which makes me think there isn't a chance in hell they are defaulting on that last payment. But we can dream. I'm guessing they are using it for a write off, there is no way they are making any money in that place. A lot of the money my Dad made when he was killing it came from the video poker machines. Once the economy died those customers went away, and so did a large chunk of what was keeping the place afloat. He had a hell of a run though, bought the place dead broke pretty much, not that long ago either.
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