Do you think you can handle being rich (having 7 million dollars or more in the bank) or will it cause you more harm than good?

[Hispanic-Cool-Guy]

[NaultD]

I got $520,000 cash (my brother wanted the family house but i got my fair share in cash as i wanted.) at once from inheritance last year. I'd like to think I'd do the same thing as i did now.

Maybe the only difference would be throwing caution into the wind and move somewhere cheaper. Willing to lose 2 million to settle and stabilize like my life is now.

School isn't for me and still want an average day job to not spend money and be around people everyday. Hire someone else to manage my money and take it easy like I've been.

Paying hoa and electricity yearly has been so relaxing. Knowing I can pay off my morgage in a snap of a finger but putting that same money in the stock market to get a higher return feels like...

https://youtu.be/DBurx-e9s64?si=ySKMpFuB8PxZzMX5

That feeling of power over your own bank or landlord to have true power in getting your own place. The overcoming may i have more gruel feeling. I'm starting to see how people get overwhelmed by wealth.

[Daniela1982]

How much did you lose to inheritance tax?

[Levin]

Sure. I prefer to live a simple lifestyle. If I splurge, I splurge in a modest way. Not into drugs. Drinking. Smoking.

In fact, I'd buy a somewhat modest house, and could easily live off that in England for the rest of my days.

I could actually spend my life working on doing some good and that which has meaning.

Of course, there's a danger that being too comfortable can make you lethargic. The devil makes work for idle hands, etc.

However, i've kind of learnt my lessons now and I have no interest in excessive hedony.

You would still need things to focus on and some kind of work outlet.

[TheRealPepperPotts]

The key is minimize taxes, maintain a simple lifestyle, acquire assets, avoid consumer debt and never touch the principal that you decide on maintaining. Oh, and have a job that pays the higher end of a lower tax bracket ($100K per annum keeps you in the 22% tax bracket, $191K is the high end of the 24% tax bracket). Either figure out a way to earn between $90K and $100K, or invest to be able to earn $175K to $190K. If you aren't the entrepreneurial type, that is.

[Daniela1982]

It is easier to thread a camel through the eye of a needle than for a rich man to enter the kingdom of God. Er, is $7 mil considered being rich? 🤑

[Hispanic-Cool-Guy]

Yes.

[goaded]

Certainly more than one million. You can actually earn that in a reasonable amount of time, these days, on a salary.

[WhiteSteve]

Yes, no problem. Live my life well enough, and maybe help out some others along the way👍 Won’t buy happiness, but it’ll keep the pots pissed in, so to speak😝

[dragoblack]

I would invest some of it in metal ingots of gold, silver, copper, and platinum. Metals needed for electronics boosts massively in price during a shortage and precious metals are always good investment. I would also look into means of passive income as well. Aside from that, i would keep my housing cheap with a backup living plan. With that done i would create an income based tiny-home community to get people off of the streets and make sure to micromanage the process and have a monthly inspection to keep illegal drugs out of the community. If you can't keep yourself clean, then you ended up homeless of your own decisions. No need to pull others down with you.

[MisterWack]

Okay let’s say magically some rich guy was giving out free money in a raffle, I was the winning ticket (unknowingly) and I checked my bank statement ‘$7 million total’.

I would leave it in my bank account to save (at least for the time being) and I would simply pay my taxes that I owe on such a large quantity.

I wouldn’t go all out on expensive cars, shopping, etc. I’d live my normal life that I have now and just leave it for retirement, future hospital bills, charity, etc.

[phraseology]

Only a retard would keep $7 million in a bank. Only $250,000 per depositor per bank is FDIC insured. Even if you have to stay relatively liquid, you have to spread it across numerous banks. Not that there are a lot of great options out there these days with how they are being rated in the current financial climate. Clearly taking that $7 million and investing it in assets that provide cash flow is a much smart play.

[Unit1]

This. Banks are cucked under daddy government control

[Emmytexrex]

I can having seven million dollars in your account does not make you rich what makes you rich is having that seven million yield more millions for you that's what makes you rich unless you will spend all of it for nonsense and return to broke ass kingdom

[alice55]

I can easily handle it as I will just buy a house and live the same as I do, I'm a lazy person so with so much money I will use it in a way I can live on it for the rest of my life so I don't have to work one day for the rest of it.

[RavVid]

I can handle it having had a time when money was too easy and caused me problems.

It doesn't surprise me most lottery winners end up as broke as before they won. I wouldn't now that I know about wine women and song..

[Dargil]

7 million is enough to take away the pleasure of living. Two nice homes, one in Florida and one in temperate high country would consume half of it and the rest would go to travel and toys. Even 10-15 million would not be disruptive.

[Dargil]

Not enough

[Little_Bumblebee]

Hard to say without being in that situation.

When that being said, I do have a few things I would love to do if I were to be in that financial situation.
Both personal and otherwise

[HighValue]

I could handle it. I would use part of it to start a small casino and compete with others in the area by appealing to customers with the things the local ones lack.

[Unit1]

Give it to me.

A broke life is no life at all. It's not much different than being dead.

[danielle872024]

I would share the wealth give chances for people who would like a start in what goal they have. I would donate to all charities.

[FreyaRed]

7 millions isn't enough for a care free living.

[LeatherDame]

I’d be fine. Would put it in investments and live off the interest.

[exitseven]

At this point in my life I think I have the maturity and wisdom to handle newfound wealth in an intelligent and prudent manner.

[ClassicDropout]

I can handle 7 million easily. I'm not going to do shit with it except handle my needs

[Bricealan]

I would only continue to donate MORE to causes that I felt needing financial support.

[AviatorTom]

I could handle that. A substantial portion would go to charity.

[Fireguy17]

I would be ok.
I have always been pretty good with money.

[bobby_bush_eater]

7 million would probably be easy to handle, I wouldn't change much in my strategy and likely would purchase nothing.

[jamesgoldman]

I think so
I have enough wealthy people around to know a fair route of the systems of growth

[Anonymous]

More harm? Why?
Yes. I invest in different things.

[Wiredone]

Yes I could handle it. I'd manage the money the same way I do now.

[hotman5]

yes i could handle being rich , im rich now and nothing crazy happend so far

[RedInnocent69]

Yeah. In fact, I’m sure it would do a lot of people more good than harm

[Tomisworthless]

No I can't even handle poverty, the second i get 10$ im off to buy weed

[Surely]

Let me give it a try and I will get back to you!

[art84]

I probably wouldn't touch it aside from groceries and bills. Money doesn't buy happiness and wouldn't change me least I hope it wouldn't.

[paledreams]

Hmmm I could probably handle 🏦🏧

[Massageman]

I could deal with it.

[rienna888]

It’ll be everything I’ve ever wanted

[jahaims]

It's been all good for me

[noohair]

I am ready for the challenge.

[DrPepper12]

Are you offering? CHALLENGE ACCEPTED!!! 😁

[Anonymous]

I could handle it, I'm a modest person.

[beefcakebradybatson]

I'd find something to do with it.

[CarolinaGirl5]

I can handle it

[Twalli]

I think I can.