Hypothetical situation, you are a normal person you’ve likely struggled all your life with bills and debts and then one day you randomly find yourself a billionaire. Perhaps you inherited it, or won the lotto. What would you suggest a person in that situation do? This is would be a once in a lifetime opportunity, , you could finally not have to stress about money, but in order to save your soul should you give it all away to charity and go back to your normal life as though nothing had happened?
Edit: I was legitimately curious what the ethical solution would be if one were to find themselves in that exceedingly rare situation that I described. But okay looks like I ruffled a few feathers by asking.
Honest answer? Call up a fiduciary firm in LA, NYC, London, Tokyo, or Paris, whichever you are closest to. Demand to speak with a partner. Let them know that you are working with 11 figures liquid, that will get you a senior partner. Set up a massive trust with the entire lump sum, there y ensuring the best ROI you can get. Split off $5 million blind and bridge trusts for yourself and any family and friends you want to help. Turn the rest of the money over to a board that must be made of 2 fiduciaries one from a NYC firm, one from a firm in any of the other aforementioned cities, and 3 data analysts. 2 must be from Oxfam, the third must be top of the field. Those 5 board members then run “The Sovereign Trust for Humanity’s Poor,” which then use a percentage of the ROI to set up trusts for the poorest people in the world first. Not for their government, or some other organization. They get life changing money to spread around their community.
Add in stipulations that trust beneficiaries are NEVER allowed to have more than $50,000,000 in wealth at any time, and that they should pressure their governments to create a maximum wage.
One can live their entire life with a lot less than a billion. Even putting 99% of it away to a good cause leaves 10 MILLION. Again excessive for a lifetime.
I have ambitions that, if realised, could generate income, but I don’t currently have enough cash to invest into. Game dev and music, particularly. I’d start a dev studio and actually hire talented artists, for example, so I don’t have to rely on my poor skills. Will it make lots of money? Who knows. But it’s better than sitting on a hoard and living on interest.
What would you suggest a person in that situation do?
Not become a CEO of multiple companies and aggressively lobby the government in order to reduce the amount of taxes they have to pay.
I would suggest this person pays off their bills, buy a house, and invest it. If they feel the need to continue working and spend some time figuring out what they need that’s understandable. If they immediately spend a million dollars to try to get another 2 million dollars that’s a mental illness.
Keep in mind the billionaires people are talking about have never struggled will bills or debts. They were born obscenely wealthy, spent they entire lives obscenely wealthy, have more money than they could ever spend on their lives, and spend most of their time trying to get more. It’s an illness. If you or I suddenly inherited a billion dollars we wouldn’t work another day in our lives.
Yes, the mentality behing it is flawed. But those are the people that make it to the top in the current economic system.
Being a billionaire should be listed in the DSM as a mental illness.
Not even as a joke. I oppose systems that create macro wealthy and powerful. Those systems create sociopaths.
It is, as various types of sociopathy.
Hypothetical situation, you are a normal person you’ve likely struggled all your life with bills and debts and then one day you randomly find yourself a billionaire. Perhaps you inherited it, or won the lotto. What would you suggest a person in that situation do? This is would be a once in a lifetime opportunity, , you could finally not have to stress about money, but in order to save your soul should you give it all away to charity and go back to your normal life as though nothing had happened?
Edit: I was legitimately curious what the ethical solution would be if one were to find themselves in that exceedingly rare situation that I described. But okay looks like I ruffled a few feathers by asking.
Honest answer? Call up a fiduciary firm in LA, NYC, London, Tokyo, or Paris, whichever you are closest to. Demand to speak with a partner. Let them know that you are working with 11 figures liquid, that will get you a senior partner. Set up a massive trust with the entire lump sum, there y ensuring the best ROI you can get. Split off $5 million blind and bridge trusts for yourself and any family and friends you want to help. Turn the rest of the money over to a board that must be made of 2 fiduciaries one from a NYC firm, one from a firm in any of the other aforementioned cities, and 3 data analysts. 2 must be from Oxfam, the third must be top of the field. Those 5 board members then run “The Sovereign Trust for Humanity’s Poor,” which then use a percentage of the ROI to set up trusts for the poorest people in the world first. Not for their government, or some other organization. They get life changing money to spread around their community.
Add in stipulations that trust beneficiaries are NEVER allowed to have more than $50,000,000 in wealth at any time, and that they should pressure their governments to create a maximum wage.
One can live their entire life with a lot less than a billion. Even putting 99% of it away to a good cause leaves 10 MILLION. Again excessive for a lifetime.
Spend all but a reasonable portion on materially, directly improving the world
Then retire on a million
I’m with you, but a million ain’t enough anymore to retire.
I have ambitions that, if realised, could generate income, but I don’t currently have enough cash to invest into. Game dev and music, particularly. I’d start a dev studio and actually hire talented artists, for example, so I don’t have to rely on my poor skills. Will it make lots of money? Who knows. But it’s better than sitting on a hoard and living on interest.
Not become a CEO of multiple companies and aggressively lobby the government in order to reduce the amount of taxes they have to pay.
I would suggest this person pays off their bills, buy a house, and invest it. If they feel the need to continue working and spend some time figuring out what they need that’s understandable. If they immediately spend a million dollars to try to get another 2 million dollars that’s a mental illness.
Keep in mind the billionaires people are talking about have never struggled will bills or debts. They were born obscenely wealthy, spent they entire lives obscenely wealthy, have more money than they could ever spend on their lives, and spend most of their time trying to get more. It’s an illness. If you or I suddenly inherited a billion dollars we wouldn’t work another day in our lives.
The difference between not stressing about money and having a billion dollars is about a billion dollars.