Real talk about money

I am VERY interested in seeing some of these responses. I am not rich in terms of dollars and cents, but I am a blessed man. I have, however, envisioned my life with more money in it!! I thought about the type of house I would want and where I would want to live. I thought about the kind of car I would like to drive. I thought about how I would like to dress. Then I started to ask myself this question, how much is too much?? If I have it, does that mean I have to be undisciplined in my spending. I started to wonder how these atheletes with multi-million dollar contracts and endorsement deals end up broke and filing for bankruptcy. I wondered why I would spend $250,000 on a car that doesn't do anything that a $50,000 car can't do. I wondered just how many beds/baths my house really needed. I wondered why, when I can make suits from K&G look like they are from Macy's, would I go out and spend $2,000 on a suit that looks no different than the one I just got for $150. So what is it? Do you buy to announce that you have money? Do you spend in order to validate yourself? It would really suck to be in a $1.5M house with no electricity wouldn't it?? Doesn't my wealth have better things to do than to impress people who really don't matter in the grand scheme of things? Can't my money help fight hunger or find a cure for cancer or AIDS?

Now let's not confuse this with me not wanting to live comfortably. I believe that my quality of life should improve with my income, but like I said, how much IS too much? When do we lose respect for our money and simply just spend it because it's there. Money is a VERY funny thing. It can be feast or famine. So why would I have a closet full of throwbacks but no savings? No investments? None of us are promised long lasting, lucrative careers, so when we get our moment in the spotlight, why not use that time to secure our futures and help others instead of ONLY living in that moment. I want you to enjoy every success, but I would rather it sustain you than just be a fond memory when you are old on a fixed income in a nursing home dreaming about the good old days.

So how about you?? If you got $5M tomorrow, what is your order of business? If you won the power ball, or wrote a song that went diamond or WHATEVER, when that/those check(s) start rolling in, what is first? Second? Thrid....? I want to know. I will tell you for me, being a home OWNER is my priority, so I would buy a house first. That's where I would start. How about you?

I like this post...

It's funny how some say that if they had a lot of money, they wouldn't spend or REQUIRE a lot of money to live.
But the truth of the matter is this: the more money you get the more things you find to spend the money on...and at a point, there is never enough...
...unless your standard of living stays the same, when you GET the large amounts of money.

This is very extreme and very rare. Truth be told, EVERYONE would love to live a better life, and that's across the board. If you live in the hood, you want to live in the suburbs...
If you live in the suburbs, you want to live in a BETTER suburban area, one with trees, and maybe a pond, or off of the water...
Got the house on the lake?? Now you need a house in LA...Miami...Timeshare in the Bahamas...
Got cribs? Cool...but I only have one car, and now I have a 3-car garage...well then, I need to buy a whip or two, and since I can afford to be in luxury, why not get the Mercedes, or the Range Rover Sport??

What about when I land in Miami? Need a car or two there, too...ohhhh...and you GOTTA have a car in Cali, and based on how you GOT your money, and WHERE you're driving, gotta be hot when you pull up to VALET on Sunset Blvd....

Speaking of which, money attracts money...so these NEWFOUND friends like to go to exquisite restaurants and bars, vacations, and getaways...
And I gotta not only look good, but be draped in quality garb, so it's bye bye to H&M, hello D&G...And since when you GET money you GOTTA give money away, got a important charity event to attend with my NEWFOUND philanthropic associates...
Well, that Gucci dress works fine....and the TAILOR MADE suits fits me JUST FINE....And the diamonds, and timepiece is a must.

Well, time to go back home, but...I'm too tired to stand in a security line, and wait at a gate for a flight...Let's go home on the PJ...That'll be $30,000 one way for me and the fam...

Call the driver to pick me up...have the chef cook something up, and let me lay in my big house with the big bed, and the big TV...and enjoy it all....

Why shouldn't life be that way for all who work hard to have it? It's never too much, and yes, there is an excessive appetite once money is obtained...
But there is a difference between luxury, and decadence. And it's the decadent ones that end up broke...
Luxury has to be understood, and not everyone understands it...but everyone wants to FEEL it.

$5Mil?? You're supposed to make plans for that money to make money for you to AFFORD that luxurious life for the rest of your life, and your children's life...
But let's not get it twisted: It's not a lot of money.

If I had 5 Million dollars, what would I do first?

That's money, but I'm sure that can go through your fingers like water. Real-estate in NYC can swallow that in 1 house, and we're not talking about furnishing. Stability and comfort would be my priority. How can I live my life free from financial stress and fear?
This would be my outline to start:
Get a financial advisor to help me INVEST!! (This has to grow and then be passed on.)
Buy property.
Build credit.
401K.
Of course help loved ones.
And invest a substantial amount of my time learning great money management skills.

Damn, I would love to have $5,000,000. Just to have some new problems to think about.

YoungQ, I hear you and totally understand where you are coming from. But I heard a story once while I was working for the Wharton School of Business where one of our fund raisers had a meeting with the Founder/CEO of WalMart and Sam's Club. This guy KNEW he was going to be meeting with a billionaire and felt like he had to look the part. He went out got a tailor made suit, new shoes, all the trimmings so to speak. The meeting was at a restaurant in a hotel up in NY. When the billionaire pulls up in his limo, he steps out with beat up jeans, a t-shirt and cowboy boots on. He showed me right there that there is a BIG difference between looking the part and BEING the part.

Those of us who were undisciplined with $1,000 will still be undisciplined with $1,000,000. I understand in the entertainment world, there are a very unique set of rules and so extravagance is a necessity at times. But if my priority is the security of my legacy and not just my lifetime, there has to be a line drawn somewhere. There has to be a "look but don't touch fund". Maybe a few trusts here and there for the kids and grandkids. I am in a business where I know very well that it takes money to make money. You HAVE TO spend money to get it back, but that's the difference between investing and splurging. A Gucci dress is an investment when the event calls for it. It is a splurge when you chose it over groceries! LOL

And though it might sound extreme, there are those of us who make those kinds of decisions right now. I guess at this stage of my life, I am really trying to be disciplined and wise because I got people depending on me to be that. Not sure how many people here are parents, but when you become one, your risks become much more calculated. You have to be fairly confident that you will get a return on your investment. I went out and spent $2,500 on a keyboard some years back. Most expensive musical purchase I had made at that time (and since actually). But I knew, that the quality of that board would increase the quality of the gigs I got USING that board. So the money I have made since then using that investment has paid for it many times over.

Ok....am I still on topic???

No, it's true.
Most rich people are cool wearing a t-shirt and Wrangler jeans, with loafers from Florshiem's.
Because the clothes don't define them. their bank accounts validate them.
So when you see someone dressed really simple, think about it: they might own Apple stock.

If I recieved $5,000,000... well first I would thank God!! Lol.. I would then try to figure out how I could make that $5,000,000 into $10,000,000 & continue with my regularly scheduled programming! Lol! But seriously, Five Mil is a lot.. but it's not A L0T!! I would go on a SMALL vacation.. consult with a professional to map out how I could make this money last years & years without having to be back at square one.. buy my mom, dad, & sis something really nice.. & donate to charity. I do share...... sometimes! Lol :-)