If I got 500k, I definitely wouldn't blow it. Maybe travel for a year but sit on the rest and let it pull 8% or do like Phil said and snag a couple single family rentals.
That's the problem. I didn't work Swing shift for 40 years so my kids could guit work and travel for a year. Thank you for proving my point.
So basically what I'm getting from you, is that if you're not working in the good ole USofA, you're wasting your damn life and spending money on stupid chit. Traveling the world for a year would be an invaluable experience that would most likely instill an even harder worker ethic in people once they see how others live.
They can travel all they want to but I'm not going to finance it for them. Leaving your children a pile of money will NEVER instill work ethic. In fact it will encourage the opposite.
There you go with those absolutes. How come I know rich people that were left money by their parents and yet they work their asses off to get richer?
Didn't Donald trumps dad give him $1M to get him going?
Loaned to him. And left about 200 times that in an existing real estate business that Trump took over in 71. And 40 times that in an inheritance in 74.
His father built a real estate empire that was rarely matched. He was one of the richest men in the country in the 70s. If you look at the numbers, Trump has just sort of held steady. Lost his ass on pretty much all his ventures other than real estate. One airline, one pro football team and four casinos.
