so you got rich, what now? | Forex Factory

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so you got rich, what now?

  • #1
  • First Post: Oct 25, 2013 8:28am Oct 25, 2013 8:28am
let's say you got rich with forex, let's say you got 5 mln $ - what would you do with it?

I would buy a nice detached 3-4 bed house with garage and a nice small car, help my and my wife's siblings to start their lives and parents to retire earlier. rest I would invest towards my son's education and our retirement. I would run normal life, would work, enjoy life, go for holiday's twice a year, nothing unusual, but life would be much safer

what would you do? do you dream about just casual financial problems free life? or do you dream of something unusual?
On my way to financial independence - if others can do it - I can do it
  • #2
  • Oct 25, 2013 8:51am Oct 25, 2013 8:51am
There's only one thing to do... put it all on red.
  • #3
  • Oct 25, 2013 9:21am Oct 25, 2013 9:21am
Give to charity.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #4
  • Oct 25, 2013 9:55am Oct 25, 2013 9:55am
Quoting vox dei
Give to charity.
would you give it all to charity?
FYI - not sure if you know how they work. lots of people work there for money and they do get a lot. some of the charities are made in a way that your money don't even get to its proper destination. - bit too risky for me
On my way to financial independence - if others can do it - I can do it
  • #5
  • Oct 25, 2013 12:09pm Oct 25, 2013 12:09pm
Quoting Eur Usd
{quote} would you give it all to charity? FYI - not sure if you know how they work. lots of people work there for money and they do get a lot. some of the charities are made in a way that your money don't even get to its proper destination. - bit too risky for me
No. Wouldn't give it all. You said rich. Would maintain enough for me, and those I care about to live good lives. But there's only so much a man can spend. Not sure how it works either, but I'm sure there are ways to guarantee the money gets where it's supposed to.
"To hold, you must first open your hand. Let go." - Lao Tzu
  • #6
  • Oct 25, 2013 12:17pm Oct 25, 2013 12:17pm
Quoting Eur Usd
let's say you got rich with forex, let's say you got 5 mln $ - what would you do with it? I would buy a nice detached 3-4 bed house with garage and a nice small car, help my and my wife's siblings to start their lives and parents to retire earlier. rest I would invest towards my son's education and our retirement. I would run normal life, would work, enjoy life, go for holiday's twice a year, nothing unusual, but life would be much safer what would you do? do you dream about just casual financial problems free life? or do you dream of something...
Crikeys, you make it sound like winning lotto or something. Stop dreaming and get working. Only way to get those things you dream about
Nothing worth having is easy.
  • #7
  • Oct 25, 2013 12:30pm Oct 25, 2013 12:30pm
Quoting Patience
{quote} Crikeys, you make it sound like winning lotto or something. Stop dreaming and get working. Only way to get those things you dream about
without dreams I wouldn't see point to work hard ;-)
On my way to financial independence - if others can do it - I can do it
  • #8
  • Oct 25, 2013 12:37pm Oct 25, 2013 12:37pm
Quoting Eur Usd
{quote} without dreams I wouldn't see point to work hard ;-)
Dreams are for dreamers. You set goals and/or makes plans. Realistic ones. Take it step-by-step.

For example, you say to yourself (or write it down) that by such and such a date you are going to have XX amount of money for a deposit on a house. This can only be achieved with a steady income though. You can't rely on something like forex to fulfill this.
Nothing worth having is easy.
  • #9
  • Oct 25, 2013 12:42pm Oct 25, 2013 12:42pm
Quoting Patience
{quote} Dreams are for dreamers. You set goals and/or makes plans. Realistic ones. Take it step-by-step. For example, you say to yourself (or write it down) that by such and such a date you are going to have XX amount of money for a deposit on a house. This can only be achieved with a steady income though. You can't rely on something like forex to fulfill this.
goals and plans are consequences of dreams.
On my way to financial independence - if others can do it - I can do it
  • #10
  • Oct 25, 2013 12:48pm Oct 25, 2013 12:48pm
Hookers and cocaine. Isn't that why we all do this?
  • #11
  • Oct 25, 2013 12:53pm Oct 25, 2013 12:53pm
Quoting Eur Usd
{quote} goals and plans are consequences of dreams.
Dreams (to me) are a wild fancy or hope that require no work. Goals and/or plans actually require work, sometimes hard work, so that's why people dream. Take dream out of your vocabulary. They usually are just that. Dreams. Unless you are Steve Jobs.
Nothing worth having is easy.
  • #12
  • Oct 25, 2013 12:55pm Oct 25, 2013 12:55pm
Quoting Pipocrates
Hookers and cocaine. Isn't that why we all do this?
no
On my way to financial independence - if others can do it - I can do it
  • #13
  • Oct 25, 2013 12:56pm Oct 25, 2013 12:56pm
Quoting Patience
{quote} Dreams (to me) are a wild fancy or hope that require no work. Goals and/or plans actually require work, sometimes hard work, so that's why people dream. Take dream out of your vocabulary. They usually are just that. Dreams. Unless you are Steve Jobs.
dreams lead to plans and goals in many cases. you just don't want to admit it (or you're some sort of cold robot )
On my way to financial independence - if others can do it - I can do it
  • #14
  • Oct 25, 2013 1:04pm Oct 25, 2013 1:04pm
Quoting Eur Usd
{quote} dreams lead to plans and goals in many cases. you just don't want to admit it (or you're some sort of cold robot )
hahahaha. Maybe I am. No, I don't waste time dreaming. I set goals. And then I work hard. And then they become a reality. No dreaming required
Nothing worth having is easy.
  • #15
  • Oct 25, 2013 1:35pm Oct 25, 2013 1:35pm
Quoting Patience
{quote} hahahaha. Maybe I am. No, I don't waste time dreaming. I set goals. And then I work hard. And then they become a reality. No dreaming required
so let's say you buy a nice house, with nice garden, garage etc.
and then you refurbish it - let's say you do new kitchen - you will do it the way you want it - you want it so you were dreaming/thinking about kitchen like that, about blue one for example, not grey.
you bought the house because you were dreaming about nice place to live in, then you did set a goal. If it wasn't dream of improving your life, you'd be living in some old shed.
the world is run by dreams, some people just dream, others set goals - chase their dreams
I don't believe you'll just set a goal of having a new house, just like that in a cold way - why would you set a goal like that if it wasn't bout the dream of having a house? how would you get an idea of having a new house then?

would Edison invent bulb without dreaming about it first?
was it just -> a-ha I've got a bulb, or was he thinking about it? planning and dreaming?
On my way to financial independence - if others can do it - I can do it
  • #16
  • Oct 25, 2013 1:42pm Oct 25, 2013 1:42pm
Broad portfolio of income producing assets - low risk.
Beats bank interest, can cash out if needs be, but more importantly, it puts the 5mil to work.
From there on it would be beating inflation and maintaining a decent income per month/quarter.

Thats part of my plan.
  • #17
  • Oct 25, 2013 1:58pm Oct 25, 2013 1:58pm
Quoting Eur Usd
let's say you got rich with forex, let's say you got 5 mln $ - what would you do with it?
If that happens, you need to hire a good accountant/lawyer. Even though it's quite unlikely that you make $5mil with retail brokers, if you do so, then you are on black lists of IRS and local tax offices.

In the worst case, you may be thrown in jail if you cheat, or fined a huge amount of adjusted additional taxes -- remember you pay taxes a year after (for capital gains).

After you resolve all the tax problems, then, you could think about spending the money you have left in your pocket.

Even so, you still have to worry about next year's taxation if you invested that money in something.

Making big money is not as simple as it looks. It is an endless tax war.
  • #18
  • Oct 25, 2013 2:32pm Oct 25, 2013 2:32pm
Quoting Forexgogo
{quote} If that happens, you need to hire a good accountant/lawyer. Even though it's quite unlikely that you make $5mil with retail brokers, if you do so, then you are on black lists of IRS and local tax offices. In the worst case, you may be thrown in jail if you cheat, or fined a huge amount of adjusted additional taxes -- remember you pay taxes a year after (for capital gains). After you resolve all the tax problems, then, you could think about spending the money you have left in your pocket. Even so, you still have to worry about next year's...
to be thrown to jail for trading forex - maybe it's normal in Texas, not in UK
On my way to financial independence - if others can do it - I can do it
  • #19
  • Oct 25, 2013 2:38pm Oct 25, 2013 2:38pm
Quoting Eur Usd
{quote} to be thrown to jail for trading forex - maybe it's normal in Texas, not in UK
Oh, well, I'm pretty sure the UK gov is as mean as US, especially tax offices. They don't miss a penny.

Oh, I just remember, there are so many rich Brits have got out of the country because of the heavy taxation. (Paul McCartney??)

Maybe Texas is better than UK, no?
  • #20
  • Oct 25, 2013 2:38pm Oct 25, 2013 2:38pm
Quoting Pipocrates
Hookers and cocaine. Isn't that why we all do this?
i pray you never get rich. it is going to kill you.
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