I Just Became an Unexpected Millionaire 

Wow, u have shifty friends

Yup - like turbots.

That is the GIMMICK, cause nobody understands the market. And now you just threw away 1 percent to 1.5 percent for life.

do you have 600 million in real estate? @@johnSmith-uz8nl

He dosnt seem to butt hurt about it😅

He’s happy as can be 😂

Yeah, could be.

Agree. He is going to just live off the money and do nothing else.

​@@drn13355He isn't just living off the money. He's starting a tour business this spring, has a rental property and finishing up a second rental property worth 1.2M.

Yeah right

What is your thought process? Can you explain why you believe this? I ask because death is a profound experience. I lost my mother and it changed me forever. Like this guy I spent a good year solid in mourning, then needed a talking to similar to this to get to a semblance of normality. I would like to believe this chap will do the same.

Rental is not always rental. I own 4 in class A- and B. Only single homes. So far no headache. But don’t invest in poor neighborhoods tones of headaches.

Maybe a beach property? He’s from FL. It sounds dumb to me, and it sounds like he will be broke in no time.

Yeah he's an idiot obviously. My rentals average 1300 rent and are worth about 250k each. Much better cap rate

There will be repercussions for what he did on the day of judgement. He may not have to answer to anyone on earth but he will definitely have to answer just like all of us before God. I assure you his punishment will be far worse than anything he could get on earth.

@@nataliepope3286 this is true. I was definitely thinking of earthly repercussions.

I agree Natalie Pope. There is a commandment by the LORD: Thou shalt not murder. Murder is probably the worst sin someone can commit in this mortal life. All murderers will answer to the LORD God for their sins.

On the "day of judgement" it is all over, end of section. Regardless of the verdict. @@nataliepope3286

@@nataliepope3286when we die nothing happens, you just rot in the ground. Religion is just made up fairy tales by ancient people to trick other stupider ancient people into giving them money.

He doesn't need the money. It would be something to do and have fun

His finances are sunk.

@@TonyStark-wr7ob He'll lose it all eventually.

Great business for the boat builder

Yeah but he didn't get a choice no offense so this comment is kinda annoying

"I would love this to happen to me except the main thing that happened to you" what a douchey comment

Dumb statement

Not happening, bud. Get to work.

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I’ll offer you up what my personal scenario would be if I got $2 million. My savings account has currently has an interest rate of 4.35%. That’s the highest it has ever been. The lowest it has ever been is 3.20%. Let’s base this off the smallest percentage as an example. This will give me $64,000 over one year for income. This however has not been taxed yet, meaning I need to make sure I save about $16,000-$20,000 per year so the government can take its slice. Now that’s about $46,000 per year take home. Now that amount is livable, but it’s not necessarily comfortable. What I believe would be better and also safe is you can put that money into T-bills because those grow state tax free, and I live in Illinois so that means a lot. Those frequently offer slightly higher interest rates, are backed by the U.S. government, and buying a bunch of them for say $5,000 a piece gives you regulated income that is slightly less accessible, and it feels like you’re getting paychecks every month or 2 weeks however you spread them out.

That’s what I would do as well and get a part time job if I still wanted to work.

​@@michaelpowers6632you wouldn't keep 2 million in an average savings account if the bank failed you could lose the lot up to 120k

The biggest problem with this scenario is inflation. If you put it in the savings and make 50k today, your money in savings certainly won't keep up with inflation. You will only get $50k in 2050 and that won't be enough to live on. You need to grow the money enough to keep up with inflation and still have enough to live on. You need a lot more money to do that.

⁠@@michaelpowers66324.35% is low when last few months cash accounts been paying 5.5%. I suggest doing more research. I only keep my liquid money there. For the rest it’s in the market earning 10-20% easily. Then tech stock returned even higher.

Literally!

For sure. Man, what a crazy scenario.

Onlyfans is up there

People with "TOXIC" parents have entered the chat.

Facts

Do you mean you would have taken $600 out each month earlier, or you wouldn't have taken anything at all?

Think he is saying invest more when he was working.

​@@DeepestQuotesAnd she meant invest more so she can pull more than 600 monthly

I agree, the boat thing just seemed like a risky move. That and that fact that he’s been living fully off what he has in the bank AND has too much money into houses he doesn’t live in for what he has overall. Like what are you doing with a 1.2 million dollar house being built with no income and a net worth of only 3 million.

THIS☝️

The fact the boat is fully paid off should help. One giant over head expense lifted. Main question is if this guy has the mindset to operate his own business. Going from bartender to running your own business is a huge leap.

The saying about boat owners: the two happiest days are the day you buy it and the day you sell it.

​​​​Sure he does, none of us know him, but it is always important to give confidence and self-esteem. A positive mindset leads to success, a negative mindset leads to failure. This is not just words, it does affect behaviour; real world cause and effect.

and it's probably very seasonal... Spring, summer time only would be busy.

He had enough money to persue this business🎉

That’s what I would do as well

FDIC only insures up to 250k. If anything were to go wrong you'd be out all but 250k. I suppose you could use up to 12 account and add all the interest together in a separate account.

@@MaxJ260there are banks that charge an annual fee that have up to $5 million in FDIC insurance. Check out M1 Finance.

L

Im in Canada and bank with a credit union. They have 100% deposit gaurantee so that wouldn't be an issue.@@MaxJ260

Then you will fall into a depression

no lol got plenty of friends who retired at 40 or before lol they are just fine lol. @@gamingwitharlen2267

​@@gamingwitharlen2267is that what happens to everyone that retires at 55-65?

The way he’s talking, that money will be long gone in 2 years. He bought a 200k boat and 2 million dollar properties to rent..

People who retire before the age of 40 avoid having friends. Such people want to stay as far away from the rest of the world as possible. Your BS is easy to call. @@livingunashamed4869

Yep most inheritances don't survive the next generation.

He built a house for $1.2 million and intends to rent it out?

He called in the show so I have hope he has a good head on his shoulders

I agree. I hope his intentions are well. I wish him luck.@@lombardo141

You're not going to go for a ride on the duck boat?

There's no flag. You have to take a chance when you start a business.

he will squander the money for sure.

@@jimmymcgill6778 With no experience, super way to make a small fortune - just start out with a big one.

@@Kysen10 Projecting much?

It all depends if you have a long-term outlook. The WORST 30-year period of the stock market averaged 8% a year. Statistically he will live another 40+ years, so he should absolutely invest a large portion of this. Who cares if it takes 10 years to recover when he has 40 left to live and maybe 20 years left to work?

My retirement has averaged 15.05% over the past 10 years. With two years out of 10 being negative years.....

​@@emoney1231if you have an actual long term outlook you would realise that empires like the American empire don't last forever and they always collapse with a 100% success rate, so when china nooks you your stonks aint going up 8% no more.

No savings account is paying 4.35% on a multimillion dollar account. They'll pay that much for someone with a few thousand but after a certain amount that rate starts dropping.

there is couple caveats. I would be wary of a bank offering FDIC insured account having high interest. Banks will have CD's with up to 5%. These have terms. You can open a brokerage account with one of the major firms. Any "cash" you have in these accounts is in short-term treasuries or similar, and currently have rates of about 5%. Unlike a bank CD, there is no term limit, you can move money around on short notice. Assuming your overall income is 100K+, your tax rate is fairly high, 30% incremental, plus state. Interest collected in an account has taxes that need to be paid annually. There are various MF options, dividend heavy, growth oriented. You could look for one that holds stocks long term. The point here is value growth is largely unrealized, meaning no taxes due until sale. So, 5% interest, highly reliable, but you pay 25% tax ( that is overall tax divided by income, even though your incremental rate is 30%+) or, mostly unrealized capital gains, untaxed until sale, then at long-term capital gain rate. So even if return is 5%, there are tax advantages life is complicated. learn math

Why? They clearly don't.

_The problem with lottery winners is that they still possess the brains of people who play the lottery._ 🧠 🤔 🥴 🐔 - j q t -

Thats why many lottery winners go broke in a few years after and or become depressed / kill themselves

Yeah he didn't want a job, he wanted a boat

he was an average Joe with hos life turned upside down. Give this man a break, he will have to pay some expenses for valuable lessons

Yeah, it was weird to me that neither Dave nor John picked up on exactly how much of the inheritance is gone/tied up already. Dave asked how much he had altogether, and the guy said $3.5 million. But then when you parcel it out, he's spent more than half of that already--$1.8 million on real estate, and $220,000 on the boat per his own assessment. So he's got $1.5 million in cash max, if he hasn't spent money on anything else. Dave ran all the numbers based on $3.5 million in investments, when he's probably got much closer to $1.2 million. That's a whole different ballgame, investment wise. Quite frankly, I would be surprised if this guy had anything left five years from now. With no prior experience as a landlord or a business owner, he has already made a series of very, very bad decisions on what to do with this money.

Exactly. He probably should stay busy, but Dave and John think you need a W2 or you're worthless. Managing $1.8M in rent houses will probably keep him pretty busy, plus the boat thing on top of that (which is probably not going to make any money, let's be real).

​@@SalisburySnakeno he's not saying that the guys going to be worthless if he doesn't work, he's telling him to go to work to keep his mind occupied after the loss of his mother and stepfather. It is very much mental health insurance.

Why 4%? Don't you know how asinine the 4% rule is? You should never withdraw more than 1% a year. If you can't afford to live on 1% you have no choice but to work.

@@amireallythatgrumpy6508that’s nonsense. You planing on living forever?

Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown. its important to seek the guidance of an expert

True, A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

NYCOLE CHRISTINA VANNATA is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

I’m trying to think of what kind of person could afford to rent a 1.2 million house and wouldn’t just buy something

@@Aquilasdevman these days a detached new build in my area costs this. Not a mansion, a 4 bedroom detached. Nice home don’t get me wrong, but neighbours right up your ass and barely any yard.

I don't think so. My mom died in a similarly crazy situation. After a few years you're just used to the fact.

Even then getting that amount of money after losing someone would soften the blow

😂

Gilligans island a three hour tour

Hard to judge when someone is grieving. You become numb...ijs.

I don't think so he seems level headed

Building 1 house that’s gonna be worth about 1.2 million thst he plans to rent out…. What?!???? Why? Such a bad idea, in so many ways.

​@@irvinsantathe guy doesn't have experience in real estate and builds a million dollar house to rent, doesn't have experience boating and buys a 200k boat.... He may have good intentions, but he needs to start slower, everyone makes mistakes on the beginning, but it's better to have cheaper mistakes and only risk big when you already have the knowledge. He should get a 9-5 that pays his children's health insurance, and use the new money to compliment the salary until it meets his prior wage. Only then he can start making plans about investing in riskier businesses

Dave didn't correct him because of the circumstances he inherited the money and he said 'real estate' and 'his child''.

When those kids realize daddy is a millionaire they're going to harass him for cars and vacations the rest of their lives.

Probably

What are you talking about? In 2 years he has not spending much. He has 1.8 mi in real state, and is open a business!

History of working in the restaurant business and I doubt he actually made 85k shows he has no Financial knowledge

It's weird how commenters seemingly root for the caller to fail. Call me crazy but I want the guy who's mom was taken from him to win in the end. Just my .02

@@Mr_Fairdale that's because there are lots of rational people here looking for solid Financial advice. but you also have the beta Simps and emotional women because of all the psychology BS they've added into the shows

Good for her lol

Not at that age and that amount of money.

@@bighands69 basically, so long as the properties he buys, and any market investments are performing at the average, he is fine forever

Not enough money to do that.

@@bighands69surely so if he invests wisely

The goal in noble people is to work for themselves and NEVER retire.

He seems to be doing good.

he'll prolly blow every cent, but the only way to continue the story properly is if some child he never knew he had appears and proceeds to embezzle all of it . . .

Highly probable.

he quit his job so no income there. he bought a boat. no income there yet. he's bought houses, no income there yet. What could go wrong? lol..

You don’t have to look into it, grief takes form in different ways. If this man is doing something, God will handle it on the day of Judgement

Yea, I’m a little worried about the $250,000 tiki boat being ‘built.’ Sounds like a scam. 🤦🏻‍♀️

Never had a real job? He was a long time bartender and front of house restaurant workers. If he was working as a Somme, he was working at high end places. Career good front of house restaurant people like him make very solid money, which he was doing.

one word, @@adamseidel9780 "tips"

@@masscantbecreatedordestroy8868 uh, actually talking about all the stuff that was this guy's life *before* grief became a factor...

Dave does not need a slice.

No estate tax for that low of an amount of money

@@divemanred With existing law, yes. The increase in the applicable exclusion amount expires in 2026. There's also been trial balloons about decreasing the exclusion amount to $3 million and $1 million.

Not at all. Median is 8.5% and with a small amount of research and understanding 10% is easy to achieve. if you invest it all into one fund it means more probability of lesser returns. somebody who is on the ball could hit 15%.

His boat business if he is will to work hard can pay. That is the thing about this story he probably works hard hence why he earned 80000 in service industry. With that same attitude he probably will double that on boat hire. He is probably he sort that would work a Sunday afternoon and all evening.