I’m no financial genius, but I think it’s unwise to spend $100 million on property, if you’re not generating the level of income necessary to keep it. Most of the rich people, who buy large properties, tend to use them to generate more wealth to pay for themselves.
Buying at the height of a real estate bubble.
The costs after the purchase of a large property in California (property taxes, utilities, maintenance) are not trivial.
If I had two billion dollars, the last place I would spend it on would be LA.
Los Angeles is a great town to be super rich in.
Broke and/or dead in 5 years.
That's no joke. These places need a lot of upkeep or they'll fall into disrepair quickly.
You pretty much have to employ a full-time staff to stay on top of it all.
I’d buy land in the country. Big acreage. Farm land, forest, lakes, rivers, ocean or bay front.
North, South or West.
A small house or cabin with a workshop and a garden on the property.
Wouldn’t need or want much else.
You're very right about that Jonty. I think our "lottery winner" has some financial lessons in his future.
I don't wish Castro any ill luck... but as so often happens, those who come into MILLIONS are soon separated from their money like many of our HIGH PAID athletes have experienced.
Being located in Tennessee, I witnessed former NCAA Champion and Texas Quarterback Vince Young who signed for BIG MONEY with the Tennessee Titans and eventually ended up BROKE and had a nervous breakdown as well.
When you come into that kind of BIG MONEY you are simply TRADING YOUR OLD SET of LIFE PROBLEMS for a NEW SET of PROBLEMS!... and quite often, some painful NEW LESSONS come with the PROBLEMS.
He has no choice but to live in a place like that. He’d have a large target on his back if he stayed in his old neighborhood.
For me, large mountain acreage, river runs through it, nice smaller house. And prep.
First he should have left caulifourkneeyuh!
If I won 2 billion $$$, I would use it to end hunger in the world. 🙄
On $1 million expect 33% minimum taken from you for taxes.
So thats $700,000 .
You then are taxed again on income for that year.
You also get taxed “Luxury Tax “ on those cars and houses you couldnt wait to have as well which is where these idiots screw up.
California will carve him into little pieces and spit him out within two years when hes broke.
This guy is on a trajectory to end up broke, or dead, or both.
Can you even imagine the amount of Junk Mail he’s getting now? Emails, Texts, DMs from Twitter, Paper on top of other paper. “Lucrative” franchise opportunities.
Maybe he should ask Shaq, the retired ballplayer about franchises. I hear he has invested well. Judging from his public persona (lowkey/somewhat goofy), most would not guess Shaq to be good with his money.
If he’s part American Indian, here come the offers to build a casino.
Soon to be home to illegal migrants.
It’s his cash but I’d seek investment security and maybe do some biz of my own with half
Live on secure income from the other half
Id buy property outskirts of towns like north Dallas Austin Nashville charlotte and Maybe speculate in New Orleans cause I like it
Nice digs in garden district and uptown are still cheap comparatively
And hipsters who like it or not are bellweathers love Nola like they do Nashville and Austin
Look for undervalued businesses that need better and more detached mgt and at good cap rates
Short petroleum some hoping trump gets elected
Maybe even five million in naked options on an invst vehicle hoping that direction
Give some to Pelham to invest on a wrap for me
He’s better than me at that
Yeah I could stay busy
He keeps pushing his face and cash in public, he’ll regret it. Not a real smart guy.