So you think you're rich.

[Queen K]

http://www.msn.com/en-ca/news/canada/la ... li=AAggFp5

Gotta love these two. They won 7 mill and are thinking of splurging on a new double wide, nothing fancy. Celebrated the win by drinking a case of beer, EACH!

Selling their car and getting a new truck, how I envy that!

Good on them, I hope they do well.

[LANDM]

Wow, those two deserve the win. I've never seen a description like that before.....complete with being carney folk.

[Queen K]

https://www.castanet.net/edition/news-s ... htm#244002

14 new people are millionaires today.

Good on them. I hope they all collectively are celebrating whereever they are and asking people for referrals to the best financial advisor money can buy. Or buying financial books and reading them. Or parking the money til it sinks in that there is a way to be broke immediately, thinking their rich.

And maybe some of them will just pay down the house and be happy to do a reno/additioni, build the jacuzzi/pool complex they always dreamed of.

I hope they all do well and are not broke by this time next year. I hate that. "I won five mill six years ago and now I'm broke."

Ugh.

[Silverstarqueen]

WOW, getting money out of the blue is NOT such a bad thing is it? When I was 52 my wife and I were both working when we inherited $1.75 million dollars. We didn't panic about this at all. We both quit our jobs and decided to what we like best. GOLF.

We checked into these so-called financial advisers with a BIG bank and did not go that route as these guys wanted a % of your money PER year to look after YOUR money. I looked at over a 30 years period they would at minimal TAKE over $500,000.00 out of our initial $1.75 million. Who in their right mind would let a financial adviser near your money. That is insane. We did our own investment in a very safe place and have been doing just fine, thank you very much. Some of these people are just leeches. SO BEWARE.....

While folks certainly do have to be careful who they use as a financial advisor, if done correctly, there would not be anyone broke a few years after coming into their windfall. So, while a financial advisor might take $500,000 over 30 years, your $1.75 Million would have made about $5 M for you besides. Not such a bad arrangement. Of course you can do that yourself, if disciplined and with a bit of knowledge, but a lot of people seem to be lacking in that.(Credits go to my Dad for teaching me not to be an idiot with my own money).

[ckil]

I would put $250k into Interpipeline, Enbridge, Pembina Pipeline and Bank of Nova Scotia and live off the $63,000 in dividends and travel half the year. $54,000 of that is tax-free because of the Dividend Tax Credit. Sure there are risks involved but it is certain to last longer than throwing it away on cars.

[Queen K]

Depends on how they buy their car. Luxury brand new or top of the line, second hand after careful shopping and I do mean from Vancouver to Nova Scotia.

And your travel idea sounds good, I take it you'd AirBnB it and be careful about airlines, deals and how you choose to eat. I prefer a mix of nice to street food myself.

Yes, always try to keep a reserve. I like the sounds of your plan.

[ckil]

Each of those companies increase their dividend every year so it would not be impossible for the dividend income to be at least 50% higher ten years down the road. Enbridge just raised theirs 10% last week.

[Queen K]

Q: are you a professional in the finance industry?

Also, did you buy tickets in last night's draw?

https://www.castanet.net/edition/news-s ... htm#244642

I did.

I believe I'll check my ticket

[Zoso]

I would pay a few bills and everyone else will just have to wait . .

[Bsuds]

I believe I'll check my ticket

Unless you bought it in Surrey or Maple Ridge you don't need to rush.

[LANDM]

I would put $250k into Interpipeline, Enbridge, Pembina Pipeline and Bank of Nova Scotia and live off the $63,000 in dividends and travel half the year. $54,000 of that is tax-free because of the Dividend Tax Credit. Sure there are risks involved but it is certain to last longer than throwing it away on cars.

So those have a greater than 25% dividend payout on current stock price?

[ckil]

Perhaps you should figure out the topic before opening your trap, LANDM.

[LANDM]

Perhaps you should figure out the topic before opening your trap, LANDM.

Or you can explain what you said.....or admit that those four do not yield 25% dividends on a yearly basis.
You do NOT put $250k in those and get a $63k dividend payout. To imply someone would invest that today and start living off the income that you stated is simply incorrect.

But, I guess if I was wrong, I would not want someone to "open their trap" either.

[Queen K]

https://www.castanet.net/edition/news-s ... htm#245560

Congratulations! A million is a lot of money if you're not buying a house and giving cash away immediately.

I hope you travel and enjoy the cash!