I've heard that too. In fact this reminds me of a guy I met at a football party years ago who had just won a small lottery. He was telling everyone how he was going to "invest" in silver futures. My guess is he was penniless within months. Me personally I would throw a few bucks towards two of my four sisters and their families, the other two can rot in Hell. Then I'd set aside a lump sum to take care of my wife after I'm gone (she's 10 years younger than me). Then I'd put the remainder in a variety of interest bearing instruments. Estimate a realistic life expectancy and give myself an annual allowance that should be all gone just about the time I am.
I'd do something similar. No kids yet, but if I did, a portion of my wealth would be earmarked for them on certain conditions. One of them being that they must be able to fend for themselves in the real world. I would hate myself if I became wealthy and maintained the wealth due to prudency only for it to be lost in future generations as a result of "rich kid syndrome". I think of people like Paris Hilton and immediately vomit. Crashing $400K cars because the fool is out partying. I don't care how rich the family is...I would give her a well-deserved spanking.
Obviously this is someone that pays good money to have "friends". It'll cost him in the long run... Specially when one of those friends gets injured on the trip to Tahiti and sues him for $84MM.
Maybe that's his hedge on fuel costs Still, hes already up to 130m odd, thats not bad travelling. Is it? I'd love to know what his "team" of advisors are advising, wouldnt you like to be a fly on the wall there. Also, what the heck is "spinning class"? Sounds like he has his head screwed on, and its not as if he was destitute to begin with, current dodgy portfolio side.
I didn't read through the entire article. I had to pick myself up off the floor after reading how he paid $12K for a bike. Regarding the $130M - I give him his props if he created that wealth himself. He's an entrepreneur, so I'm sure he's heavily involved with the decision making. I just can't get past the fact that he has $130M and bought a $12K bike but then purchased a used VW. Disregard the fact that he OVERPAID for that VW. Spinning is a fancy term for a stationary bike. Sounds like a boatload of fun.
Lol, plenty of loaded people have bad taste. However, with this new info, im going to suggest the guys a genius, and will reach his target-he makes cash from managing 5 gyms, (golds was a huge franchise, i guess it still is?) bu he's getting paid to teach people HOW TO RIDE A STATIONARY EXERCISE BIKE????????????? THAT is pure genius
Now that I think of it, I would probably do the part-time gig at the gym as well. Even if I was a zillion-aire. You get paid to work in a place that is over-run by health-conscious hotties. My neck would have a 48" girth from so many head turns. At any rate - I doubt he'll blow the money. Must be nice having that cash...must be nice. I wish him well. Hopefully my future son will coincidentally meet his (future) daughter.
$85m? hmm. for me... $10m - trade options $50m - US bonds, money market, CD's, etc. $10m - new house for me $12m - houses for my family members $1m - new cars $2m - charity