Personal Finance

If you have $10M+ CAD networth in your 20s, what would you do?

  • Last Updated:
  • Dec 10th, 2018 12:01 pm
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Sr. Member
Nov 8, 2017
632 posts
261 upvotes
If I had 20 mil in my 20s 'I'd probably be dead. Ahhhh, the halcyon days of youth
Deal Addict
Jul 7, 2013
1037 posts
562 upvotes
North York
xgbsSS wrote:
Dec 2nd, 2018 2:29 pm
I would advise your friend to seek professional help in the form of an accountant (there are likely huge capital gains taxes we are talking here), financial planner and if needed, a counseler. Having all this sudden wealth is likely overwhelming especially considering the up and downs he probably endured. While alot of people laugh at the prospect, it has been well documented that people thrown into sudden wealth often are overwhelmed and can become depressed. As a friend it would also be important to reassure/support him.
Read the OP. Taxes are paid.
Jr. Member
Feb 8, 2015
163 posts
38 upvotes
Manotick, ON
If he recently cashed out $10mil, then it means he could have cashed it out at $50 million at the height of bitcoin. When it was $24,500 CAD per coin.

Damn, I would probably be beating myself on why I didn't do it.

$10million is great and all but only really puts you at upper middle class lifestyle. You have a fancy house, fancy car, and go to 1-2 fancy vacations per year. $200K-$300K per year lifestyle.

With $50million, you could potentially have a $1 million per year lifestyle AND grow that principal...putting you in the ranks of Prime Ministers, NFL players, CEOS, VPs, Physicians, etc
You could afford a full time maid/butler and live in a $5million house and still be growing your income every year

You could start your own company or venture capital fund and wield decent political power as well. You can start pulling strings and dine with PM and go to exclusive rich people events.
Deal Addict
User avatar
Mar 16, 2010
2597 posts
1173 upvotes
Burlington
garmium wrote:
Dec 6th, 2018 1:40 pm
If he recently cashed out $10mil, then it means he could have cashed it out at $50 million at the height of bitcoin. When it was $24,500 CAD per coin.

Damn, I would probably be beating myself on why I didn't do it.

$10million is great and all but only really puts you at upper middle class lifestyle. You have a fancy house, fancy car, and go to 1-2 fancy vacations per year. $200K-$300K per year lifestyle.

With $50million, you could potentially have a $1 million per year lifestyle AND grow that principal...putting you in the ranks of Prime Ministers, NFL players, CEOS, VPs, Physicians, etc
You could afford a full time maid/butler and live in a $5million house and still be growing your income every year

You could start your own company or venture capital fund and wield decent political power as well. You can start pulling strings and dine with PM and go to exclusive rich people events.
Personally i'd settle for $9mil, but i'm a man of simple tastes.
[OP]
Newbie
Jun 2, 2018
5 posts
3 upvotes
garmium wrote:
Dec 6th, 2018 1:40 pm
If he recently cashed out $10mil, then it means he could have cashed it out at $50 million at the height of bitcoin. When it was $24,500 CAD per coin.

Damn, I would probably be beating myself on why I didn't do it.
I think I know why he's so sad Heavy Exclamation Mark Symbol
Deal Addict
User avatar
Nov 17, 2003
3277 posts
741 upvotes
garmium wrote:
Dec 6th, 2018 1:40 pm
If he recently cashed out $10mil, then it means he could have cashed it out at $50 million at the height of bitcoin. When it was $24,500 CAD per coin.

Damn, I would probably be beating myself on why I didn't do it.

$10million is great and all but only really puts you at upper middle class lifestyle. You have a fancy house, fancy car, and go to 1-2 fancy vacations per year. $200K-$300K per year lifestyle.

With $50million, you could potentially have a $1 million per year lifestyle AND grow that principal...putting you in the ranks of Prime Ministers, NFL players, CEOS, VPs, Physicians, etc
You could afford a full time maid/butler and live in a $5million house and still be growing your income every year

You could start your own company or venture capital fund and wield decent political power as well. You can start pulling strings and dine with PM and go to exclusive rich people events.
Weird flex but ok
Newbie
User avatar
Sep 6, 2018
70 posts
20 upvotes
He can give me $9.9M and keep the remaining. Then that will give him some purpose in life (pay the bills).
To pay the bills, he needs a full time job.
By working a FT job he wont have much free time to be "SAD".
He will also wont have to think about "what to do in my life".. because there will be limited choices.

See all these problems of your friend can be solved.. very simple.. Face With Tears Of Joy

newRFDmembers wrote:
Nov 30th, 2018 3:47 am
I have a friend who confided that he recently cashed out cryptos around $10M + CAD after tax. He said he used to have much more than that but he sold to protect his remaining capital.
I'm very jealous of him but also happy. He seems sad though. He doesn't know what he'll do in life. I dont know what kind of advice i can give him other than telling him, it's a lot of money.

What do you think? Would you retire? Would you keep working? He still works at his 9-5 job. I don't know why he's still working; I'd start a business!
Member
Jun 13, 2009
290 posts
34 upvotes
Toronto
newRFDmembers wrote:
Nov 30th, 2018 3:47 am
I have a friend who confided that he recently cashed out cryptos around $10M + CAD after tax. He said he used to have much more than that but he sold to protect his remaining capital.
I'm very jealous of him but also happy. He seems sad though. He doesn't know what he'll do in life. I dont know what kind of advice i can give him other than telling him, it's a lot of money.
I don't believe it. This sounds to me like a cry for help from someone who is begging for attention. Tell your friend to seek the help of a mental health professional, he sounds like he is depressed.
Newbie
Oct 29, 2018
22 posts
3 upvotes
Do you really pay taxes on crypto? I thought it’s a currency form.
Member
Mar 4, 2008
353 posts
43 upvotes
BC
I travelled in my early 20’s. I would continue to do so. Make sure my family members are comfortable.

I would also continue to invest the money in a diversified portfolio. Drop maybe a couple to few mill in a HISA to collect 3% (i.e. 2 million = $60,000/year in 3% HISA). Continue to grow the earnings.

Then when done travelling for a couple years, depending on the experience, if I were to come back to Canada, I would go back to school. Do some finance related courses and then whatever schooling that would tickle my fancy.
Jr. Member
Apr 23, 2010
173 posts
61 upvotes
Ontario
garmium wrote:
Dec 6th, 2018 1:40 pm
If he recently cashed out $10mil, then it means he could have cashed it out at $50 million at the height of bitcoin. When it was $24,500 CAD per coin.

Damn, I would probably be beating myself on why I didn't do it.

$10million is great and all but only really puts you at upper middle class lifestyle. You have a fancy house, fancy car, and go to 1-2 fancy vacations per year. $200K-$300K per year lifestyle.

With $50million, you could potentially have a $1 million per year lifestyle AND grow that principal...putting you in the ranks of Prime Ministers, NFL players, CEOS, VPs, Physicians, etc
You could afford a full time maid/butler and live in a $5million house and still be growing your income every year

You could start your own company or venture capital fund and wield decent political power as well. You can start pulling strings and dine with PM and go to exclusive rich people events.
Odd post. Physicians are not in the same ballpark as CEOs and professional athletes, unless you are the top dog in your interventional subspecialty. And 10 millions in the bank will give you much more than an upper middle class lifestyle. Come on now.

I am pretty sure I would stop working if we ever reached that amount in our savings. My wife and I really enjoy our careers so far, but there is so much more to life and that kind of money allows for significant freedom. Well, it's nice to dream.
Member
Mar 4, 2008
353 posts
43 upvotes
BC
Pterion wrote:
Dec 9th, 2018 1:54 pm
Odd post. Physicians are not in the same ballpark as CEOs and professional athletes, unless you are the top dog in your interventional subspecialty. And 10 millions in the bank will give you much more than an upper middle class lifestyle. Come on now.

I am pretty sure I would stop working if we ever reached that amount in our savings. My wife and I really enjoy our careers so far, but there is so much more to life and that kind of money allows for significant freedom. Well, it's nice to dream.
Isn’t it fun to work out lives away?? Crying FaceUnamused Face (especially when I finally started my career at the age of 27 - late start to be able to afford anything)....

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