Non-investing private finance points together with insurance coverage, credit score, actual property, taxes, employment and authorized points reminiscent of trusts and wills.
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Re: Would a $1MM inheritance change your retirement plans?
Post
by BigMoneyNoWhammies »
Quirkz wrote: ↑Thu Nov 05, 2020 10:13 amUncleLongHair wrote: ↑Wed Nov 04, 2020 3:59 pm
I perceive that everybody right here has a heavy dose of skepticism about the whole lot however to imagine {that a} $1M inheritance would both evaporate or be taxable or meaningless sort of stretches the creativeness.There are a selection of ways in which I’ve heard of an anticipated inheritance disappearing.
– One partner dies. Surviving partner remarries, then dies leaving the cash to their widow(er) as a substitute of the children.
– Dispute results in disinheritance.
– Funds misplaced attributable to rip-off, predatory advisors, or extraordinarily unhealthy/unfortunate investments.
– Onset of dementia results in mismanagement and disappearance of funds.
– Playing addition develops. I’ve heard of this developing attributable to dementia, and in addition odd issues like a response to Parkinson’s treatment, together with the common causes somebody would possibly gamble.
– The inheritance wasn’t really there within the first place. Hidden money owed, exaggerated holdings, and so on.
I am going to additionally add in long run care prices in previous age or main surprising medical bills. Both a type of gadgets can simply eat away a low 7 determine inheritance over just a few years.
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Re: Would a $1MM inheritance change your retirement plans?
Post
by BedHead2020 »
This. One other $1M undoubtedly would speed up my plans, however not till I had it.
Re: Would a $1MM inheritance change your retirement plans?
Quirkz wrote: ↑Thu Nov 05, 2020 10:13 amUncleLongHair wrote: ↑Wed Nov 04, 2020 3:59 pm
I perceive that everybody right here has a heavy dose of skepticism about the whole lot however to imagine {that a} $1M inheritance would both evaporate or be taxable or meaningless sort of stretches the creativeness.There are a selection of ways in which I’ve heard of an anticipated inheritance disappearing.
– One partner dies. Surviving partner remarries, then dies leaving the cash to their widow(er) as a substitute of the children.
– Dispute results in disinheritance.
– Funds misplaced attributable to rip-off, predatory advisors, or extraordinarily unhealthy/unfortunate investments.
– Onset of dementia results in mismanagement and disappearance of funds.
– Playing addition develops. I’ve heard of this developing attributable to dementia, and in addition odd issues like a response to Parkinson’s treatment, together with the common causes somebody would possibly gamble.
– The inheritance wasn’t really there within the first place. Hidden money owed, exaggerated holdings, and so on.
All doable, however the cash you save your self may additionally disappear or be vastly diminished, markets crash and do not bounce again, the potential inheritor themselves develops a playing habit or different psychological well being subject. Nothing is totally sure. Generally it looks as if these threads promote counting potential inheritances at 0% however ones’ personal cash at 100% (and even making particular assumptions about future inventory returns which are usually optimistic IME right here). Your record of issues every *may* occur at some likelihood, however does anyone not understand that already?
Additionally thread title is $1mil however OP really mentioned $1-3mil, so $1mil already apparently accounts for a great deal of over estimate or diminution.
And a few rely the kind of folks and household we’re speaking about, which the unique posters presumably know higher than the folks replying. We’re on the opposite finish of this, the older era of our household is us. It is theoretically/legally doable one in all us would remarry and reduce our children out, however extraordinarily unbelievable and never one thing I might fear about if I have been them, identical with a dispute leading to disinheritance. Including the possibilities of all these kinds of issues collectively it will be a lot lower than that of a extreme and lengthy lasting market downturn, in our state of affairs, IMO.
Re: Would a $1MM inheritance change your retirement plans?
Wanderingwheelz wrote: ↑Thu Nov 05, 2020 2:58 amdelamer wrote: ↑Wed Nov 04, 2020 5:56 pmUncleLongHair wrote: ↑Wed Nov 04, 2020 3:59 pm
Warren Buffett mentioned to provide your children sufficient in order that they’ll do something however not a lot that they’ll do nothing. I feel that sums it up.I perceive that everybody right here has a heavy dose of skepticism about the whole lot however to imagine {that a} $1M inheritance would both evaporate or be taxable or meaningless sort of stretches the creativeness. My in-laws’ dad and mom each needed to go to assisted take care of 1-2 years it was costly on the order of $5k/mo however except one thing actually goes sideways that’s not going to deplete $1M. Inheritance of this measurement is normally not taxable except held in IRA/401k accounts and any property get a stepped-up foundation earlier than going to heirs and except the entire property is loads bigger wouldn’t be taxed.
Whereas I agree along with your general level — {that a} $1 million inheritance is unlikely to evaporate — watch out about assuming {that a} taxable account all the time will get a stepped up value foundation. Belongings held in a credit score shelter belief, for instance, don’t get a step up on the dying of the second partner. This may end up in substantial taxes when property are bought. In my case, the belief was created at my father’s dying which was 15 years earlier than my mom died, and the good points for me within the belief property have been giant.
It’s true that tax legal guidelines do change, which implies some trusts have been can come again to trigger an issue later- with the advantage of hindsight. This occurred to my dad and mom since my mom predeceased my dad by a few years. I haven’t paid all that shut of consideration to it, however I recollect it needed to go along with tax legislation modifications because it pertains to actual property held inside a belief. However there’s not something that may be accomplished about it after the dying. These issues occur since there’s been vital modifications to how wealth is taxed over the past 25 years. I assume most individuals would say these are the great sorts of issues to have.
To make clear, my state of affairs was not attributable to a change in tax legislation. The shortage of step-up all the time was a characteristic of the belief.
One factor that humbles me deeply is to see that human genius has its limits whereas human stupidity doesn’t. – Alexandre Dumas, fils
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Re: Would a $1MM inheritance change your retirement plans?
Post
by Wanderingwheelz »
JackoC wrote: ↑Thu Nov 05, 2020 12:41 pmQuirkz wrote: ↑Thu Nov 05, 2020 10:13 amUncleLongHair wrote: ↑Wed Nov 04, 2020 3:59 pm
I perceive that everybody right here has a heavy dose of skepticism about the whole lot however to imagine {that a} $1M inheritance would both evaporate or be taxable or meaningless sort of stretches the creativeness.There are a selection of ways in which I’ve heard of an anticipated inheritance disappearing.
– One partner dies. Surviving partner remarries, then dies leaving the cash to their widow(er) as a substitute of the children.
– Dispute results in disinheritance.
– Funds misplaced attributable to rip-off, predatory advisors, or extraordinarily unhealthy/unfortunate investments.
– Onset of dementia results in mismanagement and disappearance of funds.
– Playing addition develops. I’ve heard of this developing attributable to dementia, and in addition odd issues like a response to Parkinson’s treatment, together with the common causes somebody would possibly gamble.
– The inheritance wasn’t really there within the first place. Hidden money owed, exaggerated holdings, and so on.All doable, however the cash you save your self may additionally disappear or be vastly diminished, markets crash and do not bounce again, the potential inheritor themselves develops a playing habit or different psychological well being subject. Nothing is totally sure. Generally it looks as if these threads promote counting potential inheritances at 0% however ones’ personal cash at 100% (and even making particular assumptions about future inventory returns which are usually optimistic IME right here). Your record of issues every *may* occur at some likelihood, however does anyone not understand that already?
Additionally thread title is $1mil however OP really mentioned $1-3mil, so $1mil already apparently accounts for a great deal of over estimate or diminution.
And a few rely the kind of folks and household we’re speaking about, which the unique posters presumably know higher than the folks replying. We’re on the opposite finish of this, the older era of our household is us. It is theoretically/legally doable one in all us would remarry and reduce our children out, however extraordinarily unbelievable and never one thing I might fear about if I have been them, identical with a dispute leading to disinheritance. Including the possibilities of all these kinds of issues collectively it will be a lot lower than that of a extreme and lengthy lasting market downturn, in our state of affairs, IMO.
That was my pondering virtually precisely.
I feel many youthful buyers have been stunned to see the latest menace the place most retirees who replied have been not more than 50% equities. Many have been 30% equities. A chronic downtown undoubtedly is of a better likelihood than most of the issues folks have voiced right here.
Being mistaken compounds eternally.
Re: Would a $1MM inheritance change your retirement plans?
Wanderingwheelz wrote: ↑Fri Nov 06, 2020 6:53 pmJackoC wrote: ↑Thu Nov 05, 2020 12:41 pmQuirkz wrote: ↑Thu Nov 05, 2020 10:13 amUncleLongHair wrote: ↑Wed Nov 04, 2020 3:59 pm
I perceive that everybody right here has a heavy dose of skepticism about the whole lot however to imagine {that a} $1M inheritance would both evaporate or be taxable or meaningless sort of stretches the creativeness.There are a selection of ways in which I’ve heard of an anticipated inheritance disappearing.
– One partner dies. Surviving partner remarries, then dies leaving the cash to their widow(er) as a substitute of the children.
– Dispute results in disinheritance.
– Funds misplaced attributable to rip-off, predatory advisors, or extraordinarily unhealthy/unfortunate investments.
– Onset of dementia results in mismanagement and disappearance of funds.
– Playing addition develops. I’ve heard of this developing attributable to dementia, and in addition odd issues like a response to Parkinson’s treatment, together with the common causes somebody would possibly gamble.
– The inheritance wasn’t really there within the first place. Hidden money owed, exaggerated holdings, and so on.All doable, however the cash you save your self may additionally disappear or be vastly diminished, markets crash and do not bounce again, the potential inheritor themselves develops a playing habit or different psychological well being subject. Nothing is totally sure. Generally it looks as if these threads promote counting potential inheritances at 0% however ones’ personal cash at 100% (and even making particular assumptions about future inventory returns which are usually optimistic IME right here). Your record of issues every *may* occur at some likelihood, however does anyone not understand that already?
Additionally thread title is $1mil however OP really mentioned $1-3mil, so $1mil already apparently accounts for a great deal of over estimate or diminution.
And a few rely the kind of folks and household we’re speaking about, which the unique posters presumably know higher than the folks replying. We’re on the opposite finish of this, the older era of our household is us. It is theoretically/legally doable one in all us would remarry and reduce our children out, however extraordinarily unbelievable and never one thing I might fear about if I have been them, identical with a dispute leading to disinheritance. Including the possibilities of all these kinds of issues collectively it will be a lot lower than that of a extreme and lengthy lasting market downturn, in our state of affairs, IMO.
That was my pondering virtually precisely.
I feel many youthful buyers have been stunned to see the latest menace the place most retirees who replied have been not more than 50% equities. Many have been 30% equities. A chronic downtown undoubtedly is of a better likelihood than most of the issues folks have voiced right here.
Yah, but when inheritance is within the plan then the time horizon is the lifetime of your children…nonetheless 50/50 is probably going ok. It’s what I’m at…however my dad and mom have been 80/20 till they handed.
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Re: Would a $1MM inheritance change your retirement plans?
Post
by Wanderingwheelz »
nigel_ht wrote: ↑Fri Nov 06, 2020 7:33 pmWanderingwheelz wrote: ↑Fri Nov 06, 2020 6:53 pmJackoC wrote: ↑Thu Nov 05, 2020 12:41 pmQuirkz wrote: ↑Thu Nov 05, 2020 10:13 amUncleLongHair wrote: ↑Wed Nov 04, 2020 3:59 pm
I perceive that everybody right here has a heavy dose of skepticism about the whole lot however to imagine {that a} $1M inheritance would both evaporate or be taxable or meaningless sort of stretches the creativeness.There are a selection of ways in which I’ve heard of an anticipated inheritance disappearing.
– One partner dies. Surviving partner remarries, then dies leaving the cash to their widow(er) as a substitute of the children.
– Dispute results in disinheritance.
– Funds misplaced attributable to rip-off, predatory advisors, or extraordinarily unhealthy/unfortunate investments.
– Onset of dementia results in mismanagement and disappearance of funds.
– Playing addition develops. I’ve heard of this developing attributable to dementia, and in addition odd issues like a response to Parkinson’s treatment, together with the common causes somebody would possibly gamble.
– The inheritance wasn’t really there within the first place. Hidden money owed, exaggerated holdings, and so on.All doable, however the cash you save your self may additionally disappear or be vastly diminished, markets crash and do not bounce again, the potential inheritor themselves develops a playing habit or different psychological well being subject. Nothing is totally sure. Generally it looks as if these threads promote counting potential inheritances at 0% however ones’ personal cash at 100% (and even making particular assumptions about future inventory returns which are usually optimistic IME right here). Your record of issues every *may* occur at some likelihood, however does anyone not understand that already?
Additionally thread title is $1mil however OP really mentioned $1-3mil, so $1mil already apparently accounts for a great deal of over estimate or diminution.
And a few rely the kind of folks and household we’re speaking about, which the unique posters presumably know higher than the folks replying. We’re on the opposite finish of this, the older era of our household is us. It is theoretically/legally doable one in all us would remarry and reduce our children out, however extraordinarily unbelievable and never one thing I might fear about if I have been them, identical with a dispute leading to disinheritance. Including the possibilities of all these kinds of issues collectively it will be a lot lower than that of a extreme and lengthy lasting market downturn, in our state of affairs, IMO.
That was my pondering virtually precisely.
I feel many youthful buyers have been stunned to see the latest menace the place most retirees who replied have been not more than 50% equities. Many have been 30% equities. A chronic downtown undoubtedly is of a better likelihood than most of the issues folks have voiced right here.
Yah, but when inheritance is within the plan then the time horizon is the lifetime of your children…nonetheless 50/50 is probably going ok. It’s what I’m at…however my dad and mom have been 80/20 till they handed.
My dad and mom (mother deceased) have the next fairness publicity than I’ll have at 80, too, in all probability. However my dad has an enormous pension that’s listed to inflation and he collects a second partial pension.
It’s all about bills and revenue. Retirement isn’t a lot totally different than the working years in that regard.
Being mistaken compounds eternally.
Re: Would a $1MM inheritance change your retirement plans?
AerialWombat wrote: ↑Mon Nov 02, 2020 6:10 pm
Sure, indubitably.I am already “semi-retired”, and an additional $1 million in liquid funds (really in my possession, as others have famous) could be greater than sufficient for me to totally retire. Actually, half 1,000,000 would do it.
Additionally semi-retired. $1 million wouldn’t change our plans a lot since we’re working half time as a result of we nonetheless like our work and the social side of it. Plus we like to indicate a great instance to our children. The additional $1 million would offer a bit extra flexibility to our lives although.
I think we may very well get that a lot as an inheritance someday within the distant future. We don’t count on it and we’re urging our household to spend extra on themselves as a substitute of leaving a lot cash behind.
Re: Would a $1MM inheritance change your retirement plans?
EnjoyIt wrote: ↑Sat Nov 07, 2020 8:04 amAerialWombat wrote: ↑Mon Nov 02, 2020 6:10 pm
Sure, indubitably.I am already “semi-retired”, and an additional $1 million in liquid funds (really in my possession, as others have famous) could be greater than sufficient for me to totally retire. Actually, half 1,000,000 would do it.
Additionally semi-retired. $1 million wouldn’t change our plans a lot since we’re working half time as a result of we nonetheless like our work and the social side of it. Plus we like to indicate a great instance to our children. The additional $1 million would offer a bit extra flexibility to our lives although.
I think we may very well get that a lot as an inheritance someday within the distant future. We don’t count on it and we’re urging our household to spend extra on themselves as a substitute of leaving a lot cash behind.
Sure, its a pleasant place to be…I saved telling my dad and mom to spend/do extra however they have been set of their methods and comfy with how they lived.
It did piss me off although {that a} I did a renovation on their condominium earlier than I bought it…I vastly would have most well-liked spending that cash whereas that they had been alive and capable of get pleasure from it reasonably than some stranger. It wasn’t even that a lot cash.
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Re: Would a $1MM inheritance change your retirement plans?
Post
by illumination »
I simply I’ve seen a number of real-world examples of expectations not assembly actuality from prolonged household and in-laws the place their heirs are in for a world of harm. Most individuals listed here are on the frugal facet and have a bigger than regular nest egg for retirement. However some folks actually have an insane burn price and somebody may be see a big quantity and assume there isn’t a means they may burn via all that. I am right here to inform you they’ll. It is also not a wholesome dynamic in case your survival is constructed on that.
However setting apart anticipated inheritance, when you’re in your late 40’s and excited about retirement however most anxious about with the ability to deal with medical insurance prices, I might argue you in all probability haven’t got sufficient and will preserve working.
Re: Would a $1MM inheritance change your retirement plans?
Wanderingwheelz wrote: ↑Sat Nov 07, 2020 10:32 amDottie57 wrote: ↑Sat Nov 07, 2020 10:25 amUncleLongHair wrote: ↑Wed Nov 04, 2020 7:59 am
I actually do not perceive these solutions that an additional $1M wouldn’t change your plans.We’re speaking a couple of potential inheritance affecting what you do now!
I used to be principally to search out out if the longer term cash would have an effect on the plans to retire before you’ll, in any other case.
I might not rely the inheritance till it hit my checking account.
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Re: Would a $1MM inheritance change your retirement plans?
Post
by Wanderingwheelz »
Wanderingwheelz wrote: ↑Sat Nov 07, 2020 5:53 amnigel_ht wrote: ↑Fri Nov 06, 2020 7:33 pmWanderingwheelz wrote: ↑Fri Nov 06, 2020 6:53 pmJackoC wrote: ↑Thu Nov 05, 2020 12:41 pmQuirkz wrote: ↑Thu Nov 05, 2020 10:13 amThere are a selection of ways in which I’ve heard of an anticipated inheritance disappearing.
– One partner dies. Surviving partner remarries, then dies leaving the cash to their widow(er) as a substitute of the children.
– Dispute results in disinheritance.
– Funds misplaced attributable to rip-off, predatory advisors, or extraordinarily unhealthy/unfortunate investments.
– Onset of dementia results in mismanagement and disappearance of funds.
– Playing addition develops. I’ve heard of this developing attributable to dementia, and in addition odd issues like a response to Parkinson’s treatment, together with the common causes somebody would possibly gamble.
– The inheritance wasn’t really there within the first place. Hidden money owed, exaggerated holdings, and so on.All doable, however the cash you save your self may additionally disappear or be vastly diminished, markets crash and do not bounce again, the potential inheritor themselves develops a playing habit or different psychological well being subject. Nothing is totally sure. Generally it looks as if these threads promote counting potential inheritances at 0% however ones’ personal cash at 100% (and even making particular assumptions about future inventory returns which are usually optimistic IME right here). Your record of issues every *may* occur at some likelihood, however does anyone not understand that already?
Additionally thread title is $1mil however OP really mentioned $1-3mil, so $1mil already apparently accounts for a great deal of over estimate or diminution.
And a few rely the kind of folks and household we’re speaking about, which the unique posters presumably know higher than the folks replying. We’re on the opposite finish of this, the older era of our household is us. It is theoretically/legally doable one in all us would remarry and reduce our children out, however extraordinarily unbelievable and never one thing I might fear about if I have been them, identical with a dispute leading to disinheritance. Including the possibilities of all these kinds of issues collectively it will be a lot lower than that of a extreme and lengthy lasting market downturn, in our state of affairs, IMO.
That was my pondering virtually precisely.
I feel many youthful buyers have been stunned to see the latest menace the place most retirees who replied have been not more than 50% equities. Many have been 30% equities. A chronic downtown undoubtedly is of a better likelihood than most of the issues folks have voiced right here.
Yah, but when inheritance is within the plan then the time horizon is the lifetime of your children…nonetheless 50/50 is probably going ok. It’s what I’m at…however my dad and mom have been 80/20 till they handed.
Being mistaken compounds eternally.
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Re: Would a $1MM inheritance change your retirement plans?
Post
by Wannaretireearly »
Wanderingwheelz wrote: ↑Mon Nov 02, 2020 4:15 pm
The rationale I ask is my spouse and I are financially unbiased at 45/49, with loads of investments to cowl our mounted bills, however we’re contemplating retiring early. I’ll inherit no less than $1MM, and it may very well be as a lot as $3MM, someday down the street which I do no issue into any of my retirement calculations.Would this windfall have an effect on your retirement plans, all else being equal?
I used to be going to say YES! It will have an effect on my plans if I had the cash in hand.
However ‘Not but’, is the fitting reply, as that is so a few years away. Granted, if it was apparent a windfall was anticipated quickly, it will make sense to issue it into the ER plans.
“In some unspecified time in the future you might be buying and selling time you’ll by no means get again for cash you’ll by no means spend.“ |
“How do you wish to spend the perfect remaining yr of your life?“
Re: Would a $1MM inheritance change your retirement plans?
Wannaretireearly wrote: ↑Mon Sep 09, 2024 12:31 pmWanderingwheelz wrote: ↑Mon Nov 02, 2020 4:15 pm
The rationale I ask is my spouse and I are financially unbiased at 45/49, with loads of investments to cowl our mounted bills, however we’re contemplating retiring early. I’ll inherit no less than $1MM, and it may very well be as a lot as $3MM, someday down the street which I do no issue into any of my retirement calculations.Would this windfall have an effect on your retirement plans, all else being equal?
I used to be going to say YES! It will have an effect on my plans if I had the cash in hand.
However ‘Not but’, is the fitting reply, as that is so a few years away. Granted, if it was apparent a windfall was anticipated quickly, it will make sense to issue it into the ER plans.
We’re in our late 40s and semi retired. We count on a windfall in some unspecified time in the future hopefully within the distant distant future. We don’t change our plans due to it. However, it is extremely laborious to not give it some thought and the way it may change our life. I assume if we get 1/3 of that cash, it will pay for some very nice luxuries for us.
Since we’re already financially unbiased however work half time as a result of we wish to, it in all probability wouldn’t change our precise working plans. I’ll admit that if we gained the lotto tomorrow and obtained a number of tens of millions (MM lol) I feel I might have a tough time nonetheless going to work.
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Re: Would a $1MM inheritance change your retirement plans?
Post
by PeninsulaPerson »
Wanderingwheelz wrote: ↑Sat Nov 07, 2020 10:32 amDottie57 wrote: ↑Sat Nov 07, 2020 10:25 amUncleLongHair wrote: ↑Wed Nov 04, 2020 7:59 am
I actually do not perceive these solutions that an additional $1M wouldn’t change your plans.We’re speaking a couple of potential inheritance affecting what you do now!
I used to be principally to search out out if the longer term cash would have an effect on the plans to retire before you’ll, in any other case.
I’ve seen “future cash” have an effect on 3 folks in 3 other ways – none good.
Understanding it was “on the market” and “coming sometime.”
Two of the three really bought the cash. One there had been a late-in-life will change.
It was just like the pull of a planet – it modified their natures.
Has made me grateful that my father had nothing however fond reminiscences to depart.
OP – it would have an effect on your plans and what you do now. The query is whether or not that is actually what you need. As a result of – tho’ it sounds so nice – typically it cuts off one thing that was higher.
It isn’t the $$$ that appears to be the issue – it is that it is “on the market.”
Re: Would a $1MM inheritance change your retirement plans?
PeninsulaPerson wrote: ↑Mon Sep 09, 2024 3:36 pmWanderingwheelz wrote: ↑Sat Nov 07, 2020 10:32 amDottie57 wrote: ↑Sat Nov 07, 2020 10:25 amUncleLongHair wrote: ↑Wed Nov 04, 2020 7:59 am
I actually do not perceive these solutions that an additional $1M wouldn’t change your plans.We’re speaking a couple of potential inheritance affecting what you do now!
I used to be principally to search out out if the longer term cash would have an effect on the plans to retire before you’ll, in any other case.
I’ve seen “future cash” have an effect on 3 folks in 3 other ways – none good.
Understanding it was “on the market” and “coming sometime.”
Two of the three really bought the cash. One there had been a late-in-life will change.
It was just like the pull of a planet – it modified their natures.
Has made me grateful that my father had nothing however fond reminiscences to depart.
OP – it would have an effect on your plans and what you do now. The query is whether or not that is actually what you need. As a result of – tho’ it sounds so nice – typically it cuts off one thing that was higher.
It isn’t the $$$ that appears to be the issue – it is that it is “on the market.”
There are many examples of people that obtain giant windfalls that find yourself worse off in the long term.
The query is not at what age I wish to retire, it is at what revenue. |
– George Foreman