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Billionaire who wants to die broke: Horse shit (or feathers during older times)

By Rin follow Rin   2020 Sep 19, 3:59pm 476 views   11 comments   watch   nsfw   quote   share    


Exclusive: The Billionaire Who Wanted To Die Broke . . . Is Now Officially Broke

https://www.forbes.com/sites/stevenbertoni/2020/09/15/exclusive-the-billionaire-who-wanted-to-die-brokeis-now-officially-broke/#72093a843a2a

Excerpt: "Over the last four decades, Feeney has donated more than $8 billion to charities, universities and foundations worldwide through his foundation, the Atlantic Philanthropies. When I first met him in 2012, he estimated he had set aside about $2 million for his and his wife's retirement."

Ok, so how's $2M broke?

In other words, he's living on some immediate annuity. And if I do the calculation, he's 89 today which made him 80/81 back in 2012.

Using a simple Charles Schwab estimator below ...

https://www.schwab.com/public/schwab/investing/accounts_products/investment/annuities/income_annuity/fixed_income_annuity_calculator

His $2M will yield at the age of 80, $12K/month or $144K/year. And that's for life because most insurance companies estimate that he'll kick the bucket in a dozen years than live like a vampire till his 200th birthday. Trust me, they'll make money on this type of contract.
1   Rin   ignore (8)   2020 Sep 19, 4:03pm     ↓ dislike (0)   quote   flag      

I wish ppl would write articles that make sense.

A boring stiff who's got no interests in life aside from tossing away his bank, is better off on some COLA annuity than in being a fund manager.

That's what this guy is and no, getting $144K/yr as a retirement stipend (mostly tax exempt as annuities are taxed on their earnings not in paying out the principal) is far from 'being broke'.
2   just_passing_through   ignore (7)   2020 Sep 19, 5:27pm     ↓ dislike (0)   quote   flag      

I think you used the wrong forbes link.
3   Rin   ignore (8)   2020 Sep 19, 5:46pm     ↓ dislike (0)   quote   flag      

just_adhom_preaching says
I think you used the wrong forbes link.


Fixed it.
4   Ceffer   ignore (6)   2020 Sep 19, 5:47pm     ↓ dislike (0)   quote   flag      

Just think of all the welfare progeny and Colt 45 ghetto fabulous moms that money could have supported.

On second thought, don't.
5   Fortwaynemobile   ignore (3)   2020 Sep 20, 5:04pm     ↓ dislike (0)   quote   flag      

Imagine hordes of fake friends around him just for his money.
6   Patrick   ignore (1)   2020 Sep 20, 9:59pm     ↓ dislike (0)   quote   flag      

Rin says
Ok, so how's $2M broke?


Compared to $8B, it is pretty broke.

But of course the difference between really being broke and having $2M is huge.
7   mell   ignore (6)   2020 Sep 20, 10:36pm     ↓ dislike (0)   quote   flag      

Patrick says
Rin says
Ok, so how's $2M broke?


Compared to $8B, it is pretty broke.

But of course the difference between really being broke and having $2M is huge.


Also that's a huge affront to all those of us who just hustled their first million!
8   Rin   ignore (8)   2020 Sep 21, 5:56am     ↓ dislike (0)   quote   flag      

Patrick says

Compared to $8B, it is pretty broke.

But of course the difference between really being broke and having $2M is huge.


There's also a difference between this guy and someone like Bob Kraft, who's established a sports dynasty with his billions.

The former has no real interests in life and thus, will need to give away his $8B than in living the life.
9   FuckTheMainstreamMedia   ignore (7)   2020 Sep 21, 6:20am     ↓ dislike (0)   quote   flag      

I’m baffled by people like this. On my more modest than his “broke” status, I already have retirement plans to travel fairly frequently with my wife along with other retirement goals, mostly pursuing things we really like but that don’t generate income and take up more time than we have working.

And we’re trying to make it happen as early in life as possible.

If I were single with this cats dough, I’d be able to still donate lots while having several candy stripers in their 20’s and 30’s willing to give me a handy each day. And if things don’t work, I’d use pills. If pills don’t work, well I’d get one of those implants like Larry Flynt has. I’d eat delicious food, I’d exercise every day, and I’d treat every day like it’s my last on earth.

I’m experiencing this at work where a few people are fretting about what they’ll do if they retire. Screw that. As long as you have money for shelter, food, and a little extra, life is pretty wonderful. In the big metro areas there is so much to do it’s ridiculous and usually it’s only lack of time that prevents one from pursuing exactly how many fantastic things there are out there.
10   Rin   ignore (8)   2020 Sep 21, 6:53am     ↓ dislike (0)   quote   flag      

FuckTheMainstreamMedia says
I’m baffled by people like this. On my more modest than his “broke” status, I already have retirement plans to travel fairly frequently with my wife along with other retirement goals, mostly pursuing things we really like but that don’t generate income and take up more time than we have working.


Here's what you're missing ... this guy has no imagination.

And that's that.

Just replace this guy and his $8B with Ben Franklin, Leonardo DaVinci, Johann von Goethe, Nikola Tesla, etc, and watch the difference. All the aforementioned fellows will be busy, actively working on things which interest them, whether or not it makes money.
11   Patrick   ignore (1)   2020 Sep 21, 8:23am     ↓ dislike (0)   quote   flag      

FuckTheMainstreamMedia says
I’m baffled by people like this. On my more modest than his “broke” status, I already have retirement plans to travel fairly frequently with my wife along with other retirement goals, mostly pursuing things we really like but that don’t generate income and take up more time than we have working.

And we’re trying to make it happen as early in life as possible.


@FuckTheMainstreamMedia What do you plan to do about health insurance?

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