Financial Doom imminent

Discussion in 'Men's Economics' started by Anabolixrip84, Feb 24, 2019.

  1. Anabolixrip84

    Anabolixrip84 Junior Member

    I’m sure I’m going to get eaten alive for this. I can’t seem to ask anywhere without a bunch of assholes coming out of the woodwork or perhaps my wording isn’t right.

    I live off what we will call a “trust fund”.
    I have an actual trust fund, but at the moment it’s pretty much make a phone call when I’m broke.

    This all worked out great when I was younger. I blew a trust fund when I was 18, got too used to living like my mother and being way too comfortable never learning the importance of money and have been cut off from direct access to money. That being said my spending is still grossly unacceptable.

    It finally hit me sometime this past year that I can’t continue on this path for the rest of my life. I sort of went into panic mode and have been floundering about trying to figure out what to do.

    I’m financially ignorant, I think milk is $10-20 still. I’ll happily admit it but also the reality that it’s not healthy, not sustainable and generally looks bad has hit me hard.

    I can change my lifestyle, but that alone won’t be enough. After blowing through multiple millions simply having the money invested won’t be enough.

    I can invest some of it more aggressively.

    I can work, as for what , who knows. I have had jobs when I was younger. I had a promising young career at one point but injury struck and that dream was crushed. I have no problem with hard work, I simply haven’t applied that to my financial situation in years. I did join the military out of HS but any discipline gained has melted over the last 15+ years.

    I’ll be totally honest, I don’t even know how much money i would need to “retire”. I don’t want to get too personal with what I spend now, what’s left, what I’m willing to live like etc. I don’t know how to talk about that without coming across like “that guy”. (If I haven’t already) Is posting something like: “I live off x-y per year, I have roughly A and B left invested and liquid. What are some main points you would consider when trying to solve this problem” acceptable?

    I’m curious if after reading this anyone with some significant financial experience is willing to let me ask several specific questions I can’t find solid answers for w/ Google.

    I’d also love to hear any financial advice or experiences people have been given/had.

    I’m at the point where I will listen to anything.
    My life also influences a family member, as well as my wife obviously.
    I don’t / can’t have kids so that is not a concern.

    Edit: I can’t be the only person who is in a somewhat similar situation. I think any advice could be mulled over and used by others even if not in exact same shoes.
  2. Seattle23

    Seattle23 Member

    Just a thought but maybe go ask a financial advisor. :rolleyes:
    Toadzyyy, Eman, MindlessWork and 3 others like this.
  3. Anabolixrip84

    Anabolixrip84 Junior Member

    I assume like everything in life it’s finding the right fit. Trusting someone new to my livelihood is pretty hard to do, but, perhaps what I should do.
  4. Gbro

    Gbro Member

    I feel bad for you bro. Your life is rough. I hope you make it through this.
    DrinkFlintWater and T-Bagger like this.
  5. LeoTC

    LeoTC Member

    Walmart protein, learn how to cook with single ingredients, walk when you can, cut off the cable, sell the cool car and buy something that's reliable with reasonable insurance costs, etc.

    It's not that hard really.

    It's all a matter of considering what's needed vs what's wanted.

    If there's something you really want, do you want it badly enough to save for it? Even if you have enough to buy it now?

    People spend a lot on stupid shit.
    Toadzyyy and T-Bagger like this.
  6. Morefyah

    Morefyah Member

    Wow, do you have a job?
    T-Bagger likes this.
  7. Rockclimber

    Rockclimber Member

    I am a registered investment advisor and have several trust-fund clients. If you are serious about curtailing your spending p.m. me and we can go over some options. If you would rather talk about it openly here to help other people out that's fine with me as well however as a fiduciary if you hire me I cannot reply back with specifics in the thread as it is confidential in nature. I hope this makes sense.
    T-Bagger likes this.
  8. Rockclimber

    Rockclimber Member

    A quick question, Who is your trustee? Why are they allowing such large distributions? Typically a trust fund has a fiduciary as trustee or it is managed by a trust company like a bank or other fiduciary. In retrospect you should have only been allowed 7 to 9% distributions yearly. It sounds like you were taking extremely large distributions from a trustee who did not know what they were doing.
    MindlessWork likes this.
  9. DrinkFlintWater

    DrinkFlintWater Member Supporter

    Jesus. Fucking. Christ.
    Meanwhile, in my world..i work everyday and milk is $3.00 or so...
    LeoTC likes this.
  10. Mac11wildcat

    Mac11wildcat Member Supporter

    No one can fault you for being born in to it. We can fault you for how you handle it.

    Step 1:get an advisor.

    Step 2 is where your true advantage lies over literally everyone else. Find what you love and invest in making it your passion. You have the opportunity to do exactly what you want with capital to do so quickly.

    Start a fucking business.
    T-Bagger and Logan44551 like this.