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HOT TOPIC How would you spend $1 million dollars and get no sellable value from it?

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theag

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what are some things that are kind of expensive that you realistically would purchase if you were making decent money that had no value afterwards?
I think the problem with the lack of "real" responses here is that you limit the outcome too much. Getting absolutely "no value" back is basically impossible because stricly speaking this even excludes "feeling good for a second while buying it". Maybe the question is more about "how would you spend 1 million dollars and make it depreciate the fastest"?

The only thing I can think of in regards to the original "no value" question, besides taxes (that wasnt a joke), is "loaning" money, where you are 100% sure you will never get it back. But even then you will probably feel good about helping out.

Regarding the point behind the post (if I understand it correctly): I noticed that the more money I make, the more careful I am with what I spend it on. Always a question about ROI in the back of my mind.

There is a German documentary about a big real estate developer here who basically went from zero to 9 figures. They interviewed him in a private jet. He basically said (translation):

"If you have €250 million, you throw money out the window, and it comes back in through the door on its own. You can't destroy it. You buy cars - they appreciate in value. You buy real estate - it appreciates in value. You buy gold - it appreciates in value. You can't destroy it with consumerism."

Starts at 20s (if you understand German :clench: ):
View: https://www.youtube.com/watch?v=2Y2WxM2Srlc&t=20s
 

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LordGanon

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BTW: Which products drop the most in value (measured in money) as soon as they leave the store (leaving out obvious cases like groceries)? I really think it's...

a) Cars
b) Books
 
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I think the problem with the lack of "real" responses here is that you limit the outcome too much. Getting absolutely "no value" back is basically impossible because stricly speaking this even excludes "feeling good for a second while buying it". Maybe the question is more about "how would you spend 1 million dollars and make it depreciate the fastest"?

The only thing I can think of in regards to the original "no value" question, besides taxes (that wasnt a joke), is "loaning" money, where you are 100% sure you will never get it back. But even then you will probably feel good about helping out.

Regarding the point behind the post (if I understand it correctly): I noticed that the more money I make, the more careful I am with what I spend it on. Always a question about ROI in the back of my mind.

There is a German documentary about a big real estate developer here who basically went from zero to 9 figures. They interviewed him in a private jet. He basically said (translation):

"If you have €250 million, you throw money out the window, and it comes back in through the door on its own. You can't destroy it. You buy cars - they appreciate in value. You buy real estate - it appreciates in value. You buy gold - it appreciates in value. You can't destroy it with consumerism."

Starts at 20s (if you understand German :clench: ):
View: https://www.youtube.com/watch?v=2Y2WxM2Srlc&t=20s
Maybe no value is the wrong term. I guess what I really mean is something that you cannot sell to someone else after you purchase it. Something in which you spend money on, because you get value from it, but is essentially worthless to others, which in turn lowers your net worth.
 
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biophase

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I mean, if you're really trying hard to lose a million dollars on non-recoverable assets and such, you're pretty much firmly in the realm of extreme side-walker / consumer mindset stuff: Gambling (including really bad investments), drugs, high end entertainment, luxury goods, expensive experiences, etc...

For example, if I had a million dollars sitting around I really didn't care whether it went to zero, I'd very likely start a really high end local arcade.
The purpose of my question was a mind exercise. Because everyone here is trying to make money and lots of it. I think sometimes we think we need more before we pursue dreams or things that we really want.

For example, you mention, "For example, if I had a million dollars sitting around I really didn't care whether it went to zero, I'd very likely start a really high end local arcade. " My reply would be, well you can start a high end arcade for much less than $1M. And there is also a chance that it could sustain itself. So do you really need $1M to try if it is a dream of yours? Because these things that you may want might not really lower your net worth that much, or could possibly even improve it.

Another example is my friend waiting to build his dream home. He can easily afford it now, but there's a psychological mental block to spending $1.5M. However, he's not really blowing $1.5M. He's just converting it from cash into real estate.
 

MoneyDoc

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Thanks for all your replies. I know that many of them are meant to be jokes, but this goes to show that it is really hard to do.

What I'm really looking for is something that you would actually pay for. You don't need to have $1M, but what are some things that are kind of expensive that you realistically would purchase if you were making decent money that had no value afterwards?

Actually, we were just chatting now and overbidding on PPC is a quick way to do this LOL.

We actually talked about bad investments. Investing is the only time you write huge 5-6 figure checks and give them to other people. I've lost plenty of money investing with others. This is one reason I do all my own investing now.

Here are some of the things that I've spent big chunks of money on
Exotic cars, I know that I lose $5k-$10k in equity on these each year.
Vacations, been on some pricey $1k+ a day vacations. But only one of these per year totaling $10k.
Real estate, I like my second home and vacations homes!
Ecommerce businesses, I start new businesses with around $20k once every 2 years.

That's it. I can't think of anything else that I spend more than $5k on. So based on this pattern of spending, it would be difficult for my net worth to decrease.
Kenric, you need to become my financial advisor, I'm serious lol.
 

sparechange

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kinda funny how $1m is ''alot'' of money, when in reality it isn't. I think the people that win lotteries or get some lucky windfall / pro athletes consider it a large sum and start balling out, parties, gifts, cars etc. Then Uncle Sam writes a personal love letter to cough up some payments after you've already blown a significant portion of the loot.

So actually bio does have a good point, you would have to be a total moron to blow through 7 figures.

Here is a very famous one

View: https://www.youtube.com/watch?v=wMpZgt6agpU



Cool series you could watch @biophase

View: https://www.youtube.com/watch?v=La1lj4mYpc4
There's a bunch of episodes where pro athletes talk about how they blew through a million


I'm still fasincated how Mike Tyson went through $500m, that must of been alot of effort




Most players in the NFL make considerably more than that and would be taxed at the 37% rate of their income from the FED. This does not factor in state taxes. State tax is a powerful factor as well and where it gets interesting. Many players play in income tax free states such as Texas, Florida, or Washington.

I'd guess pro athletes don't have to pay taxes on their cheques upfront similar to entrepreneurs, instead they get a bill later on down the road? 37% is insane, $1m gets cut down to $630k!!!
 
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csalvato

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The purpose of my question was a mind exercise. Because everyone here is trying to make money and lots of it. I think sometimes we think we need more before we pursue dreams or things that we really want.

For example, you mention, "For example, if I had a million dollars sitting around I really didn't care whether it went to zero, I'd very likely start a really high end local arcade. " My reply would be, well you can start a high end arcade for much less than $1M. And there is also a chance that it could sustain itself. So do you really need $1M to try if it is a dream of yours? Because these things that you may want might not really lower your net worth that much, or could possibly even improve it.

Another example is my friend waiting to build his dream home. He can easily afford it now, but there's a psychological mental block to spending $1.5M. However, he's not really blowing $1.5M. He's just converting it from cash into real estate.
It seems like your point is coming from a place to point out that there's not much to lose if you pursue your dreams.

I think that's valid, and in most cases, the downsides are not nearly as bad as we anticipate.

I think it's invalid to say that it's not possible to spend $1M and get no equity/value.

What if you're Elon and you dump $20M into SpaceX from 2003 to 2009, get to the final launch attempt you can afford, and the rocket launch fails? (At this point in SpaceX's history, no one would have given additional funding or loans - Elon had already tried to do another raise).

That's $20M gone in the space of 6 years.

Luckily, his rocket launched, which landed him a huge contract with NASA. Could have very easily gone the other way.
 
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levelupinnovator

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kinda funny how $1m is ''alot'' of money, when in reality it isn't. I think the people that win lotteries or get some lucky windfall / pro athletes consider it a large sum and start balling out, parties, gifts, cars etc. Then Uncle Sam writes a personal love letter to cough up some payments after you've already blown a significant portion of the loot.

So actually bio does have a good point, you would have to be a total moron to blow through 7 figures.

Here is a very famous one

View: https://www.youtube.com/watch?v=wMpZgt6agpU



Cool series you could watch @biophase

View: https://www.youtube.com/watch?v=La1lj4mYpc4
There's a bunch of episodes where pro athletes talk about how they blew through a million


I'm still fasincated how Mike Tyson went through $500m, that must of been alot of effort




Most players in the NFL make considerably more than that and would be taxed at the 37% rate of their income from the FED. This does not factor in state taxes. State tax is a powerful factor as well and where it gets interesting. Many players play in income tax free states such as Texas, Florida, or Washington.

I'd guess pro athletes don't have to pay taxes on their cheques upfront similar to entrepreneurs, instead they get a bill later on down the road? 37% is insane, $1m gets cut down to $630k!!!
I love you input. These video are crazy!

I'm surprised players haven't tried to get around the taxes by becoming "contractors/1099" so then write off their expenses.if I was an athlete, I'd definitely try working as a contractor and not as an employee.
 

levijean

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You could live here for a month.



Or if you needed a longer stay you could afford almost a year here:

 
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Dark Water

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I think the easiest way is to invest it in a failing business. Maybe its the family business that you are being influenced by close members to keep afloat. Maybe you just want to carry on the legacy on your own so you keep pouring money into it. Or it could be unrelated and just a poorly thought out dive, going in without much due diligence.

The easier said person comes into $1 mil, the easier it will be for them to redeem no value for it on the way out.
 

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MJ DeMarco

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Interesting question...

From the perspective of athletes who lose millions and go bankrupt and think there are two primary things that cause big losses with an ultimate deliverance of "no value."

1) Bad investments -- if you invest $1M in 10 startups and all of them fail, what value did you get? Nothing. And the $1M is gone.

2) Depreciating assets with "diderot effects" -- consumption causes more consumption. If you buy a yacht (that you sparsely visit, hence, no value), the asset depreciates, not only that, it has a huge carrying cost; staff, docking, fixing, to the tune of tens of thousands per month.
 

socaldude

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I think another way of putting it is that it’s simply the opposite of maximization of utility and the dysfunctional allocation of resources.

Minimization of utility.:rofl:

An extreme divergence from the judgements of a given market. Inefficiencies on steroids.
 

A. Russell

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It pretty easy really. One of my sociopathic associates blew 500,000 euros of someone else's money in a few short months. Stay in five-star hotels, rent cool cars, party hard every night with lots of friends, drink and girls, and 'poof' it's all gone. Depending on the location and the girls, you could blow it much faster.
 

MJ DeMarco

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Stay in five-star hotels, rent cool cars, party hard every night with lots of friends, drink and girls, and 'poof' it's all gone.
But you can argue you got value for that, the memories and the experience. Whereas a bad business investment you get nothing. No memory, no return, nothing.
 

Envision

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Super interesting question.

I'd say:

1. Tattoos - Spending tens of thousands getting work done by someone like Jun Cha or a world renowned artist.
2. Fish/Animals - My impulsive a$$ would definitely buy a shark and probably as much wildlife as I legally could (I want a tiger and a monkey) and ensure the food/staff/location would be taken care of as well.
3. Mindset coaching - Hiring someone like Tony Robbins to work through mental blocks, etc. An asset to you that cannot be resold.


I left out art, villa in spain and yacht because they all technically would have resale value.
 

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Maybe no value is the wrong term. I guess what I really mean is something that you cannot sell to someone else after you purchase it. Something in which you spend money on, because you get value from it, but is essentially worthless to others, which in turn lowers your net worth.
Something super customized just for you, used to engage in an obscure hobby. Say, a long wooden pole known as lanza or garrote used for salto del pastor, a folk sport in the Canary Islands.

Hire Christian Dior or someone like that to design it for you. Gold and diamond-encrusted with your name written across the pole with palladium. There are very, very few people who practice salto del pastor, it being a rare sport already in the Canary Islands. Then add all the precious metals and the price tag of a designer and there's nobody who would ever afford it or even want to buy it. Of course, you could possibly sell the precious metals but you'd already spend hundreds of thousands or millions on the designer (and of course, for the sake of this example, he would design it in such a way that extracting the metals from the pole would cost a lot of money).

Even if you become the world's best salto del pastor practitioner, you'll still never make enough money to recoup the investment in your customized wooden pole nobody would ever want to buy haha.
 

GPM

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I want to add more to my "spend it at a bar/club" scenario.

I used to work with a few guys that were just about good enough to get into the NHL, but didn't due to either not making the cut, or being injured. As such they had a lot of friends who actually played in the NHL.

Keep in mind that the teams are made up of a lot of people, not just these mega stars. The regular players probably make like 4-8 million or so over their short careers. Nothing to sneeze at, and if they are wise they could easily convert this into a nice life. However, their group of friends consist of people who make far more than that per YEAR. So these regular players end up at the bar, and end up spending like the guys who make 10x they do. I guess it is common that one guy picks up the tab for the whole night.

So if your team and all their follow alongs go out, I guess it is quite easy to spend $50,000+ per night when out. Not such a big deal when you are making like 5-10 million a year. A very different story when you are not quite or barely making 1 million a year.

Needless to say, a lot of these guys who had very nice and short careers are even more broke than those who go the full on desk-jockey slow lane.
 
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Kid

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"how would you spend 1 million dollars and make it depreciate the fastest"?
By not spending it at all.

P. S. Refer to your economics knowledge to get it.
 

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MJ DeMarco

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Since the thread has changed to "selleable' value then I'd remove my Yacht (can be sold) and replace with models and bottles...

My bad business investments as a vehicle for losing $1m with zero sellable value stays. In my study of athletes going broke, this is always a common thread (in many cases, investment to family members), just as much as the extravagant spending on extravagant goods. My cousin wanted to start a business so I gave him $250K! And of course we know what the cousin does with the 250K, see #1, models and bottles.
 

Bobby_italy

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Paying celebrities to hang out with you or be at your party, a guy I know spent 80k to get his favourite singer to his wedding, tons of value for him but zero possible return.
Let's say you keep up this habit and 1m can be burnt through very fast, also let's say you want to start a music career with one of those and spend 250k on a featuring and the song sucks etc..(there's an italian rapper who made a featuring with a famous american rapper and the song was so bad the american rapper asked to get his name removed from it).

gifts to gfs/family since you get nothing out of them, renting out a luna park for a week shit like that.
 

socaldude

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In económics it’s called monopsony. A market where there is only one buyer. That buyer has to be YOU because another person sold you the 1 million dollar product or service and you wrote a check for it. Hence if you turn around and sell it there are no buyers because YOU where the buyer.

A monopoly selling to a monopsony? WTF?
 

socaldude

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Another thing, it’s also important to note that money is not created nor destroyed(unless your the fed of course). It only changes hands and gets redistributed among participants. Value on the other hand, does get created or destroyed. You create value then money gets thrown at you like a stripper.

So it may look like you “destroyed” 1 million dollars or threw it in the trash in some kind of dumbass investment heuristic meltdown you really failed to create a product or service people would come and throw money at. You failed at configuring capital assets to create something someone would pay for. The only thing you did was *spend* it on marketers, suppliers and employees etc etc.
 
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whyphilip

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First, I'm shocked nobody has mentioned the film Brewster's Millions (1985). Plot:

A minor league baseball player has to spend $30 million in thirty days, in order to inherit $300 million. However, he's not allowed to own any assets, destroy the money, gift it, give it to charity or tell anyone about the deal.

Adding to what others wrote:

I understand the average consulting engagement from a top firm is $1M over 3 months. What you get might have little value.

Bad advertising can destroy brands. That's negative value.

Art. People have lost far more making movies nobody wants to see. Same with music, fine art, etc. Vanity projects.

Finally, do something illegal with that money and get caught.
 

WJK

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I know this is an odd question, but me and a few of my friends have been pondering this question for a while now.

Here’s why. I’ve come to the conclusion that it would be pretty hard for someone worth $5M+, who is responsible to squander their money.

For example, if I had to spend $300k today, I’d probably go buy a Lambo. But in buying a Lambo you didn’t really spend $300k. The Lambo is still worth $250k. So you’ve blown $50k.

However if I put a turbo on my 4Runner and give it a chrome wrap for $15k, my 4runner’s value doesn’t go up. It probably goes down, so in this case I’ve actually spent and wasted $15k. But this is something I’d never do.

Private jets and parties are all things that you’ve actually spend on and get no equity afterwards. But that’s not something that I’d spend on. So I’ve been racking my brain on how to spend way $1m and get no equity from it afterwards.

The one thing we would all spend our money on is housekeepers, private chefs and trainers but these all cost $30-$150k a year. I thought that was kind of interesting. Vacations and travel we all agreed on, but it’s really tough to blow more than $100k on vacations in a year. You get tired of them, seriously!

We would all also buy more houses, land, ranches and vacation homes. But again that isn’t really spending. In could increase your net worth instead.

It’s an interesting mind exercise because it makes you realize that you don’t need as much as you think and that you can buy some of your wants now because you aren’t spending as much as you think.

Just to use another car example. When I pay $100k for my Mclaren, I didn’t spend $100k. I moved $100k cash from a savings account into a depreciating asset. When I sell it for $80k, I’ve lost $20k. So what I really did was pay $20k to have a Mclaren for 2-3 years. I did not lower my net worth by $100k.
You're right. A prudent person doesn't blow their money after a lifetime of frugal habits. One doesn't even think about it. In my case, I know about those late nights and painful situations that it took to make that pile of money. I remember those lean times that took my last penny. It all means something to me. In my mind, I spent those years buying my freedom and peace of mind. Why would I throw it all away now?

But, I have known people to go that other route and blow their entire wad when they are trying to impress people with their newfound wealth. They get caught up in expensive lifestyles and stupid decisions -- like $40K per month wine subscriptions... and houses, planes, boats, parties and wild sex partners... I guess I didn't need to throw illegal drugs in there... Boy, can some people quickly spend money!
 

Gasyhustler

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I adore this thread. I shall now endeavor to be entertaining and witty. I have had caffeine!!!

I sincerely doubt if any thread on the forum more clearly highlights the differences between a wealth mindset, which puts systems in place to create more wealth, and poverty mindset which lacks any such system.

But the fact that you actually don’t know how to lose all your money makes me want to giggle hysterically. Oh dude. Yet again, I wish I could travel back to the Summit and spend another week just hanging out with everyone there until I could say without a shadow of a doubt I had made you and about 26 other people into friends for life. Thankfully, the ones I did get to hang out with were and are so wonderful I don’t feel too bad for not buying you and many, many other ppl a beer. But alas, I digress.

Here are the two ends of the spectrum with no negativity attached.

Disciplined Money Systems + Respect For their Time that Makes Money .

vs

A Casual Disregard for One’s Own Time In General + A Generous Nature

The answer to your question is in the latter equation, more specifically and practically explained, as follows... impulsive, ridiculous giving will make anyone lose a large inheritance in approximately 1.7 years.

(Don’t ask me how I know..)
Yes, I know that being too generous lead nowhere but in extreme financial mess.



When I started freelancing when I was still in college, I didn’t mind my time at all and I thought it was my duty to pay my parents for everything they did to me. (I know now that they made me think like that because of the guilt they gave to me as I’m the one of the very few who went to college in my family.) So I began to pay them every time I get there. I paid my own food, treated them with fancy restaurants and started to give all of my money to them for all of their expenses even if they both have a stable job and to help my sister in her special school for stylist. Each time I earned money, all of my expenses came last but helping my leeching family members came first. It was like 80% for them and only 20% for me, my life and my future.



And that is how I ended up having nothing in my studio beside a bunk bed that I separated and a table for my desktop. That didn’t bother me much until I started to live with my boyfriend (my husband now). People started to treat me differently thinking that I was a starving jobless person who had nothing to do but searching for few pennies here and there online.



What strike me most is that my sister didn’t do anything like that when she finished her studies. She started to gather furniture for her own place and she even has some savings. She even continued to ask my parents for help from time to time when she had money difficulties. They didn’t mind helping her at all and they continue to do so now so that she is also married with a toddler right now. I didn’t know that we could do that.: o and I was not aware that we cannot pay our parents to love us (because they made me think that I don’t deserve their consideration without money because I made them spend all of theirs in me).



I thought that we were supposed to pay back if we still wanted to be considered by them, but I was totally wrong. It took me all of my hearts to tell them that now that I have my own family, I’m not going to fulfill their dream of building their dream house and I was going to stop to provide them with everything they need because they still have their own jobs and will even have a retirement plan which will not be the case for me as I’m a freelancer and you don’t have that privilege here in my country if you’re not an employee.



So yes, be extremely generous and never think about your own needs if you want to blow all your money fast. That is how I ended up having nothing and even financially struggling in 2017. But I’m aware of that now and I try to be financially smart since 3 years now.
 

socaldude

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Art. People have lost far more making movies nobody wants to see. Same with music, fine art, etc. Vanity projects.
Lol buy a 1 million dollar Picasso and draw over it with crayons. Or buy a fake one. :rofl:

But as I’ve stated above in the monopoly and monopsony example. We have to clarify whether it’s not sellable because there are no buyers or because I can’t enter a market as a seller. Or I can’t sell it because its worth jack squat to someone.
 

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FEATURED! Introducing... WEALTH EXPO$ED, A Short Story By MJ DeMarco
Not really a teaser but it does employ a fictional story, so that is similiar. This upcoming...
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MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Dropping a quick note in here to say... if you are on TFL, you are part of an elite group of...



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