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the 1st 5 people you call when you make your first million(s)?

dino23

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i heard an attonery at a seminar ask, who are the first 5 people you call when you make your millions? he didnt give the anwser but instead talked about the mistakes some make when coming into that type of money. he mentioned people first stop is the RR dealership or mercedes dealership :dupe:and rolex shops.

i know better that than, i have an idea on who. i wanted you guys insight on the first 5 people you call when you make your first million(s)?

thanks!
 
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ITA

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Re: the 1st 5 people you call when you make your first million(s)

Tatiana, Jessica, Yuko, Stacy and Carla. :hurray:
 

MJ DeMarco

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Re: the 1st 5 people you call when you make your first million(s)

i know better that than, i have an idea on who. i wanted you guys insight on the first 5 people you call when you make your first million(s)?

thanks!

Just make sure you call people who don't need money. When people discover you have a little money laying around, suddenly they want loans/gifts/investments, etc.
 

fanocks2003

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Re: the 1st 5 people you call when you make your first million(s)

i heard an attonery at a seminar ask, who are the first 5 people you call when you make your millions? he didnt give the anwser but instead talked about the mistakes some make when coming into that type of money. he mentioned people first stop is the RR dealership or mercedes dealership :dupe:and rolex shops.

i know better that than, i have an idea on who. i wanted you guys insight on the first 5 people you call when you make your first million(s)?

thanks!

Due to me already having reached that stage I can say that the first guy I hung out with was my little brother. And the thing he and I did was party all night. My little brother is a great guy to be with if ladies is on your mind (the lady magnet...hehe).

That is what I do when I succeed, I party. And I have a knack of purchasing books. I love books. Books and partying is, I think, the two things I waste the most money on.

And experiments in various forms. Things needs to be tested at least one time (except obviously stupidly, dangerous things).
 
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fanocks2003

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Re: the 1st 5 people you call when you make your first million(s)

Just make sure you call people who don't need money. When people discover you have a little money laying around, suddenly they want loans/gifts/investments, etc.

The worst part about being somewhat loaded with money is this:iagree:.
It's a two edged sword. You want to show of (I mean, that is a wealthy mans right...dammit). But at the same time it is a sure way to become broke, because people are very creative with your money. They know, absolutly, where you could put your hard earned cash:). Don't you worry, they know.

If you have cash, learn a simple little word: NO. If you don't, you will lose. Guaranteed.
 

CarrieW

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Re: the 1st 5 people you call when you make your first million(s)

1. mom ----to say i told you so!
2. dad ----to try to pay back everything he has givin us over the years. out of 5 parents we have between us he is the only one who has ever helped us.

Im drawing a blank on the other 3 lol. I guess as far as I am concerned I have noone who cares besides my parents so, Id tell them and noone else!(although once my mom knows everyone in the family does lol)
 

TC2

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Re: the 1st 5 people you call when you make your first million(s)

First of all, I never reveal how much money I have. Not even telling my mom and dad, who love to show off how good their son is doing.

The fact is that you will suddenly have so many long-lost relatives calling you to ask for a part of it.

I did call bank and attorney to setup trust fund for the kids in the family.
 
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dkt91

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Re: the 1st 5 people you call when you make your first million(s)

1.) My Mum and Dad
2.) My grandparents
3.) My lawyer

Don't know about 4&5...
 

Icy

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Re: the 1st 5 people you call when you make your first million(s)

1. My mom - Although it might be in the form of a present to pay her back for everything!
2. My roommate (Long time friend)
3. Another friend (Also been friends for a long time)
4. My dad - To prove to him that his view of what can I accomplish is wrong.
5. One of my brothers

^ Those are the only people I can tell that I know wouldn't beg for money. All my other friends\people I know, I don't have that confidence in. haha
 

Russ H

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Re: the 1st 5 people you call when you make your first million(s)

We didn't call anyone.

Passed 2M in 2005.

Didn't call anyone then, either. :shruggie:

-Russ H.
 
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AroundTheWorld

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Re: the 1st 5 people you call when you make your first million(s)

  1. Nobody
  2. Nobody
  3. Nobody
  4. Nobody
  5. Nobody

Just make sure you call people who don't need money. When people discover you have a little money laying around, suddenly they want loans/gifts/investments, etc.

And they think they are somehow entitled to take advantage of you, sue you, rip you off, charge you more, and otherwise get their hands on what they perceive you have and don't deserve.

Lay low. Remember, you don't own anything. You are just the manager. You aren't retired because you are a millionaire.... it must be because you collect disability from the government (or some such thing).
 

MJ DeMarco

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Re: the 1st 5 people you call when you make your first million(s)

And they think they are somehow entitled to take advantage of you, sue you, rip you off, charge you more, and otherwise get their hands on what they perceive you have and don't deserve.

I see this anytime I call a home service professional. Instead of getting the "market price" you get the "you live in a $2 million dollar home price". Fix a pipe at my rental home? $150. Fix the same pipe here? Oh sir, it will be $300. Nope, how about you take a hike?

I got a bid on my backyard landscaping for $36,000. On his list was $5,000 for plants that I can buy at home depot for $900. No way Jose. These people think they have a license to gouge you based on appearances.
 

AroundTheWorld

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Re: the 1st 5 people you call when you make your first million(s)

I see this anytime I call a home service professional... ...These people think they have a license to gouge you based on appearances.

Yup.

  • Subcontractors suddenly think they can charge you twice as much.
  • Customers think they can ask for deeper discounts.
  • Employees think they are entitled to a big bonus (just because they caught wind of something happening in your financial life)
  • And on and on it goes.
  • Tenants seeking out the "owner" so that they can complain about x, y, and z - even though they haven't PAID RENT YET.

We have experienced all of the above - - plus more just in the last three months. Lesson learned. :fryingpan:
 
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ITA

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Re: the 1st 5 people you call when you make your first million(s)

I think that's quite normal though - I mean, I overcharge bigger companies and rich clients all the time. Why not? They either don't know any better, don't care, or even many times know full well what you are doing but enjoy flaunting their money and showing you just how rich they are. If they negotiate, the price will go down, but you can't blame me for trying. And they DO get better service for it. Would you consider this unethical? As far as I know, this is pretty standard business practice.
 

Russ H

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Re: the 1st 5 people you call when you make your first million(s)

ITA,

The question is not whether it's ethical or legal (we all know these things are open to interpretation).

Perhaps a better question is: Does this maximize my business model?

For me, the answer was "no". I dealt w/a LOT of mega-rich clients, who tried negotiating me down. Only way I could do that was by taking away something (less speakers, elim sound on the back deck, the guest bath, etc).

Once they felt like I was charging everyone the same price, I got lots-- LOTS-- of referrals.

They trusted me.

They even invited me to their big parties, so I could meet their other mover-shaker friends face to face.

Kinda priceless for me.

But not for everyone.

You've gotta do what's best for your business model.

-Russ H.
 

hatterasguy

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Re: the 1st 5 people you call when you make your first million(s)

Poor people have poor habits so when they come into a lot of money they don't know how to handle it.

If I came into a lot of money, say a few mill from winning the lotto or something I'd probably first call my mom and dad because you have to call someone.

But the next call would be to the attorney and accountant that my family has been using for years to make a plan on how to handle the money. I'd probably meet with them the next day before the check hits the bank, and if its enough probably talk to the bank manager with them, of the local bank we use. If it was a real lot we would probably want to set up some sort of trust, and maybe bring a money manager into the team. After getting the money all set and telling all my long lost relatives to go F themselves, I'd call up my RE agent and and my partner and go do some investing.

As for splurging on crap I don't do that. I'd probably buy a new John Deere 410 backhoe, and a small center console. Maybe a new fishing reel and a fishing trip.
 
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bmanice

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Re: the 1st 5 people you call when you make your first million(s)

This question has been on my mind for a few minutes... and i cannot think of one reason i would need to call someone when i hit the 1 mil mark. I think i would most likely see this mile marker coming and anticipate any move i would need to make IE: move money here, move money there... I would probably call a limo and catch a plane to Bermuda to think about who these 5 people i would want to call haha...
 

Merkin Man

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Re: the 1st 5 people you call when you make your first million(s)

I am by no means wealthy but I do live a pretty comfortable middle to upper-middle class life right now. Included is a nice house in a nice neighborhood. Nothing spectacular, but you definitely need to have a good income to live where I live.

Four years ago I hired a landscaping company to do a spring cleanup. I used a company that I had used for several years on various things and trusted their work and their rates. The guys were at the house for 6 hours. I paid $450.

Last year I had a "guy" come out to the house and give me an estimate for another spring cleanup - different guy this time, the other guy sold his business.

You could almost see the guy's eyes light up when he pulled into the driveway.

We walked around the property and explained all that I wanted done (essentially what I had done four years ago).

He goes to his truck to put together an estimate and returns with a $2,200 figure. I laughed out loud and said politely that I was afraid we were on opposite ends of dollars and that I would not be hiring him for the job. He actually gave me a little attitude and then said something to the effect of when I can't find it any cheaper I always have his number.

Not even a full hour later I am floating around my pool with a margerita and a cigar when the phone rings. Guess who it was???

Mr. $2,200 estimate wants to know what amount of money I was willing to pay for the work. Semi-buzzed I decided not to hang up on him and said I had had the same exact work done four years earlier for $450 and that I didn't think inflation brought that new figure to $2,200.

He paused and asked if I would be willng to pay $1,500. I said that was still way too much. He then negotiated, essentially with himself, until he had worked his final figure down to $800.

Same work - $1,400 less.

I asked him how he could afford to put food on the table by cutting me such a generous discount and his reply was that he didn't have a lot of work at that time and needed the job.

I politely explained to him that, although I appreciated his honesty, I would not be interested in hiring someone who was willing to overcharge as much as he was. I told him I would never trust him to do the job right and reminded him that, had he been a little more fair in the beginning with me, I would have retained him for several projects thoughout not just last summer but future summers to come.

We parted ways and never spoke again.

Two days later another landscaper came to my house and offered to do the exact same work for $475.
 

MooreMillions

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Re: the 1st 5 people you call when you make your first million(s)

For the purpose of this thread, I will answer the question the OP asked:

Mom so I can gloat
Dad so I can tell him I just made a deposit into his account.
Sister so I can tell her she can expand her business.
My accountant.
My attorney.
 
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