Current Events > Scenario: Your son was training to be a doctor when he won the lottery and quit.

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UnfairRepresent
05/11/23 6:29:57 AM
#1:


He had been studying for years and was promising in med-school with a healthy social-life including going on dates. When he won $11,000,005 in a lottery. He choose to take the long-term annuity payout to get his money in installments.

He bought a cheap apartment (That's flat to the English users) and just plays video games and eats takeout (takeaway) all day. Doesn't spend time with anyone else and shows no interesting a romantic relationship.

He says he doesn't need/want to do anything else because he's set for life as he is earning more than he spends doing nothing.

https://gamefaqs.gamespot.com/a/user_image/9/8/0/AAZiH8AADMlc.jpg

As a parent, how would you react?
What would you do?

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#2
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The_Korey
05/11/23 6:32:40 AM
#3:


As long as his lifestyle is sustainable and he's not gonna end up broke with nothing to fall on like so many other lottery winners, good for him. Living the dream.

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goatthief
05/11/23 6:34:18 AM
#4:


All that money isn't going to save him in the coming apocalypse. Medical knowledge would carry him far in the new world.

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AgentCoulson
05/11/23 6:50:08 AM
#5:


If that's the life he wants to live then who am I to tell him no?

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UnfairRepresent
05/11/23 7:00:56 AM
#6:


AgentCoulson posted...
If that's the life he wants to live then who am I to tell him no?
Literally one of his parents

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ThisIsAKnoife
05/11/23 7:16:13 AM
#7:


UnfairRepresent posted...
Literally one of his parents

If this is an actual opinion you should probably never have children

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DarthWendy
05/11/23 7:17:23 AM
#8:


He gets disowned at the fries with pizza.

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UnfairRepresent
05/11/23 10:53:12 AM
#9:


The_Korey posted...
As long as his lifestyle is sustainable
He's a literal millionaire

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Bishop_Hastur
05/11/23 11:02:15 AM
#10:


As long as he's happy. I'm still gonna try to get him to not be a total social recluse.

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dameon_reaper
05/11/23 11:03:51 AM
#11:


UnfairRepresent posted...
Literally one of his parents

Isn't he over 18 now? What right do you have as a parent to try and demand something of someone who is now legally an adult?
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R1masher
05/11/23 11:05:43 AM
#12:


He could have been saving lives and now hes just wasting his, seems selfish

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Dan_Haren-
05/11/23 11:06:26 AM
#13:


That picture is hilarious cuz it looks exactly like one of my friends who is a doctor.
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dameon_reaper
05/11/23 11:08:06 AM
#14:


R1masher posted...
He could have been saving lives and now hes just wasting his, seems selfish

Nobody should be dictated on how they live. There are other doctors who can save lives. Its not selfish to live how you want.
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CARRRNE_ASADA
05/11/23 11:09:07 AM
#15:


dameon_reaper posted...
Isn't he over 18 now? What right do you have as a parent to try and demand something of someone who is now legally an adult?


Because you want the best for your son? This is not a controversial take. We're not talking about demanding, but clearly advising him on doing something more fulfilling with his life.

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R1masher
05/11/23 11:10:44 AM
#16:


dameon_reaper posted...
Nobody should be dictated on how they live. There are other doctors who can save lives. Its not selfish to live how you want.
https://gamefaqs.gamespot.com/a/user_image/8/1/8/AAYZyTAADgkK.jpg

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rexcrk
05/11/23 11:11:47 AM
#17:


Havent you done this one before?

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Turbam
05/11/23 11:15:04 AM
#18:


I'm gonna call him a buster ass clown for not taking the lump sum

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UnfairRepresent
05/11/23 11:21:00 AM
#19:


dameon_reaper posted...
Isn't he over 18 now? What right do you have as a parent to try and demand something of someone who is now legally an adult?
Bolded the important part

If your 22 year old daughter started cutting her leg off with an expensive replica of Aribeth's Sword from Neverwinter Nights she sold her car to have comissioned, would you go "Oh she's an adult so I don't give a fuck"?

I think you're confusing respecting independence with a state of complete apathy. Of course you care about your kids if you're a parent.

At least if you're not a jerk.

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Poorly
05/11/23 11:22:10 AM
#20:


dameon_reaper posted...
Nobody should be dictated on how they live. There are other doctors who can save lives. Its not selfish to live how you want.
One less doctor makes huge difference.

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TaylorHeinicke
05/11/23 11:23:27 AM
#21:


Good for him. As long as he invests responsibly and doesn't go broke, I'm happy for him.

People rip NEET life, but if you have the money, then what's the point of working? Do whatever you want.

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megamanfreakXD
05/11/23 11:29:01 AM
#22:


As a physician myself, here is my two cents.

Medicine in America in general is dying. It's becoming less and less about providing care to patients, and its more scutwork and paperwork nowadays to deal with insurance, and at the same time protecting yourself from malpractice lawyers with overdocumentation and filling out forms. Patients, at least in NY, have very unrealistic expectations which makes being a physician very difficult because there is really no solution to advanced comorbidities in the elderly; it is just making the patient as comfortable as possible. However, family members nowadays demand they make their loved ones be able to run the NYC marathon. And if you somehow do, they will still be unappreciative. On top of this, with awful reimbursements and high patient volumes, the career overall is absolutely not worth spending 7+ years of your life and 300K+ student loans for.

With that said, I would be happy if he did quit med school and pursue something else. If he had 11 million and knows how to invest it into a taxable account or open a business to generate passive income, he can get a degree in underwater basketweaving for all I care.

https://www.medscape.com/slideshow/2023-lifestyle-burnout-6016058?faf=1#1

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Compsognathus
05/11/23 11:31:28 AM
#23:


I'd be disappointed he took the annuity payments like a chump. There is no way a child of mine wouldn't know better.

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NoxObscuras
05/11/23 11:34:52 AM
#24:


So long as he spends his money wisely, then hey, I'm happy that he's happy. I would definitely talk to him to make sure he understands that he should be careful of his spending. A lot of lottery winners burn through all of their money and end up back where they started

DarthWendy posted...
He gets disowned at the fries with pizza.
Yeah, the fries should be on the pizza. Rookie mistake

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The_Korey
05/11/23 12:33:21 PM
#25:


UnfairRepresent posted...
He's a literal millionaire

Numerous winners supposedly intending to be tame/smart with their money have blown through more than 11 mil for one reason or another.

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Bass
05/11/23 12:34:31 PM
#26:


UnfairRepresent posted...
He choose to take the long-term annuity payout to get his money in installments.
Where did I go wrong raising him?!

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Solid_Seb
05/11/23 12:48:21 PM
#27:


UnfairRepresent posted...
Bolded the important part

If your 22 year old daughter started cutting her leg off with an expensive replica of Aribeth's Sword from Neverwinter Nights she sold her car to have comissioned, would you go "Oh she's an adult so I don't give a fuck"?

I think you're confusing respecting independence with a state of complete apathy. Of course you care about your kids if you're a parent.

At least if you're not a jerk.
Living a solitary life is the same as cutting off your own leg and throwing away your money.

Wild times we live in
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littlebro07
05/11/23 12:49:14 PM
#28:


I'd be jealous as fuck tbh

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the_rowan
05/11/23 12:52:33 PM
#29:


Explain how $11 million is not actually going to have him set for life after losing half to taxes and 90% of the remainder to inflation over 60 years. If this was a hundred million, sure, but he's going to have to live on around 30k a year in present day dollars to make the money last. I guess you can do that when you're single and on a small property with a modest lifestyle, maybe?

Like this might look like a lot of money if you ignore inflation, but inflation REALLY adds up over an entire lifetime. The last 50 years had about 583% cumulative inflation. Making 110k a year after taxes would be great, but 110k eventually starts being worth about the same as today's 20k.

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WingsOfGood
05/11/23 12:54:47 PM
#30:


CARRRNE_ASADA posted...
Because you want the best for your son? This is not a controversial take. We're not talking about demanding, but clearly advising him on doing something more fulfilling with his life.

sounds like he is fulfilled

or do you think fulfillment means forcing yourself to suffer and do things you hate?
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WingsOfGood
05/11/23 12:56:35 PM
#31:


megamanfreakXD posted...
Medicine in America in general is dying. It's becoming less and less about providing care to patients, and its more scutwork and paperwork nowadays to deal with insurance, and at the same time protecting yourself from malpractice lawyers with overdocumentation and filling out forms. Patients, at least in NY, have very unrealistic expectations which makes being a physician very difficult because there is really no solution to advanced comorbidities in the elderly; it is just making the patient as comfortable as possible. However, family members nowadays demand they make their loved ones be able to run the NYC marathon. And if you somehow do, they will still be unappreciative. On top of this, with awful reimbursements and high patient volumes, the career overall is absolutely not worth spending 7+ years of your life and 300K+ student loans for.

How do you see we decouple insurance from medicine and save the industry?

Would it take a bunch of doctors to form some sort of union that rejects insurance but gives the best care people need effectively cutting out insurance from the profits?
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UnfairRepresent
05/11/23 4:03:53 PM
#32:


WingsOfGood posted...
sounds like he is fulfilled

or depressed


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6482933
05/11/23 10:26:21 PM
#33:


CARRRNE_ASADA posted...
Because you want the best for your son? This is not a controversial take. We're not talking about demanding, but clearly advising him on doing something more fulfilling with his life.

And he can tell his parent to take their advice and fucking shove it.
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BloodMoon7
05/11/23 10:34:05 PM
#34:


Based.

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Solar_Crimson
05/11/23 10:39:20 PM
#35:


The_Korey posted...
As long as his lifestyle is sustainable and he's not gonna end up broke with nothing to fall on like so many other lottery winners, good for him. Living the dream.


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Solar_Crimson
05/11/23 10:40:27 PM
#36:


UnfairRepresent posted...
He's a literal millionaire
And there are many, many accounts of lottery winners who blew their millions and ended up bankrupt, or worse.

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UnfairRepresent
05/12/23 3:54:35 AM
#37:


Solar_Crimson posted...
And there are many, many accounts of lottery winners who blew their millions and ended up bankrupt, or worse.
True but they usually bought mansions and went around the world

Not sat in their pants in an apartment playing Spyro 2: Ripto's Rage (Gateway To Glimmer)

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TheWizardOfOrz
05/12/23 4:07:13 AM
#38:


[LFAQs-redacted-quote]


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the_rowan
05/12/23 9:07:27 AM
#39:


UnfairRepresent posted...
True but they usually bought mansions and went around the world

Not sat in their pants in an apartment playing Spyro 2: Ripto's Rage (Gateway To Glimmer)

They also won ten times what this guy won or significantly more. As I mentioned, you're looking at a lower class lifestyle to try to stretch 11 mil pre-tax to 60 years, especially given that you don't have some of that money for up to 29 years. (If it's post-tax, you could live pretty comfortably as a single person, though. No mansion or anything, but you wouldn't need to work and could live a middle-class lifestyle easily. If he invests most of the early money to guard against inflation, he'll also do fine, but that wasn't mentioned.)

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VeggetaX
05/12/23 9:11:15 AM
#40:


[LFAQs-redacted-quote]



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UnfairRepresent
05/12/23 9:25:45 AM
#41:


the_rowan posted...
They also won ten times what this guy won or significantly more. As I mentioned, you're looking at a lower class lifestyle to try to stretch 11 mil pre-tax to 60 years, especially given that you don't have some of that money for up to 29 years. (If it's post-tax, you could live pretty comfortably as a single person, though. No mansion or anything, but you wouldn't need to work and could live a middle-class lifestyle easily. If he invests most of the early money to guard against inflation, he'll also do fine, but that wasn't mentioned.)
You're awful witth money if you can't make 11 million last a life time.

The median U.S. income in 2021 was $69,717.

You'd have to work for 100 years to get 11 million.

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the_rowan
05/12/23 10:32:23 AM
#42:


UnfairRepresent posted...
You're awful witth money if you can't make 11 million last a life time.

The median U.S. income in 2021 was $69,717.

You'd have to work for 100 years to get 11 million.

You don't understand how inflation works if you think about 7-8 million (because the 11 million is pre-tax) will last a lifetime. It's worth about a tenth of that by the time you die. Since it's an annuity that pays out 11 million after interest (this is how lottery jackpots are described), you're even getting significantly less than that in present-day dollars, although that's irrelevant with the assumption that he's not investing the money.

Your median household income there (that is household, not individual) has gone up 27,000 dollars since 2000, btw, yet the actual buying power of the median household has decreased. You cannot say "this number would be a good income by today's standard, so you're set for life" because you need to make double the money to achieve the same standard of living every 25 years or so.

Again, this is assuming that he doesn't just invest the early money. If he invests it to protect against inflation and lives off the earnings, there's absolutely no issues, and he'll live a great life, not quite top 1%, but really really well off. I'm just saying that the actual raw amount of money, as the only money you make in your life, really isn't that much.

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UnfairRepresent
05/12/23 10:57:50 AM
#43:


the_rowan posted...
You don't understand how inflation works if you think about 7-8 million (because the 11 million is pre-tax) will last a lifetime
uhuh...

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the_rowan
05/12/23 2:03:53 PM
#44:


You do understand that the median income for full-time work, today about 54k, at 3.8% annual inflation, by 2050 is going to be about 148 grand, by 2060 about 215 grand, by 2070 about 312 grand? If this guy is about 25 years old right now and plans to live to 85 (which is not that old given how life expectancy is likely to increase), he's going to be looking at 506,000 in his last year of life alone just to match today's median income adjusted for inflation. (Edited to use a more current median income.)

Again, you can protect against this by investing money, but that actual sum of 11 million pre-tax on its own is not going to last if he's living well.

Exponential growth is a bitch.

Edit 2: Wolfram Alpha helpfully tells us that it will cost an individual about 12 million dollars to live with today's median annual purchasing power for 60 years. This is comparing to pre-tax income, so you'd use the 11 million figure for comparison here. He's going to be able to afford a roughly middle-class lifestyle.
https://gamefaqs.gamespot.com/a/user_image/3/9/6/AAISEjAAEd_E.png

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VampireCoyote
05/12/23 2:05:39 PM
#45:


Beat him up

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