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$100M award is serious money  (Source: Google)
$100M payment is in the form of stock options and will vest in four years

Google is one of the largest and most profitable tech firms on the planet. The company has its tentacles in so many different areas that it can be hard to keep up. The firm may have started as a web search company, but it has grown into much more than that.

Google announced last week that Eric Schmidt would be stepping down from his spot as the CEO of the company and would be replaced by co-founder Larry Page. Reuters reports that Schmidt will be given a $100 million equity award as he steps down from the helm of Google. The award will be granted in the form of stock and options that will vest over four years and is the first award that Schmidt has been given since he came to Google back in 2001.

Schmidt will become the executive chairman of Google after he vacates the CEO spot. Google announced Schmidt would be stepping down at the same time it announced its earnings. The earnings were better than expectations and most were surprised that Schmidt was vacating his post as CEO.

Reuters
 reports that Schmidt stated in an interview that the move was an effort to speed up the decision-making within the company. Schmidt has also drafted a plan to sell some of the stock he holds in the company. The news surfaced in a regulatory filing last week.

"The pre-arranged trading plan was adopted in order to allow Eric to sell a portion of his Google stock as part of his long-term strategy for individual asset diversification and liquidity," the filing said.

Schmidt holds 9.2 million shares of Google stock and has 9.6% of the company's voting power according to Reuters. He plans to sell 534,000 shares of Class A common stock -- the stock closed at $611.83 on NASDAQ Friday.



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RE: When do you reach a point...
By teng029 on 1/24/2011 11:06:33 AM , Rating: 3
you assume that everyone would use common sense when handling money, but history has proven otherwise. how else do you explain celebrities who rake in ungodly amounts of cash and still manage to go bankrupt?

i firmly believe that for most people, the level of desire increases proportionally to the amount of money they have. take cars as an example; a honda accord will perform the same function as a ferrari, which is to say it will get you from point a to point b. but how many millionaires do you know that drive a honda (except maybe mark zuckerberg)?


RE: When do you reach a point...
By callmeroy on 1/24/2011 11:13:55 AM , Rating: 2
I agree. I think its absolutely true that people will spend to whatever their income level is.

In other words -- you make $50k a year, you are watching your budget on damn near everything you buy, trying to save what you can...you probably buy an someone economical car, have a very modest home (or more likely apartment), etc.

Boom -- luck shines on you -- you now have $50 million from winning the lottery....statistically you'll now buy million dollar homes, tons of cars....and just basically splurg like there is no tomorrow.

Money corrupts all logic and rational thought -- for most people. There are a few out there that can remain level headed and more "responsible".


RE: When do you reach a point...
By callmeroy on 1/24/2011 11:18:11 AM , Rating: 2
BTW then there's those of us like me...who fully believe we'd make a multi-million dollar windfall last a life time .....

but the moment we won the lotto (or however we got the money).....we'd probably have some horrible accident and die the same day....that would probably be my luck....WOOT...I just won $100 million !! <walks outside to share the news with everyone in my happiness>.....trips on the concrete steps and breaks my neck...falling down dead.

sigh...oh well...


RE: When do you reach a point...
By Brandon Hill (blog) on 1/24/2011 11:19:59 AM , Rating: 2
I hope that I could "keep a level head" if I ever one the lottery. I'd probably just pay off my house and the car that I just bought. Maybe go visit Europe and Japan with my wife.

Other than that, I can't really think of things that I REALLY want that I don't already have.


RE: When do you reach a point...
By RjBass on 1/24/2011 11:30:50 AM , Rating: 4
I can barely keep my small budget in line. I can't imagine what I would do if i won a million or ten million. I mean after I purchase the entire Family Guy series on Blu-Ray.


RE: When do you reach a point...
By Aloonatic on 1/24/2011 11:37:24 AM , Rating: 2
You can't think of anything that you really want now, probably because you have been disciplined and perhaps not let yourself dream too much about what you might want.

Anyway, if you're married, then it's not what you want that matters, or perhaps it wont be you spending the money anyway. I'm sure that "her indoors" would have plans for that lottery money :o)

In all honesty, I very much doubt that you would be happy with the house and car that you have, or the holidays that you take now etc, if you had a lottery win burning a hole in your off shore account.


RE: When do you reach a point...
By Brandon Hill (blog) on 1/24/2011 12:07:21 PM , Rating: 3
I guess the way I look at it, I'd rather live modestly and have a s**tload of money in the bank than buy a bunch of cars, a huge house, boat, etc and have to pay a s**tload of property taxes on them for the next 50+ years. That stuff adds up...

But you never know.


By EricMartello on 1/24/2011 12:13:31 PM , Rating: 1
Nobody keeps million-dollar quantities of money in a bank...you'd be crazy to, especially considering how shaky they are now. Most rich people use some kind of "wealth management" service to handle their assets.


RE: When do you reach a point...
By Spuke on 1/24/2011 12:37:05 PM , Rating: 2
Rich people typically don't have primary residences in states that tax them to death. Brandon, life changes when you don't have to worry about surviving anymore and people tend to lose their minds. If you won $100 million in the lottery, make a list of what you want to do with it. Invest most of it (there are a billion things to invest in), give away a lot of it (doesn't have to be a charity, can be friends and family), build your dream home at your dream location, buy your toys (you're not going to work anymore...no you're not), find something to do that takes a decent amount of time and has a flexible schedule (VERY IMPORTANT). Hell, stand up a new charity and donate your time to that if you don't have a lot of wants.

I like the real estate biz (not in that currently). My bro-in-law is a broker and I would want to do something with him so that's what I'd do during the day. Then do car stuff, RVing, and desert sh!t on my off time. One thing that California has taught me is that there's tons of things to do. Live isn't boring unless you want it to be.


RE: When do you reach a point...
By Spuke on 1/24/2011 12:44:33 PM , Rating: 2
You can still live modestly. I don't want a huge house although I can appreciate some of the architectures. A lot of them are art. I don't want to live in art, I want to live in a house. I would rather have multiple investment properties (rentals, house flips, etc.). Not saying my homes wouldn't be nice, just not art. I know I would have at least two residences because I would like to live in different parts of the country. The US is a big place and there are a ton of absolutely stunning places to live.


RE: When do you reach a point...
By theapparition on 1/24/2011 12:50:33 PM , Rating: 3
quote:
You can't think of anything that you really want now, probably because you have been disciplined and perhaps not let yourself dream too much about what you might want.

He's married. His dreams have already been crushed.


By Brandon Hill (blog) on 1/24/2011 2:06:49 PM , Rating: 3
Ouch! :)

I'm lucky my wife isn't a materialistic you-know-what. The only thing she does is waste money on Starbucks Fraps here and there :)


RE: When do you reach a point...
By Spuke on 1/24/2011 12:22:13 PM , Rating: 2
quote:
Other than that, I can't really think of things that I REALLY want that I don't already have.
I think the problem is that most of us don't dream (or dream small) so when we do get a windfall we have no idea what do to with it. Sure, houses and cars but that's only so much. I am told you really can't manage that much cash so it's best to tie it up. I would personally buy up a ton of real estate. That would take care of most of it. Put my immediate family and wife's family in comfort. Step up the charity donations. Move to another state and buy a another house (too bad I can't just move this one...I really like it). I'm a car nut so a huge garage with cars. I'd spend a lot time at the race track with my cars or at car events. I'm just getting into the RV lifestyle so I would sell what I have, get a motorhome and drive around the country. The motorhome would probably be custom built or take an existing one and gut it. I live in the desert so I'd get some more desert toys (a few more ATV's and a sandcar). There's more on my list but that's good enough (I haven't mentioned what the wife wants).


RE: When do you reach a point...
By InvertMe on 1/26/2011 11:57:58 AM , Rating: 2
If you find out you win the lotery you should probably divorse ASAP before she finds out.. then you can enjoy YOUR money and the random women it will bring.


RE: When do you reach a point...
By Aloonatic on 1/24/2011 11:32:54 AM , Rating: 2
It's not just celebrities. All things are relative. That "ordinary" people in countries like the USA & UK also declare themselves bankrupt probably seems as ridiculous to people in the 3rd world, or at least poorer places around the globe, as celebrities declaring themselves bankrupt does to us.

There are very few people in the capitalist world who just spend the bare minimum to get by when given the opportunity to spend more, no matter what their income, or level of "common sense".

We're all guilty of it. A basic Honda Accord will get you from A to B, probably just as fast as the top of the line one (given traffic) yet us plebs still yearn for the bigger engined/faster/shinier/better speced one.

And to a certain extent, thank god that we do. If people didn't want these things that they don't really need, many of us wouldn't have jobs :o)


"What would I do? I'd shut it down and give the money back to the shareholders." -- Michael Dell, after being asked what to do with Apple Computer in 1997

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