OT, maybe?: So, what should I do with my settlement?

[Bass Control]

Okay, I'm new to the forum and have been looking into EBMM for a long time (big fan of the instruments). However, I've never actually had to money to purchase any of the products. But I have finally recieved a chance from the loving arms of a drunk driver. Here's the scoop:

A month ago today, I was stopped at a red light and was hit by said drunk driver above from behind at 77 mph. The initial impact knocked me out and left me clinically dead until EMS brought me back. I suffered a split septum (we could pull my nose up off my face a bit), a bruised left knee, many cuts from shards of glass (in fact, I need surgery to get one removed from my face because a wound healed around it), a 4 inch long gash in the back of my head (sealed with 60 stitches and 17 staples), and a fractured L4 vertebrae.

Does anyone here have any clue how big the settlement may be? I am currently planning on how to replace/upgrade my bass rig (which was destroyed along with my car) with some of the settlement money. Can you all also point me in the direction of a good bass+amp combinations with EBMM basses, and what kind of bass+pickup combination to get? I'm really into heavy metal and jazz, but mostly those two fused together (hahaha, fusion jazz metal is great). I also need something that will work in studio as well because I help in the area I live/work/go to school in with blues musicians and their recordings.

Any help is much appreciated. I'm going to Guitar Center today for the first time since the accident, so I'm hoping they have a good aray or MM basses to try out! Thanks in advance guys!

 

[slucas]

Don't have a clue what your settlement might be but it could take a really long time. Whenever it happens just buy one of everything, Poppa needs shoes

 

[Beth]

Bass Control,

Welcome to the forum! I am sure that you'll like it here!

Very sorry to hear about the accident. Even though it has given you the opportunity to get a whole new bass rig, you certainly did not deserve all of the pain and suffering I am sure you went through.

Now, you've come here to ask *US* how to spend your settlement??? That's like going to a police station wondering how to get rid of a jumbo box of donuts! I'd say a Bongo HS or HH would serve pretty well for your needs.

Cheers!
-Beth

 

[adouglas]

Ouch!

Amp: Flavor of the month around here is Markbass. Not widely available yet, but it will be. Some prefer GK.

Bass: Why, Bongo, of course! If it were me I'd go 5 string, HS.

Serious note: You really deserve new toys after what you've been through, but if you're carrying any debt, at least consider using the money to pay it off first. It's a drag in the short run, but once you don't owe anybody anything you'll be amazed at how fast you can build up funds to buy gear. Not to mention that it's a great way to feel really happy, satisfied and secure.

 

[MingusBASS]

That Beth is a smart woman. Bongo and Markbass.

 

[muggsy]

Don't have a clue what your settlement might be but it could take a really long time.

Big +1 on that. Sounds like you'll do fine, but the wheels of justice can grind VERY slowly. Don't go spending that money before you have it. Once you do, a few hours on this forum will turn up plenty of options.

 

[Bass Control]

Thanks so far guys! I'm kind of sketchy about the Bongo idea (not because of the looks, but more the controls... not a fan of pan), but I was playing a 20th SR5HS today and really fell in love with it. I'm thinking of getting a 4 string and a 5 string, and I might wait to jump at the Bongo when the 6 string comes out (one of the basses destroyed was a 6 String eBay junker).

I'm hoping to get a decent amount. One person told me to expect no less than $10K, another has told me to be thinking about $100K... I'd be happy with $15K, but hey, anymore wouldn't hurt!

 

[syciprider]

Not a fan of pan? Then get the single H Bongo. It's Big Poppa approved.

 

[SquidLizard]

I don't know how old you are, or what your financial situation is. As muggsy and adouglas said, don't spend this before you have it and if you have debt, pay it off. I'm assuming that you're in your 20s or 30s, though what I have to say is valid if you're older, too.

When people foresee a large amount of money coming their way, they often spend it before it arrives. This is a BAD idea because you have no idea what the amount will be, and it's easy to spend money mutiple times when anticipating. For instance, a new bass rig, upgrades/fixes for your car, and any number of other things that will come up between now and then. If you have credit cards you can really get yourself into trouble anticipating money coming in.

As the unofficial (or official, I don't remember) HR person of this forum, I will step in and give you some free advice. Which honestly is worth a heck of a lot more than it's costing you. Make a plan, now, of how much, max, you will spend of this money when you get it. For instance, what will the bass and rig you want cost? Okay, lock that down. Proportionally it's probably not that much. You still don't know the amount you'll get, but you know that $2 - 3k of it will go towards bass gear. Never a bad decision in my mind, but I tend to think that way. Anything else? If at all possible, keep it under $5k. Okay, you've gotten your fun things figured out.

Now there's the rest of the (hypothetical so far) money. If you have debt, pay it off to the extent possible. But it's always good to invest some money for yourself. Did you know that if you invest $10,000 at 7.3% interest for 35 years you'll end up with almost $128,000? If you invest it at 10.5% interest for 35 years you'll end up with over $388,000! The percentages used are 7.3% for more conservative investment strategies, 10.5% for stock-based investments. These numbers should be easily doable with mutual funds and working with a sensible advisor.

I'm 46. If I had truly grasped the above when I was in my early 20s, I could look at retiring in style and comfort in my 60s. I am playing catch up as hard as I can, but I'll never be able to do what I could have done if I'd have been more sensible when I was younger. All of this has to do with the time value of money, and the power of interest over a long period. If you're young I understand you're not necessarily thinking about the long term right now, but this is the best advice most young people will never take.

Believe me, and I'll bet a lot of folks here would agree, it will be worth it to you to consider taking this windfall, spending some for yourself, paying off some debt AND putting aside some for your later years. Preferably most of it. If you do this you will be very grateful to me when you're in your 40's or 50's. If you keep adding a little more every month you'll be even happier.

If you spend it now, much of what you buy will be meaningless to you in five years. But having a big chunk of savings will be a huge asset for the rest of your life. And yes, I'd absolutely recommend buying a Bongo, or maybe a Sterling. Bongos rawk.

PM me if you want to talk about this further. I'm not selling anything, or recommending any investments or investment advisors. And I'm not saying you shouldn't have some fun with it. That's what life is all about. But I know a lot about what investing can do for you in the long term. The light bulb finally went off for me, probably just in time. I hope you'll see that you can do something to improve the rest of your life with this (so far imaginary) money.

Squid/Lisa

 

[Bass Control]

To Lisa:

Yes, I'm 20. I've already decided that I'm not going to spend the money before I get it, but I have to split it a certain amount of ways when I do because of other personal changes that are occuring. I have also decided that I am going to invest a portion of it and will donate another portion of it to some music, theatre, and anti-drunk driving groups.

As far as instruments go, I almost never replace anything that doesn't need it. Many chances have come up where I had the chance to replace the 6 String with something much better but decided to keep it in order to save the money on something else. I do believe I am going to do the same with whatever bass gear I get, as I only purchase things that I have complete faith in and know that I will be very pleased with. If a bass doesn't make me happy when I first try it (not just a feeling of "I could work with this", but a full on feeling of knowing that this will be it for me), I won't buy it. I'm EXTREMELY picky about everything. I don't think I'll have a problem with a new bass in 5 years, I probably won't need it. If I don't need it, I don't buy it. Momma taught me well.

I am looking at a form of 5 string (either SR or Bongo, don't know yet. GC doesn't have any varying forms of them in stock to try out), but I did decide that a Sterling HH or HS will replace the Jazz that I lost in the accident as well.

Thanks Lisa, and thanks again to everyone so far.

 

[Spectre]

My past experience being injurred in car accident, their first offer is no where near their best. In fact, it is a giant game, sorry to say. Remember, they want you to go away. You take the money, you sign the waiver, and the liability issue goes bye-bye. And yes, to get the money, they will want you to sign papers releasing them from future responsibility. Not sure for major accidents as yours, if there are clauses that would cover any follow on conditions. I doubt it.
Because of the severity of your injuries, and the nature of the accident, I hope you are seeking counsel, before you sign or agree to anything.

(not official advice and I have received no pittance for this entry)

 

[prickly_pete]

In the typical case, one might expect insurance policy limits from the third party, and policy limits from one's own UM/UIM -- typically part of the money will go to pay subrogated medical costs. This may or may not apply to your particular case. My advice, hire an attorney right away if you don't already have one, and save/invest the money -- don't waste it on toys!

 

[midopa]

Very good advice guys! I've been thinking about doing some investing myself. I haven't got much money, but you know what they say... "If you invest your tuppence wisely in the bank..."

 

[Bass Control]

I do have an attorney. We have to wait for all the criminal stuff to go through first before we do anything, and I know not to sign anything if it does come. My health insurance company is taking care of everything at the moment (getting in touch with the other insurance company and stuff), I've just had to deal with forms for that.

What's going to make it difficult is that the lady who hit me has no insurance or a license... in fact, this is her 6th DUI, and it was a hit and run. She stole the car that hit me, unless this other story I've heard is true (which goes "the guy did nothing when she took the keys and said she was going to use his car").

Her current charges are DUI: 4th Offense, Hit and Run, Refusal to Submit, No License, Habitual Offender, Violation of Parole, and Grand Larceny: Auto.

For me, bass is not a toy or a hobby. I am a gigging and student musician and did use them in my every day-to-day life. Losing them has, and is still, preventing me from working or doing my school work. They do need to be replaced. I will invest the money (which will secure my future), but I need the instruments replaced (which secures the here-and-now and the immediate future).

 

[rhythmCity944]

first off, you're still alive and kickin'

secondly, i do race cars legally on a closed circuit race track and when you wreck whether it was your fault or not, your screw, no insurance

thirdly, that driver who hit you will probably never hit the road again, one less hazard to worry about because she'll probably locked up

forthly, no matter how large of settlement I may get after a wreck like yours, I would give it all back to have never been in that wreck and suffer like you probably have and did...

i was in a wreck a few weeks ago in athens, ga, where an SUV pulled out in front of my friends perfect 2000 BMW 328i and we t-boned them at 20mph, their fault, and the insurance company said the BMW was totalled...i could have fixed it...but the airbags wend off and i got pounded in the face by it and my lips were swollen for 2 weeks after and bleed non-stop for a week, my buddy suffered a slip disk in his back...there was no where we could go, we were in a turn lane and there were cars next to us...i was lucky only to look like i got kicked by a horse (without loss of teeth, I looked like MICK JAGGER) and not sore at all probably because i was so relaxed (maybe from my race track experience), but my buddy looks fine, just he is still in pain...I ended up racing in savannah winning my class and setting a class track record a week after the accident

all in all, you sound like you have your head on straight and hope all works out great for you in the end...hope lots of ladies sent you "GET WELL SOON" cards

 

[Big Poppa]

Make sure your atty is good and stop talking about your condition and or circumstances until it is closed to any one but close family and your council.

Until you know what you are getting just get healthy and worry about that later.

 

[bovinehost]

Crap, glad you're still with us!

You have good advice all the way around so far, especially Lisa and BP.

When you're ready, all of these guys will gladly make their case for which bass they think you'll prefer.

Now shhhhhhh. Let's just talk about basses for a while!

Jack

 

[paranoid70]

Hope you are ok bro. Don't start getting your hopes up on some arbitrary settlement value at this time. You should be thinking about just getting yourself better.

 

[SteveB]

If the other party was uninsured, and had to steal a car.. and is apparently addicted to alcohol.. where do you think the settlement $ will come from?

You may just be the proud owner of a judgement against that person, and never see a dime. (You can't squeeze blood from a stone, after all.) I don't know if you Canadians have some special government funds that might cover you in this case.. I know we have a 'catastrophic loss' fund here in Pennsylvania which kicks in when situations like this happen.

That being said, take Poppa's advice and keep everything under your hat until the legal proceedings are over.

Also, take Beth's advice and get a Bongo with a Markbass amp.

 

[Bass Control]

If the other party was uninsured, and had to steal a car.. and is apparently addicted to alcohol.. where do you think the settlement $ will come from?

You may just be the proud owner of a judgement against that person, and never see a dime. (You can't squeeze blood from a stone, after all.) I don't know if you Canadians have some special government funds that might cover you in this case.. I know we have a 'catastrophic loss' fund here in Pennsylvania which kicks in when situations like this happen.

That being said, take Poppa's advice and keep everything under your hat until the legal proceedings are over.

Also, take Beth's advice and get a Bongo with a Markbass amp.

Well, I'm keeping the lid on all the details and specifics. I may be Canadian (Niagara Falls is my home), but the family moved to Virginia years ago with my father (man of the USN), and I've been here since. Sometimes I spend a month or two out of the year back home in Canada.