Friday, July 16, 2010

Accidental Millionare

A few months ago while trying to learn how short sales work I plugged in to sell some shares of BP. This was just after the Oil leak started. It was selling for around $56 dollars that day and I said to sell some at $50.00. I'd forgotten about it when several weeks later I looked at my account and learned that I had actually submitted the request for real. So When the price dropped I sold 100 Thousand Shares at $50 dollars each. When I realized what I'd done I put in an order to buy at $45 but by then the price was already down to $27. By the time by order processed I bought at 29. Making 21 dollars a share. After commisions I have 2 Million but I know I'll have to pay a short term capital gains tax. I'm waiting for my accountant to call me back and let me know what I should do. In the mean time I've moved the money over to a total bond market index fund. Once I know how much I actually have I'll be able to pay off all my bills and take a world tour ( I think). I'm trying to remain calm and not make a lot of spending plans. Already just from trying to find an accountant my phone is ringing every couple of days with someone trying to get me to let them manage the money.

2 comments:

Deanna said...

Wow! Is this in the real world or with your "play money"?

I don't know you but I see your posts on Talkin' Texan's blog. I'm a bit intimidated by your posts on your own blog, but I figure I might as well jump right in !!!

my word: dedexce

Walter Mitty said...

My real world is a play world.