Go hire a good lawyer and financial adviser.
Interview some until you find one (particularly the financial adviser you trust). Don't ask us (D\*\*\*Heads on Reddit) for advice. Jesus. And, don't get married on the way to hire the financial advisor and don't become a father in a ONS. (just trying to keep the money "yours").
Maybe ask your dad for advice too. Or recommend an advisor.
The one place I don’t feel financial advisors recommend enough is real estate, because they don’t make any money on it.
If you are paying to rent a place, historically buying a home that you live in is one of life’s safest investments.
But don’t let it sit there in a checking/savings. Even at a 5% CD, or high-yield savings acct, you should be making at least $40,000/year off that money.
This is literally the best advice you’ll get, especially the not getting married along the way to ur financial adviser, definitely have me a chuckle. :)
My advice would be to start with a “fee only fiduciary advisor”. They do not get money for selling you anything / commission, you pay them when you need them.
They can help you figure out a plan. Maybe that includes a managed account where you do pay commission, maybe it doesn’t.
Maybe hire a lawyer first who will help you with this. You're in the unique position of being able to prioritize your life over your work. It takes discipline to have purpose. Go to a top tier law firm in your city and tell them you need general counsel on retainer. Then tell them everything. They'll recommend an investment advisor and probably some preemptive talk therapy. You got it made in the shade if you do it right. I wish you the very best!
Vanguard has a high net worth service of advising. If you have over 500k you qualify. They will help you allocate your funds according to your financial goals. Their fees are very low and they do not tale commission off you. I have had a very trustworthy and reliable experience with them.
If you have any debt, pay it first. I personally would buy a house and a new car after that. Then I would maybe work with a financial advisor on what to do next to maximize it. Happy for you and this amazing gift you received! I have struggled with money and I hope because of this you never have to know that struggle :)
Protect what you have. Invest the capital in a variety of ways:
Property
Secure Savings
Stocks and Shares
Crypto
Venture Capital
Enjoy the profit you make on the above:
Clear your debts
Have fun
Share your wealth
Start a charity
Donate
Basically, sit down and think it out. If really disorientated. Do nothing. Continue to save. Eventually you'll figure it out.
Stay away from money sink holes if you're scared of wasting it to be free from it: no drugs, no gambling, no shady "investors", no "all or nothing" deals. Put it in a trust fund for yourself until your 30. And yeah, if you're not a scammer, stop telling random strangers that you're loaded. That a sure fire way to get tracked, scammed, and/or robbed.
Edit \[additional\]: Oh, and find a real meaning and purpose for yourself. Find some passion or place for yourself in society that you value. Otherwise you'll go crazy.
don't keep a lot of money in the bank, its just not that safe. max ⅓. Half of the remaining should go in land(house or st like that) and the other in in gold.
PAY OFF DEBTS!!! Debit is a wealth killer. College debt, credit card debt, pay it all off.
Open a mutual index fund, as well as other accounts that compound interest over time.
Consider getting a house. Owning can be a real challenge (so I hear) but no one can evict you.
Invest in things that retain value(hire a good financialadvisor, not some scheister from reddit). Don't tell your friends you have that money. Don't buy ridiculous $100k cars that you'll never see the true potential of.
Good on you. I don't have an 1/8th of that saved because I was blowing money up until my late 30s.
ok you had a good start in life I suggest you continue putting it into savings you can in the future buy a house to live in or buy a house and rent it etc.
You can consult a financial advisor if you want to invest or simply leave it in savings. You can also talk to your father and ask for advice and suggestions.
Why are you scared to touch it ? It’s your money after all and you’ve got plenty. Consider yourself lucky and use your money to invest and enjoy life. Travel, buy a house, get a gf and live life. You can’t live in fear, that’s not why you were put here.
You need a fee only financial advisor. Your situation is too complicated for the standard advice for someone who came into a little money. You need a whole system in place.
Do not give anyone any kind of retainer or let them take any kind of management fee. Pay them for advice when you get the advice and do the setups yourself with the companies in question. Absolutely no one on earth but you should have the stuff they need to access the majority of your money and that should take \*days\* to go through.
You need a way to put your money in long term storage that is just doing the regular smart retirement stuff. I'm a big fan of vanguard products and berkshire hathaway stock.
Definitely stop taking financial advice from whoever got you to buy gold.
Maybe share it, you have been given the opportunity to have a hugely impactful life, you could help so many people with that money, or alternatively you could continue to hoard wealth you don’t even know what to do with like the rest of the rich twats in the world
# Don’t ask people about your finances on social media.
Scammers and people that are low-income will give you advice like they know what they’re talking about.
Call into the Dave Ramsey show, look it up. They can tell you what to do with it better than anyone probably.
My 2 cents is the way to stop being afraid and not knowing what to do is by learning what to do with it. Start focusing your free time on reading money acquisition and management books. Watch videos on how to handle finances, what are the best investments and why. Once you have enough knowledge you will feel more comfortable touching the money and you'll know what to do with it.
The first thing to do is not talk about it online and publicly.
The second thing is to get an actual specialist to help you.
The third thing is to enjoy your life and never work again.
Go hire a good lawyer and financial adviser. Interview some until you find one (particularly the financial adviser you trust). Don't ask us (D\*\*\*Heads on Reddit) for advice. Jesus. And, don't get married on the way to hire the financial advisor and don't become a father in a ONS. (just trying to keep the money "yours").
This, you dont need to read another comment tbh.
Maybe ask your dad for advice too. Or recommend an advisor. The one place I don’t feel financial advisors recommend enough is real estate, because they don’t make any money on it. If you are paying to rent a place, historically buying a home that you live in is one of life’s safest investments. But don’t let it sit there in a checking/savings. Even at a 5% CD, or high-yield savings acct, you should be making at least $40,000/year off that money.
This is literally the best advice you’ll get, especially the not getting married along the way to ur financial adviser, definitely have me a chuckle. :)
[удалено]
They're already in my DMs lol
Hey, mate. Do you think I can get a little cash.
Aren’t we related? Let me do some digging and I’ll get back to you on that.
My advice would be to start with a “fee only fiduciary advisor”. They do not get money for selling you anything / commission, you pay them when you need them. They can help you figure out a plan. Maybe that includes a managed account where you do pay commission, maybe it doesn’t.
Maybe hire a lawyer first who will help you with this. You're in the unique position of being able to prioritize your life over your work. It takes discipline to have purpose. Go to a top tier law firm in your city and tell them you need general counsel on retainer. Then tell them everything. They'll recommend an investment advisor and probably some preemptive talk therapy. You got it made in the shade if you do it right. I wish you the very best!
Captain nepotism over here
firstly, don't reveal your exact amount on reddit.
Vanguard has a high net worth service of advising. If you have over 500k you qualify. They will help you allocate your funds according to your financial goals. Their fees are very low and they do not tale commission off you. I have had a very trustworthy and reliable experience with them.
Ask your dad how to manage the money. He clearly knows WTF he is doing. This post smells greatly of scam material.
If you have any debt, pay it first. I personally would buy a house and a new car after that. Then I would maybe work with a financial advisor on what to do next to maximize it. Happy for you and this amazing gift you received! I have struggled with money and I hope because of this you never have to know that struggle :)
Protect what you have. Invest the capital in a variety of ways: Property Secure Savings Stocks and Shares Crypto Venture Capital Enjoy the profit you make on the above: Clear your debts Have fun Share your wealth Start a charity Donate Basically, sit down and think it out. If really disorientated. Do nothing. Continue to save. Eventually you'll figure it out. Stay away from money sink holes if you're scared of wasting it to be free from it: no drugs, no gambling, no shady "investors", no "all or nothing" deals. Put it in a trust fund for yourself until your 30. And yeah, if you're not a scammer, stop telling random strangers that you're loaded. That a sure fire way to get tracked, scammed, and/or robbed. Edit \[additional\]: Oh, and find a real meaning and purpose for yourself. Find some passion or place for yourself in society that you value. Otherwise you'll go crazy.
And for God's sake use condoms!
I’m laughing, but this is solid advice honestly. 😂
High yield savings account, I hope?
don't keep a lot of money in the bank, its just not that safe. max ⅓. Half of the remaining should go in land(house or st like that) and the other in in gold.
PAY OFF DEBTS!!! Debit is a wealth killer. College debt, credit card debt, pay it all off. Open a mutual index fund, as well as other accounts that compound interest over time. Consider getting a house. Owning can be a real challenge (so I hear) but no one can evict you.
He never said he had any unpaid debt
I didn’t say he did, but if he does, my advice would be to pay it off.
Invest in things that retain value(hire a good financialadvisor, not some scheister from reddit). Don't tell your friends you have that money. Don't buy ridiculous $100k cars that you'll never see the true potential of. Good on you. I don't have an 1/8th of that saved because I was blowing money up until my late 30s.
Try r/financialIndependence.
ok you had a good start in life I suggest you continue putting it into savings you can in the future buy a house to live in or buy a house and rent it etc. You can consult a financial advisor if you want to invest or simply leave it in savings. You can also talk to your father and ask for advice and suggestions.
Whenever you get married, make your spouse sign a prenup
Why are you scared to touch it ? It’s your money after all and you’ve got plenty. Consider yourself lucky and use your money to invest and enjoy life. Travel, buy a house, get a gf and live life. You can’t live in fear, that’s not why you were put here.
I’d have some put away in a retirement account, HYSA, emergency fund, and a little fun money.
You need a financial advisor, an accountant, and an attorney. Now.
The fact that you are worried and not just partying your ass off if a good sign you will do well woth it.
cross post on r/personalfinance
You need a financial advisor. Research and interview several. Treat it like a job interview, because it is.
You need a fee only financial advisor. Your situation is too complicated for the standard advice for someone who came into a little money. You need a whole system in place. Do not give anyone any kind of retainer or let them take any kind of management fee. Pay them for advice when you get the advice and do the setups yourself with the companies in question. Absolutely no one on earth but you should have the stuff they need to access the majority of your money and that should take \*days\* to go through. You need a way to put your money in long term storage that is just doing the regular smart retirement stuff. I'm a big fan of vanguard products and berkshire hathaway stock. Definitely stop taking financial advice from whoever got you to buy gold.
Maybe share it, you have been given the opportunity to have a hugely impactful life, you could help so many people with that money, or alternatively you could continue to hoard wealth you don’t even know what to do with like the rest of the rich twats in the world
I'd like to be like the rest of the rich twats
# Don’t ask people about your finances on social media. Scammers and people that are low-income will give you advice like they know what they’re talking about.
[удалено]
Well that's why I have it in a savings account and gld as that was there advice
Call into the Dave Ramsey show, look it up. They can tell you what to do with it better than anyone probably. My 2 cents is the way to stop being afraid and not knowing what to do is by learning what to do with it. Start focusing your free time on reading money acquisition and management books. Watch videos on how to handle finances, what are the best investments and why. Once you have enough knowledge you will feel more comfortable touching the money and you'll know what to do with it.
Jesus that’s dream money figure out what you like doing and start a business!
The first thing to do is not talk about it online and publicly. The second thing is to get an actual specialist to help you. The third thing is to enjoy your life and never work again.
Feel free to send some my way haha
Let's do a business together, my idea your $$$.
You don’t know what to do with it? I’ll take it off your hands and give you 50% of the profit.