I just inherited $7 million dollars? What to do next?

Question

Can I set up a bank account which only allows me an income of $600 a week. I don't want to spend it all.

Answer 1

You lucky bee-yotch! If I inherited that money, I would take tonight and let out a great sigh of relief. Boy, I could really use money like that! You are set.

I would talk to a financial advisor and invest, invest, invest! Make the money last for yourself, your kids, their kids, etc. You have been BLESSED!

Congrats.

Answer 2

Wow, are you serious. That income takes 3 life times for most upper middle class families to come by. You are very fortunate. In regards to your question, you should speak to a few professionals about how to invest your money accordingly, as the government will surely find a way to strip you of it quickly.

I personally would suggest openning a few businesses to keep you income constant. You can be a multimillionaire for years to come if you invest properly. Most who secure an income of this magnitude throw it away on childhood like fantansies and regret that they every acquired such a gift. So, please, start a business, some thing that people are obviously laking, and that you always thought people could use. If it is decent it will be bought, and if it is interesting they will come.

Some ideas would be a chain of hotels, resort, movie theaters, rental supply stores, rental cars, several already functioning franchises, extreme sports rental supplies, salons, bars, etc.

I am sure you will find something. And, if you are really savy, you can look into some serious stock investing, building a strong portfolio so that when you become of a more financially secure level you can stake your claim at big things, that the most famous people in this country do.

Be smart, there are many ways to hit the mark, yet there are infiniate ways to miss.

Answer 3

a good trust fund is great my best advice is set it up so you get the interest only but you can tap into the balance if you need to. keep yourself to prcents. find a good balance for it. maybe put 10% into a good investment like an energy company or something else you think might be here for a long time. next take another 20% and put it in a fund that turns into a trust fund for your children. now the next is find out how much a month you will make with your bank and live or budget on that. try to never touch the balance unless something serious happens. oh and set up a life insurance and medical with the interest you get from the balance per month you can never have to much now and keep that in your budget. I have other suggestions but most of that depends on how and what you want to do with your living.

Answer 4

That is a lots of money. You are very smart to want to limit the amount you can access each week. As AZ_Starshine said you can and should put it in a trust, if it is not already in one. However there is a lot to think about when setting up a trust and laws differ from place to place. You also want to think about getting your money working for you. You will need a lawyer, and accountant, and more then one investment specialist. You will want to interview several people and firms for each of these roles. It can be hard to tell an honest one from one that is not honest, and honesty is not enough. You need to make sure they have good track records. Also you need to diversify your accounts. Do not put all you money into one bank, or with one investment firm. Make sure that the people you work with understand what you want. My guess is that you are more interested in security then growing your money. With $7,000,000 you can easily set something up where you could draw far more then $600 a week and never touch the principle. In fact if you put 2 million in interest bearing accounts that earn 3% or more you can take out $1000 per week and the money will still grow. That leaves you with 5 million to invest. Always spread your investments out and try for a balanced approach. With a little reasurch and some time looking in to the people you will work with you can st things up so that your money will grow smoothly with little input from you. One of the best pieces of advice I can give you is not to change your lifestyle to much in the beginning. There will be lots of temptations for things to do with you money. If you can resist them and let your money grow you will be able to live a very comfortable life and do all the things you want to do. You also need to be prepared for lots of people trying to get you to give them money. Do not do it, no matter what. If you want to do good with your money you can always set aside an amount each year to donate to worthy causes. With a good investment strategy and keeping your lifestyle simple you can probable donate $50K-$100K a year and still have your money grow.

Answer 5

You could but the $7 million in the bank, and you'd earn so much interest that you could live from the interest alone.

If you do become tempted to spend it on expensive junk, ask your self this. Will buying this really improve my life?

Remember this! Power corrupts. Absolute power corrupts absolutely.

Many people think having $7 mill would be the best thing that could ever happen. But in reality it's a burden that many people are not prepared to have.

Answer 6

Put it in the bank and live off the interest will be way more than $600 a week

Answer 7

seven million would do wonders in a foreign country like the Philippines because your money is worth 42-50 times the value so i would start by moving somewhere that has that value for the doller and buy like 300 ppl to clean and take care of your shizit and get as many ppl a decent home ( because there is none for them ) as you could do with it and then start a research for cleaner energy ! cause if you got it it don't mean you will be here long enough to keep it!

Answer 8

Congratulations!
If it was me, I'd hire a Certified Financial Planner(CFP), and have them help with your goal setting! Nobody in the world would know about it, as you need to protect yourself from friends coming out of the woodwork! You need protection for your family! You don't need to get robbed! I'd consider my parents' wishes- What would Mother like to see? What would Dad like to see? Please stay confidential! Be sure your taxes are in order! The IRS loves our money! Keep good records! Rich people have 3 favorite words..frugile, frugile, and frugile! If you watch it, you could be very, very wealthy! If you slip up, you could be broke in a few years! Life is like playing a game of Monopoly! Being a millionaire takes a lot of talent! Best of luck to you!

Answer 9

that is a boatload of money, nice. sorry if you lost a relative. invest it in a bank account and have it grow. also use some of it in the stock market. if you have kids set some aside for college. if you have had a dream (like having your own business) now is the time to start that. good luck.

Answer 10

Gee, I just don't know where to begin commiserating with your problematic situation. While you are ensconced in your hammock at a 5 star hotel in French Polynesia, you might consider why you are asking questions on this website. Slumming it a bit are we? You don't want to spend it all? Well, just avoid those big ticket items like Lear jets and you should be okay. By the way, feel free to send me some of your largess. Please forward your cash, stocks, bonds, and convertible debentures to:

1600 Pennsylvania Ave.
Washington, DC

I thank you. And Dick thanks you too.