Real estate, mutual funds,gold, CD's, savings accounts, trusts, etc?
Also, what is the smartest way to collect and handle that kind of money? How do I learn to say NO to folks who need some money? Also, who is the best person who should know? Lawers, accountants, financial planners?
2007-07-04 13:55:45 · 6 answers · asked by Yam King 7 7 in Business & Finance ➔ Personal Finance
If this is real, Congrats.
Do NOTHING with it for 30 days. Absorb having it. Let the adrenalin wear off and use the time to think about your goals. Start a business? Just live comfortably. Decide what you want first. If you don't you'll be easier to steer by people who may not have your interests at heart.
You'll need a financial planner to discuss your goals, but your plan should be to spend as little of the original principle as possible. Ideally you want to have a bit of it to spend right away (10-20% of the net) Then to invest the rest into stocks, CDs and such so that once your "mad money" is gone you can live comfortably on the interest provided by those investments.
A planner for investing
A trusts and estates lawyer to handle things in the event of your death or incapaicitation.
An accountant to keep track of what you have, where it is and what it's doing.
As for saying no to people....your immediate family (assuming your relationship is good and you want to do it), a one tiime gift doesn't seem inappropriate. To share nothing at all would just invite venom and anger.
PS---
Annuities aren't necessarily the best way to go. Lump sum has advantages. First off, the taxes are just done. Second, tax laws could change, increasing the burden on the annuity later. Third, with the buying power of the dollar consistently on the decline over time, continuing the annuity takes an ever larger piece of your real buying power.
2007-07-04 14:15:53 · answer #1 · answered by Atavacron 5 · 3⤊ 0⤋
The first thing you have to do is to keep your BIG mouth shut, as hard as it might be, tell no one. You will have to see someone about {can't think of the name} that if you should die before the pay out is finished it will continue to the person named. This has to be done BEFORE you pick up the check. You cannot will it to anyone. Above all do not take a LUMP sum payment, the tax will kill you, it is better to die a slow death if you know what I mean. At a 20 year pay out minus the income tax you should be able to live with in your means each year.
2007-07-04 14:12:22 · answer #2 · answered by John P 6 · 1⤊ 0⤋
Forget the advice about putting it in a bank. Talk to an accountant first to deal with the tax implications. Then, talk with an investment counselor. Go to a reputable firm for the investment counselor.
2007-07-04 15:24:43 · answer #3 · answered by jdkilp 7 · 0⤊ 0⤋
when it happens - get a tax consultant, an estate lawyer, and an investment advisor
until then - don't quit your job
2007-07-04 13:58:41 · answer #4 · answered by Mike Frisbee 6 · 3⤊ 0⤋
you should invest with your money and make sure you spend it privately because some people will kill for that large of an amount of money
2007-07-04 14:37:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
real estate is always a must. and put the rest of the money into your bank account. it will rack up some major interest!
2007-07-04 13:59:49 · answer #6 · answered by Anonymous · 1⤊ 3⤋
talk to a reputable licensed CPA. or two.
2007-07-04 13:59:07 · answer #7 · answered by macdoodle 5 · 2⤊ 0⤋