Other than the fantasy spending sprees, what would you do to ensure the proper amount of taxes are covered and to maximize financial growth through investments.
2007-08-24 07:13:35 · 5 answers · asked by Jim45238 1 in Business & Finance ➔ Other - Business & Finance
you need to talk to a financial advisor, and a CPA. First, you should take half of that money and invest in an IRA, or some other sort of fund for retirement. That way you can't squander it all away and grow old having to work as a door greeter at Walmart just to make ends meet. As far as taxes are concerned, if you take a lump sum, the taxes are taken out when they pay you. I'm not totally sure about annual payouts, this is why you should talk to a CPA. They're worth the money.
2007-08-24 07:24:24 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1. Give a tithe to your church.
2. Give something to your favorite charity
3. Invest for long term or retirement or children's education
4. Pay off ALL loans, credit cards, mortgages, etc
5. Spend 1% (A sailing cruise in the South Pacific)
6. Hire a financial advisor and turn the balance over to him/her with a goal to provide a monthly income for you to live on.
2007-08-24 07:23:03 · answer #2 · answered by 8-) Nurf Herder 4 · 0⤊ 0⤋
I would take a small vacation. Use the money in a normal manner. Pay off my debts. Keep working Buy my House, and most of it put it to a Whole life insurance/saving plan for when I'm old and the rest into investment. Oh wait a minute. I did do that.
good luck
2007-08-24 07:23:00 · answer #3 · answered by Ale.SP 3 · 0⤊ 0⤋
Find a good lawyer, CPA, and investment advisor, and hire them on a for-fee basis - not on a percentage!
Then change your phone # to an unlisted #, and be careful who you give it to.
2007-08-24 07:22:40 · answer #4 · answered by Ralfcoder 7 · 1⤊ 0⤋
most likely they're going to take the taxes out before they give it to you. as far as investments go, remember to diversify
2007-08-24 07:22:18 · answer #5 · answered by m deal 3 · 1⤊ 0⤋