I found out 3 weeks ago my uncle left me some money. I have been going over his will with his lawyer, and I'm a little confused. How can I invest this money so that it lasts me a lifetime and I could have some left for future generations? How long do I have to wait to actually get the funds? Does anyone know? Can any wealthy people tell me how I can stay wealthy? Any advice on trusting people (i.e. accountants, CPAs) ?? Please feel free to leave me a message in my email directly, that is definietly an option.
2007-08-24 11:02:15 · 10 answers · asked by Sexy Slim 1 in Business & Finance ➔ Personal Finance
Go and talk to an investment counsellor who is willing to explain to you how these things work. Otherwise you are going to be bilked out of your financial windfall.
2007-08-24 11:07:36 · answer #1 · answered by ? 5 · 3⤊ 0⤋
Probate varies everywhere ( time to process it ) so we have no idea of how long ,
You should have asked the lawyer how long it takes where his court is .
Also investments can go up OR DOWN so there are no lifetime guarantees unless you go with strictly bonds or other fixed income .
Many money managers view YOU as income and will use your accounts to churn activity to gain commissions .
If the uncle left you at least $1 million , you should be able to put it into bonds for about $50,000 a year BUT you will pay taxes on that $50K .
FYI - wealthy is a vague term , what do you mean ?
While it usually takes about $250K per year for that category , my niece actually thinks $25 ,000 would be wealthy .
WHAT is your meaning of it ?
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2007-08-24 11:14:56 · answer #2 · answered by kate 7 · 0⤊ 0⤋
Keep the money in very safe investments at the beginning while you:
1) get comfortable with a big amount of asset ($$$) under your control
2) talk to a investment advisor about your situation (as other people said)
3) read up on personal finance magazines / websites / blogs until you hear all the usual basic advices
Then after a while, you can decide on what to do. When you first get a lot of money, it's hard to keep a level head and do the right thing.
2007-08-24 11:42:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Ditto to what he said. Find a counselor that you trust and ask him to help you invest it.
Some things to look for: A good investor will help you diversify where you invest your money so that if one market does poorly, you aren't out of luck. Run from anyone who claims you will make a lot of money in a short amount of time. Investing properly will make you a lot of money, but slowly.
You want to invest in something that expects to make more than 5%, but closer to 10-12% is better. I'm not sure the exact amount, but somewhere around 4% is the usual inflation rate, so look for something better than this or you'll just be keeping up with the economy and not actually making money.
2007-08-24 11:11:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Do NOT and I repeat do not respond to any of the idiots here who will undoubtedly be willing to help you. This is no place to get serious advice on anything.
Go to a local Financial Planner where you can walk in and meet the person and go over your entire lifestyle and everything else.
Please listen to me do not respond to anyone from this site they may be precious but it is the really bad people you have to protect against!
2007-08-24 11:11:40 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I'm a CPA and also serve as an investment consultant mainly for business but some personal as well since I retired. I would be glad to give you some advice. Just send a message to my email address detailing your goals, age, amount of inheritance, etc. or just ask me whatever questions you want especially on who you can trust and who you can't.
2007-08-24 11:09:53 · answer #6 · answered by Anonymous · 0⤊ 2⤋
Talk to family and friends and ask who they invest with. My personal experience is to stay away from brand name investing companies and look for a successfully independent firm.
I have placed allot into my 401k since I am still working, along with different IRA's I came across with my finace advisor who I trust.
2007-08-24 11:13:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋
simple donate all money or invest in some charitable purpose trust me not only you your family and your coming generation will also benefit from this act of yours n will be wealthy in the world herefter
2007-08-25 02:42:35 · answer #8 · answered by NJ 1 · 0⤊ 0⤋
investment counsellor
2007-08-24 11:09:48 · answer #9 · answered by southernprideinmyveins420 1 · 0⤊ 0⤋
put half in the bank and the other half spend it wisley
2007-08-24 11:11:26 · answer #10 · answered by mrs.mikoman 1 · 0⤊ 0⤋