Whether inheritance or lottery, how do you know who to trust with your money? In small towns people will talk. To remain annonymous, who do you trust to handle your money properly? Yes, this is hypothetical, but probable too. A regular bank would not work, a local lawyer seems to 'local'. Its scary when you know people will want to take advantage of your good fortune. For this future philanthropist, I need advise!
2007-08-27 03:33:09 · 7 answers · asked by Nanette E 1 in Business & Finance ➔ Investing
It depends what you mean by a lot of money. For some people, getting 10,000 is all the money in the world and can mean the difference between home ownership or foreclosure. I inherited a tremendous amount of money after fighting for it for 25 years. I have split up the money into variable life insurance plans, mutual stocks and bonds, short term/long term cd's, asset allocation and of course cash assets. Luckily, down here in Palm Beach County, Florida some of the richest people in the United States live on Palm Beach Island and Manalapan (Donald Trumps summer home is about 15 minutes from my house) so there are plenty of banks in the area that deal specifically with trust fund babies and big money. I did a lot of research on what I was going to do with my money. Before making any decisions I hired an investment company that provides lawyers, investment accountants, and stock brokers who go over every word of every contract before I sign them and run computer multiple scenarios to make sure that my money makes money.
2007-08-27 05:30:17 · answer #1 · answered by flyingrizzly 3 · 0⤊ 0⤋
Go to a nearby large city and talk to an accountant or investment professional. They can give you advice and may be able to recommend a lawyer with experience in this sort of thing. This way you can avoid the "small town lawyer" who knows you and everyone else and you will be able to get good advice from someone who is in the business and would be relatively unbiased.
2007-08-27 10:42:50 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Would it be possible for you to spread the money out between different banks. Then you could just put in the amount to make sure it is all insured. Otherwise maybe a family member or close friend that wouldn't take advantage of you.
2007-08-27 10:42:45 · answer #3 · answered by Ashley 2 · 1⤊ 0⤋
Hire a contract lawyer and an accountant (maybe the lawyer can help you with that). Then buy liability insurance, because people will come out of the woodwork to sue you for all sorts of things. Don't carry the cash around with you nor buy lots of expensive things that will just get stollen.
2007-08-27 12:37:44 · answer #4 · answered by gregory_dittman 7 · 0⤊ 0⤋
Invest it into a 5 year CD
That should give you time to get a bachelor in Finance and whatever charter/professional designation you deem necessary. Then, you should be able to handle it by yourself.
The key is to NOT upgrade your lifestyle
2007-08-27 10:54:26 · answer #5 · answered by Olivier W 2 · 0⤊ 0⤋
Turn your money into assets. Grow the value of it instead of saving and allow inflaton to eat into the value of your money. You can place your money into programmes provided by Sunshine Empire (http://www.sunshine-empire-holdings.com) and other higher returns programme. Or by invest in properties which can hold the value of your assets.
2007-08-27 11:06:15 · answer #6 · answered by FurY_Kid 1 · 0⤊ 0⤋
invest in some fund's and trust's which your money will generates more money of it.
used some of it for charity, do some volunteer work.
enjoy the rest of you life.
no one will know if you do it alone so there is no so call advantage taken from you.
2007-08-27 10:59:18 · answer #7 · answered by Spidy Josh 2 · 0⤊ 0⤋