I just inherited 6 million dollars

i wish i had a family member who was worth a ton of money who died. best case scenario for me would be my parents both dying at the same time, and even then that would be worth like 200k - maybe, and that's if they gave me anything, which they probably wouldn't. so i have to actually work hard and make my own nut like the rest of us, minus buize.
 
Rayn said:
set aside your immediate spending fun money and go do whatever. don't go nuts.
set aside a rainy day fund, all cash.
pay off all debt.

we are now done touching the principal.

have one account that is a brokerage account. this is a taxable account. this money is invested in a basket of blue chip dividend paying stocks and if you play it right you can yield 4-5% with minimal risk. these companies should be regularly dividend growers.

you calculate what % of those stocks you need for your yearly income and you take those dividend checks as your income. that is taxed at 15%. that's pretty good. now you are doing what rich people do.

all remaining stock, designate for dividend reinvestment. this will take the money that is just sitting there anyway and have it buy you more stock and thus compound the balance of stock you have sitting there to pay you dividends in the future. now your principle is growing and somewhere down the line increase your current income or be sold for other expenses. over time, it could become substantial

continue to work and fund whatever retirement vehicle tax law allows (probably going to wind up being just an IRA but whatever). you can eventually fund the shit out of a 529 if you have kids.

that's my high level advice. be really careful with financial planners for doing basic shit.
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rayn do u only buy into stocks? wouldnt putting ur money in all blue chip stocks be all high beta? i imagine u should hedge some in gold/utility or something but i'd like to hear it from the high-level financial dude
 
havax said:
i could easily retire on 6 million. buy a house on a salt water canal in corpus and a 22 foot shoalwater and go fishing everyday for the rest of my life.

fuck you, buize.
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ya
fucking 6 million dollars would last me forever even in austin
buy a 500k nice house, then just chill out in it and do whatever

thats a fuck load of money, you guys
 
narmF said:
i wish i had a family member who was worth a ton of money who died. best case scenario for me would be my parents both dying at the same time, and even then that would be worth like 200k - maybe, and that's if they gave me anything, which they probably wouldn't. so i have to actually work hard and make my own nut like the rest of us, minus buize.
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A real piece of work.
 
yeah it's fucked. not actively wishing for it. but if i had a grandpa worth millions and i was set to get a few of those millions - you know? i wouldn't put it past me or most normal people to be counting down the days until they croak. death is part of life. it can be sad, but it certainly is a lot better when you have something to gain from it.
 
the capitalistic dream...
work for immaterial substance called "money", once you acquire it you can start living "comfortably".

Only reason to work, not because you like to work, just because it gets you money.
We humans have made some silly rules and systems.
 
buize said:
I didn't even know how much money he had
I've been working and studying 80-100 hours a week for the past ten years trying to ensure a comfortable lifestyle. Now I can do it without killing my health
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you won the lottery without even playing!
 
buize said:
I didn't even know how much money he had
I've been working and studying 80-100 hours a week for the past ten years trying to ensure a comfortable lifestyle. Now I can do it without killing my health
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That's truly awesome!! Would be so less stressful knowing you have a massive safety net and can now go out and just enjoy life, and help others along the way. Congrats man!
 
dood he was born indian and made to become a doctor

he kinda did earn it if u think about the fact that he managed to live up to his family's expectations
 
Feannag said:
Work hard at... Having an older relative with a shit-load of capital and/or assets who wills you a good portion of it?
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Well if he really worked and studied 80-100hrs/week for the last 10 years then I'd say yes, he knows the meaning and value of hard work. Even without this 6mil Im fairly sure he'd have quite the cushy life being a doctor.

Some people win more money by playing numbers on a lottery ticket for $2.... at least this guy busted his ass for 10 years before lucking out :)
 
Feannag said:
Work hard at... Having an older relative with a shit-load of capital and/or assets who wills you a good portion of it?
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it is possible that had he been a bum, the inheritance would have gone elsewhere? if i had money i would only be willing it to those who i knew deserved it.
 
narmF said:
yeah it's fucked. not actively wishing for it. but if i had a grandpa worth millions and i was set to get a few of those millions - you know? i wouldn't put it past me or most normal people to be counting down the days until they croak. death is part of life. it can be sad, but it certainly is a lot better when you have something to gain from it.
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In respect to 6 million dollars, it wont be a lot. But I'll get around 1.5 mil in inheritance. It'll cost me my grandparents and my father.

I sincerely don't look forward to the days I get that money. I suppose its different if you're not close to them, but it seems to me thats a small return for 3 great people.
 
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