I just inherited 6 million dollars

buize said:
He owned a patent and trademark law firm and a ton of property
Everything goes to my father and me
Im horrible at money. I don't even have a credit card
I might continue working casually in a small town hospital but I definitely need to get the fuk out of Philly first
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move to Costa Rica, buy a house at the beach, sailboat or yacht and live like king
 
Eggi said:
historically, the S&P500 has returned 10%. There are better investment options with that kind of money, but you could just do the dumb thing and throw it in a mutual fund that tracks the S&P and be good to go
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Solid advice if you don't want to take risks and just pull a pretty much guaranteed 7-20%.
 
money is the root of all evil it is bad stuff

i will take it off u buize by turning it into grant money

grant money is awesome it is good stuff

gief moniez pl0x
 
Hire a financial planner to help you figure your shit out, hourly if possible. There's a lot of ways to screw this up, and doctors are notorious for doing so.
 
narmF said:
pull out 80k as downpayment on new house to get more favorable rates

take 1.5 mil and let firm manage it (invested in tech and health), and then forget about this money until you're 50.

put the rest into semi-liquid, short and long term accounts, etc. make it accessible to different levels, but inaccessible enough that it's a bitch to spend without some paperwork/few days delay.

plan on pulling 10k/yr for a nice trip or something.

now get back to working like you don't have any money and live a nice, comfortable life with your shit together without excess. make your own coin.

at 35, now that you're a little smarter, but still healthy enough to have fun, evaluate your finances and figure out how to maximize the amount of enjoyment you will get out of your money before death.
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Lol retard.

Pay your house off. Do not carry any debt. Then invest and fuck all with it
 
Ender said:
Lol retard.

Pay your house off. Do not carry any debt. Then invest and fuck all with it
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Actually, the opposite. Almost every millionaire/billionaire has a mortgage. There are a lot of tax reasons for doing that, as well as the fact that you have access to money markets that are a far more lucrative use of your funds and you can negotiate a ridiculously low interest rate on the house.
 
ya it's just too bad when you lose your ass in the market and then they take your house too cause the only thing you own is the useless crap in it
 
Livingdeath said:
Actually, the opposite. Almost every millionaire/billionaire has a mortgage. There are a lot of tax reasons for doing that, as well as the fact that you have access to money markets that are a far more lucrative use of your funds and you can negotiate a ridiculously low interest rate on the house.
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I'd secure a roof over my head, first and foremost. Seems like a no-brainer decision to me- buy a house outright first, invest the rest.
 
buize said:
My grandfather died now in morning
I finished residency already and I started a fellowship but I'm quitting that ASAP
Philly is the worst fukin city to live in so I'm getting out of there
That's about all I did so far
I have like 170k in debt that I'll pay off
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I wouldn't recommend making any changes too fast. It still might be a good idea to continue your shitty work for the moment depending on how you want your future to be. Just sticking with the current situation a little longer to make sure you're clear on what you're doing next isn't really a big loss considering how much future freedom you're gaining.

However working a job you hate for the rest of your life would be fucking retarded. In any case, congrats on winning the lottery!
 
amRam said:
I'd secure a roof over my head, first and foremost. Seems like a no-brainer decision to me- buy a house outright first, invest the rest.
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yep

maybe get some rental properties and have someone manage them and just live off of that

myself though I wouldn't need a super baller existence. just lots of vacation time and toys would keep me busy for the rest of my life I'd think
 
amRam said:
I'd secure a roof over my head, first and foremost. Seems like a no-brainer decision to me- buy a house outright first, invest the rest.
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that's because you're bad with money

30 yr mortgage is currently at like 4%

Better to put down minimum amount to secure favorable rate (like 20% so you dont have to pay PMI) and invest in something that gives better returns as Narmf mentioned.
 
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As you're probably gonna have to continue working in some capacity, I don't know that quitting your fellowship is the right move. It is likely best to let things settle for ~3 months, while you meet with a planner and figure out what the purpose of the $6M is.
 
Eggi said:
that's because you're bad with money

30 yr mortgage is <4%

Better to put down minimum amount to secure favorable rate (20% so you dont have to pay PMI) and invest in something that gives better returns as Narmf mentioned.
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Its not because Im bad with money, its because I have a different set of priorities. I'm not advocating he purchase a 4M villa, just a decent house he wants to live in and some land he can call his own- not the bank's.

The house isn't an 'investment' for future return, it's a roof over his head. Should the economy collapse and all his investments go to shit, he still has a place to live.
 
amRam said:
Its not because Im bad with money, its because I have a different set of priorities. I'm not advocating he purchase a 4M villa, just a decent house he wants to live in and some land he can call his own- not the bank's.

The house isn't an 'investment' for future return, it's a roof over his head. Should the economy collapse and all his investments go to shit, he still has a place to live.
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Also depending on buize's personality, it's good to just have something locked in. Maybe it's because he's going to blow his money or possibly it's just that he'd feel more comfortable having something set in stone. Both are legitimate reasons. Besides if he spent a 1/10 of his inheritance on a house and invested the rest, it wouldn't really be a huge difference relatively. I think it would be a stretch to automatically call something "bad investing" if you don't act 100% with a strategy of maximal generation of capital. It largely depends on your personality and what you're most comfortable with.
 
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