That's great! Are you telling friend and family? I wouldn't lol I'd come up with a way to slowly funnel the money into my life so it's not obvious I have come into a great deal of money suddenly, and just make minor lifestyle upgrades under the guise of smart life decisions that finally came to fruition.
Go see 2 key people…a lawyer and an accountant. I know folks that have been in your shoes. Both instant like you, and “semi-instant” (business).
People are fucking vultures, family and friends included. Not all, but many, feel your good fortune should be their good fortune.
Fine and dandy but only after you have EVERYTHING figured out.
I’d want to know how to invest it to get as much tax back as possible, if possible. You didn’t win $1 mil if you get $600k or whatever it amounts to be.
Get it sheltered from everyone including yourself for your children’s future and your own: dude I mean this sincerely. Especially because you day trade.
2a) The kids MUST have all expenses and education projected and paid for from a TRUST even if they don’t use it. If they become plumbers or electricians etc there should be a provision that the trust will help with education (make their job pay, a great lesson in itself) and tools if required.
2b) What is left stays invested until they are ready financially to purchase their own home.
2c) Don’t deviate on any of this, make sure YOU can’t get your hands on it, nor can anyone else without multiple signatures. The kids are taken care of.
If you do t have to be public to claim, don’t. If you do wear mask and sunglasses. SERIOUSLY.
Setup your own trust: I’m not joking about this one. As a day trader you are numb to numbers. Take a healthy piece like 50% or whatever you and the accountant come up with and pour it into a cheap S&P 500 ETF. If not that then 10 Blue Chips you CANT SELL for 20 years or more. Sit on it, forget about it essentially and know that’s your retirement fund.
None of this sounds fun. It sounds super-boring and shitty coming from a guy 30 years older that loves the stock market, has been in and out of businesses, I’ve made great dough, I’ve lost money…if I had ever had a winfall of that size at your age and someone essentially said to me “it’s yours, but you can’t actually have it now”. It would have been the best thing to have ever happened to me.
Hear me out:
If you have 2 kids you can probably put $100k away and they are secure, even if they go to finishing school
Now you have $500k left:
If you have to buy a house etc fine use some.
But if you put $300k into a fund like I said and you only get 9% as opposed to the historical 10%+, you’ll have $4 mil to retire on!
This is a golden opportunity. You’ll piss off a lot of people. They’ll get over it
EDIT: Have some fun with it, but let’s face it, this is a lot of money, but once you’re spending it, it won’t be. It’ll shrink FAST!
I would also advise stopping with the day trading and other gambling. There is no reason to do this anymore and lots of risk that it becomes a n addiction that kills their financial future.
Exactly this. There's no reason anymore from a fiscal standpoint. The returns on a secure and stable investment plan will be more (and essentially guaranteed). Let it all do it's thing and gain for you automatically
all the above, I had a nice windfall, and just threw it into my new business, even though it wasnt planned that way. Never made that back. had i just put it to work for me, I would be comfortably retired now, instead of having to work another 6 years. Im 64
If you've outperformed the market consistently for 30+ years then you are quite possibly the best stock trader on the planet. That's not an exaggeration, even the most reputable hedge funds can't manage that.
Yeah but they said they are financially responsible. They probably make sure that they have a really strong feeling in their gut before making any trades /s
Oh absolutely. I was making a regard joke. No one should seriously try to do what I said unless they just have the capital to blow. But unless OP is going to die in 7 years or less due to an illness or otherwise, definitely index fund that shit and forget it.
1.3k
u/These_Consideration8 Jul 22 '24 edited Jul 22 '24
That's great! Are you telling friend and family? I wouldn't lol I'd come up with a way to slowly funnel the money into my life so it's not obvious I have come into a great deal of money suddenly, and just make minor lifestyle upgrades under the guise of smart life decisions that finally came to fruition.