If I were Filthy Rich
By wegotthisonekidmongo+26 Would you let an investment firm manage the money? Or you yourself?
Let's just say you took home after tax 500million. Would you invest the money yourself? Or would you hire an investment firm? I would probably let fidelity or vanguard manage the bulk of the money and hire a cpa, tax attorney but after a certain level of income, those investment firms come with teams of those for your nest egg. I would collect it as a trust and let the attorney representing me appear publicly and claim it in the name of said trust.
Also I would take 100 million for myself and invest the other 400 million into long term stable stuff. With my 100 million I would invest in realestate and donate to needy causes, help others. Also I would make sure that 100 million lasted me at least 10 years to 20 years. I really would hope not to touch the 400 million until I am 65 or 70. I would work out every day and start running again. Cardio would be paramount as well as the gym and diet. I would get myself in peak physical condition to live a long time.
What would you guys do?
Recent responses
+25 @Sorry_Log7546 Hire a financial firm to manage my investments, live strictly off the interest earned. Help out parents and in laws with 20 mill each. Spend a lot of time with family. Travel the world. Enjoy my beach front house somewhere in Hawaii lol
+12 @Leeannminton 500 million after tax? Well, here is the order of things we have deemed if we won the lottery. 1) Obviously, pay off all our debt. About 50k, including student loans. 2) Buy house from in-laws with cash about 260k-280k 3) Buy the house for Sister about 300k in our area for the size she needs. 4) renovate both homes to be up to date with electrical and inline with our individual aesthetics, including landscaping and food gardens. About 500k for both houses. 5) trust funds... kids my sister has 4 I have 2. Each child is getting 1 million if the funds are at the 500 million you mentioned. 6) I imagine everyone will want to shop for clothes, electronics, an hobby equipment plus go on vacation so at this point that's probably 8 million before we have invested anything for our future beyond housing and setting thr kids up for college/head start in adulthood. 7) since we have 500 million which we could never possibly spend in our lifetime because it just isn't who we are. We set up trusts for a few more family members. A) The in laws we bought the house from they get 2 million in a trust to help further extend their retirement B) my brother in law currently lives with us and he can continue doing so, but he gets 2 million to play with and do as he pleases. C) I don't get along with my mother, nor do I speak to her, but if I won this much money I would have an attorney contact her and provide her with enough funds to pay off her half a million in student loans and any other debt she has because I do not want to deal with that headache when she dies. Probably give her 2 million on top of that to stay away from me and my boys who she keeps trying to steal. D) my other sister who doesn't really speak to me, I contact and ask about her student loans and pay them off for her along with offering to pay for her wedding. We are probably reaching about 16 million spent at this point. 8) husband and I each take 42 million to invest in whatever hobby business/businesses we want. And that makes the first 100 million spent. 9) 200 million gets split between 2 trusts that will go to each of our sons after we pass. 10) 100 million goes into an investment account that allows us to live in the now and pay our monthly bills/cover emergencies. 11) 50 million goes into a retirement account for when we are 60 plus 12) The final 50 million I'd probably diversify between my sister who I'm buying the house for a few charities, randomly buying people's groceries because I have always wanted to do this. Stocking the shelves of all the food pantries who helped us when we couldn't afford food.
+11 @PickASwitch I need professional help with the money. I’m going to a reputable place and dealing with fiduciaries only.