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If I were Filthy Rich
By mbtcworld22
+14 Why hire an advisor/lawyer?

Cant I just do the generic way of investment? Just spread 50% of my my winnings on a bunch of index funds from multiple brokers(in case a broker fails). Then the other 50% you spread on government and corporate bonds. Lets say interest rate is 5%, you take like 2% as your income. Reinvest the 3% back so you keep up with inflation considering you are not touching your stock portfolio.

Is this wrong? is this not enough? Why hire anyone? What is there to do with advisors/lawyers? Is there some secret sauce to magically double my money? And even then, I very much doubt that, and Im more willing to safeguard my capital than to take stupid risks just to make more money. I'm already set for life, why take more risk just to make more money, especially if the consequence is losing all that money and back to being poor.

Recent responses

+21 @anilorac01 Estate/ trust lawyer is a must.

+11 @tobesteve I suspect there may be things that we don't know about. For example let's say you buy a house, a worker comes in, trips and breaks their arms. Now they can sue you. I believe, but don't quote me, if the house is under your name, they can go for all your money. However had the house been under an LLC, which only owns the house, the most they can get is that house.  Now I'm not a lawyer, and not sure how correct is that example. However, I think there might be situations like that, where you don't want to directly own things.  That's the trouble, we can find some things, and protect ourselves from them, but a lawyer who does this for a living will know things we don't know about.