For those of you who have been/are in this situation, what did you do??? Looking to have a nice stream of cash, maybe retire early, etc...
Going to talk with some advisers to see if there is a consensus of thought, and very curious what my fellow SI's have to say. Thank you!
The cruel, the unkind, those without honor, feast on the tender heart...
Investing a million in cash...
For those of you who have been/are in this situation, what did you do???
This should be interesting...
"Truth has no special time of its own. Its hour is now - always." - Albert Schweitzer
Me: BW - Him: 200+ # tumor removed 7/09
DS - 31 - Yikes!
For those of you who have been/are in this situation
Whoa. I wish.
DD(21), DS(18, PDD-NOS)
6 Furkids - 4 dogs, 2 cats
WXH (serial cheater, 12+ OW) - Legally married 18yrs
I edit often for clarity.
Someone who is fee based, not commission based
I would go to a few financial advisors before settling on one
are sound advice IMO and it should not cost
for a nominal fee of $975,000
Before you go you should do some reading. The stuff you read will from various places will contradict and will not give you the answer of what to do. It will probably have you feeling less sure of what to do, but the knowledge will help you have intelligent discussions with a financial planner.
One quick thing I learned; never bet against the USA... When it seemed the end was near in 2008, I was pumping in as much as I could... Worked out OK after all. Thanks again.
..but that's just me
You can easily invest that in such a way as to live a very comfortable retirement. And by comfortable, I mean simple. That's the direction I'd go. Not sure if that's what you're looking for, but there it is.
Now, if you're looking to invest to make more, I have no idea, no drive to worry about that at this point in my life. So what do you want to do?
Myself? Early retirement living pretty much at the place I'm at now in life.
ETA - elaborating on simple. My dream car can be a daily driver and costs less than 20K. I like to travel, but would rather travel to out of the way places rather than what some might think of as expensive places. Sometimes the two jive. Live in a place that I like. Volunteer. Not worrying about some purchase here or there.
[This message edited by BaxtersBFF at 9:42 PM, August 1st (Thursday)]
My 2Ę? "Don't put all your eggs in one basket."
In my effort to be *concise*, I often come off as blunt and harsh. Sorry, don't mean to be offensive.
The future's so bright - I got to wear shades
Plant Seeds of Kindness
Dream?... Buy some land, build a very modest dwelling, raise some of my food, and have a great person to share in it. I'd like to travel whenever I want, give some away to charity, and someday give my DD generational wealth.
Yes gonnabe, it was me, and EW still bitched like I "never did anything while a SAHD during D"... It was so great when the judge saw the spread sheet, and came right out and said in not so many words
"Your wife is fucking crazy liar, or a totally mean spirited nutjob bitch to tell me/the court that you have contributed absolutely nothing financially to the marriage despite your investment and actual employment contributions".
I have always flown solo, never used a broker/advisor, and thank you for the help.
The really experienced portfolio managers (who often get the best returns) often have $2, 3 or $5,000,000 minimums.
If you find someone you can trust, STOP asking friends, SI friends and relatives (etc.) "what they think" and start doing what your Financial Advisor thinks. Nothing will drive them crazier than you bringing ideas to the table from "your Uncle Charlie the CPA" etc.
Find someone who is more interested in your goals than in selling you something or 'one size fits all.'
You can easily invest that in such a way as to live a very comfortable retirement. And by comfortable, I mean simple.
If you can live on $50,000/year or less in retirement (before taxes) that's fine. Many people cannot.
[This message edited by TrulyReconciled at 7:56 AM, August 2nd (Friday)]
But I have a couple of close friends who are in your situation, and this is how they worked it out:
Start with the % you could lose TODAY that would basically make the two end $amounts equivalent in your mind. For example, is 999,999 roughly equal to 899,999? If you have 900,000, do you round it up in your mind to 1,000,000?
Subtract the smaller amount from the larger amount. That then is what you set aside to give away for charity in the next 5 years. So, maybe it is 2%, 5%, maybe 10% of the total, but your goal with this amount is to use it to make something external to you better - whether it is humanitarian, environmental, whatever you decide. Put that amount in two accounts, 25% in a checking account, the remaining 75% convertible to cash in 6 months without penalty. These two accounts are your smile fund. Use the $ in a way that makes YOU feel good about doing good.
Next figure out the minimum you need to retire based on a modest ROI (the financial planner can help you with this calculation), and invest 75% of this very conservatively. Put the other 25% you need for your retirement in "relatively safe" stocks.
Everything else that you have left, is your high-risk, high return potential fund. You can use part of it for small, local business investment, and part of it in a stock portfolio that you hope will give you the very best returns.
That said, I invested everything I had in a small local business (the one my husband and I started together), and I'm losing it ALL. One of my friends who also invested in the business will be unlikely to see any return for a decade, if the business survives, and may still loose it all, just like I did.
So I'm starting over.
And..... I'm thinking of starting another small local business.
Separated, divorcing, moving on.
I edit because I always make typos.