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06-26-2017, 03:10 PM #1Registered User
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- Jun 2017
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- 8
Need financial advice: receiving significant windfall soon
Obvious alias here. Need some help from the financially responsible set of dentists with large practices and much wealth. Here's the lowdown: I am about to receive a significant sum of money. Not quite fuck you I'm quitting my job and buying an island and/or ski resort money, but enough to pay off the house, two vehicles, student loans, all windfall related taxes, fully fund both kid's college funds, remodel the house and still have around 6 figures left over after all of that.
Where would you park said sum of money? Would you pay off all debt (highest interest loan is 3.125%) or keep the loans in place to use the cash elsewhere? Would you reinvest it in something? Buy a vacation home? Hookers and blow? I plan on continuing to work (I'm under age 40) and I already max out 401k and Roth account contributions.
TIA.
Still can't believe this is happening.
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06-26-2017, 03:13 PM #2
You should send me the money for safekeeping.
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06-26-2017, 03:14 PM #3Good-lookin' wool
- Join Date
- Oct 2005
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- 11,758
Don't ask this bunch. Go hire an attorney, a financial planner and an accountant now. Don't make any crazy life choices in the first few months. Figure out your charitable giving plan. Have your estate documents in order.
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06-26-2017, 03:19 PM #4
I sell Ferraris and shit. Jus saying.
"I don't pretend to have all the answers, and I think there's something to be said for that" -One For The Road
Brain dead and made of money.
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06-26-2017, 03:27 PM #5
Beanie Babies, the markets bound to make a comeback.
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06-26-2017, 03:30 PM #6
_Alias_Windfall
congrats!
have you thought about investing in hookers & blow™?
which is your favorite ski region thread?
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06-26-2017, 03:31 PM #7Registered User
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- Aug 2007
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- United States of Aburdistan
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06-26-2017, 03:32 PM #8Registered User
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- Jun 2017
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- 8
Wasn't planning on making any crazy moves other than paying off debt, but I don't even know if that's a good move with the low interest I'm currently paying with my salary. Estate plan is in place, already itemizing deductions so giving more to charity isn't significantly going to change the tax situation, don't have enough capital losses to offset this kind of income.
And I thought asking TGR was asking the best of the best for advice on everything from what color ski goes fastest to astrophysics and everything inbetween.
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06-26-2017, 03:33 PM #9
PM Digital Death. Heard he made a killing on Twitter stock.
Seriously, find respected financial consultant.
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06-26-2017, 03:33 PM #10
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06-26-2017, 03:36 PM #11
I would put 30k minimum in bitcoin/ETH/crypto and HOLD. In 5-10 years you will be VERY happy you did. I have a good friend who guides people through this for a living. I know some of his clients are TGR board members. PM me if interested and I'll get you hooked up.
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06-26-2017, 03:37 PM #12
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06-26-2017, 03:39 PM #13
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06-26-2017, 03:39 PM #14
Fidgetspinners.
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06-26-2017, 03:41 PM #15
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06-26-2017, 03:41 PM #16
FIFY.
If he goes full Bunny (never go full Bunny), he'll be on a fixed income, and he'll want to watch out for excessive spending like a new Bernie Sanders sex doll. Those don't hold their value well (steep depreciation curve), so a gently used one can be a great bargain.
OP - this is the sort of valuable life coach advice I can provide. Consider this one a freebie.
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06-26-2017, 03:44 PM #17
While I humbly (like any good dentist) disagree with the first sentence everything else is spot on.
Hire a very good estate planner attorney. DO NOT get one who does estate work along with other practice areas. You and your family deserve that. It is complicated work and words matter more there than in many others areas of practice. Same can be said of a tax attorney.
If the above cannot guide you with financial decisions (they should) then partner with a good advisor. Interview many, at least 3. You may find, as you mentioned, that it's more prudent to leave low interest debt in place and let the money work its multiplier effect for you in other ways.
As is commonly referenced around here, even Mark Zuckerberg has a mortgage.
Good luck.I still call it The Jake.
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06-26-2017, 03:51 PM #18
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06-26-2017, 03:51 PM #19
Dude... if it's as much as you're implying and you don't retire now... you're doing it wrong.
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06-26-2017, 03:54 PM #20
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06-26-2017, 04:07 PM #21
No hurry on the attorney--eventually you will want to have a trust set up with an estate attorney but that's not your immediate concern. Find yourself a fee only financial planner to help you work out the options. You don't want a "financial planner" with a bank, brokerage, insurance company--anyone with something to sell. And a CPA of course.
A lot depends on your risk tolerance. You can do better than 3% investing but you can also lose money. Paying off your loans is a risk free 3% investment, and that's hard to do any other way. If you have enough money for kids' college education you want to park that somewhere very safe, even if the interest is low. If you think you will need to supplement their college fund from current income then it will help to have paid off all your loans by then and defiinitely by the time you plan to retire.
Consider protecting your assets with an umbrella liability insurance policy.
If you do buy a vacation house do not consider it an investment. It only makes sense if you're going to use it or make enough money renting it out to cover the mortgage and expense.(And include having a property management company in the expenses, unless you're looking for a second job.)Last edited by old goat; 06-26-2017 at 04:25 PM.
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06-26-2017, 04:08 PM #22
Need financial advice: receiving significant windfall soon
Some decisions have to be your own and not those of an advisor. Any advisor. If you can't stomach having debt pay it off. Same goes with risk. When you figure out what kind of risk profile you want to take implement with the lowest fees.
All the major online brokerage firms offer free or very low cost planning.
For example:
http://www.schwab.com/public/schwab/...heriting_money
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06-26-2017, 04:09 PM #23Registered User
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- Aug 2007
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- United States of Aburdistan
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- 7,281
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06-26-2017, 04:11 PM #24
hold the cash
duh
any advisor is gonna costZone Controller
"He wants to be a pro, bro, not some schmuck." - Hugh Conway
"DigitalDeath would kick my ass. He has the reach of a polar bear." - Crass3000
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06-26-2017, 04:14 PM #25
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