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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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55493560 No.55493560 [Reply] [Original]

My father is about to pass and told me he's going to leave me a million USD and the family house. I'm 36. I know that's not a lot of money for some people here, but for me it's life-changing. What is the best way to handle this kind of money so I never have to wageslave again? I was thinking about trying to invest and get dual citizenship somewhere so the money could go farther than in the US, which is overpriced for what it offers. Thanks.

>> No.55493566

Do what Donald Trump did

>> No.55493599

>>55493560
Honestly right now just wait for good entry on pepe lmao

>> No.55493607

>>55493560
etf/dividends and get yourself a money accountant manager to help you with investments. do not just leave it sitting in your bank wasting and for gods sake dont spend almost any of it til you get investments and passive income coming in so you can be comfy.
you got this anon

>> No.55493623

>>55493560
Put it into an index and let it grow. It took me from the age of 16 to 33 to get $1mil in the markets.

Put it all into something like a no fee S&P or a Blue Chip index fund. Then FORGET ABOUT IT. You of course want to set it up so the dividends you receive are rolled back into the funds so that your little nest egg grows and grows.

>> No.55493625

>>55493566
Invest in property?
>>55493607
Thanks. Would moving to Argentina or Portugal be an option with that amount?

>> No.55493639
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55493639

>>55493607
Seriously don't fucking spend a cent on stupid shit. Congrats on being able to escape the wage cycle.

>> No.55493648

>>55493625
Stay on the US. There's a reason millionaires from other countries move here and not the other way around.

>> No.55493662

>father is dying
>op is here asking how to lose money
wh*te people have their priorities fucked up

>> No.55493669

>>55493639
Thanks, hopefully I can escape it. I'm pretty tight with my money.
>>55493648
A lot of the shit in the US is 2-3 times as much though. Why not retire somewhere with a lower cost of living?

>> No.55493675

>>55493662
It's a demoralization larp post.
Learn to lurk moar.

>> No.55493691

>>55493560
Hey OP, your dad here.
I tell you I''m dying and the first thing you do is post on /biz/ to try and make a profit. Yikes.
I'm donating all that money to starving children in Africa instead.
Good luck waging all your life son

>> No.55493721

>>55493662
He lived to be quite old and had a good life. We are very close. He's in pain and is pretty much ready to go. I'm asking how to make money with the inheritance invested properly, be that stocks, real estate, or something else

>> No.55493759

>>55493675
Is it really that unrealistic that a father could pass down a million in an inheritance? My uncle was a very successful doctor and I'm sure his children will get at least that amount

>> No.55493811

>>55493560
>What is the best way to handle this kind of money so I never have to wageslave again?
keep your job and act like nothing changed

>> No.55493836

Put 15% into gold. Invest 75% of the rest in safe blue-chip dividend stocks and sell out-of-the-money covered calls.

Put 10% into crypto/penny stocks.

>> No.55493863

>>55493759
Yes also kys faggot stop posting larps it's not funny you spend your days trying to waste people's time for no end goal at least for those who engage with your retarded ass.

>> No.55493907

>>55493836
>BUY THE TOP OF EVERY MARKET RIGHT BEFORE A MASSIVE RECESSION

good advice moron.He should put his million into a money market account earning 5% interest thats $4,200 usd a month. Sit in cash earning 5% until the next correction then dollar cost average in.

>> No.55493920

>>55493625
Np anon just glad to hear another person gets a chance to escape wagery. Please for the love of god dont spend any til you have proper passive income coming and have an accountant and all your funds properly setup and invested.
Than keep like 25-50k for play money (I paid off some debt and fixed my car and did some work on my house and put in a garage and sat on the rest for emergancy)

>> No.55493993

>>55493560
Whatever you decide to do you MUST put 10% into gold and silver as a backstop. Everything is inflated to fuck.

>> No.55494010

>>55493993
seriously do NOT do this. Do not buy shiny rocks. They return nothing to you. Silver is a horrible investment and never breaks $30. Keep your precious dollars in a money market fund returning 5%. That is far better return than silver/gold. Don't believe me? Try to pay for a meal with a silver round. You will get laughed at and or arrested.

>> No.55494013
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55494013

>>55493560

>> No.55494547

>>55493560
I'm sorry about your father, OP.

Consider getting advice from a financial advisor, but be careful. You want one who's required to do what's right for you (a "fiduciary"). You don't want one who makes money by selling you investment products that aren't good for your situation.

Maybe you'll use some of that money to build a small emergency fund, to pay for various expenses (e.g. taxes, funeral), or to pay down debt. The rest would be invested for the long term. For the latter, I'd buy stock and bond index funds. I wouldn't touch crypto, real estate, or precious metals at first. Immigrating or getting a second nationality can be expensive and difficult, so I'd do plenty of research before making a move in those areas.

>> No.55494553

>>55493560
Buy a horse and a bucket.

>> No.55494572

>>55494553
JTRHNBR FTW

>> No.55494588

>>55493625
Argentina is becoming communist so no