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/biz/ - Business & Finance

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26231566 No.26231566 [Reply] [Original]

You "made it" and cashed out 5 million dollars. What do you do next in order to secure yourself for the rest of your life? What do wealthy people do? For example, do you have to buy extra umbrella insurance policies so someone doesn't try to sue your wealth away?

>> No.26231614

>>26231566
>5 million dollars
thats peanuts i hardly call that making it. maybe in a third world country. You can't even buy a private jet with 5m

>> No.26231668

>>26231614
>You can't even buy a private jet with 5m
Most of us don't want that, we are just lazy and refuse to work for 50+ years.

>> No.26231674

>>26231614
Who the fuck would want the operating costs of a private jet? Nigger tier dreams

>> No.26231690

>>26231614
You can live a nice life for the rest of your life with 5m. Idk what you are smoking.

Anyways, please give suggestions also on how to maintain your wealth. What would your portfolio look like?

>> No.26231749

>>26231566
First of all you don’t cash out everything. Keep some in crypto. Buy some real estate. Put some in the stock market and diversify your portfolio to reflect your risk tolerance. Put some in precious metals if you’re truly paranoid about preserving it. And yeah if you want to create an LLC and do all of this under the LLC so it’s harder for them to get your assets in court that’s fine too

>> No.26231845
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26231845

>>26231749
Why an LLC if wanting to buy personal stuff? Can people really sue you just because youre rich?

>> No.26231901

>>26231749
See shit like the LLC is what poorfags don't know about. How can you learn all these different things? Does a good CPA/lawyer set you up with these options when you get wealthy?

>> No.26231980

>>26231845
If someone finds out you have some money, they might try to scam you. Or if you get into a wreck, they can sue the living shit out of you. Or they might jump infront of your car cause they know they can get a lot from you. You need protect your assets. There's plenty of ways people can try to extract your money from you

>> No.26232114

>>26231980
Wtf, so buy a comprehensive umbrella insurance coverage then? Whats a policy for this, and will any of the claims keep my gains? It's gotta be expensive right?

>> No.26232234

>>26232114
I honestly don't know a lot about this. I'm trying to figure these things out and other methods on how to protect yourself

>> No.26232270

>>26231614
give me 5m and i never have to work some shit job ever again. you are delusional

>> No.26232288

can't you just set up a trust that pays you an annuity?

>> No.26232341

>>26231566
>umbrella insurance policies
Umbrellas cost like $5, if you're rich I wouldn't worry about it.

>> No.26232344

>>26231674
I wonder how profitable it is to rent a private jet

>> No.26232345

>>26231566
Buy a little piece of forest, build a little house in it, have some kids and put 80-90% of the remaining money back into the stock market.

>> No.26232423

>>26231566
Real estate. Rent it out for passive income. Keep a certain percentage in crypto/stocks.

>> No.26232487

>>26231566
I plan to kill myself once i make it. This is the only thing keeping me going

>> No.26232538

>>26231614
He doesn’t need one though

>> No.26232733

>>26232487
Why not just keep on carrying on then.

I'll set you a target. Be top 5 richest person on earth.

Can't top yourself until you do it.

>> No.26232780

>>26231566
>>What do you do
Buy a small house
Put probably 70% of remaining money in gold

>> No.26232962

>>26231668
THIS
H
I
S

>> No.26233038

>>26232733
I plan to give my money to my family if i ever kms. I'll take you up on your challenge fren

>> No.26233060

>>26231749
Elon says he's gonna mine a quintillion are worth of gold from a particular asteroid within 5 years. Metals aren't safe. Cash is dying. That leaves land, but land isn't liquid enough. The elite need a new class of asset to park their wealth in, one that is permanently rare. That will be specific, regulated cryptocurrencies. Buy ISO20022 compliant coins. That's XLM, IOTA, XRP, ALGO.

>> No.26233205

>>26231845
You should be able to form an LLC for your personal investments, but check with a tax/ small business attorney. They can help you set it up. Your lical SBA office can help you find someone. There are rules you have to follow but it should be worth it. I know people do it with rental properties all the time. It can shield you from lawsuits. An umbrella policy or two (one for claims under 1 million, one for claims between 1 and 5 million) is a very good idea though, should be cheap.
Other than that, choose some good investments, keep your wealth to yourself. The less people who know the better.

>> No.26233209

>>26231566

go to vegas and have a nice weekend. Women, cigars, expensive alchohol. Bare minimum, $100,000 over the weekend. Maybe 2.

After that's out of the way, I would p[robably establish a trust or at the very least pay the hour's rate to talk to an accountant.

>> No.26233292

>>26231566
Invest in REITs and some blue chip and/or high dividend ASX stocks. Will happily live off $300k a year in dividends if it means not having to ever wage slave again.

>> No.26233321

>>26233205
Should I do this? I'm purely market investments currently. I have an EIN for contract work I do and use that money to fund a solo Roth 401k, also have IRA, Roth IRA, and the rest in index funds

>> No.26233352
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26233352

>>26233060
XRP

>> No.26233466

>>26233321
Only if you have more than a million. If you have more in assets than your car insurance will cover but really, just raise your car insurance coverage. If you own a home do the same and/or get an umbrella policy.

>> No.26233512

Move to a tax haven like Monaco or BVI and make more tax free gains.

>> No.26233573

>>26233466
I will have a million within 5 years, in terms of investments.

>> No.26233605

>>26231566
My plan all along has been probably 70% in index funds and 30% in precious metals (maybe 5% in crypto instead just for shits). But the 30% in metals should hold value theoretically (meaning that $1.5m will be worth $1.5m of 2021 USD when your children inherit it or whenever you cash it out); the other $3.5m will theoretically increase an average of 10%+ per year, and you can withdraw 4% per year going by the trinity study/4% rule. I currently live off of $15k per year or less so I'd likely withdraw 1% per year or so and just keep building that wealth for my children when I die or for other business ventures to entertain myself.

>> No.26233689

>>26231614
Who do fuck needs a plane? Are you dumb? You're either extremely low iq or non-white, most likely both

>> No.26233767

>>26231614
>You can't even buy a private jet with 5m

Just charter a gulfstream for $10k, why tf would you buy a jet??

>> No.26233850

>>26231614

5 million is making it. 1 mil crypto, 1 mil USDC in celsius for six figure annual income, 1 mill home, 2 mill s&p 500 etf. Then just chill.

>> No.26233994

>>26231614
bitch...I would do quite well with my life with 5million

>> No.26234057

>>26231614
I'll make it with 300k.

>> No.26234110

>>26233850
I agree with everything except the 1 mill home part.

>> No.26234169

>>26231980
this is really a thing?

>> No.26234751

>>26234169
I don't know man. All I know is that the wealth gap is expanding rapidly and that can bring some strange things. If you don't own any assets you are getting fucked, especially in the last 20 years.

>> No.26234890

>>26231566
buy bitcoin and eth retard

>> No.26234989
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26234989

>>26231614
Based

>> No.26235166

>>26231614
Based consoomer making sure the Jews don't miss out on his gains.

>> No.26235455

>>26231566
they sit around and make new crypto projects like the guys from dia did

>> No.26235509

>>26231566
You invest
kek

>> No.26235542

SE Asia/South America/Eastern Europe and retire 4% returns

>> No.26235591

my friends dad runs a successfu bagel shop in a mediumish sized college town. he is retiring and moving back to egypt in a few years. when he does, i will buy his bagel shop. i will set up a comfortable life running this bagel shop, and search for inner peace.

>> No.26235687
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26235687

>>26231566
i will get into politics and become a sociopath, have 10+ kids and start a dynasty which will be the carolingians of the americas once this decrepit empire finally expires.

>> No.26235759

>>26231566
Buy 200k worth of gold and 200k worth of silver, 100k worth of bullets, dump 2 million into a SPY stocks, and trade meme stocks that smg shills me.

>> No.26235803

>>26231614
>1 post by this ID

>> No.26235917

Spend a dedicated amount yearly. Let's say 60,000$ allow the rest to incur compound interest through dividend stocks. You'll actually never lose money this way. Eventually the dividend payments you receive (which aren't taxed) will exceed your yearly expenses.

>> No.26235974

>>26235803
He's probably killed himself out of embarrassment.

>> No.26235988

>>26231674
Because if you want to travel worldwide you're going to need either a charter or a private jet. Commercial will require vax cards soon

>> No.26236020

>>26234057
This

>> No.26236057

>>26233060
>Elon says
I like the guy, but he says a lot of things. Asteroid mining is decades away

>> No.26236114
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26236114

>>26233689
Have fun having to show your vax card anytime you want to fly commercial anon.

>> No.26236183
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26236183

>>26231566
CONSOOOM!!!

>> No.26236214

>>26231614
Don't ask me how I know you are a nigger.

>> No.26236325

>>26236057
>I like the guy, but he says a lot of things. Asteroid mining is decades away

A decade. The Elites have their eyes on the Stars, why do you think they release Alien shit now and Tesla stock is rising. Elon created a lifestyle brand, these sociopath will buy into.

>> No.26236353

>>26231566
>buy nice modest house
>buy nice modest car
>???
>profit

>> No.26236414

>>26233689
Please present your vax card and recent test result?

What's that, you were trying to board without recently getting a test even though you've had a vaccination. Clearly you are a health risk and should be thrown in the camps goy.

>> No.26236743

>>26232487
just send all your coin to me before you do nigger

>> No.26237093

>>26231749
LLCs aren't meant for personal use. You'd still have to pay yourself to get a car or house. You could leave the crypto under your LLC in case you get a divorce or get sued I guess. But it doesn't let you do whatever you want.

>> No.26237099

>>26234110
How come? Too excessive? Idk. I am with that anon i hate leaving my house, so I would want it to be a sactionary.

>> No.26237144

>>26235917
Dividend payments are taxed as income....

>> No.26237194

>>26231901
Yes. If you actually end up with this kind of money and don't know what to do it is worth making the acquaintance of a proper financial advisor.

>> No.26237221

Ive always wondered this sort of shit as well. Like another thing, what do rich people do for health insurance? Just pay out of pocket? Is that sensible, since just having health insurance lowers the cost of all procedures.... i assume maybe high deductible low premium just to cut costs?

>> No.26237344

>>26236114
Why the fuck would anyone need to fly ever

>> No.26237462

>>26231566
Bro if I cashed it out I'm putting most of it straight back into BTC and may buy some real estate and gold. I prefer crypto to fiat. I'm not going back.

>> No.26237477

>>26236414
>>26236114
Imagine being this retarded. The vax cards are going to be attatched to you digital identities sooner or later. You still need a digital identity if you travel by private jet. They will not allow you entry without vax proof. You will most likely not be able to travel after a certain point

>> No.26237549

>>26237477
Underground hyperloop crypto trains.

>> No.26237586

>>26235591
nuh uh im buying bodos

>> No.26237588

>>26237477
Lmao own your own jet. Private fliers don't have to interact with customs unless they choose to. Even better when you fly from private airport to airport. There's no record of me ever leaving the country or going anywhere else beyond the fact that I chartered a private jet, no way to prove I was on it with a subpoena to the company

>> No.26237624

>>26237221
They probably have private companies that don't do anything and they're the only employee of in order to buy a corporate health insurance policy through it.

>> No.26237677

>>26231566
Pfft 5 mil? thats nothing i spend that on groceries every month

>> No.26237890

Premium real estate, blue chip stocks and precious metals. 33/33/33 split.

>> No.26237931

>>26231614
Not trying to have that kinda carbon footprint in Klaus' new world order. I'll stick to sailboats.

>> No.26237968

>>26237477
Sailboat anon

>> No.26238011

>>26231614
Found the faggot with the weakest folio

>> No.26238071

>>26237624
As I understand it companies dont actually have cheaper or better policies. Its just cheaper for an employee cause the company is paying 85% or so of the cost.

>> No.26238116

Secure property and safe passage in at least 2 nations. America will be on the decline for the next 5 years.

>> No.26238618

>>26231566
I'm never cashing out.
I'll be living on staking and use the leftovers to invest in more shitcoins.
There is potential here to build an a god damn empire for generations to come.
You're living ground zero of the 4th industrial revolution and you want to cash out a couple mil?

>> No.26238982

>>26231566
cashing out is a bad idea unless you're going to invest it into a tangible asset like land or real estate

>> No.26239143

>>26237588
Horseshit. Maybe in third world countries but first world no way.

>> No.26239216

>>26231566
invest into real estate and actually wealth that you can pass on to your descendants. who has the screencap? you need property and assets. not just nigger tier stacks of cash.