Suppose you win 100 million. What do you actually do with it? Banks only guarantee 250,000. Do you have to invest it? Is there anywhere you can just let it sit and draw interest?
Have you ever seen the opening credits to Duck Tales?
That.
Here is an alternative Piped link(s): https://piped.video/8j294tEgz-E
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source, check me out at GitHub.
Which activity? https://www.dailymotion.com/video/x3azdi0
Here in Norway you are legally required to attend a few sessions with financial advisors(a protected title here, so they will actually be qualified), before you are able to recieve your winnings.
The rough thoughts I have had about being in such a situation is to allocate maybe 10%-20% as “fuck you money” to have fun with, and the rest to follow all their advice with
That’s a really great idea! More places should do that. Maybe then there’d be a lot fewer people losing all their money within years.
In addition to major prize winners, it should also apply to people who have just started earning a massive income. Eg, professional athletes.
I think in the US, a similar title would be a “fiduciary”. Ie. Someone who is supposed to act in your best interest.
Two chick’s at the same time.
You pay somebody to deal with it.
Mixture of types depending on your goals. CDs, Bonds, Stocks, etc.
You can just open more accounts also. Having it all in cash probably isn’t the smartest idea.
Why the CDs? If I’ve got the cash to go physical with my music, I’d go vinyl.
When you win/exploit/inherit/etc enough capital to live well for multiple lifetimes, it always perpexes me when people fixate on making more.
You won, go enjoy hobbies you can easily fund now, it’s just hoarding at this point. Capital is a means, and it’s kind of pathetic when people warp it into their end goal when it’s no longer the key limiter to their lifestyle.
It’s no different than hoarding newspapers, but at least many of those hoarders often demosntrate the self-awareness and recognition of embarrassment.
Let’s say you have $100,000,000 dropped in your lap. You now never have to worry about needing money ever again, which in our current society means you don’t need to worry about a LOT of problems.
So it’s natural that most people want to preserve that security, the best way to do that would be to invest the money in a way that it grows equal to, or faster than you will spend it.
You can just get it all in cash and stuff it under your floorboards, but there’s a non zero chance that the money will be physically destroyed or stolen from a disaster.
You can stick it in a bank, but you have very little protection for the bulk of that money from the government insurance.
So the smartest thing to do is to spread that money out to investments that will grow that money in a diverse way to protect your newfound security.
Once that is set up, you create a will (or trust) to handle the money when you are dead. Who gets to benefit from your windfall once you’re gone?
Then you have complete freedom to live your life how you want to.
I completely disagree with you.
If you gain sufficient amount of money (we are talking 100M $ here, but it works even for 1M), you have SO MUCH MONEY that it can generate money by itself within a reasonable timeframe AND you can live really really well with it, enjoy your hobbies and free time, all at the same time. And if you don’t know how to do it, let a professional help you, because you can pay for them, too.
I would buy me an American senator. Always wanted to have one.
