Anons, I don't like counting my chickens before they hatch, but lets assume Link fulfills its goal and many of us are multimillionaires. What the fuck do you do with 10 mil chilling in a wallet? Just deposit to your bank and wait for them to call? Private banking? Safest investments to preserve wealth? Before you say DYOR, I ask this because I am assuming there are major investment differences between a multimillionaire and me right now making 75k a year wageslaving. And its not like this info is readily available since such a small amount of people come into sudden wealth.
Again, I think we should all be prepared for any scenario to set ourselves up in the best way possible.
I'll spend 10 million developing and releasing an airborne genophage that turns all women into sex hungry titcows. No bank required for that.
I'll live off the interview fees and offerings made by grateful men.
Matthew Lewis
Talk to a private bank /thread
Charles Anderson
>just deposit to your bank and wait for them to call? you got it, call an accountant specialized in crypto for bonus points
Brody Wood
Just pay your taxes and I assume there will be no problems. I'm gonna cash out 1 million, put half into an index fund for divvies and just travel and play with the rest of the 500k for a few years. I'll always keep at least 1k links though, I'll never sell all of them.
Gavin Moore
>10 mill 1 mill to have an architect design and build a small to medium, self-sustaining eco-friendly house to cut down on long term costs 6 mill in low risk nvestments 1.5 mill in high risk investment 1.5 mill as living money for a few years while I wait for investments to mature
Hold the Link and live off staking gains, don't you believe in the technology?
Jackson Campbell
I would start doing your own research. There are will TONS of opportunities within crypto to accrue safe interest or dividends by then(they are already starting to pop up). Things like DMM at a flat 6.25APR, Crypto.com, LINK staking, and liquidity pools you won't ever want to nor need to withdraw all of your gains. Unless you want to make incredibly large purchases upfront or you want the secure feeling of having actually cashed out a couple million right away there is no point. I'd call your bank ahead of time before you deposit an amount over 4 figures so they don't flag it or something. The most I can even withdraw daily is 50,000 USD so It would take me a little while to reach 2 million. I'd also talk to or hire a professional prior to any deposits into your bank to ensure a smooth process.
Isaiah Baker
Portfolio manager for HNW private individuals here. Let me chime in. I work for a top 50 wealth management company in the US, connected to a top 10 bank (for smoothbrains those are measured by assets under management). We are a fiduciary. We only invest in stocks, bonds, occasionally real estate/timber on an individual basis, and possibly some other stuff on a one off basis. We cannot invest in crypto and realistically will never recommend precious metals (the only vehicle through which we could invest would be an ETF anyway). We do help people manage generational wealth, and help people manage their retirement. Historically, if you were invested in the US stock market (and you can diversify into total world stock market), you could withdraw ~3.5% of your investment per year perpetually and never deplete it ever. That said, I'd go more conservative and do 3% just to make sure you never run out. Obviously when you cash out you'll pay your taxes, so let's say you end up with 5mil. Here's what I will do with it. 1mil in crypto (70% LINK, some Eth, BTC, limit less than $50k to moonshots/shitcoins) 1m in real estate/land. the more you can get lots of farm/hunting land the better, and if you can diversify outside of major cities even better. Something like appalachian area would be great for a house, maybe even something small outside the country cause the US is going to shit 1.5m in traditional investments (probably 80/20 stocks/bonds at this point. could throw it all in VTI and call it a day, that'd be about as good as we do honestly). you could withdraw $45k from this every year and never worry. that's enough to live relatively comfy 1.5m in gold and precious metals and gold mining stocks (a la peter schiff's strategy, in case shit hits the fan) I'd keep at least 3 years expenses on hand in cash, and tons of ammo/weapons/food/preps just to live comfy if shit does hit the fan. b/w that and schiff's end of world strategy, you literally will never worry about money again
Asher Morales
thanks anons. honestly daydreaming and reading about the percentage of lottery winner thst fuck it all up, but im assuming the demographic that pays the lottery is not very responsible in the first place
Justin Allen
My personal plan is to live it up. Go biking, homegym, vidya, start my own podcast. I already have a fiance so we could afford to have kids and we could homeschool/travel and do whatever we wanted. I want financial independence so fucking bad, it kills me every day I wake up and wageslave, even though I make really good money (6 figs+). even without LINK I'll probably retire in 15 years or less, so I'll still be young enough to enjoy life without worrying about work. but if link goes to $1k then I will be able to do whatever I want. I'll be honest, weeks like this remind me of early 2018, and I can feel it happening. We will go to $1k and we will all make it.
Nicholas Gomez
Based. Sounds like you already made it but with LINK you ascended.
Jason Ramirez
I was thinking about this too. Lottery winners dont expect to win. Sure they play and dream but never acctually plan out what they might do with a windfall. We have time to do that and prepare ourselves for the change. It wont be as abrupt as lottery winners. They are lucky we earned it.
Aiden Rodriguez
>living in the US never gone make it
Grayson Young
Honestly I would just keep everything in crypto, whether in investments or stablecoins. Cashing out a large amount just seems like a massive pain in the ass and I fear that even if you do everything by the books, the IRS will swoop in and take all your money permanently for suspicion of money laundering or some shit.
Let's be honest here. If we actually get to the point where our crypto stacks make us rich, it conversely will probably mean we're in a scenario where fiat currencies and the normalfag economy are collapsing. So I wouldn't want to go back into that anyway. Hopefully in a scenario where I'm rich off crypto, I will no longer need to cash out. At the very least I would only take out enough into fiat that I need for usual activities like paying bills. The rest would remain locked up in some form of staking or DeFi lending contracts or something like that.
Dominic Thompson
Probably buy small houses all over the world and travel between them, and invest most of it.
Matthew Turner
Where would you go to set up a trust? my plan when I cash out is to invest a large chunk so it can appreciate in value, but would like to have a set amount 5-7K a month. That way I've got all my expenses covered, live comfortably, and never have to worry about overextending myself.
Robert Torres
Work with a lawyer to set up a trust. Lots of nifty shit you can do with it.
Evan Hill
Here's some great advice. Don't tell people your wealthy.
Brody Ward
Money manager unironically. Any competent one can pull at least 6 percent returns per year and that equates to a massive yearly income off an amount like 10m. Give yourself some money to play around with. I've got a number in mind that I plan to always keep in crypto because I enjoy it, but I plan to have at least 10m managed by somebody by the time I'm 30 eight years from now. Assuming other investments continue to do well I'll never have to work again. I just quit my job managing a restaurant to finish learning pentesting so even if I have to wait a long time I can still make a solid yearly salary
Leo Cooper
Read the part where I said get something outside the US cause the country is going to shit. This is still the best place to become wealthy, although that is changing. I will leave if that changes, or if it looks like they're going to implement laws to try and steal more of our wealth or something. That probably won't happen under a biden administration but it could.
Blake Jones
how much are you worth personally?
Kayden Rivera
My first guess is JP Morgan Asset Management
Logan Miller
Go to a trailer park, invest in meth trading. Then feed pigeons the rest of your life.
We do trusts. You basically can't do them without a bank/trust, so finding a fiduciary who can act as trustee will save you some fees. Having worked in this industry, there are good and not so good investment managers, but I haven't seen a fiduciary that is ABYSMAL. Trusts are a good way of preserving generational wealth, or protecting yourself against health declines or something, but if you're disciplined you probably don't need to set up a trust, just a normal investment account.
Justin Sullivan
why are trusts better than just managing your money in different etfs/property/assets?
I unironically have over $1mm in link right now so this is important to me
Caleb James
i'm young though, I feel like I can manage my family money for the next 40-50 years before I need a trust.
Bentley Kelly
I'm still in my early 20s, but I'm worth about $200k. Crypto is about 1/3 of that, mostly Link. My salary just got bumped from ~$50k to the 6 figs it is now, because I moved to take a promotion about 6 months ago. I know that's not impressive, but I have about a 60% savings rate which is impressive. Not there, but I have a buddy who works there. Very similar. Honestly they're all kind of similar once you get to a certain size. We have other people in my role across the country who have come from ALL over, some from management positions in Merrill, Wells, JPM, etc. Trusts aren't better, that's why I'm saying if you're disciplined just do an investment account. Trusts are really good about avoiding taxes and making things easy for the next generation. Outside of that, basically the best thing about them would be if you had nobody to take care of you, you could setup a trust that would pay your bills and shit if you become incapacitated. Trusts aren't magical tax-shelters like some people believe. If you have 1mm in Link it may be worth a consultation with a tax lawyer (get one that bills by the hour and pay for 1 hour of his time, negotiate up front what that cost would be, shouldn't take more than an hour) about ways to save yourself money on taxes with trusts. THAT's possible, but it would be a bit more limiting, and that would be on the front end to limit tax exposure, NOT as part of the investment management (which is what I do).
Joseph Gomez
Buy house for 1 million and put 9 million in VOO or VUG and live off dividends.
Landon Jones
Based, you will be hailed as a hero to man kind, I'll erect a 100 foot gold statue of you for a couple link
Caleb Barnes
I honestly don’t know if I could put that much into an index fund when crypto can get you way better returns. I get that you’re hedging but it just cuts your gains in half immediately. At $5M I wouldn’t want to do that. Maybe $30M and up it wouldn’t matter.
Thomas Jenkins
During the last bitcoin run in 2018 I cashed out almost €600.000. First I sold my bitcoin to usdt, then kept buying some btc to send to my ledger. From my ledger I sold it to online brokers who I send the bitcoin and they deposit money to my bank account.
I did get a call from the government. I explained. Thank god the tax on investing in my country is only 1,2% above about €30.000. Would be pretty bad to be in the states where they probably demand to see your trading history.
Zachary Brown
its also easier to take real money out of an index fund than it is crypto to be fair. if you want to use that money to buy things IRL anyway
