Serious Thread

I just learned I'm going to inherit a very significant chunk of money within 10-12 months. Don't want to say how much and get called a a LARPer, but it's more than the average person makes in their entire lifetime combined. More than enough for me to retire early off of. I'm completely clueless when it comes to finance, other than the bare minimum. I'm afraid that if I just keep all the money I'll get in my bank account, the value of it will plummet over time because of inflation. I know fuck all about investing, financial logistics, or any of that stuff. I'd also like to invest a large chunk of it, but I have no clue where to begin. And yes, I have Googled around, but every website tells me something different and shills their shitty stocks. I need a person.

I want want to talk to someone smart who can tell me what the fuck I need to do with my money, what to invest, how to manage it, stuff like that. And I don't mean someone who tells the average Joe what stocks to invest in - I want someone who works with multimillionaires and richer. Where can I find a guy like that?

I don't know where else to post this, I only use Zig Forums for Zig Forums, and they've given me solid advice. I'm also terrified that if I meet a guy like that he'll take advantage of my financial retardation and con me somehow.

Can someone point me in the right direction?

Attached: file.png (960x720, 841.76K)

Just buy an asset that doesn’t deprecate in value over time like a boat. You don’t even need to hire someone to invest or look it up desu

buy an ETF such as VOO or SPY or VTI

I have ideas on what I might buy already. I want to talk to a high-end wealth manager who can show me the ropes. I just want to know if someone like that exists

if this isnt LARP then the person that will inherit you this wealth might already know who to speak to. Just make sure that they dont get comissions but are paid hourly so they dont have it as easy to rip you off.

LINK

He's a boomer who inherited it himself. I want to talk to an actual smart person.

Was in a similar situation like you before, but probably not as much money. I did go to a financial advisor and all, I tried to find "that person," but that never materialized. In reality, they're all useless, the best person is your 10-year older self. Those "people" you talk to, they always have some agenda, may it be selling some service, etc. Think about it, how much money do you think they have? They see your bank account and they'll be very jealous and feel bad. There's not there for you. The "person" you need is actually your dad or maybe your grandfather who knows how money works and they reach you, but you probably don't have that.

Don't go in there asking stupid questions, go in there knowing exactly what you want, your objectives. I know this is hard given you lack any financial knowledge, but it is what it is. There aren't many wealthy people in this world anymore.

I made the mistake of going too conservative and too aggressive. All-in-all, my net worth steadily declined and I lost nearly $50k over the span of a few years in a bad trade because I was stubborn, greedy, and stupid.

If I could go back in time, I'd look up how to diversify your portfolio. Diversification is key. Don't be greedy in both ways, meaning don't be too conservative and don't be too aggressive. You lose some in one area, but you gain in another. After you're set, take a small bit out and use that as your "play money" to teach yourself how various asset classes work. Read books, read books, read books, teach yourself, read books.

Never tell anyone about your money situation and especially never say the words "crypto" to anyone in real life as you'll see in a couple years. Just act like a normie and be humble. Good luck.

You need to learn how to handle the money yourself or else sooner or later someone will take advantage of you. Start learning now as much as you can.

If its a significant amount of money, you need to diversify to keep it safe, at least until you gain enough experience to take on riskier investments. Index funds + real estate + gold + bitcoin, and leave plenty of cash on the side for potential future investments.

I had a big windfall myself and was overwhelmed in the beginning, made plenty of investment mistakes too, but because I was diversified and made sure not to put too much into one asset, my fuck ups were relatively minor in comparison to my total portfolio and were good learning opportunities.

Whatever you do, DO NOT chase big gains with risky bets. In the beginning, your priority is to keep your money SAFE until you learn more about investing.

pay somebody to manage your money. it sounds as though the amount of money you are going to inherit will be more than enough to justify this. the passive income streams the advisor/manager will be able to net you, will pay itself off before u can even be like "shit this dude dont work for cheap" (which they dont)

>the best person is your 10-year older self

lol so true

Spend it all on lottery tickets.

>especially never say the words "crypto" to anyone in real life as you'll see in a couple years
You think it's likely people will actually get robbed/killed over this?

>pay somebody to manage your money
That's what I'm trying to do. Just need to know where I can find a guy like this?

do some research man, there out there and they aren't all that hard to find. (hint key phrases to search for are: wealth management firms, financial advice. etc. etc. u get it.

Enjoy getting ripped off, you are illiterate with money clearly so it isn't gonna hurt as you won't understand the ass fucking anyway.

Your gonna get the fee and not understand how expensive that advice really is, for what is usually a piss easy portfolio. You could literally throw it in vanguard index and funds, pay 0.2-0.3% a year, and be done. Make sure to have an accountant for taxes and live happily.

But no, you will get a shit ton of multi-manager fees, "capital amount" fees, admin fees, appointment fees.

This is why I am so worried about my kids inheriting my money without actually working/understand finances, what a waste.

For actual advice and not roasting you, banks even do this kind of asset management and advice. But really, even the most basic understanding of throwing it into a SPY or index and living of divvies is achievable. You haven't told us the amount so, hard to really say.

Attached: 1602625514358.jpg (192x234, 5.56K)

VTI gang

It's easier and way cheaper to learn basic investing yourself than to pay some big shot to hedge fund gamble it on a fat commission.
Things to learn
>different type of accounts, tax advantages of each account, mximum annual contribution of each account, what fnds are avaliable with each account
>different types of investment, is it a dividend stock or not, is it a mutual fund, ETF, index fund, is it a bond or T bill
>different types of asset management, brokers, what fees come with what, etc.
>kinds of diversification, and what an aggressive vs conservative portfolio looks like.
>passive income sources, be a landlord, buy equity in a property management fund, etc.
>dollar cost averaging (youre inheriting a ton of money but the stock market is at an all time high, might not be best to put all your money in now).
investopedia, personal finance textbook, these can tell you what each is. It might seem like a lot but it really isnt and most is fairly intuitive.

My personal recommendation is dont try and retire early, there's way more calculations needed and also strict budgeting to manage that even with 1mm+ in cash, especially if you're under 40. you'll also be bored as hell if you just retire early at 25. Learn the basics and you'll be fine even if it's 400 million youre inheriting.
Make sure you own a house and will have enough in passive income or from selling off stocks or from your job to pay taxes and upkeep on it every year. Even if it's a small house it's more equity than renting.
And don't buy anything huge or dumb, none of it is worth it.

Buy LINK. And then enjoy your harem of women (or men) in a few years

What if I just leave it in my back account? Would the annual interest offset inflation? I don't need to make more money. I'm someone who has given up on life. I just want to preserve what I'm getting.

OP i would take this guys advice over mine, but if you are too much of a brainlet to teach urself economics just go with my advice.

It's 8 million dollars, I want to retire off of it, surely that's enough that it wouldn't need too much planning? I loathe working.

under no circumstance do this

Care to tell me why?

you'll make fuck all in interest and pay out the ass in taxes

based Tarkovsky
you're a fucking idiot to get advice from Zig Forums on this shit just talk to a fucking financial advisor

Put 50% in LINK and spend the rest on living and self improvement, if you follow this advice you will never be broke for the rest of your life.

inflation. although 8m is a life changing amount of money without staying ahead of inflation you could live comfortably without ever working again, but inflation rates will increase to eye watering levels in years to come so it is hard to say. if you stay ahead of inflation your money will will net you hundreds of thousands a year at the bear minimum.

How old are you?
8 mil is quite the sum but unless properly managed not enough to retire on if you're like 25. Any amount of money can be squandered if not properly managed there are plenty of trustfund fuckups to prove this.
Look, learn the basics of finance and you can very much retire off of it but unless you actually know what youre doing you'll end up at 50 completely broke working at a grocery store wondering where you went wrong.
Going off of >8 mil in a bank account
>giving up on life
is literally the recipe for just developing an addiction, or a few, and blowing it all.

It's really not hard stuff to learn, with your sum you could set up a few income properties and a good portfolio for old-age-retirement and truly retire early, but you need to know the basics before you can do any of it.
If you need in person advice set up an account at a credit union and speak to a financial advisor there.

larp more