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Do not use any financial advisor that charges a percentage. And read shit on your own or middleman will drain you.
Go to boggleheads forum, read how to handle a windfall.
Thank you I’ll check this out
Okay, what do you know about investing?
You should arm yourself against the likelihood that your FA could use you for a short term gain
What’s your time horizon?
At the very least, follow a pro like humphreytalks on socials.
Otherwise, if you’re avoiding a reference, speak with your bank and explain what you’re looking for.
If I were you, I’d do something fun for myself, get professional advice, diversify my portfolio (invest in multiple areas like stocks, bonds, etc) maybe donate some, and continue to pursue a career.
It’s a ton of cash but not enough to retire on today, assuming you’re young.
Goodluck!
In general agree with Attorney 2. I have managed my father’s money and mine for 20+ years. First thing, you need to figure out is how much risk you want to take. The problem is that it doesn’t appear that you have much experience riding the ups and downs of the market, so you really won’t know until you wake up one day and your $5M is down 10%. That doesn’t sound like a lot, but seeing $500k wiped out in a few days hits hard. Even when in a year or 2 you are 99.9% likely to have made it back and more. You might want to start slow with a small amount and let the rest in CDs stair stepped over the next 2 years. As they come due you invest in stocks/bonds. That way you get used to it.
You may want to dial the risk back, even if you are comfortable with high risk, as $5M means you have already won the game.
F
Don’t get swindled, please. Do your research, as you are.
Don’t do anything with it for 6m-1yr. Use that time to learn and grow a team of professionals to surround yourself. Accountant, lawyer (tax, estates), CFP. Listen to a ton of podcasts and YouTube videos. Congrats!
Wow how’d u inherit if u dont mind me asking? I wouldnt hire one if I were you and get smart about money myself ASAP.
Very conservative family member who I had no idea was this wealthy. Thnx
jesus
PM me if you’re still in the market. I was in a similar situation and now working with a financial advisor that I enjoyed working with.