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I just found out that I inherited $3,400,000. What ...

I just found out that I inherited $3,400,000. What should I do?


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Hello "Lucky," and congrats.  I love to hear stories like this.  My advice is:

#1  DON'T TELL FRIENDS OR RELATIVES.  You will have people you don't even know coming out of the woodwork, professing to be a relative.  STOP!  LOOK!  LISTEN! TAKE HEED!

#2  Check out a reputable financial advisor and invest at least 3/4 (or more) of your $$.  I know you will want to first, pay off any bills, buy a new car and/or property.  But remember, property appreciates, rolling stock depreciates, so be careful.  I've always heard that you should hire an attorney, but all they do is take your money.  However, you know your situation, so it may be something for you to look into.  If I were in your place, I'd go straight to a situation where my $$ will make $$, not take it.

Another large matter is, check on Inheritance Tax.  Make sure that is taken care of first of all.  That old IRS guy can get mean!

If you use a portion of your $$ to invest in a business, go it alone.  If you choose to have a partner, make sure they have as much or more $$ than you.  In this case, you WILL need an attorney.

Again, I'm so happy for you, and the best of luck!

Jeanieboo@aol.com


Posted 3 months ago ( permalink )
In reply to Mr. Lucky1's question
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yes i agree use that money to make more money! bussiness is a good exp. i have hear of people winning the lottery and within a few years of fun the money is all gone! Where was the investment at? If you invest it in a small bussiness to start you off that money can keep making more money for you. All it takes to make a bussiness is some money and a bit of brains!


Posted 3 months ago ( permalink )
In reply to Mr. Lucky1's question
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1. Keep it quiet. Like already mentioned you will be pestered for money by folks who want to share the benefit of your new largess.

2. Hire a lawyer. Not to handle your money, but to ensure that you have a current will.

3. I would invest in some dividend paying ETFs and CEFs. That way you can make a nice income without even having to dip into the original amount. Due your own research but some I have include: VV, VXF QQQX, DWX, PJB, SDY, PID & PFM


Posted 3 months ago ( permalink )
In reply to Mr. Lucky1's question
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well what I would do is go shoppingI hear that versace is going down on prices. Also, I would buy a new car. Go crazy you dont live forever.Also play poker thats the best way to make a business faster. Thats what I would do


Posted 3 months ago ( permalink )
In reply to Mr. Lucky1's question
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well what I would do is go shoppingI hear that versace is going down on prices. Also, I would buy a new car. Go crazy you dont live forever.Also play poker thats the best way to make a business faster. Thats what I would do


Posted 3 months ago ( permalink )
In reply to Mr. Lucky1's question
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well what I would do is go shoppingI hear that versace is going down on prices. Also, I would buy a new car. Go crazy you dont live forever.Also play poker thats the best way to make a business faster. Thats what I would do