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Young and rich and not focused on a legacy- do we need a financial advisor?

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  • #46
    Originally posted by LIFEISBEAUTIFUL View Post

    Thanks for your sage advice. We really looked at the tax angle but it seemed the ways to minimize it all were stressful and sketchy enough it was not worth it!
    Working to earn 15M is stressful too - take care of it.

    If you ignore taking care of this, you'll lose it. You need a written plan. If you aren't focused enough to manage it with a clear, mutually agreed up plan, then yes, you need an advisor/accountant/etc.

    ... Many of my collegues all plently of money and never have to work again - yet they do. Same age. You may be excited today, and ready to relax and ignore it all, but the chances you'll be interested in working again are very high. Exciting to think about it, when you know you can choose the work that is meaningful!!


    • #47
      Originally posted by jfoxcpacfp View Post

      On another note, I honestly do not know what “you have won the game” means. Again, no slight intended, I just happen to be quite literal. It has gotten me in trouble many times in my life (including in my career.) This is the 1st time I have ever found a use for that particular emoji and I’m still not sure if I’m satisfied with it lol. Wish Jim or his web boss would add more variety!
      This made my day.
      : )


      • #48
        Originally posted by Hatton View Post
        Congrats. You need a great accountant. Maybe there is a way to minimize the tax on that lump sum. I would put the money into money fund while you figure this out. What you do not need is an AUM advisor. 1% of 15 million is a chunk of change. You could use a fee only advisor. You could get a financial plan from Vanguard. They will manage your money for 0.3. The poster Tangler just got advice from Rick Ferri (google him) for $750 dollars. There is no need to panic. You need to take your time and do this right. There are plenty of people who will try to take this from you. You need to be skeptical. There is no reason to buy a bunch of complex hedge fund type products. If this was me I would do plain vanilla indexes VTIAX, VTSAX, and VTEAX. Consider a nicer house. My neighbor just sold his company for 30 million. He bought a beach house and is still working.
        Rick Ferri is outstanding. i would use him again.


        • #49
          Pay Rick 750 to look over any plan as a second or 3rd opinion. Too valuable.


          • #50
            Congratulations Andrew Musbach and Rick Ferri for making Investopedia's list of Top 100 Financial Advisors of 2020! Well deserved recognition.



            • #51
              Thank you! I really appreciate the kind words and shout-out
              Andrew Musbach, CFP® | Co-Founder & Financial Advisor at MD Wealth Management, LLC | Podcast Host - The Physician's Guide to Financial Wellness