how would you invest/live on 24m? Details forthcoming

folivier said:
Do you have the knowledge and experience to manage a 24M$ portfolio?
I know I wouldn't. Interview a few FA's and pick one you feel will work in your best interest. They can help you in many different ways and have access to investments you won't as an individual. And let your FA worry about your portfolio on a daily basis while you enjoy your life!
Congrats.
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I would manage $24 million much like I would manage $1 million, which is no big deal. Why pay a FA $125-250K for essentially sitting on his/her thumbs ?
 
I am glad to see this timely thread. It's something that we all will face I'm sure.

If I had $24mm I would do what many other local venti-millionaires do. Put it in the bank, and sell Real Change in front of Trader Joe's. That way it could keep growing.

Ha
 
Looks pretty good from my perspective. If were me I would make a few tweeks.
500k is pretty light for toy's.
Plan on giving 12m to the future EX, who should be along shortly!
 
If all that stuff is paid for - primary residence, etc. - and you're left with an $18MM portfolio, yeah, I am with those saying I'd go out and TRY to spend $400-500K per year just to see if I could, and I'd probably put it in a single fund of some variety just to keep up or slightly outpace inflation. Vanguard Total World works, or VTSAX... or Wellington or Wellesley or whatever. One of those W's.
 
Are you the same guy that wanted to hide his money details from his girlfriend?

Now I understand what the problem was...or should I say the 24 million problems.
 
frayne said:
I would manage $24 million much like I would manage $1 million, which is no big deal. Why pay a FA $125-250K for essentially sitting on his/her thumbs ?
Click to expand...

+1

I was thinking the same thing. $2.4 million vs $24 million.

Obviously more to spend but it's basically the same investment challenge.

Maybe if it was $25 billion, then you get to set up a foundation to try to change the world.
 
Read on this book.
Booglehead's Guide to Investing. $17.55 at Walmart.
 
I would change "charity to parents" to payback.
 
frayne said:
I would manage $24 million much like I would manage $1 million, which is no big deal. Why pay a FA $125-250K for essentially sitting on his/her thumbs ?
Click to expand...

There is why AUM charges make no sense and why it would be wise to steer clear of any FA who won't simply work for a reasonable flat hourly fee. I know of at least one who would happily do it for less than a tenth of what is suggested above. This a firm that manages over $3.5 billion in assets as of Spring 2015 and has been ranked within the top 50 US advisory firms by Forbes and Investment News.


Sent from my iPad using Early Retirement Forum
 
frayne said:
Is this a hypothetical, or did you actually come into $24 million ?

If you actually came into $24 million, turn off the computer and go enjoy life.

Frankly, I'm a little skeptical.
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I wonder if the OP is Nords playing us :cool:
 
Lakewood90712 said:
I wonder if the OP is Nords playing us :cool:
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I don't know about that, but I have been waiting for the ol curmudgeon ReWahoo to raise his skepticism about the legitimacy of this post! :)


Sent from my iPad using Tapatalk
 
I'm also beginning to doubt that the OP is legit. That was/is their one and only post.
 
50% in a bond fund. 50% on lottery tickets in hope of really raking in the money.
 
"How would you invest/live on 24m?"

The investing is easy: same as what I am doing now. Instead of buying/selling a few 100s shares at a time, I will be doing in the 1000's.

The living part is what takes a bit of thinking. I was recently in Anacortes, and saw that 1/2 of the boats there were for sale. I know nothing about boats, but would not mind spending some of that money to learn more.

Between $1/2M to $1M would get me a more than passable boat. Perhaps after cruising it up to Alaska and back and surviving the trip, I might decide boating is not for me. But without trying, how would I know?
 
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$20 million would generate maybe $600,000 -$800,000 per year pre tax. Once the investing decisions are made, and I agree it really isn't much different than investing $1million, the real issue is how to spend/gift it every year. Make a multi year budget to allocate to the things that are important to you.
It really isn't that difficult to spend that kind of money, but it does take a while to adjust to your new wealth level. Go slow don't make any big commitments for a while.
 
Christine said:
50% in a bond fund. 50% on lottery tickets in hope of really raking in the money.
Click to expand...

How do you think OP got his windfall to start with? So, you suggest invest his lottery winnings right back into another lottery. Double down!

Probably been done before.
 
I recommend against buying (or improving) a house worth more than 80% of the sale price in your housing market. The reason is that when you go to sell (as eventually you will) potential buyers will be few and far between. The other is the 'lifestyle' issue, better to be seen as comfortable than rich.
 
Danmar said:
... It really isn't that difficult to spend that kind of money, but it does take a while to adjust to your new wealth level...
Click to expand...
When I see the amount of "real" wealth that some people have, I agree that it is not at all difficult to spend any amount of money. Why, there are mansions that cost more than that $24M.

But same as most people here who made it to ER on their hard earned and saved pennies, I think I would still be LBYM. Hence, I mentioned that I would try boating with a gently used boat in the $1/2-1M range to test the water so to speak. That would be the same as me right now spending 1/10 that amount for a toy; it would not be financially ruinous if it did not work out.

Ah, spending is not really that hard. But as I never have a chance to get that kind of money as I do not play the lottery, I do not spend time daydreaming about such windfall.
 
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MuirWannabe said:
How do you think OP got his windfall to start with? So, you suggest invest his lottery winnings right back into another lottery. Double down!

Probably been done before.
Click to expand...

Yes since OP did not reply I went for the amusing option. But since it has probably been done before let me adjust my suggestion:

50% in a bond fund. 50% shared between our forum members with more than 10 posts this year. That would induce some goodwill and possibly even better suggestions from us. So win-win of a different kind.
 
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