Need advice from older folks regarding windfall

[ivinsfan]

RB, did you include the pesky taxes on that half a mil?

[RunningBum]

btw a screenshot of an app is only proof you entered some numbers in some tracking app. I could do that too, but I don't want to waste any more time.

[RunningBum]

Quote:

Originally Posted by ivinsfan RB, did you include the pesky taxes on that half a mil?

Ooops, oh yeah, set aside enough for taxes. (most of wellington is qualified dividends, so they wouldn't be too bad)

[mickeyd]

Quote:

I want this money to last me the rest of my life.

LBYM.

[target2019]

[emoji189] I need real proof.

[The Cosmic Avenger]

On the off-chance that either the OP is serious, or someone else with any kind of windfall ever comes here with the same dilemma....

There's not much to say other than stop going over your budget!

Just remember that if you keep doing that, and you live long enough, you will be flat broke. And having lived off of a windfall, you will not be getting SSI, so you'll be homeless.

Speaking of homes, when you make any purchase, don't just think about the purchase price, think about 1) the maintenance costs (apparently Johnny Depp was broke not just from buying, but from having too many residences and employees at those residences, so his monthly expenses were in the 6 figures), and 2) whether you are drawing down your principle, which means you will run out of money even sooner.

And I see a lot of movie stars now with crooked teeth. A perfectly symmetrical, blindingly white smile is not a sign of character nor is it a good investment. Good dental care doesn't always make your smile pretty, but it makes it last longer (like your money).

[Amethyst]

I'd say don't worry about it. My Dad inherited $50K in the depths of the Great Depression, in 1933, when $50K was serious dough. If he'd invested in the stock market - which was coming back - he'd have gotten wealthy, and never met my Mother, who was poor.

Instead he blew through the $50K in 2 years, mostly on cars and drinking parties. Ended up living in a YMCA and that's when somebody introduced him to a cute little telephone operator. I am one of the results! By the time they were my parents, they were both dedicated to avoiding debt and keeping up their credit rating.

[Beststash]

At 23, I say party like it's 1999! You have plenty of time to worry about things other than sex, drugs, and rock & roll!


https://youtu.be/rblt2EtFfC4

[HI Bill]

Quote:

Originally Posted by Anth Hmm thought this was a serious forum.. not getting serious replies.. just was looking for some help and guidance on staying on the right path.

Sorry, Anthony, but your story seems...like a story.

Assuming your story is legit, and your $ are truly post-tax (bitcoin gains are actually taxed, you know), then I'd open up a Fidelity or Vanguard account, set up a moderately conservative asset allocation, and probably have them manage your assets due to your lack of financial knowledge, age, exhuberant spending habits, and need for tax management. Keep the withdrawals to 3.5% or less annually, and you'll be ok, likely never to run out of $. Oh, and go back to school to improve your knowledge and grammar. Take some financial literacy classes. Do somthing productive with your money. Enjoy life (legit or not)!

[aja8888]

One word...Ameriprise!

[nuisance]

Wow, that's a lot of unhelpful posts.

It's probably partially because the vast majority of posters here are achieving retirement by steadily saving and investing, so they don't end up with way more money than they know what to do with. And of course OP could be lying. But if you can't ask about how to retire on a windfall here, then where?

First for logistics, there's some excellent advice at https://www.reddit.com/r/AskReddit/c..._hear/chb38xf/ in BlakeClass' series of comments.

Then you need to get your budget under control. As others have pointed at, this is the same regardless of how big it is. I enjoyed the You Need A Budget book, but there is lots of information out there. Try some systems and see what works for you. The key is to plan out how much you'll spend next month, and then stick to it.

Finally to the meat of your question:
> I am looking for advice on how to stay on the right path and not go down paths of my demons.

The general advice here is not to retire until you know what to do with all the time. Retire to something, instead of to escape a job. If you're not working and have all this money, go take classes in order to figure out what you want to do. Try each activity at least a few times before giving up on it. You have plenty of money and time to try lost of things: archery, blacksmithing, play an instrument, learn about art, learn to make art, learn accounting, French literature, car racing, or whatever strikes your fancy. As long as you're building a skill you're improving yourself. Don't spend more than a few hundred dollars on stuff required for a hobby until you're really sure you will stick with it for at least a year. Until that point, just rent the stuff. The last thing you need is to acquire more and more stuff that will require a bigger house to store it, etc...

Good luck.

[pacergal]

OP, if what you write is true--congratulations on your sobriety/recovery. I hope you continue drug free. Yes, you do have an abundance of money and it seems you may be spending excessively as a way to feed your previous addiction tendencies. There are help groups out there that may help with any compulsive/ poor impulse control behavior.

To address your questions seriously:
*I would encourage you to read up on as many financial books as you can. There are lists on this web site and on bogleheads on some great books. Ernie Zalenski "How to retire wild, happy , and free" is good to look at what you want to do with your life.
*Meet with a fee only FA.
*Invest in quality Index funds.
*Put yourself on a budget based on your lifetime and income, and stick to that budget! Who knows what your future might bring? You do not mention a partner, children, etc. Avoid spending just to spend.

Best of luck to you. Come back and let us know how things are going.