I am 41 and owe a little on my three bedroom house and have a few car payments left. But now suddenly I'm rich. The weird thing is that its from my dad and I had NO IDEA he had that kind of money.
He always lived like he was barely middle class.
So what do I do now? My live-in girlfriend is pretty excited about it. I can't help but think she will push for marriage.
unless you are good with money, put it in the bank and go find a certified financial planner. Interview several.
make it clear that you will pay no more than $1000 for a financial plan and you will pay fees of 0.8% per year maximum, including fund fees.
If he tries to get you to buy an annuity or something with a commission, be very suspicious. You probably won't want to do that.
You aren't rich unless you live in west virginia or something...this might provide you another $45,000 or so each year. Solid, but not life changing.
41 with live-in, no kids wrote:
I am 41 and owe a little on my three bedroom house and have a few car payments left. But now suddenly I'm rich. The weird thing is that its from my dad and I had NO IDEA he had that kind of money.
He always lived like he was barely middle class.
So what do I do now? My live-in girlfriend is pretty excited about it. I can't help but think she will push for marriage.
You aren't rich or even close. You have a chance at security, so don't get the mentality that you are wealthy.
Do what your dad did and save and invest.
If you were, your x may be entitled to the imputed income (ie. 4-5 %, for example) on your 1.2m.
Just so you know....
I am like your dad-my kids will be equally amazed.
Invest it well and thank your dad everyday...
Only you can decide if marriage is in the cards.
jan van eyck wrote:
unless you are good with money, put it in the bank and go find a certified financial planner. Interview several.
make it clear that you will pay no more than $1000 for a financial plan and you will pay fees of 0.8% per year maximum, including fund fees.
If he tries to get you to buy an annuity or something with a commission, be very suspicious. You probably won't want to do that.
You aren't rich unless you live in west virginia or something...this might provide you another $45,000 or so each year. Solid, but not life changing.
Why even pay 1k and/or .8? Use Vanguard Flagship service and you pay 0 for advice and well less for funds/etfs with 0 cost stock trades.
Previously married? wrote:
jan van eyck wrote:unless you are good with money, put it in the bank and go find a certified financial planner. Interview several.
make it clear that you will pay no more than $1000 for a financial plan and you will pay fees of 0.8% per year maximum, including fund fees.
If he tries to get you to buy an annuity or something with a commission, be very suspicious. You probably won't want to do that.
You aren't rich unless you live in west virginia or something...this might provide you another $45,000 or so each year. Solid, but not life changing.
Why even pay 1k and/or .8? Use Vanguard Flagship service and you pay 0 for advice and well less for funds/etfs with 0 cost stock trades.
that can work. many like to be able to sit down with a real person who can give more advice than just investment. A CFP can do that.
but nothing wrong with the vanguard service.
Forget talking to a CPF. You need to talk with a tax professional to avoid paying taxes on this money.
lots of boomers have more money than you'd expect. They work so hard to money, destroying the US in the process (As their money is often made on the backs of others), but have no plans for the money.
jan van eyck wrote:
Previously married? wrote:Why even pay 1k and/or .8? Use Vanguard Flagship service and you pay 0 for advice and well less for funds/etfs with 0 cost stock trades.
that can work. many like to be able to sit down with a real person who can give more advice than just investment. A CFP can do that.
but nothing wrong with the vanguard service.
Yes, but you also have the services of a CFP. Just to clarify-you get 25 free trades for stocks and pay $2 trade thereafter. My recollection is that Fidelity has a similar offering. I just chose Vanguard years ago.
Previously married? wrote:
jan van eyck wrote:unless you are good with money, put it in the bank and go find a certified financial planner. Interview several.
make it clear that you will pay no more than $1000 for a financial plan and you will pay fees of 0.8% per year maximum, including fund fees.
If he tries to get you to buy an annuity or something with a commission, be very suspicious. You probably won't want to do that.
You aren't rich unless you live in west virginia or something...this might provide you another $45,000 or so each year. Solid, but not life changing.
Why even pay 1k and/or .8? Use Vanguard Flagship service and you pay 0 for advice and well less for funds/etfs with 0 cost stock trades.
What kind of advice are you going to get for $0?
80 bps including underlying expenses is very low if you expect something like discretionary money management. I've worked in wealth management and for a $1 million account, 1% not including underlying fund fees would be very competitive.
If you are looking for advice on LetsRun, a good financial advisor might be worth it.
Blah Blah Blah. wrote:
Forget talking to a CPF. You need to talk with a tax professional to avoid paying taxes on this money.
No you don't. Just look up what your state law amount is on inheritance. He is well under the Federal cap.
Thereafter, fund a Roth to the max, and/or an IRA every year. In "open" accounts, if taxes are a concern, use tax-exempt bonds/etf's.
Too bad you have the live in gf, might as well kiss the cash good-bye.
Bring Back the 880 wrote:
Previously married? wrote:Why even pay 1k and/or .8? Use Vanguard Flagship service and you pay 0 for advice and well less for funds/etfs with 0 cost stock trades.
What kind of advice are you going to get for $0?
80 bps including underlying expenses is very low if you expect something like discretionary money management. I've worked in wealth management and for a $1 million account, 1% not including underlying fund fees would be very competitive.
If you are looking for advice on LetsRun, a good financial advisor might be worth it.
Sure, pay the 1-1.5% if you don't know a thing about using common sense. After I paid 900+ for a sell trade that was MY pick using ML (years ago), I finally saw the light and decided to switch over to Vanguard. No regrets.
Previously married? wrote:
Blah Blah Blah. wrote:Forget talking to a CPF. You need to talk with a tax professional to avoid paying taxes on this money.
No you don't. Just look up what your state law amount is on inheritance. He is well under the Federal cap.
Thereafter, fund a Roth to the max, and/or an IRA every year. In "open" accounts, if taxes are a concern, use tax-exempt bonds/etf's.
This illustrates why talking to a tax professional is necessary. Many will do the above and get screwed for the IRS.
Do not let your penis decide how you spend this money.
Don't start thinking you're a posh twat all of a sudden either.
Nice. Good luck.
Previously married? wrote:
Why even pay 1k and/or .8? Use Vanguard Flagship service and you pay 0 for advice and well less for funds/etfs with 0 cost stock trades.
Somebody isn't watching their fund load, fees, etc....
Previously married? wrote:
Sure, pay the 1-1.5% if you don't know a thing about using common sense. After I paid 900+ for a sell trade that was MY pick using ML (years ago), I finally saw the light and decided to switch over to Vanguard. No regrets.
If you have the knowledge, time, and desire to do it yourself, you don't need to pay an asset based fee or big commissions to a full service broker. Agreed.
Some people don't do their own investments just like not everyone paints their own house or cooks their own meals or services their automobiles.
Previously married? wrote:
Blah Blah Blah. wrote:Forget talking to a CPF. You need to talk with a tax professional to avoid paying taxes on this money.
No you don't. Just look up what your state law amount is on inheritance. He is well under the Federal cap.
Thereafter, fund a Roth to the max, and/or an IRA every year. In "open" accounts, if taxes are a concern, use tax-exempt bonds/etf's.
^^^ Good advice
I'd still talk to a tax person and get a plan for the tax year. Be sure you understand it.
Per another post, you are NOWHERE near rich. Not even a little. With strong yields in single-digits, it will barely grow.
Use the money to fund a ROTH. You won't have much left after taxes.
https://turbotax.intuit.com/tax-tools/tax-tips/Taxes-101/What-are-Inheritance-Taxes-/INF14800.htmlBlah Blah Blah. wrote:
Previously married? wrote:No you don't. Just look up what your state law amount is on inheritance. He is well under the Federal cap.
Thereafter, fund a Roth to the max, and/or an IRA every year. In "open" accounts, if taxes are a concern, use tax-exempt bonds/etf's.
This illustrates why talking to a tax professional is necessary. Many will do the above and get screwed for the IRS.
You should make a university, a steakhouse and a bike race that all fail. Then the next obvious step is to run for president on a platform of hate and make an immense fool of yourself in the process.