271–280 of 531 posts
Congrats, this is a huge achievement.
I would buy a high yield stock like wells fargo. With 8 mil after taxes, you could buy enough wfc to payout 220K a year in dividends before a paltry 15% tax. You’d likely receive increases every year and as you did, your stock would appreciate. You might not like the idea of wells fargo or financials, so find some other lesser yielding stock(s). Never sell them and try to reinvest dividends at 50% with your minimal e…
This is a great thread. Throwaway also. Gonna write some stream-of-consciousness here, because I have to start my work day, but I personally made approx. this amount from an exit, and it has gone very well for me and my family (wife + 3 kids). Some additional fine-tuned advice of what worked for me: (1) don't be afraid to spend money - high hourly rates - for a good accountant and good tax attorney. (2) if I were you…
Re the 1% thing: might be worth it. Lots of people chase returns and pick risky investments. Instead of picking a diversified portfolio of index and/or blue chip stocks and sticking with it, they "play" the market, and almost never beat it. The 1% to a wealth advisor saves you from yourself. Of course, milage will vary
Earlier quoted context omitted.
I assume the OP has to be making about at least $130k salary, approximately $200k in total compensation. That gives 42 years at the current lifestyle at a lifespan of 85 years. That assumes wages track inflation. Lifespan should be higher by then too. I'd consider maintaining lifestyle as comfortable retirement.
This is if you just let it sit in an account instead of investing it. The parent comment is saying if you invest it you will be able to take 4% each year and still keep the nest egg in tact.
This is a great thread. Throwaway also. Gonna write some stream-of-consciousness here, because I have to start my work day, but I personally made approx. this amount from an exit, and it has gone very well for me and my family (wife + 3 kids). Some additional fine-tuned advice of what worked for me: (1) don't be afraid to spend money - high hourly rates - for a good accountant and good tax attorney. (2) if I were you…
As one of the "wealth managers" who you apparently should avoid like the plague, I'll just put my $.02 here for what it's worth. There is undeniably a lot of crap in the financial services space. I live in it and I could not agree more. I have to face this down every time someone asks what I do for a living. But this isn't really relevant to whether or not OP should hire an advisor. It just makes the job of finding a…