461–470 of 531 posts
>Should I donate it? do you seriously consider this? Sounds crazy to me. Or pretentious. Why bother with working another job? Do your own thing, fix something in the world.
Some people experience very real guilt/depression when a windfall happens "I don't deserve this" "why me" "shoulda been someone else" etc, not unlike survivor's guilt.
i invested close to the ETH ICO. just $10k or so, but that gave me a windfall of $3.5m (I sold in early to mid-December). im not super conservative with my money (i.e., i don't do t-bills, and other "super safe" investments). i am just dollar cost averaging into index funds, like ive always done. I anticipate that I'll get anywhere from 5% to 15% per year, compounding. i also have pre-tax income of roughly $500k. i s…
Wow. You got out at the top. ETH has dropped 90% since then.
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Agreed with the bogleheads suggestion. I’m a lawyer who does some consulting to people in similar situations, and the mistake that everyone makes is thinking that because it’s a lot of money somehow it has to be treated differently. This is just plain wrong. Resist the urge to hire a fancy money manager or do anything different beyond a celebratory dinner with your family. Don’t tell anyone beyond your wife and very…
"Don’t tell anyone beyond your wife and very trustworthy family about this. Otherwise,you will quickly have lots of 'friends' and family members who “love” you." I completely agree with this if he had won the lottery. Money found is different than money earned. In this situation though, the OP picked the right startup, put work and effort into making it successful, and was financially compensated for the risk and eff…
Congrats
EDIT: Forgot to say - Congratulations!
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…
Be careful and thoughtful about where your money goes. Spend on memorable experiences and things you and your family can enjoy together. Maybe use this as an opportunity to find hobbies together and get even closer than you are now. Enjoy!
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You didn't retire, you just quit working until you went broke.
That's exactly what retiring is, only with the hope you die before your funds run out.
Also, the moment people know about your money they will want to get to it, legally or illegally. Best to be quiet about it.
It's very very common for people that get lots of money to lose it eventually. Make sure that does not happen to you.
8mil is enough money for you and your family to have a very comfortable life. Don't get greedy and try to increase it and end up losing it. Put it in a safe investment for at least a year while you learn how to manage it. These days you can get over 2% in a certificate account. After taxes you'll keep 4 to 5 mil so you can get 80k+ for the year.
But remember, try very hard not to lose it!
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"Don’t tell anyone beyond your wife and very trustworthy family about this. Otherwise,you will quickly have lots of 'friends' and family members who “love” you." I completely agree with this if he had won the lottery. Money found is different than money earned. In this situation though, the OP picked the right startup, put work and effort into making it successful, and was financially compensated for the risk and eff…
It’s not really about owning anything. It’s thieving friends of family who will hold it against you if the wealth is not shared on account of your apparently deep social bond, if not trying to wrings it out of your wallet outright.
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Hi, Some tips from me: - Take a nice holiday - Don't rush into investing. Take some time to think about what you want to do. - If you invest in stocks, do it in a staged plan. Resist the urge to sell when it's going down, and the urge to buy when it's going up. (I could not resist buying when it went up beginning January this year). Start with small amounts first. Be there for the long run (don't sell/buy all the tim…
Honestly this is mostly bad advice. The guy should just sit on his hands for a year or two while he processes the idea of having money. Telling somebody who has never made a big financial decisions to start buying millions of dollars worth of financial assets is terrible advice. Unless by "start small" you mean invest a non-material amount, which still leaves the question: what to do with the remaining 99% of the mon…