

My dad left me $7M and I have no idea what to do with it - thisaccaintreal
http://sevenmillionblog.tumblr.com/

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arsalanb
The answers you get here will be posted in the best of intention by the people
here, but i can't help but point this out — Whatever they post will _to some
extent_ be affected by their identity (which is unique to everybody). Most
will ask you to invest it in startups, some will probably even ask you to
save, and whatnot.

The thing about money is, when you don't have it, you think of all sorts of
things you could do if you had money. But when you get it, you go blank. So
I'd really suggest getting some professional advice from a financial planner
(an expense that you can actually afford, given your financial position)

Personally, I'd buy a BMW M4 Convertible, and then think of what to do with
the rest. But that's just me.

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mrmincent
Leave it in the bank, sit on it for a year. Think things through, take advice
from different people. You will eventually find a house that you want to buy,
or a business you want to invest in, or a holiday you want to take. Don't use
it for the sake of using it.

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sbarber
You could invest into my start up. I'm not asking for anything extraordinary
at the moment but our general plan is to start as a computer repair business
to fund our research in home automation the link to the page is

[https://www.tilt.com/campaigns/help-me-open-a-computer-
repai...](https://www.tilt.com/campaigns/help-me-open-a-computer-repair-shop)

Right now I have an IT specialist, a Hardware Engineer, a Web engineer, and a
Marketing person. If we could make enough to start on our own enough to quit
our day jobs we could have a functional business within a month, because we
already have clients.

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gotrythis
If it were me, my family and friends would have the resources to do something
meaningful with their time instead of living to work. I would gift money to
projects that have the intent to change the world, but don't have a method to
make money. That would include funding sustainable off-grid intentional
communities. I would also stop doing anything myself that is just to make
money and do things of real value.

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DanBC
How old are you now? How old will you be when you die? How many weeks are
there between now and then? What is $7m / that number?

That's how much you can spend per week. You probably need to lock up an amount
in safe savings for old age.

It'd be really easy to burn through $7m in a couple of years and you probably
don't want to do that.

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jondubois
Obviously fake. If OP really had that money, they could afford a very good
financial planner and wouldn't have to resort to asking random people on
Hacker News about how to manage their finances.

If I had that much money, I wouldn't invest in any company whose CEO is
gullible enough to think that this post is genuine.

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sly_g
Well, I have an interesting innovating idea concerning eInk electronic book
readers and I just happen to look for investors. I cannot disclosure all
details in public, because there are no patents yet. If it's interesting to
you, let's get in contact.

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axelnaess
Well, at this place you're probably going to get this advice quite often:
Invest in several startups. Just what YC themselves do.

I'm the CFO of a tech startup myself. We are building "The Instagram for
online trade". I'd love to talk to you.

If it were my money I would invest a portion of it in startups (but you must
obviously know that the risk of losing these money is present), and I would
invest most of it in stocks and keep the rest in the bank. I have some
personal recommendations, but if you don't have any idea on the stock market I
would consider contacting an investment bank. I think that would be reasonable
with your amount of money.

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sky_
Hi, you should become an angel in startups' investments... take a look at
[http://angel.co](http://angel.co)

------
Beached
General Investing Advice: 1\. You will never beat the market. No one is able
to beat the market, even those who's job is investing, rarely ever beat the
market. Over 100 years of investing research has proven that it just doesn't
happen. (See Warren Buffet for exception?). The best thing you can do when
investing is to place your money in a low cost mutual index fund and wait. do
NOT get involved with active trading with your retirement funds. Do not do it
yourself, do not hire a broker to do it for you, do not, do not, do not!

The rule of 9 is this: Any amount of money you invest in the stock market
today will double in 9 years when averaging 9% returns. (The US Stock has
historically grown 11.87% per year for the past 100 years).

Specifically I would invest equally in three different funds: S&P 500 -
Equally spreads your money in stocks from the 500 largest companies. (The S&P
500)

Total US Market - Equally spreads your money in stocks from all US companies
in the stock market.

Target Date fund - A diversified fund that shifts from high volatility
(Stocks) to low volatility(Bonds) as your near your retirement age.

\----------------------What I think you should do with the
$7,000,000------------------

1\. Pay off Debts 2\. Set up Emergency Fund 3\. Set up retirement Account 4\.
Set up investment account 5\. Any money left over can be used for helping
family, donating to your favorite charity, or open-source.

\--------------------Detailed Description---------------------

1\. Pay off debts. - If you find yourself out of a job or in a sudden life
change, the financial peace of no outstanding debts makes it easier when "life
happens". In many cases, you could earn a bigger return per dollar by
investing (Such as investing in a Index fund vs. paying off student loans),
however the flexibility and peace of mind of not having debts is hard to
measure.

2\. Set aside 1.5 - 2 years worth of money in a "O shit fund". This should =
your living expenses for 1.5 - 2 years. Place this money in a savings account
that you cannot easily access. Many banks can set it up so you have to show up
in person to access the money in your savings account. This money is in case
you (or your wife) lose your job, it will float you until you get a new one.

3\. Call Vanguard to open up a retirement account.
[https://investor.vanguard.com/home/](https://investor.vanguard.com/home/) (I
do not work for Vangaurd, they are just the best to work with, and have low
management fee's from my experience) With a phone call, Vanguard is
essentially a free financial planner. Surprisingly enough, All major
investment firms will NOT pressure you to open an account with them over the
phone, they will answer all questions you have and tell you to have a great
day at the end without hassle.

4\. Vanguard will help you determine the amount of money you need to place
into your retirement accounts to have a happy retirement without running out
of money when you hit 90+. All major investment firms will likely recommend
that you place a little extra in as well, do this. Open up 2 accounts with
them, a retirement account comprising of a S&P 500 index fund, Total Market
Index Fund, Target date fund (These three will represent your retirement
portfolio) and then a brokerage account. A brokerage account work exactly like
a retirement account, except you contribute money after paying taxes, you pay
"Capital gains" taxes when you withdraw cash from the account. Invest
$2million into your brokerage account ($1m in a S&P 500 index fund, and $1m in
a total us market index fund) and you could theoretically retire tomorrow,
living off of the returns from the brokerage account alone.

5\. Some ideas for what you can do with the left over funds.

a. Open a college fund for kids or future kids. (Look into 529 plans)

b. Pay your parents back for raising you, helping you with college, etc by
paying off their mortgage or contributing to their retirement fund.

c. donate to charity's

d. donate to open source

e. purchase investment houses in a high demand area, let a property management
company handle the houses for you, they will take a slice of the profits off
the top in return for finding renters, handling maintenance calls, rent, etc.
They will only call you for major repairs such as replacing appliances or the
roof. (This can take many years to get a return on your initial investment but
after you have earned your money back, it can be very profitable)

f. Open an HSA (High deductible health care plan required), max out your HSA
contributions, and set your HSA account up as an investment account just like
your retirement accounts. HSA's are accounts that have a "Triple tax
advantage" so these accounts have the greatest return for the dollar. (You can
only use HSA funds for health care costs, like dental visits, ER visits,
prescriptions, or even buying floss or toothpaste) A little known loop hole is
that you can max out your HSA every year, and pay for all your health care
costs out of pocket, place all your receipts for health care in an envelope
and when you retire, you can "reimburse yourself" for ALL the costs from your
HSA tax free. This allows your money to gain compound interest over the many
years before you "pay" for the health care, earning the most money on your
money.

------
shumo
buy Ferrari

------
skidoo
Burn it, burn all of it.

~~~
skidoo
Why the vote down? Should I ask for a handout like everyone else instead?

Yay Capitalism, yay products, yay materialism! Because all of these things
have done wonders for the world thus far.

BURN IT ALL.

