Hey everyone :)
Last year my teenage crypto investments exploded and now sitting around 2m$ post-tax. They're 99,9% of my net worth, and I believe it doesn't make sense to hold such a pile of money in a high-risk asset. And therefore, I want to sell most of them and put them into instruments with lower risk. So essentially, the goal is to preserve money and put a portion of it to work. I'm 22yr old, working in IT and my salary covers my living expenses. I don't have any intention of retiring or similar things.
I have never managed such an amount, which makes me lost. I read a lot of info/posts on r/personalfinance, but the tips there are primarily for the US people. So I thought about getting professional financial advice. I could find several companies on Google, but very few reviews and they do not list amounts of target net worths. I live in Germany if that matters.
Appreciate your tips and wish everyone a wonderful upcoming year :)
Generally I’m not a fan of market timing and have a pretty conservative investing approach (basket of ETFs) BUT I just got a large windfall (10s of millions) made from a decade of work and investing it all at once with the market at an all time high seems dangerous, even in a diversified portfolio across asset classes.
How would you think of investing it? Get into the market over 6 months? A year? Longer?
A different strategy?
Edit: Hey all, my apologies, I was not fully awake this morning when I wrote this. Please note that I'm using PI to mean "principal and interest," not PMI. No PMI on this mortgage. (And also ugh, sorry that editing made all my lists go away - no time to re-format)
Barring catastrophe, the sale of our house will be finalized on Friday. We've already moved into a smaller home in a lower COL area. We only put 10% down on the purchase of the new home, with the intent of paying it down with a lump sum after we sold the first house. Now I'm trying to decide how large that lump sum payment should be, with the idea that we'll save/invest the rest.
I also have cash flow on my mind, as my husband is already semi-retired and I hope to downshift at some point and maybe retire in 10-12 years. I don't necessarily want to have the mortgage paid off by the time I retire, but don't want it to be an undue burden.
Here are a few details that might be relevant:- New mortgage balance is $280k, 20 years / 2.95%- Previous mortgage balance was $135k, 15 years / 4.25%- New mortgage PI is about $250/month more than old mortgage, somewhat offset by lower TI. This is manageable on our current budget-We'll net out about $265k after we pay off the old mortgage and pay ourselves back for the down payment on new house, closing costs, moving expenses, and repairs/improvements on the old house- No debt other than mortgage- Decent savings/investments to this point, although I would like to build our retirement fund as aggressively as possible for the next few years
The options I'm considering are:
- Pay down $65k so PI is the same as it was on the old mortgage (frees up about $135/mo to save/invest)- Pay down $100k, which would take PI to about $1,000/mo (frees up about $350/mo to save/invest)- Pay down $145k, which would take our loan balance to what we owed on the old house (frees up about $575/mo to save/invest)- Pay down $0 and save/invest the whole lump sum and deal with the cash flow implications later
What would you do? Thanks for reading this tome!
I’m looking for a recommendation for a subreddit(s) where I can learn about good brands to upgrade my lifestyle due to a life-upgrading windfall. Things like “I used to buy towels at Walmart but now I want the nice plush ones that they use at 5 star hotels.” Or “I want those sheets rich people tell you feel luxurious but what brand/where do I shop for them?”
I plan on overhauling everything from household items, to furniture, to wardrobe…pretty much everything. Husband, wife, kids scenario — so any type of recs are appreciated.
Hi, I don’t have any specific skills after getting redundant. I’m looking to use the money to either build up some skills or invest the money. But this is not enough for me to buy an apartment…. And the stock market is so high that I don’t know what I could invest.
I want to get some basic job like working in a bakery or cafe but then I’m nervous about me being too old to learn new stuff (I’m dealing some level of anxiety lately).
Please advise. Thanks.
What's going on gang.
So from reading the FAQ and looking at the quad portfolio that you guys recommend, I want to say I'm considering putting a windfall into all four and start collecting my monthly dividends.
Currently I have a Robin Hood account and I'm seeing QYLD is actually a pretty low for a good buy. Did you guys recommend a different brokerage account, a different time to buy, or is earlier the better? Wish I would have put all of it into QYLD a week and a half ago but any advice would be appreciated.
Not really looking for growth* mostly need the payouts.
Hi there, I am an early 30's tradesman and I've been incredibly fortunate this year with crypto and found myself with about $200k. I am single and I don't own a house. I have pulled about half of my money out of Crypto and put it into various tech stocks, I'm not really making anything but I'm not really losing anything either (I have only really had these stocks for about 6 months so no expectations either way there). I have a about $37k in my kiwisaver. I have hired an accountant to deal with my crypto. I have roughly $90k still in ethereum
Not really sure what the best course of action is here, I of course would like to own a house, but as a single person I can't nurse a huge fortnightly payment and most apartments in my price range are either leasehold or shoeboxes.
I have no debt and my credit rating is fine, my trade can expect about $70-80k per year wage
Any advice would be great, I just don't know what to be working towards and I've never had this amount of money before
Throwaway here.
I'm in my late twenties renting a studio with my girlfriend in a HCOL city here in Toronto. I make 70k a year and have about 200k saved up between an ETF, stocks, and crypto. No debt and no car.
In the near future I may be receiving a large windfall in the form of a $800k house and cash we believe to be somewhere between 1-2mm.
I'll be splitting the value down the middle with my father, netting me just shy of a million dollars should we sell the house. What should my next steps be, and how do I not screw this up?
I know $1mm parked away at a 5% withdrawal rate is $50k a year which I could comfortably live off, but I'm not sure if that's the best use for the money.
I'd like to meet with a financial advisor for some insight as to what my options could be, and would love some insight as to where should start looking.
My mum just gave me 5k. I'm not looking for financial advice per se, but interested to know in your current life situation where would 5 grand end up?
I have deleted all crypto apps on my phone where I could check my btc. 23 years old, bet your ass I am HODLING.
Reason for buy: It looked like it was about to shoot for the moon. It did not.
IF YOU DONT SELL YOU DONT LOSE YOUR MONEY! HODLING FOR YEARS TO COME.
37 yrs old. FI but not RE yet - will be in ~3 years when the rollover equity on recently sold business liquidates (should be ~$10M NW at that point).
Long story short - I'll have $1.5M in cash set aside for taxes that will be need to be paid in April from the windfall on selling my business recently.
I know it's only 3 months, but what have others done to maximize this cash position? Hold it in cash? Obviously want to take the safest approach possible, but still get some benefit out of it. Are CDs still a thing?
I have a [[Runo Stromkirk]] deck I built recently that has a few windfall effects combined with return to hand cards that generally synergizes with my game plan of getting big krakens into the graveyard and then back onto the field, with [[Rise of the Dark Realms]] serving as a finisher if I can't end the game with enough value from my commander.
I had a friend play the deck while I played his, and he proceeds to rift on his end step + windfall on his turn, then closed out the game with Rise of the Dark Realms + [[Crashing Drawbridge]]. I was ultimately happy that while I lost, my deck got to do its thing.
I could tell another player was a bit salty, saying things like "just because you can build a deck like that doesn't mean you should" and I can kind of see where he may have felt annoyed as someone playing a [[The Prismatic Bridge]] deck that never got to start rolling.
So my question is, how does the average player feel about return to hand + wheel effects? Obviously rift is the worst one, but I have 2 other wheels in the deck and 4-5 return to hand effects. Is this too much or is this guy being salty for no reason?
Background: Throwaway account, am 19 years old serving NS, already have a spot in a university (not under any scholarship to cover expenses), little knowledge in investing
Recently received an inheritence of around SGD$150k from relative, and am very confused about what to do with it, so I'm seeking for advice
Currently the money is sitting in a bank but I don't want it to just lose its value over time. Here's some of my thoughts about what I'm going to do with it, would appreciate your guidance!
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Thinking about SSBs for reliability and safety but have no idea about how to do it, so I'll start reading up about the procedures, pros and cons
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DCA into ETFs on IBKR. Currently already have an IBKR account which I just started (100% VWRA). I'm thinking about investing around $100k, leaving $50k for university fees and emergency funds. Planning to leave this money in ETFs for as long as I can (a few decades preferably). But one worry I have is that something would happen to my IBKR account and the funds would be locked in
Additional stuff: Not looking to invest in crypto in general as I'm wary of the crypto ecosystem. Also not very interested in a portfolio manager to manage my funds.
Thanks in advance!! :)
My in laws gifted me a sum of money as a gift for my kid. Not a crazy amount but still quite a hefty sum- enough that their uni fees will be covered no problem.
Question is what is the best way to invest this for my kid over the next 18-20 years? Lump sum would seem abit risky. I have invested about 10% of the amount so far in a basket of major blue chips and etf.
I'm 28 years old. Until I was 26, all I knew was poverty and precarious employment. As a teenager, my parents disowned me when they found out I was a lesbian, and I finished high school living in a friend's guest room. I was ineligible for student loans (long story; the parental disownment has a lot to do with it) so I paid for college by cobbling together scholarships, working part-time during the school year, and working full-time during the summer. After college, I was hired in a steady office job at a company that went under six months into my time there. From then on -- so, about age 22 to 26 -- I paid my rent and bills through contract work, freelance writing, and occasional public assistance.
Freelance writing proved to be the most fruitful income stream for me. I started publishing pretty regularly with some prestigious publications, and eventually, I signed with a literary agent. I wrote a novel. In the fall of 2019, my agent submitted it to publishers. When I asked him how much he expected the novel to sell for, he told me that he'd never sold a debut novel for less than $20,000. My income for 2019 up to that point was $28,000, so $20,000 sounded like a life-changing amount of money to me. I was living, at the time, in an apartment with roach and ant infestation, and the occasional mouse. I thought that if my book sold for $20,000, I might be able to move into a place without bugs.
And then my novel sold for $500,000.
I have to pause and break down the details here. It was a two-book deal. I would receive $250,000 for the first novel, and another $250,000 for a second novel, yet to be written. Each payment would be broken down into four portions:
- $62,500 on signing the contract
- $62,500 on submitting the final draft of the book
- $62,500 on publication of the book
- $62,500 one year after publication
I met with an accountant, who advised me to set aside a percentage of my money for tax and not to touch it. I calculated the amount of tax I'd have to pay on my income in 2020. When my first book payment arrived, in the spring of 2020, for $125,000, I immediately maxed out my yearly retirement contributions, and slid (what I thought) was the amount of tax I'd have to pay into a savings account. My contract stated that the final draft of my book was due on September 30, 2020, so I was anticipating another payment of $62,500 then. I budgeted accordingly. I moved into a two-bedroom apartment in a building with a pool and a gym, paying $3,000 a
... keep reading on reddit ➡What do you think boys: spend, save, or refund?
I personally would like to look into expanding Amtrak service to Lewiston-Auburn.
Hello everyone! I’m 32 and living in Los Angeles. I just received a settlement that leaves me with about $140,000 cash (after tax and paying off all debts)
My income is hard to define right now as I own a new, small business. We started last year and now have a monthly revenue of about $30k (expenses vary by month but we have a healthy, growing amount in the bank). I’m only taking MAYBE $4k/month to live (although my expenses are now going to be much cheaper after paying off all my debt so I might take even less in order to grow business faster).
My rent is almost non existent (i live in a condo my family owns outright. Hoa fees are $500/month which I cover).
I have $12k in an IRA (maxed out for 2021 and 2022…although looking into a SEP ira for my business) $6k in crypto
Buying a house in LA is not realistic anytime soon. The median home is about $1m. I can find a decent condo for $600k but that’ll stretch me very thin now. I’m content with my living situation. Moving out of CA is not an option. My business is growing and I need to be here.
With that being said, I’m not sure what to do with my money. Just put it all in mutual funds until I’m rich enough to buy a home in my desired location? I have no children. No debt. Nothing big to plan for (other than a deep love of travel). I would love to have the option to retire early and I feel like I’m late to the game with retirement saving.
Any tips or advice?
I just found out that I am going to get an unexpected chunk of change from something that was completely opaque in terms of value at the time of divorce. Numbers were agreed upon and I knew in the back of my head that the likelihood of success and ultimate realization was probably higher than the value agreed upon. Basically, a lower cash number was negotiated and I took the liquidity and ultimate realization risk with almost no real ability into the value the outcome. I did almost no work to realize this asset. It is behind a bunch of LLCs that I don't control or have visibility into other than annual K-1s and gossip.
Legally I don't have an obligation to share this windfall, it is mine. But in the back of my head I feel like I should cut another check. I don't like the guilt and with money would normally just take it. But it nags at me. What should I do? The amount in question is meaningful.
I used Rosaline, Ascended Talene, Athalia, Rowan, and Ezizh/Twins for most of the fights, but I messed around with other teams for some of them, e.g., using a Lyca/Saurus Wilders team. Just thought I'd let others know.
