I'm 100% about to come up on a huge wad of cash and assets (legally) in the immediate future. I long since gave up on getting, "successful at life." I've got very modest ambitions now. I own my own home and such; if I sold it all now in addition to what I have I could basically move anywhere I wanted.Pretty much all I want to do is engage in nerdy hobbies and vidya until I die because I eventually realized that was what I was good at and makes me happy. Don't look down on me or pity me; I'm not afraid to embrace what gets me out of bed every day.What's the smartest way I can set myself up indefinitely so I never have to work again? Anyone else who had something similar happen and made this decision, what pitfalls should I avoid to keep from losing it all? Any lifestyle points?
>>34034548Define "a lot of money"To me, a lump sum that would be "a lot of money" would be multiple millions. And for that much money I'd get a professional accountant and financial advisor not because they are magic but because they create a middleman layer of friction between you and YOLOing over a million into GameStop calls or something. Your goal is to preserve that wealth so your strategy should be as boring as possible. On the other hand, we are experiencing the fractional reserve central banking inflational fiat chickens finally coming home to roost, so there really aren't "safe" investments right now. Your standard SPY and Vanguard ETFs should at least keep you abreast of the market, and buying the magic 7 tech stocks directly probably won't hurt you in the short term (10-20 years before we really get wild and the USD becomes toilet paper) Personally, I have a good fraction of my wealth in physical precious metals. Everyone who called me a schizo with boomer rocks in 2020 when I was buying gold and silver are all real fucking quiet right now. My biggest regret of course was not buying more.
>>34034548>What's the smartest way I can set myself up indefinitely so I never have to work again?Renting and/or stocks investements, if you have enough starting money
>>34034594>Define "a lot of money."Millions in just raw cash alone. A bit more spread out other places. Lots of property with natural resources I already get big checks from every few years.>get a professional accountant and financial advisorI know some other guys who did this and they discovered they were getting fleeced. Plus you gotta pay these guys. What are some warning signs someone is bullshitting me? I know nothing about super-high finance - which makes me probably even more in danger of being scammed.>precious metalsI have some pretty crazy shit in gold coming among the assets, so I've got that covered at least.Thanks for the advice on stocks, good reply.
>>34034595My family used to do rental properties. We got out of it because it was too much hassle for the money we made. Some of my first jobs as an adult involved property management and maintenance - it's how I learned enough to go into the trades without ever touching a school or union.Stock investments and the like I have been thinking of hard, but I have no desire to be bothered with running a business. Been there, done that.
>>34034548>fundy baby has no ambition for existence and subsists on consuming A classic tale as old as time, don’t forget to invest in silk rope
>>34034609>Millions in just raw cash alone. A bit more spread out other places. Lots of property with natural resources I already get big checks from every few years.Inheritance? Lol good for you, lucky bastard. I'd say sorry for the loss but you don't seem too bummed>I know some other guys who did this and they discovered they were getting fleeced.Likely you knew idiots who hired hucksters promising get rich quick schemes working on commissions and percentages. Get someone who charges an hourly fee. Yes, the sticker shock of someone charging $600 an hour will be intense but compared to letting someone use your money to make their money, you'll be in the black by a huge margin.>Plus you gotta pay these guys.Compared to what you should be making, it should be a paltry fee. Again, find guys that charge high hourly or monthly fees. What you are looking for isn't a guy who has the next great idea for a trade that will 3x your account, you want the watchdog who will make sure the interest is compounding and will handle your bookkeeping. >What are some warning signs someone is bullshitting me? I know nothing about super-high financeAgain, a good financial advisor and bookkeeper (you should hire one in the same) will be focused on making your wealth grow with the market, not encouraging you to do flips on shitcoins or anything like that, and definitely not takin commission. They should also have bona fides. My bookkeeper for my small business lead a half-billion dollar acquisition as a CFO and is just helping me for love of the game. Only charging me a grand a month to manage and run the books for seven figure ARR. Very rare situation but it's possible so keep vigilant and look around.>I have some pretty crazy shit in gold coming among the assets, so I've got that covered at least.Good. Don't you dare sell it.
>>34034609>What are some warning signs someone is bullshitting me?NTA but worked in the financial industry for a while. What you want is someone working in the capacity of being a fiduciary. That is, someone who is legally and morally obligated to help you make decisions in your interests, not theirs. There's a lot of "financial advisors" out there who aren't advisors at all, they're just whole life insurance salesmen and they all suck. A true fiduciary will take on a holistic approach, understanding what needs you have now and what plans you have for the future, then set you up a portfolio that reflects those goals
>>34034633Silk rope for you too
>>34034651I grew up on welfare and used my mind to get Ivy League education on the charity kid scholarship and build my business over decades.I'll take the silk rope to use for shibari on you while I fuck you up the ass though
>>34034670Sure you did, just a small loan of a million dollars
>>34034677From endowment donors and taxpayers like >(You), thanks for that!
>>34034691I don’t live in your country little princeling, glad you can afford to sit around in your chair being a smug loser while people starve to death. Be sure to talk more about how you just thugged out your impossible start and somehow got to a level of wealth no human should realistically need
>>34034698>glad you can afford to sit around in your chair being a smug loser while people starve to deathI'm am glad, thank you. Those people are useless brown mouths most of the time only alive because of generous rich white men.>to talk more about how you just thugged out your impossible startI will, buy my autobiography when it comes out for the full detail>somehow got to a level of wealth no human should realistically needBrother a small business making several million a year barely gives a handful of employees a basic middle class existence these days. Yet faggots like you want us to live like Somalians scrambling in the dirt eating dirt grubs.
>>34034711>racist chud gets his handouts and somehow thinks he’s better than the people he’s racist towards>Randian slop mindsetYou didn’t come from the gutter but you sure act like it. You’re just lucky the laws don’t let people shoot you
>>34034717>You’re just lucky the laws don’t let people shoot youSame to you :) I actually advocate for abolishing the police too, because it would be so much easier to just shoot blacks and browns, no trials. Instant better society.
>>34034723Yeah unlike you I’ve actually shot a gun in my life for something other than larping as a big game hunter at a gun range. Keep up the chuddy racist mindset though, you’re definitely not a lonely loser irl
>>34034728LMAO I'd pop the top of your head off with my .300 rifle before you got in range of my AR. And my .38 practically never leaves my side.>you’re definitely not a lonely loser irlAm I a rich jetsetter trustie or a lonely basement chud? Make up your mind!
>>34034851I’ve settled on larper loser especially after that post, yuck
It's not worth being jealous. Just invest 10-30 bucks a day in s&p500. $1,828,671 after 30 years just there (at 20 a day)
>>34034627Believe it or not I fully intend to do this if things don't work out.Trust me, you have no idea who I was before my life was taken from me. I now realize I have the Golden Ticket and being too proud to take it does me no favors because my other options are going in a box and eating bugs.
>>34034633>I'd say sorry for the loss but you don't seem too bummedWhy do I have to prove to strangers on the internet I love my family? That's not germain to this conversation. It's not happening any time soon. Frankly I wish it didn't. My only real solace is that after all the shit that's been talked about me (some of it deserved, some of it not) I came back home when I didn't have to and still ahd my life together and kept it that way and used all my free time aside from being with my own family to take care of and spend time with the only member of my blood that's had my back every minute of every day since I took my first breath. Meanwhile all the people who are supposedly better human beings than me left them out here to rot and die alone. People with four times what I've got and twice what I'll be getting but who would still want to carve it up and run off with it anyway. So fuck them in the ass and I'm going to tell them as much as soon as the funeral's over which believe me I am not looking forward to the first time they try and be friendly to me I'm going to throw every single bad thing they ever said about me in their face, ask pointed questions about how I never even had their phone numbers before now, then as they stutter I'm going to literally shut the fucking door in their face and tell them I am perfectly within my rights under this state's laws to have the cops forcibly remove them from my property.>all the other adviceGood stuff, thanks anon. Have a (You).
>>34034638Got it, didn't know the difference. Thanks!
>>34034548I am feeling jealous of your inheritance and I am currently severely judging your life and your character in my own head to make me feel better about the fact that I am broke and if I had that money I would not waste it on consuming I would use it to secure the health and wellbeing to those I love. I am currently telling myself that the money is wasted on you, and I feel bitter that such good fortune does not happen for those who I think deserve it. With all that being said though OP, I think regardless of the money you should not resign yourself to never working ever again. That will kill you inside, and if you truly want to enjoy the wealth you just got, you should not let your soul either away in idleness. Because if you do, that fortune won't help you. If you want to make the most of it, be sure to aspire for things bigger than nerdy hobbies and videogames. I am not saying give up those things, but don't settle for just those and only those. Expand on it, add more things on top of it. Despite my envy I do not wish you ill will, I hope you do find a way to have an optimal life.
>>34034548>Pretty much all I want to do is engage in nerdy hobbies and vidya until I die because I eventually realized that was what I was good at and makes me happy. Don't look down on me or pity me; I'm not afraid to embrace what gets me out of bed every day.I think this is highly relatable for a lot of people. Chasing social status is rough. It's years of work, it's not necessarily satisfying, and it can be lost in an instant.>What's the smartest way I can set myself up indefinitely so I never have to work again? Anyone else who had something similar happen and made this decision, what pitfalls should I avoid to keep from losing it all? Any lifestyle points?I would read Boglehead's Guide (or ask AI to summarize). It explains everything.But basically, you'd invest in a balanced portfolio of index funds and bonds. You'd safely withdraw like 3-4% a year and adjust up/down based on market performance.
>>34035870Well, I do have a plan to set things up. I do have children who I've always supported. So that's another challenge. But I already have some answers to that.I don't have anyone else I love. Basically because of my mom and dad and a bunch of other stupid shit that happened before I was even old enough to drive that I had nothing to do with but just concerned me I've always been resented by my extended family.Everybody always talks about, "traditional family values," being dead. Well I believe in them but it's no fun when you realize one day it's a Boomer Bastardization of them that pretty much doomed you to exile and alienation. I digress.I have many plans creatively and in terms of travel that are most certainly getting done, even a few causes I wanna throw money at. But I just want to make sure I'm taken care of in perpetuity and by extension my kids are. The good news is, when I did work, they learned a lot of good things for me. It is a long and bullshit story that got me where I am - people say this a lot but I didn't do shit wrong. Or, what I did do wrong, I had no way to know would end here. Turns out you can't just unfuck your life in your mid-20s and everyone who tells you they are is just trying to get you to buy a book.
>>34035877>Chasing social status is rough. It's years of work, it's not necessarily satisfying, and it can be lost in an instant100%. Especially if you're a straight, White man in Current Year USA. If you don't have a good family behind you, you're fighting an uphill battle constantly and everyone knows it. Now they're just acting like we deserve it instead of denying it.In my own case, for a serial fuck-up who really had no reason to be one that finally got it together by 25; even before that I had a life most dudes just lie to you about having. I did really well for the last five years; did things lots of people with my past don't achieve. I was shaping up to be a fucking miracle story. But there were tons of other things in my background I didn't take into account.>past decisions I had no idea would handicap me>people in my personal life screwing me over>business opportunities that fell through from no fault of my ownAll culminating in me being here, right now.
>>34034548You could hold shares in companies that are secure - not to speculate on their price, but to receive the dividends given to shareholders. Similarly, you could just have enough money in savings to live off the interest from the bank.In the UK, if you get yourself 100k or more in premium bonds then the prize rate, in theory, pays out (when averaged over a year or more) about the same as your average savings account, but with the chance of winning a lot more on occasion if you're very lucky.Buy a spray bottle and fill it with the liquid that tax men are allergic to.
