People need to hire wealth managers after unexpected income
10 posts across 4 communities in the last 90 days; 50% from r/fatFIRE.
“I'm a US citizen. My main address is still within the US, however, I'm on a Visa in the EU for 3 years for work. I will checkout the expattaxes group, thank you for that! I don't add any money into my Robin Hood acc, only the money in there gets moved around occasionally. I'm…”
“You have four years to move things over. Rules around Roth IRAs not clear in NZ. It’s complicated further with FIFA.”
“Your €6m number would generate €240k/yr which is 2x what you & your wife make today. It’s likely attainable over (a long) time but worth reviewing if this is realistic in your situation.”
Users receiving sudden, large sums of money seek advice on how to manage their new wealth. Recommendations include hiring a financial advisor and attorney, maintaining discretion, diversifying investments, and protecting themselves from requests for funds.
SOURCES (12)
“I'm a US citizen. My main address is still within the US, however, I'm on a Visa in the EU for 3 years for work. I will checkout the expattaxes group, thank you for that! I don't add any money into my Robin Hood acc,…”
“You have four years to move things over. Rules around Roth IRAs not clear in NZ. It’s complicated further with FIFA.”
“Your €6m number would generate €240k/yr which is 2x what you & your wife make today. It’s likely attainable over (a long) time but worth reviewing if this is realistic in your situation.”
If he doesn’t want to pay Most likely, he wants to pay, just not millions.
“This exactly. There’s a reason why this is a country with such a strong business and entrepreneurial sector. Much of that is due to the rule of law, a strong and independent set of financial institutions, certain regulations, support for businesses. These things exist in part because of taxation. You get to keep most of it!”
“With a 40M net worth, you should hire a professional here and also one in Germany to help make the transition as cleanly as possible.”
“Do you realize how little most know, or care to know about money? Most people genuinely do not want to know how this works. A lot of people make a lot of money and don’t know what a mutual fund is. You can only think from your exact situation and that’s why it doesn’t make sense to you”
“Most people with lottery windfalls eventually go broke. They never learn to manage money. The critical aim here is to get financial advice. And learn to manage money. In the meantime put a large chunk away in managed fund investments whose earnings pay an income, and use a bit to enjoy an upgraded car or holiday.”
“OP is in Ireland, so I believe the equivalent of a U.S. fiduciary is called a Liquidity Leprechaun. Similar to a fiduciary, they will find a safe place for you to keep your assets, such as in a pot at the end of the rainbow.”
“hire a reputable wealth manager and an attorney tell no one. be mindful of people noticing major big purchases too and how you will answer questions on those. ultimately if people find out, note that you run all transactions by your wealth manager and use that shield to say no to shitty requests for money/loans/investments your wealth manager should help you diversify a portfolio that will allow your money to grow with a blend of investments, high risk/low risk, etc., with the ultimate goal of m”