Help. How to split $5 Million?
- Thread starter RedBlue911
- Start date
If it short term I owe 40%, long term I how 60%. I need a swiss bank asap to avoid all of this malarchy.Uncle Sam wants half nigga
https://www.forbes.com/sites/zachar...llion-for-american-taxpayers/?sh=1d1b688325ff
This means I'll only gain about 2-3 million. God bless america
If you had stock options in the company you worked for and they went public which will net you about $5M cash how would you split it?
Who's entitled to it? Who would you tell?
I'm conflicted on whether I should give my wife's parents some of the money. I put aside $1M for my parents, does this mean my newlywed wife's family is also entitled too? If so how much? My siblings might just get gifts. With the rest of the money I plan to build a house and probably sit on the rest, and re-invest it if I see fit.
I'm currently in a let's say a "humble financial status", but I'm on my way to wealth inshaLlah. I need to prepare for situations like this.
I hope you haven't gone and revealed it or done anything yet.
Do not tell ANYONE. You need to sit down and think carefully about what you want to do, what your priorities and needs are.
The first thing you need to do is find a competent lawyer and an accountant/. I'm not sure what you are like with money or your background lakiin managing 5 million is a totally different ballgame you can't just scale up your existing methods.
Yes I know you want to take care of everyone and so on BUT some people change up very quickly when they learn you have money. It might affect your relationships with relatives.
Move as cautiously and discreetly as possible. EVEN if you decide to reveal you have a windfall, be very vague, do not give a number, etc.
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I have a philosophy where I always make the decisions. If I mess up and go broke it's on me and I can live with it.
No matter what the situation it is, I make it. A lawyer or financial advisor will impede on my sovereignty, if they mess up and my money gets washed away I could never forgive myself because I let a outsider control my decision.
You're not asking them to make a decision- they are just there to give you the full context so you know what options are available. It would probably be good to contact several so you have more than one opinion. As you say, they themselves are trying to make a buck so you have to be careful with the 'financial advisers' pushing you into a 'lucrative investment'.
BUT some legal and tax advice so you don't screw yourself over isn't a bad idea. You might want to look into trusts as well potentially, you will also need a high net worth bank account (the standard one won't cut it anymore).
Just remember that $5 million is a lot and not all that much at the same time. You seem to be thinking rationally so you should be fine but watch out for lifestyle creep.
The $5 million is a means for you to MAKE MORE MONEY not just spend until it's finished and you are back at square 1. It is also a great foundation for you to support your future children as well add this to your calculations.
Find rich people around you and ask them about stuff see what they say.
Sxb you're mistaken, these financial advisors and such are there to paint the bigger picture and help you make better decisions with your money.
How much should I finance for a second wife?
As long as you got a big house for two families and give her a good allowance to spend, about 15k/year tops, while spoiling her here and there you will be fine
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