Re: WSOP Windfall... What is a boy to do?!?!
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Jurollo,
Buy a relatively cheap home you'd like to live in for the next five years. Put at least 10% down. Others may tell you less, f them, stay overwater and buy peace of mind and resistance against spewing cash. Google "home equity line of credit." Put a bunch in that - it's ready cash. Then get a 30-year or interest-only loan on the rest. Keep your living expenses low. Do not buy an expensive house. They're only good if you get a ton of utility out of living there or if you suck at saving money. Home > townhome or condo for appreciation. Watch out for HOA dues and condo association dues.
Consider buying a duplex, but don't buy one in a slum and try not to buy an old one unless it's quite underpriced due to paint-and-carpet issues.
You may be able to put 40K+ aside per year into an IRA as a professional gambler. Very much worth finding out.
And never assume your hired advice - lawyer, accountant, real estate agent, financial planner, etc - knows what he is talking about.
Matt
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Lest everyone think I was being overly negative, I tried posting earlier that this was an example of good advice, but 2+2 was being 2+2. The part about people you pay not necessarily knowing wtf they are talking about is true more often than it should be.
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