Need Help w/ $1.2 Mil - Page 3

cdxx · #21 05-17-2006, 11:04 AM

1. thank your dad for doing a great job with the money until now.

2. present him with the idea of your finances, income/liabilities.

3. propose to him the steps you consider good financial moves right now - loans and house.

4. STOP talking about how to spend the money right there. do not ask for another cent. let your dad know that you fully intend to learn about financial discipline as far as investing goes.

5. present to him a financial plan that does NOT involve the money he is managing. such as, opening your own IRA and investment accounts (you should have no problem contributing to it with your reduced debt and no rent).

6. remind yourself everyday that financial discipline is WAY more +EV than having all your money in T-bills.

johnd192 · #22 05-17-2006, 11:36 AM

Instead of wondering what you should do with the money perhaps you should figure out why by age 30 you have racked up 30k in debt. There is only one answer to this. Living above your means. Get your spending and debt in control. That is exactly why your dad is correct in not giving you money. I doubt seriously your sisters were in debt when he parceled out the money. Perhaps you should figure out a way to get out of the 30k of consumer debt before approaching him for the momney. Perhaps thanking your dad profusely and allowing him to continue to grow that money is the best idea. Try getting out of debt by 35 and learn from him how to invest. After proving you can keep your spending under your income level then you can show him you have the financial responsibility for that kind of cash.

LondonBroil · #23 05-17-2006, 06:03 PM

[ QUOTE ]
Instead of wondering what you should do with the money perhaps you should figure out why by age 30 you have racked up 30k in debt.

[/ QUOTE ]

This is excellent advice and a good reason why you might not be ready to handle this money.

Scotty O · #24 05-18-2006, 08:05 AM

[ QUOTE ]
3. I want my "portfolio" to be more actively managed, whether it be by my father or an experienced financial planner/wealth manager.

[/ QUOTE ]

Get a financial advisor and let him tell you what is best. I have one ($1200/yr) + 0.8% from my total account. I easily clear this + a hell of a lot more a year through his advice and he manages the account.