WSOP Windfall... What is a boy to do?!?!

[Jurollo]

although I am buying an Infiniti G35

[johnnybeef]

Justin,

I don't know how much research you have done, but this is about as good a resource for personal finance info that I have found.

[NajdorfDefense]

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Put at least 10% into Forex.

fyc

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Do not do this.

[NajdorfDefense]

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Imo I would put some of your cash into gold right now in order

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Also terrible advice.

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to diversify the risk of the dropping dollar

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Gold does not do that [any more than any other random asset]. But I C U don't C Y.

[NajdorfDefense]

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I would do what I do first and put that money into 7-day tax free AAA-rated muni funds so you earn a little more juice. Any bank should have this and they are pretty safe and I think you end up earning around a half a percent more on an after-tax basis. Just a thought - it starts to add up with larger sums of money for sure.

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This is actually great starter advice.
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Not sure I'd dump it in the stock market these days with the Dow above 13K and long rates continuing to climb past 5%. Also, at some point the economy will slow and default rates will climb a bit but that's probably more of a 2008 issue (I hope).

Not saying stocks aren't a good place to be now, but be careful - a 5+ return risk free is not bad - sure you might get a couple points more from the S&P but given how it's climbed this year I'd be a bit wary.

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Trying to time the US market [SPX up a whole 6.5% or so? 17x PE] is usually bad advice. From anyone.

Obvs, do NOT put in all the money at once.

[NajdorfDefense]

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5. A lot of financial advisors are borderline worthless...do not blindly pay 1% AUM

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Yes, but many are good, ask around rich, successful, fee-conscious people whom they use. Nobody's relations, no 20-yr olds, etc.

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Do it yourself with Vanguard or other low-cost index funds and educating yourself.

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This is generally bad advice for most people who don't know where to start to begin with. The guy has no idea about asset allocation, risk v return, alpha and beta, whether he wants absolute or relative return [he should want absolute], assets that protect v inflation vs those that don't, etc.

DIY is not appropriate for everyone, most people wouldn't dream of fixing their own plumbing, repairing a transmission, sewing their own clothes.

Find a good fee-only $xx/hr fin advisor, a CFA and they perhaps have a CPA as well.

Then educate yourself, a process that will take years and years and you don't want 100% cash until you are expert.

[dreq]

Go to the library and pick out the Dilbert Future. There is a one page strategy to investing. IT's kinda funny how simple his strategy is. Most of it you have already done.