Just received a large sum of money...

[SampSon]

Wait to count your eggs until after the deal closes.

After that you hire a good, trusted wealth manager and work with them.
Anything short of that is just pure jackassed ignornace, similar to what lottery winners do.

I'm kind of stuck on the whole idea of a $10mil company owner/builder asking how to begin to manage that type of money. Is this thread a flashback to the dotcom frenzy?

I'm not exactly sure how someone builds a company to be worth $10mil on the open market but does not have the knowledge of what to do with the money AND posts about it on ATOT.

I mean really, comon.

 

[TheVrolok]

This thread delivers.

 

[rubix]

how about you give it all away to homeless people across the us? not to charities, like actually get an rv and drive around the country and any homeless people you see hand them wads of cash. you have your whole life to make more money, so you don't even need this.

also you could probably rent corey feldman for a year and have him clean your toilets daily while his hot wife watches. TAKE THAT FELDMAN!!!!!!!

 

[Soundmanred]

Are you dominating faces yet?

 

[MrChad]

Originally posted by: SampSon
Wait to count your eggs until after the deal closes.

After that you hire a good, trusted wealth manager and work with them.
Anything short of that is just pure jackassed ignornace, similar to what lottery winners do.

I'm kind of stuck on the whole idea of a $10mil company owner/builder asking how to begin to manage that type of money. Is this thread a flashback to the dotcom frenzy?

I'm not exactly sure how someone builds a company to be worth $10mil on the open market but does not have the knowledge of what to do with the money AND posts about it on ATOT.

I mean really, comon.

I agree. Total shens here.

 

[Zee]

Originally posted by: puffff
the jealousy in this thread is strong......

there's no jealousy. no one believes him here.

 

[Beev]

Originally posted by: Soundmanred
Are you dominating faces yet?

Haha, is this that idiot?

 

[walkur]

Originally posted by: SampSon
I'm kind of stuck on the whole idea of a $10mil company owner/builder asking how to begin to manage that type of money. Is this thread a flashback to the dotcom frenzy?

I'm not exactly sure how someone builds a company to be worth $10mil on the open market but does not have the knowledge of what to do with the money AND posts about it on ATOT.

I mean really, comon.

If you would've read everything you would've seen that he's selling an unreleased product/idea...

 

[ATLien247]

The first thing I would NOT do is tell everyone about it, not even vague statements on an internet bulletin board. You will have enough people coming out of the woodwork asking for a handout just keeping the news to close friends and family.

If I were your age, I'd have a very hard time not making any impulse buys. Hell, I'd have a hard time now. But I think you should avoid making those kinds of purchases until you've figured out what you really want to do in the long run. A new car? Usually money down the drain, and just because you have $10 million doesn't mean you should be wasting any of it. A new house? A better investment, but not if you won't be living in the area long enough to fully appreciate it. At most, I'd pay off any outstanding debts.

Personally, I'd put it all into some low-risk investments, keep it as a backup plan as long as I could, maybe even until retirement. Then I would continue life as usual, finishing school or whatever else you would have done before you came into money.

I would find an investment adviser that you can trust not to rip you off. If you don't know one already, when you go looking, make sure you start small. Tell them you have $100K (or less) that you would like to invest, and see how well they do. Only after they prove themselves to be looking out for your best interests should you let them in on how much you really have to invest.

 

[kranky]

Adding to my previous comment... while it's critical to have a financial advisor involved, you must also have some involvement. It's not wise to tell anyone "just take care of my money" and not provide some oversight.

Make sure you have the final say on where you money is invested. Do not give the advisor the right to make investments without your OK.

Make sure you are getting statements from all places where your money is invested. For example, if your advisor puts money in to Vanguard funds, make sure you get a statement from Vanguard itself, not some summary that your advisor prepared.

If you have investments in real estate or businesses, or other investments which do not issue regular statements, you still need to monitor what is going on. It would be a good idea to have a financial advisor as well as a CPA, and they should be independent of each other (not from the same firm). If the advisor and you agree to buy a piece of real estate, then you use the CPA to verify it has been done and periodically get it appraised. Checks and balances.

Over time, if your advisor proves trustworthy and successful, and as you get more familiar with the management of your funds, you may not need to watch your advisor so closely. But in any event, you need to have an accountant independent of your advisor, and you need to receive statements from everywhere your funds are invested. The accountant can verify the real estate/business investments.

All this is necessary to make sure your money isn't being swindled away from you. Such a thing is very rare, but most times it could have been caught immediately if the client was paying attention. Most fraud like this isn't committed by advisors who were lifetime con men, they were honest at first but either ran into a situation where they needed money, or couldn't resist temptation. Being involved in the process will keep that from happening to you.

 

[Train]

Originally posted by: MikeyIs4Dcats
...
SMU is not a party school.

With 10 million as a freshman... ANY school is a party school.

 

[Casawi]

I can't believe no one is calling bullshit. Honestly if you had $10mills, would you post it here ? and tell the whole world? ... wait you're 18 though .umm I still call bullshit !

 

[mugs]

Originally posted by: Casawi
I can't believe no one is calling bullshit. Honestly if you had $10mills, would you post it here ? and tell the whole world? ... wait you're 18 though .umm I still call bullshit !

Yeah, I can't believe no one has said that yet. :laugh:

 

[pmoa]

Yeah, thats ten million crispy chicken nuggets!

 

[Nebor]

Originally posted by: MikeyIs4Dcats

Originally posted by: crazySOB297

Originally posted by: SludgeFactory
$10M at age 18 is crazy. I wouldn't blow a sizable chunk of it on a Bugatti right off the bat. Buy a decent house, invest the bulk of the money, live off part of the interest, and set money aside for growing a future business. Hope you haven't told people IRL about this, I wouldn't do it.

I'd probably go through with college but it would hard to get motivated. I'd say screw it to anything scientific/technical and change my major to 1 of 2 things: the easiest thing you can find with the hottest chicks and party like a rockstar for 4 years, or a business/finance major and party like a rockstar for 4 years.

I'm already a finance major

At a big party school...

SMU is not a party school.

I beg to differ. It's located on some prime North Dallas real estate, surrounded by trendy bars and restaurants, and the school has it's own party bus to take you to frat parties, bars, shopping, etc.

It might not be a wild, UF style party school, but more of a playground for Dallas' wealthy children.

 

[rh71]

Wow the words of the original post/poster doesn't sound like someone who's managed to create / run a multi-million dollar company... at all.

But spending the earned interest sounds like a good idea to me.

 

[ahurtt]

Well first thing you want to do is take your $10 Million US and convert it to something like Euros or Yen. . .You see, pretty soon the US dollar and the Mexican Peso will be about even as illegal immigration from Mexico continues unchecked and the U.S. currency slowly changes over to the Peso.

Currently the Dollars to Pesos exchange rate is 1 : 10.974

Soon, when the value of the dollar falls to be equal to the peso, your $10,000,000 will only be worth about $911,244.76 + whatever interest you have accrued by that time. . .Even less when you consider that while the value of the dollar continues to fall, everything around us seems to be costing more and more largely due to ripples in the economy from rising oil/energy prices. Whether your buyer agreed to pay you $10 Million or $100 Million, who cares when it's Monopoly money?

 

[Kev]

pfft whatever I sold my company for 20 million dollars, when I was 15.

 

[AdamK47]

If I had $10,000,000 I'd quit my job and live the rest of my life work free. The wife and I don't have kids and don't want kids, so a large house doesn't make sense. I'd buy a nice modest sized house along lake Michigan with a three stall garage. I would invest some of the money myself in stocks. I'd invest the rest in hobbies. Probably take several automotive classes to learn to do all the automotive modifications and repair on my own. I'd be content with the cars I have now, but with the financial means and knowledge I could turn them into something I can only dream of now. I'll never lose interest in computers (or the Anandtech forums!), so that will still take up much of my time. Without the worry of not having enough money I could keep my computer on the constant bleeding edge. Since we wouldn't be bound by any job obligation, my wife and I would travel and experience things that we can only talk about doing now. I'd basically live out the rest of my life in a nice quiet simple existance without financial worry and be very very content.

 

[Babbles]

Originally posted by: Nebor

Originally posted by: MikeyIs4Dcats

Originally posted by: crazySOB297

Originally posted by: SludgeFactory
$10M at age 18 is crazy. I wouldn't blow a sizable chunk of it on a Bugatti right off the bat. Buy a decent house, invest the bulk of the money, live off part of the interest, and set money aside for growing a future business. Hope you haven't told people IRL about this, I wouldn't do it.

I'd probably go through with college but it would hard to get motivated. I'd say screw it to anything scientific/technical and change my major to 1 of 2 things: the easiest thing you can find with the hottest chicks and party like a rockstar for 4 years, or a business/finance major and party like a rockstar for 4 years.

I'm already a finance major

At a big party school...

SMU is not a party school.

I beg to differ. It's located on some prime North Dallas real estate, surrounded by trendy bars and restaurants, and the school has it's own party bus to take you to frat parties, bars, shopping, etc.

It might not be a wild, UF style party school, but more of a playground for Dallas' wealthy children.

SMU is not a party school.

Granted I did not go there, but I did live in nearby Arlington for ~25 years and used to go out to Lower Greenville and the surrounding areas not far from SMU. Sure, it's wild if you got the money to go to the trendy bars - but it has nothing compared to larger schools that really know how to get crazy. As an aside I just moved to middle of nowhere Pennsylvania where Penn State is located and they party more crazily here than anywhere down in DFW.

Anyhow. . . the OP just has to be full of crap. My personal take is that anybody who can build a $10 million company by the time they are 18 wouldn't be on freaking ATOT trying to figure out how to handle the new fortune.

 

[dirtboy]

If you really had a business worth 10,000,000, you wouldn't be here asking people what to do with the proceeds from the sale.

 

[buck]

Originally posted by: SampSon
Wait to count your eggs until after the deal closes.

After that you hire a good, trusted wealth manager and work with them.
Anything short of that is just pure jackassed ignornace, similar to what lottery winners do.

I'm kind of stuck on the whole idea of a $10mil company owner/builder asking how to begin to manage that type of money. Is this thread a flashback to the dotcom frenzy?

I'm not exactly sure how someone builds a company to be worth $10mil on the open market but does not have the knowledge of what to do with the money AND posts about it on ATOT.

I mean really, comon.

Yup.:thumbsup:


Either the OP is a world class liar or a world class idiot..... or both....

 

[kreactor]

you TOO, can be Tom Vu!

 

[PingSpike]

Originally posted by: warmodder
Why are you dicking around online, when you could be banging every girl in your college?

Because the male birth control pill hasn't been released yet and those bitches are all going to "forget" their birth control pills!

 

[zoiks]

Reminds me of this thread.
http://forums.anandtech.com/me...y&keyword1=grandfather