ThrowHitJackpot

You raise a good point, I am wrong you are right. Of course the costs are on the entire principal, thank you for correcting me.

Investing in PE/Hedge/VC again is not likely for me. So I agree, with an advisor at .35% and vanguard at 0.04% - it's .39% per year. With 10M invested in VSTAX under these numbers, maybe it gains 4% but i pay out .39 or almost 10% of the gains. Far better than the 2% - but we are on the same page.

Agree that the advisors can have misaligned incentives - I trust the two I'm working with though based on relationships who trust them, so I'm fairly certain they are altruistic, a bit.

By the way, really good podcast on Hidden Forces with Ben Hunt for Demetri Kofinas about the "awesome renumeration" for money advisors, as long as you're right :)

3 Reasons:

1. The taxes wealthy people pay is both higher in amount and higher in percentage that non-wealthy folks.

2. The way the tax money is spent is inefficient

3. Because it is legal to minimize taxes, and to waste money is bad.

Lots of wealthy people are charitable. It's preferred to spend money through charity versus give it to the government to spend in their preferred way, which can often include buying votes.

At Buck's Restaurant in Woodside, CA there's a postcard on the wall (or there used to be) from a lady somewhere "else" who said since everyone there is wealthy - could they send her some money.

Let me ask you, shifto, if I can.. Why would you like to have, or as you say 'need' rich friends?

I love the Ember idea! Agree on the vig! If I'm making 5% and they get 2% well that's just not fair!

Umbrella is looking good.

Great input, thanks!

That's very kind of you to suggest it won't change me. I hope you're right and expect you are.

Totally love the idea about buying time. Not entirely clear about what to buy access for, but I'll ponder that.

Agree re: confidentiality. Age is 40, and expect to work for another 5-20 years or more.

Working w/ an RIA so things should be good there, totally agree they must be fiduciary.

Agree long term planning; not exactly sure that giving kids money is a great idea. Perhaps some/all college and help w/ house down payment - but life is a struggle (jihad - I'm not Muslim but that's the analogy I use). Agree learning how to teach them is a good goal! The Silver Spoon book looks good for that!

You seem to have it figured out- I'd love to talk with you privately. I like your point of view.

One of my advisors said one of his clients spend $30k on an A/V room for playing video games. And although that seems excessive it's so much less than other things.

I love your approach on charity and will dwell on it.

Thank you for your comments!

1) Slowly makes sense but I need to diversify - which I probably will do more quickly than slowly.

2) I'm fairly literate financially but need more depth and breadth.

3) Revocable trust and wills are in the works.

4) Asked friends for recommendations, agreed!

5) Agree. I've told one person (outside of work folks who are in the same situation) and that was a mistake.

6) Spouse is fully informed and has delegated all decisions to me. Oooof.

7) Good advice re: expected safe return!

8) Agree investing in simple things. Investing in America or the World with a diversified portfolio makes sense.

9) agree with diversification and risk tolerance as a function of dynamic market.

10) Real estate seems fun but not really - too many societal changes and troublesome renters.

Good point that you 'can't take it it with you' - interesting to see that as an actual issue to deal with.

Great input - thanks!

How has the real estate investment turned out?

How much of this did you follow when you made millions suddenly?

Wow that sounds super smart! Good for you!

I agree with you. I'm trying to decide how quickly to diversify, and also if I want to buy stock for LTCG (conclusion, I don't).

Agree - 'life' money change to 'car' money is disheartening.

Good perspective, thanks!

I'm not the poster, but in my case, I don't plan to spend the Millions, I absolutely plan to work. You might have some folks working you worth >$20M if you work in Silicon Valley.

I did that too 15 years ago. I still have some of the 25 and 30 year MacAllan left :-) Agree with buying quality - sometimes spending 2-3 times as much lasts 5-10 times longer.

Agree it's a lot of fun, but I've sowed those oats and out for keeping more of it. And I already have a lot of those things!

agreed re keeping it is harder than making it. Made a fair bit in the past and didn't keep it.

Agree re: insurance - raised umbrella to +$3M and car to $1M. Perhaps raise home though umbrella helps that?

Agree re: tax optimizing.

For 529 front loading, there's apparently a way to do a 5 year- averaging that allows you to put 6 year's worth of 529 in. In my state a certain amount is tax deductible, so I'll factor this in.

Accountants seem good at calculating - not so good at ideas. I'm expecting my RIA/Advisor will help here, but I'm on a track consistent with what you've said - thanks!