[BWM] Well as usual, I see some folks misunderstood my comments from last night… when I said PLAN to be ready to get your money invested quickly I didn’t mean just throw your money into investments as fast as possible…. the point was to UNDERSTAND what investment AREAS you want to pursue….
if you consider the lost interest on 1M USD that could be a significant amount over 3-6 months IF YOU HAVE NOT PREPARED….
[BWM] Don’t just put your money into something that you have not researched… obviously the opportunity for loss in many investments could outweigh the need to immediately fund a poor investment.
My point was this… you should have a good idea WHERE you will be funding monies… now I know NOT knowing the rate might inhibit the complete plan coming together… but hopefully you’ve got stages worked out or percentages to understand where you’d LIKE to put your money…
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In those areas… I would say, how much is going to trusts, llc’s, etc? Are you going to invest in real estate, metals or another “solid” investments? These are the things you need to have plans to understand…
[BWM] That’s why I wanted to make sure ppl understood what I said when I said get INTO your plan asap… not that I would throw money into the market.. but let’s face it, if everyone decides to do real estate and you’re waiting to buy what YOU WANT you may miss out because another dinarian was more well planned than you…
[Rose] BWM, ought we to hold off for the first six months and watch what markets we’ve planned first, or is it okay to know what one is going to invest in and then just go for it? Markets to invest in that is…
[BWM] Rose – I would personally avoid the markets BUT that’s just MY plan… haven’t been sold on that in the last couple of years anyway… to each his own in that area specifically
[Rose] BWM We had a couple of trust funds in mind to do, and metals is something we’ve been looking into lately too, not sure about anything else, RKE has done most of the research and what not on that.
[Rose] That makes sense
[BWM] Rose – It seems that some misunderstood that last night… wanted to make sure it was cleared up
[hootieboo] Most of this will be figured out with a financial planner though, right? I don’t know anything about anything and won’t til I hire somebody
[BWM] hootieboo – They will make suggestions for sure… BUT you need to understand how YOU want to proceed… by that I mean do you want very SAFE investments, RISKY investments or a mix of both…
[hootieboo] OK I see. That simplifies it for the time being.
[BWM] hootieboo – My personal plan is to have a monthly budget… so the first part of the plan is to discuss how much “capital” (or initial cash) I need to deposit into an investment (to simplify, like a CD (prolly not) or another type of interest-bearing fund) to earn the amount of interest (after taxes) to fund that monthly budget.
That will be my “working money” account… VERY VERY safe… I want to KNOW exactly how much interest I will be earning off that account to GUARANTEE what I need for monthly budgets… that will be deposited once a year and pulled monthly into my personal account (this also keeps local banks from knowing how much money I have as it will come from another bank)
[hootieboo] I guess the question for the financial planner is – what avenues are available that would offer a guaranteed percentage of return
[BWM] hootieboo – That’s where they will definitely come in… working together with your tax atty they will be able to fund your accounts in a way that hopefully MAXIMIZES the amount of money you have while PROTECTING the total investment.
The main thing again is to explain to them how SAFE or RISKY you are willing to commit to
[hootieboo] Skeery but one foot in front of the other. Its a lot of money
[BWM] hootieboo – Remember IT’S YOUR MONEY… they will do as you ask… they are only there to direct things as you wish… so ultimately the responsibility falls upon YOU to decide how to proceed… AND WHO to trust…
[hootieboo] BWM I appreciate you although I rarely post. Please know the people in the background appreciate you
[BWM] hootieboo – Thanks for those kind words… I appreciate the questions… it makes everyone think about what their own plans need to do and be
[susieq] I want safe
[BWM] susieq – I’m looking long term (for family) so safe is a key to what I want to proceed with… I don’t want “one generation and done” I want this money to facilitate a new beginning in my family and how things are accomplished for my kid’s kids and beyond…