I very suddenly had a significant ONE TIME pay day and am extremely new to having 6figures in the bank. my parents/siblings/anyone I know/trust have never been in this scenario. Not sure the best way to manage my money. People with money, what do you do? Any services (private client banks, money managers) you recommend?
Meet with a financial planner. They’ll teach you basics of investing, which you should probably be doing now. Congrats!
6 figures, nice... I'm far far away, if you don't mind, how long did it take? and what do you do?
Having 6 figures is really nothing in the valley, I had 6 figures in 2.5 years after school. Fast forward I have high 6 figure gains from AMZN stock, sometimes you just have to be in the right place at the right time. When I joined stock was 140 ;)
Jesus. I’m joining when stock is like 1300. I’m fucked either way.
Echo xfn comments here index funds or wealthfront
Taxes matter now. Pay an accountant to explain IRA, 401k and tax liability.
Buy a home and you won't have that lol just kidding congrats and enjoy it
True. Blind makes me wonder just how underpaid I am since mortgage and childcare means I’ll never have 6 figures in the bank. But hey, at least I have doubled my home value in 5 years. House rich and cash poor.
Spend some of that money asap! Buy a new car, new clothes and bling watch. Get a motorcycle and get out there. Maybe even a boat for fishing. Or... spend it all on hookers and coke.
Leaning overwhelmingly towards accountant+indexes+a little something for me, thanks gang
If by 6 figures it’s close to 100000 then I don’t have anything to say. On the other hand, if it’s 999999 then PM me ;)
On a serious note though, invest it in index funds in Merrill Edge because that way you’ll get one of the best credit card cash rewards from Bank of America.
Buy a private jet
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Not to be an ass but 6 figures isn’t a lot of money and you definitely don’t need a money manager. Most private client banks are interested in 8 figures and up. Just put it in index funds.
Yeah that’s what online research seemed to say too. No offense taken
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